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Side-by-side financial comparison of BayFirst Financial Corp. (BAFN) and FIRST BUSINESS FINANCIAL SERVICES, INC. (FBIZ), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
FIRST BUSINESS FINANCIAL SERVICES, INC. is the larger business by last-quarter revenue ($44.3M vs $11.2M, roughly 4.0× BayFirst Financial Corp.). FIRST BUSINESS FINANCIAL SERVICES, INC. runs the higher net margin — -22.1% vs 27.5%, a 49.6% gap on every dollar of revenue. On growth, FIRST BUSINESS FINANCIAL SERVICES, INC. posted the faster year-over-year revenue change (8.5% vs 4.7%). Over the past eight quarters, FIRST BUSINESS FINANCIAL SERVICES, INC.'s revenue compounded faster (20.4% CAGR vs 13.0%).
PNC金融服务集团是一家总部位于美国宾夕法尼亚州匹兹堡的银行控股金融服务企业。旗下核心子公司PNC银行在美国27个州及华盛顿哥伦比亚特区开展业务，拥有超2600家分支机构和近9500台ATM，按资产、网点数量、存款规模及ATM数量计算，是美国规模名列前茅的大型银行。
PNC金融服务集团是一家总部位于美国宾夕法尼亚州匹兹堡的银行控股及金融服务企业。旗下核心子银行PNC银行在全美27个州及哥伦比亚特区开展业务，拥有2629家分行与9523台自动柜员机，按资产、网点数量、存款规模及ATM规模计算，是美国规模最大的银行机构之一。
BAFN vs FBIZ — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $11.2M | $44.3M |
| Net Profit | $-2.5M | $12.2M |
| Gross Margin | — | — |
| Operating Margin | -25.3% | — |
| Net Margin | -22.1% | 27.5% |
| Revenue YoY | 4.7% | 8.5% |
| Net Profit YoY | -125.2% | 9.2% |
| EPS (diluted) | $-0.71 | $1.44 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q1 26 | — | $44.3M | ||
| Q4 25 | $11.2M | $34.8M | ||
| Q3 25 | $11.3M | $34.9M | ||
| Q2 25 | $12.3M | $33.8M | ||
| Q1 25 | $11.0M | $33.3M | ||
| Q4 24 | $10.7M | $33.1M | ||
| Q3 24 | $9.4M | $31.0M | ||
| Q2 24 | $9.2M | $30.5M |
| Q1 26 | — | $12.2M | ||
| Q4 25 | $-2.5M | $13.3M | ||
| Q3 25 | $-18.9M | $14.4M | ||
| Q2 25 | $-1.2M | $11.4M | ||
| Q1 25 | $-335.0K | $11.2M | ||
| Q4 24 | $9.8M | $14.4M | ||
| Q3 24 | $1.1M | $10.5M | ||
| Q2 24 | $866.0K | $10.5M |
| Q1 26 | — | — | ||
| Q4 25 | -25.3% | 46.7% | ||
| Q3 25 | -229.6% | 49.8% | ||
| Q2 25 | -13.4% | 39.6% | ||
| Q1 25 | -4.2% | 40.5% | ||
| Q4 24 | — | 46.2% | ||
| Q3 24 | 16.2% | 41.5% | ||
| Q2 24 | 13.3% | 40.5% |
| Q1 26 | — | 27.5% | ||
| Q4 25 | -22.1% | 38.4% | ||
| Q3 25 | -167.6% | 41.3% | ||
| Q2 25 | -10.0% | 33.8% | ||
| Q1 25 | -3.0% | 33.6% | ||
| Q4 24 | 91.8% | 43.5% | ||
| Q3 24 | 12.0% | 33.9% | ||
| Q2 24 | 9.4% | 34.2% |
| Q1 26 | — | $1.44 | ||
| Q4 25 | $-0.71 | $1.57 | ||
| Q3 25 | $-4.66 | $1.70 | ||
| Q2 25 | $-0.39 | $1.35 | ||
| Q1 25 | $-0.17 | $1.32 | ||
| Q4 24 | $2.21 | $1.69 | ||
| Q3 24 | $0.18 | $1.24 | ||
| Q2 24 | $0.12 | $1.23 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $207.0M | $265.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $87.6M | — |
| Total Assets | $1.3B | $4.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q1 26 | — | $265.8M | ||
| Q4 25 | $207.0M | $39.5M | ||
| Q3 25 | $118.5M | $44.3M | ||
| Q2 25 | $77.3M | $123.2M | ||
| Q1 25 | $63.2M | $170.6M | ||
| Q4 24 | $77.8M | $157.7M | ||
| Q3 24 | $64.4M | $132.0M | ||
| Q2 24 | $60.8M | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | $87.6M | $371.6M | ||
| Q3 25 | $89.7M | $358.3M | ||
| Q2 25 | $108.2M | $344.8M | ||
| Q1 25 | $110.1M | $336.1M | ||
| Q4 24 | $110.9M | $328.6M | ||
| Q3 24 | $102.3M | $312.0M | ||
| Q2 24 | $101.0M | $305.2M |
| Q1 26 | — | $4.3B | ||
| Q4 25 | $1.3B | $4.1B | ||
| Q3 25 | $1.3B | $4.0B | ||
| Q2 25 | $1.3B | $4.0B | ||
| Q1 25 | $1.3B | $3.9B | ||
| Q4 24 | $1.3B | $3.9B | ||
| Q3 24 | $1.2B | $3.7B | ||
| Q2 24 | $1.2B | $3.9B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $100.5M | — |
| Free Cash FlowOCF − Capex | $100.5M | — |
| FCF MarginFCF / Revenue | 900.8% | — |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 0.2% | — |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $285.0M | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q1 26 | — | — | ||
| Q4 25 | $100.5M | $16.1M | ||
| Q3 25 | $47.3M | $18.4M | ||
| Q2 25 | $63.3M | $15.8M | ||
| Q1 25 | $74.2M | $11.3M | ||
| Q4 24 | $97.5M | $22.0M | ||
| Q3 24 | $90.8M | $13.8M | ||
| Q2 24 | $78.8M | $13.1M |
| Q1 26 | — | — | ||
| Q4 25 | $100.5M | $16.1M | ||
| Q3 25 | $47.3M | $18.3M | ||
| Q2 25 | $63.1M | $15.5M | ||
| Q1 25 | $74.1M | $11.2M | ||
| Q4 24 | $97.4M | $21.9M | ||
| Q3 24 | $90.5M | $13.2M | ||
| Q2 24 | $78.4M | $12.7M |
| Q1 26 | — | — | ||
| Q4 25 | 900.8% | 46.3% | ||
| Q3 25 | 419.3% | 52.3% | ||
| Q2 25 | 511.0% | 45.9% | ||
| Q1 25 | 673.6% | 33.7% | ||
| Q4 24 | 914.7% | 66.1% | ||
| Q3 24 | 957.4% | 42.5% | ||
| Q2 24 | 853.4% | 41.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.2% | 0.1% | ||
| Q3 25 | 0.1% | 0.4% | ||
| Q2 25 | 1.6% | 1.0% | ||
| Q1 25 | 0.7% | 0.2% | ||
| Q4 24 | 0.2% | 0.1% | ||
| Q3 24 | 3.3% | 2.0% | ||
| Q2 24 | 4.2% | 1.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.21× | ||
| Q3 25 | — | 1.28× | ||
| Q2 25 | — | 1.39× | ||
| Q1 25 | — | 1.01× | ||
| Q4 24 | 9.97× | 1.52× | ||
| Q3 24 | 79.85× | 1.31× | ||
| Q2 24 | 90.94× | 1.25× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
