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Side-by-side financial comparison of WEST BANCORPORATION INC (WTBA) and Zeo Energy Corp. (ZEO). Click either name above to swap in a different company.
WEST BANCORPORATION INC is the larger business by last-quarter revenue ($26.9M vs $18.6M, roughly 1.5× Zeo Energy Corp.). WEST BANCORPORATION INC runs the higher net margin — 39.2% vs -10.8%, a 50.1% gap on every dollar of revenue. On growth, WEST BANCORPORATION INC posted the faster year-over-year revenue change (16.6% vs -0.4%). WEST BANCORPORATION INC produced more free cash flow last quarter ($12.4M vs $2.3M). Over the past eight quarters, WEST BANCORPORATION INC's revenue compounded faster (17.3% CAGR vs -4.0%).
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.
WTBA vs ZEO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $26.9M | $18.6M |
| Net Profit | $10.6M | $-2.0M |
| Gross Margin | — | — |
| Operating Margin | 50.0% | -11.8% |
| Net Margin | 39.2% | -10.8% |
| Revenue YoY | 16.6% | -0.4% |
| Net Profit YoY | 34.8% | -360.9% |
| EPS (diluted) | $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 | $24.2M | $18.6M | ||
| Q3 25 | $25.0M | $23.9M | ||
| Q2 25 | $23.8M | $18.1M | ||
| Q1 25 | $23.1M | $8.8M | ||
| Q4 24 | $20.9M | $18.6M | ||
| Q3 24 | $20.3M | $19.7M | ||
| Q2 24 | $19.6M | $14.8M |
| Q1 26 | $10.6M | — | ||
| Q4 25 | $7.4M | $-2.0M | ||
| Q3 25 | $9.3M | $-3.2M | ||
| Q2 25 | $8.0M | $-2.4M | ||
| Q1 25 | $7.8M | $-6.4M | ||
| Q4 24 | $7.1M | $-435.3K | ||
| Q3 24 | $6.0M | $-424.3K | ||
| Q2 24 | $5.2M | $-277.8K |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 57.9% | ||
| Q2 25 | — | 59.8% | ||
| Q1 25 | — | 99.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 50.2% | ||
| Q2 24 | — | 52.3% |
| Q1 26 | 50.0% | — | ||
| Q4 25 | 39.6% | -11.8% | ||
| Q3 25 | 45.8% | -8.3% | ||
| Q2 25 | 43.4% | -15.8% | ||
| Q1 25 | 43.4% | -153.8% | ||
| Q4 24 | 30.9% | -6.0% | ||
| Q3 24 | 36.6% | -15.2% | ||
| Q2 24 | 32.6% | -18.0% |
| Q1 26 | 39.2% | — | ||
| Q4 25 | 30.7% | -10.8% | ||
| Q3 25 | 37.3% | -13.5% | ||
| Q2 25 | 33.5% | -13.3% | ||
| Q1 25 | 34.0% | -72.4% | ||
| Q4 24 | 34.0% | -2.3% | ||
| Q3 24 | 29.3% | -2.2% | ||
| Q2 24 | 26.5% | -1.9% |
| Q1 26 | $0.61 | — | ||
| Q4 25 | $0.44 | — | ||
| Q3 25 | $0.55 | — | ||
| Q2 25 | $0.47 | — | ||
| Q1 25 | $0.46 | $-0.48 | ||
| Q4 24 | $0.41 | $1.11 | ||
| Q3 24 | $0.35 | $-0.08 | ||
| Q2 24 | $0.31 | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $362.0M | $6.1M |
| Total DebtLower is stronger | — | $79.1K |
| Stockholders' EquityBook value | $270.7M | $5.3M |
| Total Assets | $4.0B | $56.9M |
| Debt / EquityLower = less leverage | — | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $362.0M | — | ||
| Q4 25 | $471.1M | $6.1M | ||
| Q3 25 | $232.9M | $3.9M | ||
| Q2 25 | $345.2M | $68.7K | ||
| Q1 25 | — | $2.9M | ||
| Q4 24 | $243.5M | $5.6M | ||
| Q3 24 | — | $4.3M | ||
| Q2 24 | — | $5.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $79.1K | ||
| Q3 25 | — | $84.6K | ||
| Q2 25 | — | $642.8K | ||
| Q1 25 | — | $715.4K | ||
| Q4 24 | — | $787.7K | ||
| Q3 24 | — | $858.6K | ||
| Q2 24 | — | $1.6M |
| Q1 26 | $270.7M | — | ||
| Q4 25 | $266.0M | $5.3M | ||
| Q3 25 | $255.1M | $-1.7M | ||
| Q2 25 | $240.9M | $-59.4M | ||
| Q1 25 | $237.9M | $-23.1M | ||
| Q4 24 | $227.9M | $-88.9M | ||
| Q3 24 | $235.4M | $-39.3M | ||
| Q2 24 | $223.9M | $-53.0M |
| Q1 26 | $4.0B | — | ||
| Q4 25 | $4.1B | $56.9M | ||
| Q3 25 | $4.0B | $58.5M | ||
| Q2 25 | $4.1B | $46.2M | ||
| Q1 25 | $4.0B | $47.4M | ||
| Q4 24 | $4.0B | $61.0M | ||
| Q3 24 | $4.0B | $47.1M | ||
| Q2 24 | $4.0B | $49.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.01× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $12.9M | $2.4M |
| Free Cash FlowOCF − Capex | $12.4M | $2.3M |
| FCF MarginFCF / Revenue | 46.0% | 12.2% |
| Capex IntensityCapex / Revenue | 1.8% | 0.9% |
| Cash ConversionOCF / Net Profit | 1.22× | — |
| TTM Free Cash FlowTrailing 4 quarters | $79.1M | $-9.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $12.9M | — | ||
| Q4 25 | $46.5M | $2.4M | ||
| Q3 25 | $11.4M | $-6.6M | ||
| Q2 25 | $13.5M | $-2.3M | ||
| Q1 25 | $9.7M | $-2.3M | ||
| Q4 24 | $39.8M | $3.5M | ||
| Q3 24 | $12.9M | $162.2K | ||
| Q2 24 | $10.0M | $-2.2M |
| Q1 26 | $12.4M | — | ||
| Q4 25 | $43.2M | $2.3M | ||
| Q3 25 | $10.8M | $-6.8M | ||
| Q2 25 | $12.8M | $-2.7M | ||
| Q1 25 | $8.3M | $-2.6M | ||
| Q4 24 | $13.7M | $3.4M | ||
| Q3 24 | $7.0M | $116.5K | ||
| Q2 24 | $2.7M | $-2.3M |
| Q1 26 | 46.0% | — | ||
| Q4 25 | 178.3% | 12.2% | ||
| Q3 25 | 43.0% | -28.6% | ||
| Q2 25 | 53.6% | -15.0% | ||
| Q1 25 | 35.7% | -30.0% | ||
| Q4 24 | 65.6% | 18.2% | ||
| Q3 24 | 34.2% | 0.6% | ||
| Q2 24 | 14.0% | -15.6% |
| Q1 26 | 1.8% | — | ||
| Q4 25 | 13.7% | 0.9% | ||
| Q3 25 | 2.6% | 1.0% | ||
| Q2 25 | 3.2% | 2.4% | ||
| Q1 25 | 6.5% | 4.2% | ||
| Q4 24 | 125.3% | 0.5% | ||
| Q3 24 | 29.4% | 0.2% | ||
| Q2 24 | 37.1% | 0.7% |
| Q1 26 | 1.22× | — | ||
| Q4 25 | 6.26× | — | ||
| Q3 25 | 1.23× | — | ||
| Q2 25 | 1.70× | — | ||
| Q1 25 | 1.24× | — | ||
| Q4 24 | 5.61× | — | ||
| Q3 24 | 2.17× | — | ||
| Q2 24 | 1.93× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
WTBA
Segment breakdown not available.
ZEO
| Nonrelated Party | $18.1M | 98% |
| Related Party | $432.1K | 2% |
