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Side-by-side financial comparison of NORTECH SYSTEMS INC (NSYS) and WEST BANCORPORATION INC (WTBA). Click either name above to swap in a different company.
NORTECH SYSTEMS INC is the larger business by last-quarter revenue ($30.3M vs $26.9M, roughly 1.1× WEST BANCORPORATION INC). WEST BANCORPORATION INC runs the higher net margin — 39.2% vs 3.0%, a 36.3% gap on every dollar of revenue. On growth, WEST BANCORPORATION INC posted the faster year-over-year revenue change (16.6% vs 5.9%). WEST BANCORPORATION INC produced more free cash flow last quarter ($12.4M vs $5.5M). Over the past eight quarters, WEST BANCORPORATION INC's revenue compounded faster (17.3% CAGR vs -5.9%).
Nortech Systems Inc is a global electronics manufacturing services provider. It delivers end-to-end solutions covering product design, prototyping, full-scale production, and supply chain management for clients operating in medical technology, industrial automation, aerospace and defense, and transportation sectors. It specializes in high-reliability, regulatory-compliant electronic components and assemblies tailored to strict industry standards.
West Bancorporation Inc. is a regional financial holding company headquartered in the U.S. Midwest, primarily serving markets across Iowa and Minnesota. It provides a full suite of personal and commercial banking services, including deposit accounts, mortgage loans, business lending, and wealth management solutions for individual consumers, small-to-medium enterprises, and local organizational clients.
NSYS vs WTBA — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $30.3M | $26.9M |
| Net Profit | $897.0K | $10.6M |
| Gross Margin | 16.7% | — |
| Operating Margin | 3.0% | 50.0% |
| Net Margin | 3.0% | 39.2% |
| Revenue YoY | 5.9% | 16.6% |
| Net Profit YoY | 160.7% | 34.8% |
| EPS (diluted) | $0.32 | $0.61 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $26.9M | ||
| Q4 25 | $30.3M | $24.2M | ||
| Q3 25 | $30.5M | $25.0M | ||
| Q2 25 | $30.7M | $23.8M | ||
| Q1 25 | $26.9M | $23.1M | ||
| Q4 24 | $28.6M | $20.9M | ||
| Q3 24 | $31.4M | $20.3M | ||
| Q2 24 | $33.9M | $19.6M |
| Q1 26 | — | $10.6M | ||
| Q4 25 | $897.0K | $7.4M | ||
| Q3 25 | $-146.0K | $9.3M | ||
| Q2 25 | $313.0K | $8.0M | ||
| Q1 25 | $-1.3M | $7.8M | ||
| Q4 24 | $-1.5M | $7.1M | ||
| Q3 24 | $-739.0K | $6.0M | ||
| Q2 24 | $157.0K | $5.2M |
| Q1 26 | — | — | ||
| Q4 25 | 16.7% | — | ||
| Q3 25 | 16.5% | — | ||
| Q2 25 | 15.8% | — | ||
| Q1 25 | 11.4% | — | ||
| Q4 24 | 9.9% | — | ||
| Q3 24 | 12.2% | — | ||
| Q2 24 | 13.6% | — |
| Q1 26 | — | 50.0% | ||
| Q4 25 | 3.0% | 39.6% | ||
| Q3 25 | 3.1% | 45.8% | ||
| Q2 25 | 2.4% | 43.4% | ||
| Q1 25 | -6.0% | 43.4% | ||
| Q4 24 | -4.3% | 30.9% | ||
| Q3 24 | -1.5% | 36.6% | ||
| Q2 24 | 1.0% | 32.6% |
| Q1 26 | — | 39.2% | ||
| Q4 25 | 3.0% | 30.7% | ||
| Q3 25 | -0.5% | 37.3% | ||
| Q2 25 | 1.0% | 33.5% | ||
| Q1 25 | -4.9% | 34.0% | ||
| Q4 24 | -5.2% | 34.0% | ||
| Q3 24 | -2.4% | 29.3% | ||
| Q2 24 | 0.5% | 26.5% |
| Q1 26 | — | $0.61 | ||
| Q4 25 | $0.32 | $0.44 | ||
| Q3 25 | $-0.05 | $0.55 | ||
| Q2 25 | $0.12 | $0.47 | ||
| Q1 25 | $-0.48 | $0.46 | ||
| Q4 24 | $-0.51 | $0.41 | ||
| Q3 24 | $-0.27 | $0.35 | ||
| Q2 24 | $0.05 | $0.31 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.7M | $362.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $34.5M | $270.7M |
| Total Assets | $71.9M | $4.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $362.0M | ||
| Q4 25 | $1.7M | $471.1M | ||
| Q3 25 | $1.3M | $232.9M | ||
| Q2 25 | $652.0K | $345.2M | ||
| Q1 25 | $1.2M | — | ||
| Q4 24 | $916.0K | $243.5M | ||
| Q3 24 | $1.2M | — | ||
| Q2 24 | $1.5M | — |
| Q1 26 | — | $270.7M | ||
| Q4 25 | $34.5M | $266.0M | ||
| Q3 25 | $33.4M | $255.1M | ||
| Q2 25 | $33.4M | $240.9M | ||
| Q1 25 | $32.8M | $237.9M | ||
| Q4 24 | $34.0M | $227.9M | ||
| Q3 24 | $35.7M | $235.4M | ||
| Q2 24 | $36.1M | $223.9M |
| Q1 26 | — | $4.0B | ||
| Q4 25 | $71.9M | $4.1B | ||
| Q3 25 | $74.8M | $4.0B | ||
| Q2 25 | $74.8M | $4.1B | ||
| Q1 25 | $73.5M | $4.0B | ||
| Q4 24 | $72.4M | $4.0B | ||
| Q3 24 | $77.0M | $4.0B | ||
| Q2 24 | $76.3M | $4.0B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $5.6M | $12.9M |
| Free Cash FlowOCF − Capex | $5.5M | $12.4M |
| FCF MarginFCF / Revenue | 18.0% | 46.0% |
| Capex IntensityCapex / Revenue | 0.5% | 1.8% |
| Cash ConversionOCF / Net Profit | 6.25× | 1.22× |
| TTM Free Cash FlowTrailing 4 quarters | $2.1M | $79.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $12.9M | ||
| Q4 25 | $5.6M | $46.5M | ||
| Q3 25 | $-92.0K | $11.4M | ||
| Q2 25 | $157.0K | $13.5M | ||
| Q1 25 | $-2.9M | $9.7M | ||
| Q4 24 | $793.0K | $39.8M | ||
| Q3 24 | $-1.6M | $12.9M | ||
| Q2 24 | $-4.3M | $10.0M |
| Q1 26 | — | $12.4M | ||
| Q4 25 | $5.5M | $43.2M | ||
| Q3 25 | $-242.0K | $10.8M | ||
| Q2 25 | $58.0K | $12.8M | ||
| Q1 25 | $-3.2M | $8.3M | ||
| Q4 24 | $503.0K | $13.7M | ||
| Q3 24 | $-1.6M | $7.0M | ||
| Q2 24 | $-4.6M | $2.7M |
| Q1 26 | — | 46.0% | ||
| Q4 25 | 18.0% | 178.3% | ||
| Q3 25 | -0.8% | 43.0% | ||
| Q2 25 | 0.2% | 53.6% | ||
| Q1 25 | -11.9% | 35.7% | ||
| Q4 24 | 1.8% | 65.6% | ||
| Q3 24 | -5.2% | 34.2% | ||
| Q2 24 | -13.5% | 14.0% |
| Q1 26 | — | 1.8% | ||
| Q4 25 | 0.5% | 13.7% | ||
| Q3 25 | 0.5% | 2.6% | ||
| Q2 25 | 0.3% | 3.2% | ||
| Q1 25 | 1.0% | 6.5% | ||
| Q4 24 | 1.0% | 125.3% | ||
| Q3 24 | 0.1% | 29.4% | ||
| Q2 24 | 0.8% | 37.1% |
| Q1 26 | — | 1.22× | ||
| Q4 25 | 6.25× | 6.26× | ||
| Q3 25 | — | 1.23× | ||
| Q2 25 | 0.50× | 1.70× | ||
| Q1 25 | — | 1.24× | ||
| Q4 24 | — | 5.61× | ||
| Q3 24 | — | 2.17× | ||
| Q2 24 | -27.30× | 1.93× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NSYS
| Medical Imaging | $11.4M | 37% |
| Medical Device | $8.0M | 26% |
| Industrial | $7.3M | 24% |
| Aerospace And Defense | $3.7M | 12% |
WTBA
Segment breakdown not available.
