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Side-by-side financial comparison of AbCellera Biologics Inc. (ABCL) and INDEPENDENT BANK CORP (IBCP). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($58.9M vs $44.9M, roughly 1.3× AbCellera Biologics Inc.). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs -19.9%, a 48.6% gap on every dollar of revenue. Over the past eight quarters, AbCellera Biologics Inc.'s revenue compounded faster (112.3% CAGR vs 2.1%).
AbCellera Biologics Inc. is a Vancouver, British Columbia-based biotechnology company that discovers and develops antibody therapeutics. The company is best known for its leading role in the Pandemic Prevention Platform, a project of DARPA's Biological Technologies Office. AbCellera utilizes a proprietary technology platform, which they claim can develop "medical countermeasures within 60 days." Its platform for single-cell screening was initially developed at the University of British Columbia.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
ABCL vs IBCP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $44.9M | $58.9M |
| Net Profit | $-8.9M | $16.9M |
| Gross Margin | — | — |
| Operating Margin | -63.7% | — |
| Net Margin | -19.9% | 28.6% |
| Revenue YoY | 788.4% | — |
| Net Profit YoY | 73.9% | 8.2% |
| EPS (diluted) | $-0.03 | $0.81 |
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 | — | $58.9M | ||
| Q4 25 | $44.9M | $58.3M | ||
| Q3 25 | $9.0M | $57.3M | ||
| Q2 25 | $17.1M | $55.9M | ||
| Q1 25 | $4.2M | $54.1M | ||
| Q4 24 | $5.0M | $62.0M | ||
| Q3 24 | $6.5M | $51.4M | ||
| Q2 24 | $7.3M | $56.5M |
| Q1 26 | — | $16.9M | ||
| Q4 25 | $-8.9M | $18.6M | ||
| Q3 25 | $-57.1M | $17.5M | ||
| Q2 25 | $-34.7M | $16.9M | ||
| Q1 25 | $-45.6M | $15.6M | ||
| Q4 24 | — | $18.5M | ||
| Q3 24 | $-51.1M | $13.8M | ||
| Q2 24 | $-36.9M | $18.5M |
| Q1 26 | — | — | ||
| Q4 25 | -63.7% | 34.8% | ||
| Q3 25 | -851.8% | 37.0% | ||
| Q2 25 | -290.2% | 37.0% | ||
| Q1 25 | -1479.6% | 35.3% | ||
| Q4 24 | — | 36.7% | ||
| Q3 24 | -1439.4% | 33.7% | ||
| Q2 24 | -1276.2% | 41.0% |
| Q1 26 | — | 28.6% | ||
| Q4 25 | -19.9% | 31.8% | ||
| Q3 25 | -637.8% | 30.5% | ||
| Q2 25 | -203.3% | 30.2% | ||
| Q1 25 | -1077.2% | 28.8% | ||
| Q4 24 | — | 29.8% | ||
| Q3 24 | -785.4% | 26.9% | ||
| Q2 24 | -504.3% | 32.8% |
| Q1 26 | — | $0.81 | ||
| Q4 25 | $-0.03 | $0.88 | ||
| Q3 25 | $-0.19 | $0.84 | ||
| Q2 25 | $-0.12 | $0.81 | ||
| Q1 25 | $-0.15 | $0.74 | ||
| Q4 24 | — | $0.87 | ||
| Q3 24 | $-0.17 | $0.65 | ||
| Q2 24 | $-0.13 | $0.88 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $128.5M | $174.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $966.9M | $510.6M |
| Total Assets | $1.4B | $5.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $174.9M | ||
| Q4 25 | $128.5M | $138.4M | ||
| Q3 25 | $83.2M | $208.7M | ||
| Q2 25 | $92.4M | $146.2M | ||
| Q1 25 | $159.3M | $128.1M | ||
| Q4 24 | $156.3M | $119.9M | ||
| Q3 24 | $126.6M | $121.6M | ||
| Q2 24 | $148.3M | $214.3M |
| Q1 26 | — | $510.6M | ||
| Q4 25 | $966.9M | $503.0M | ||
| Q3 25 | $964.0M | $490.7M | ||
| Q2 25 | $1.0B | $469.3M | ||
| Q1 25 | $1.0B | $467.3M | ||
| Q4 24 | $1.1B | $454.7M | ||
| Q3 24 | $1.1B | $452.4M | ||
| Q2 24 | $1.1B | $430.5M |
| Q1 26 | — | $5.6B | ||
| Q4 25 | $1.4B | $5.5B | ||
| Q3 25 | $1.4B | $5.5B | ||
| Q2 25 | $1.4B | $5.4B | ||
| Q1 25 | $1.3B | $5.3B | ||
| Q4 24 | $1.4B | $5.3B | ||
| Q3 24 | $1.4B | $5.3B | ||
| Q2 24 | $1.4B | $5.3B |
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 | $-34.7M | — |
| Free Cash FlowOCF − Capex | $-44.6M | — |
| FCF MarginFCF / Revenue | -99.4% | — |
| Capex IntensityCapex / Revenue | 21.9% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-174.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-34.7M | $76.7M | ||
| Q3 25 | $-52.6M | $18.2M | ||
| Q2 25 | $-32.4M | $19.0M | ||
| Q1 25 | $-11.6M | $31.7M | ||
| Q4 24 | $-108.6M | $63.2M | ||
| Q3 24 | $-28.9M | $17.2M | ||
| Q2 24 | $-30.0M | $8.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-44.6M | $70.2M | ||
| Q3 25 | $-61.5M | $16.5M | ||
| Q2 25 | $-45.8M | $16.7M | ||
| Q1 25 | $-22.2M | $30.6M | ||
| Q4 24 | $-187.0M | $55.2M | ||
| Q3 24 | $-47.4M | $15.7M | ||
| Q2 24 | $-50.1M | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | -99.4% | 120.3% | ||
| Q3 25 | -687.0% | 28.9% | ||
| Q2 25 | -267.9% | 29.8% | ||
| Q1 25 | -524.0% | 56.5% | ||
| Q4 24 | -3702.8% | 89.1% | ||
| Q3 24 | -728.4% | 30.6% | ||
| Q2 24 | -683.8% | 12.3% |
| Q1 26 | — | — | ||
| Q4 25 | 21.9% | 11.1% | ||
| Q3 25 | 99.7% | 2.9% | ||
| Q2 25 | 78.2% | 4.1% | ||
| Q1 25 | 251.1% | 2.1% | ||
| Q4 24 | 1552.7% | 12.8% | ||
| Q3 24 | 284.6% | 2.9% | ||
| Q2 24 | 274.6% | 3.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.13× | ||
| Q3 25 | — | 1.04× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | — | 2.03× | ||
| Q4 24 | — | 3.42× | ||
| Q3 24 | — | 1.25× | ||
| Q2 24 | — | 0.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ABCL
Segment breakdown not available.
IBCP
| Net Interest Income | $46.9M | 80% |
| Noninterest Income | $12.0M | 20% |
