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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and INDEPENDENT BANK CORP (IBCP). Click either name above to swap in a different company.
AVIAT NETWORKS, INC. is the larger business by last-quarter revenue ($111.5M vs $58.9M, roughly 1.9× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs 5.1%, a 23.5% gap on every dollar of revenue. Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (2.1% CAGR vs 0.3%).
Aviat Networks, Inc. is a global provider of microwave transport and backhaul solutions, providing public and private operators with communications infrastructure to serve telecommunications operators and enterprise customers.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
AVNW vs IBCP — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $58.9M |
| Net Profit | $5.7M | $16.9M |
| Gross Margin | 32.4% | — |
| Operating Margin | 6.5% | — |
| Net Margin | 5.1% | 28.6% |
| Revenue YoY | -5.7% | — |
| Net Profit YoY | 27.2% | 8.2% |
| EPS (diluted) | $0.44 | $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 | $111.5M | $58.3M | ||
| Q3 25 | $107.3M | $57.3M | ||
| Q2 25 | $115.3M | $55.9M | ||
| Q1 25 | $112.6M | $54.1M | ||
| Q4 24 | $118.2M | $62.0M | ||
| Q3 24 | $88.4M | $51.4M | ||
| Q2 24 | $116.7M | $56.5M |
| Q1 26 | — | $16.9M | ||
| Q4 25 | $5.7M | $18.6M | ||
| Q3 25 | $162.0K | $17.5M | ||
| Q2 25 | $5.2M | $16.9M | ||
| Q1 25 | $3.5M | $15.6M | ||
| Q4 24 | $4.5M | $18.5M | ||
| Q3 24 | $-11.9M | $13.8M | ||
| Q2 24 | $1.5M | $18.5M |
| Q1 26 | — | — | ||
| Q4 25 | 32.4% | — | ||
| Q3 25 | 33.2% | — | ||
| Q2 25 | 34.2% | — | ||
| Q1 25 | 34.9% | — | ||
| Q4 24 | 34.6% | — | ||
| Q3 24 | 22.4% | — | ||
| Q2 24 | 35.3% | — |
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 34.8% | ||
| Q3 25 | 4.8% | 37.0% | ||
| Q2 25 | 7.7% | 37.0% | ||
| Q1 25 | 8.3% | 35.3% | ||
| Q4 24 | 6.7% | 36.7% | ||
| Q3 24 | -17.6% | 33.7% | ||
| Q2 24 | 4.7% | 41.0% |
| Q1 26 | — | 28.6% | ||
| Q4 25 | 5.1% | 31.8% | ||
| Q3 25 | 0.2% | 30.5% | ||
| Q2 25 | 4.5% | 30.2% | ||
| Q1 25 | 3.1% | 28.8% | ||
| Q4 24 | 3.8% | 29.8% | ||
| Q3 24 | -13.4% | 26.9% | ||
| Q2 24 | 1.3% | 32.8% |
| Q1 26 | — | $0.81 | ||
| Q4 25 | $0.44 | $0.88 | ||
| Q3 25 | $0.01 | $0.84 | ||
| Q2 25 | $0.42 | $0.81 | ||
| Q1 25 | $0.27 | $0.74 | ||
| Q4 24 | $0.35 | $0.87 | ||
| Q3 24 | $-0.94 | $0.65 | ||
| Q2 24 | $0.11 | $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 | $86.5M | $174.9M |
| Total DebtLower is stronger | $105.4M | — |
| Stockholders' EquityBook value | $271.6M | $510.6M |
| Total Assets | $659.4M | $5.6B |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $174.9M | ||
| Q4 25 | $86.5M | $138.4M | ||
| Q3 25 | $64.8M | $208.7M | ||
| Q2 25 | $59.7M | $146.2M | ||
| Q1 25 | $49.4M | $128.1M | ||
| Q4 24 | $52.6M | $119.9M | ||
| Q3 24 | $51.0M | $121.6M | ||
| Q2 24 | $64.6M | $214.3M |
| Q1 26 | — | — | ||
| Q4 25 | $105.4M | — | ||
| Q3 25 | $106.5M | — | ||
| Q2 25 | $87.6M | — | ||
| Q1 25 | $73.9M | — | ||
| Q4 24 | $74.9M | — | ||
| Q3 24 | $83.4M | — | ||
| Q2 24 | $48.4M | — |
| Q1 26 | — | $510.6M | ||
| Q4 25 | $271.6M | $503.0M | ||
| Q3 25 | $263.6M | $490.7M | ||
| Q2 25 | $263.2M | $469.3M | ||
| Q1 25 | $256.1M | $467.3M | ||
| Q4 24 | $249.6M | $454.7M | ||
| Q3 24 | $247.1M | $452.4M | ||
| Q2 24 | $255.9M | $430.5M |
| Q1 26 | — | $5.6B | ||
| Q4 25 | $659.4M | $5.5B | ||
| Q3 25 | $643.3M | $5.5B | ||
| Q2 25 | $633.3M | $5.4B | ||
| Q1 25 | $628.3M | $5.3B | ||
| Q4 24 | $594.1M | $5.3B | ||
| Q3 24 | $590.9M | $5.3B | ||
| Q2 24 | $535.2M | $5.3B |
| Q1 26 | — | — | ||
| Q4 25 | 0.39× | — | ||
| Q3 25 | 0.40× | — | ||
| Q2 25 | 0.33× | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 0.30× | — | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.19× | — |
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 | $23.9M | — |
| Free Cash FlowOCF − Capex | $22.5M | — |
| FCF MarginFCF / Revenue | 20.2% | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | 4.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $23.9M | $76.7M | ||
| Q3 25 | $-11.7M | $18.2M | ||
| Q2 25 | $10.5M | $19.0M | ||
| Q1 25 | $1.6M | $31.7M | ||
| Q4 24 | $20.8M | $63.2M | ||
| Q3 24 | $-27.2M | $17.2M | ||
| Q2 24 | $8.3M | $8.7M |
| Q1 26 | — | — | ||
| Q4 25 | $22.5M | $70.2M | ||
| Q3 25 | $-13.5M | $16.5M | ||
| Q2 25 | $8.2M | $16.7M | ||
| Q1 25 | $-1.2M | $30.6M | ||
| Q4 24 | $18.3M | $55.2M | ||
| Q3 24 | $-32.6M | $15.7M | ||
| Q2 24 | $7.5M | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | 20.2% | 120.3% | ||
| Q3 25 | -12.6% | 28.9% | ||
| Q2 25 | 7.1% | 29.8% | ||
| Q1 25 | -1.0% | 56.5% | ||
| Q4 24 | 15.5% | 89.1% | ||
| Q3 24 | -36.8% | 30.6% | ||
| Q2 24 | 6.4% | 12.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 11.1% | ||
| Q3 25 | 1.6% | 2.9% | ||
| Q2 25 | 2.0% | 4.1% | ||
| Q1 25 | 2.5% | 2.1% | ||
| Q4 24 | 2.1% | 12.8% | ||
| Q3 24 | 6.1% | 2.9% | ||
| Q2 24 | 0.7% | 3.1% |
| Q1 26 | — | — | ||
| Q4 25 | 4.18× | 4.13× | ||
| Q3 25 | -72.48× | 1.04× | ||
| Q2 25 | 2.02× | 1.12× | ||
| Q1 25 | 0.46× | 2.03× | ||
| Q4 24 | 4.62× | 3.42× | ||
| Q3 24 | — | 1.25× | ||
| Q2 24 | 5.37× | 0.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVNW
| Products | $81.2M | 73% |
| Services | $30.3M | 27% |
IBCP
| Net Interest Income | $46.9M | 80% |
| Noninterest Income | $12.0M | 20% |
