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Side-by-side financial comparison of BALCHEM CORP (BCPC) and INDEPENDENT BANK CORP (INDB). Click either name above to swap in a different company.
BALCHEM CORP is the larger business by last-quarter revenue ($270.7M vs $212.5M, roughly 1.3× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 14.9%, a 20.6% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 8.1%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $33.8M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 7.5%).
Balchem Corp is a global specialty chemicals and nutritional ingredients provider that develops, manufactures and distributes application-specific products for human nutrition, animal health, pharmaceutical and industrial end markets, serving customers across North America, Europe and Asia Pacific.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
BCPC vs INDB — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $270.7M | $212.5M |
| Net Profit | $40.3M | $75.3M |
| Gross Margin | — | — |
| Operating Margin | 20.5% | — |
| Net Margin | 14.9% | 35.5% |
| Revenue YoY | 8.1% | 46.9% |
| Net Profit YoY | 8.7% | 50.6% |
| EPS (diluted) | $1.25 | $1.51 |
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 | $270.7M | — | ||
| Q4 25 | $263.6M | $212.5M | ||
| Q3 25 | $267.6M | $203.3M | ||
| Q2 25 | $255.5M | $147.5M | ||
| Q1 25 | $250.5M | $145.5M | ||
| Q4 24 | $240.0M | $144.7M | ||
| Q3 24 | $239.9M | $141.7M | ||
| Q2 24 | $234.1M | $137.9M |
| Q1 26 | $40.3M | — | ||
| Q4 25 | $39.2M | $75.3M | ||
| Q3 25 | $40.3M | $34.3M | ||
| Q2 25 | $38.3M | $51.1M | ||
| Q1 25 | $37.1M | $44.4M | ||
| Q4 24 | $33.6M | $50.0M | ||
| Q3 24 | $33.8M | $42.9M | ||
| Q2 24 | $32.1M | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | 35.6% | — | ||
| Q3 25 | 35.7% | — | ||
| Q2 25 | 36.4% | — | ||
| Q1 25 | 35.2% | — | ||
| Q4 24 | 36.0% | — | ||
| Q3 24 | 35.6% | — | ||
| Q2 24 | 35.5% | — |
| Q1 26 | 20.5% | — | ||
| Q4 25 | 19.8% | — | ||
| Q3 25 | 20.4% | 21.8% | ||
| Q2 25 | 20.1% | 44.6% | ||
| Q1 25 | 20.4% | 39.3% | ||
| Q4 24 | 19.8% | — | ||
| Q3 24 | 20.0% | 39.0% | ||
| Q2 24 | 19.6% | 48.1% |
| Q1 26 | 14.9% | — | ||
| Q4 25 | 14.9% | 35.5% | ||
| Q3 25 | 15.1% | 16.8% | ||
| Q2 25 | 15.0% | 34.6% | ||
| Q1 25 | 14.8% | 30.5% | ||
| Q4 24 | 14.0% | 34.6% | ||
| Q3 24 | 14.1% | 30.3% | ||
| Q2 24 | 13.7% | 37.2% |
| Q1 26 | $1.25 | — | ||
| Q4 25 | $1.21 | $1.51 | ||
| Q3 25 | $1.24 | $0.69 | ||
| Q2 25 | $1.17 | $1.20 | ||
| Q1 25 | $1.13 | $1.04 | ||
| Q4 24 | $1.03 | $1.18 | ||
| Q3 24 | $1.03 | $1.01 | ||
| Q2 24 | $0.98 | $1.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $72.9M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.3B | $3.6B |
| Total Assets | $1.7B | $24.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $72.9M | — | ||
| Q4 25 | $74.6M | — | ||
| Q3 25 | $65.1M | — | ||
| Q2 25 | $65.4M | — | ||
| Q1 25 | $49.9M | — | ||
| Q4 24 | $49.5M | — | ||
| Q3 24 | $73.7M | — | ||
| Q2 24 | $63.7M | — |
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.3B | $3.6B | ||
| Q3 25 | $1.3B | $3.5B | ||
| Q2 25 | $1.3B | $3.1B | ||
| Q1 25 | $1.2B | $3.0B | ||
| Q4 24 | $1.1B | $3.0B | ||
| Q3 24 | $1.2B | $3.0B | ||
| Q2 24 | $1.1B | $2.9B |
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.7B | $24.9B | ||
| Q3 25 | $1.7B | $25.0B | ||
| Q2 25 | $1.7B | $20.0B | ||
| Q1 25 | $1.6B | $19.9B | ||
| Q4 24 | $1.6B | $19.4B | ||
| Q3 24 | $1.6B | $19.4B | ||
| Q2 24 | $1.6B | $19.4B |
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 | $40.1M | $78.9M |
| Free Cash FlowOCF − Capex | $33.8M | $75.5M |
| FCF MarginFCF / Revenue | 12.5% | 35.5% |
| Capex IntensityCapex / Revenue | 2.3% | 1.6% |
| Cash ConversionOCF / Net Profit | 0.99× | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | — | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $40.1M | — | ||
| Q4 25 | $67.3M | $78.9M | ||
| Q3 25 | $65.6M | $52.2M | ||
| Q2 25 | $47.3M | $106.7M | ||
| Q1 25 | $36.5M | $13.3M | ||
| Q4 24 | $52.3M | $42.9M | ||
| Q3 24 | $51.3M | $70.2M | ||
| Q2 24 | $45.0M | $65.6M |
| Q1 26 | $33.8M | — | ||
| Q4 25 | — | $75.5M | ||
| Q3 25 | — | $49.7M | ||
| Q2 25 | — | $102.5M | ||
| Q1 25 | — | $11.3M | ||
| Q4 24 | — | $36.5M | ||
| Q3 24 | — | $64.4M | ||
| Q2 24 | — | $61.9M |
| Q1 26 | 12.5% | — | ||
| Q4 25 | — | 35.5% | ||
| Q3 25 | — | 24.4% | ||
| Q2 25 | — | 69.5% | ||
| Q1 25 | — | 7.8% | ||
| Q4 24 | — | 25.2% | ||
| Q3 24 | — | 45.4% | ||
| Q2 24 | — | 44.9% |
| Q1 26 | 2.3% | — | ||
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | 1.2% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 1.4% | ||
| Q4 24 | — | 4.4% | ||
| Q3 24 | — | 4.1% | ||
| Q2 24 | — | 2.7% |
| Q1 26 | 0.99× | — | ||
| Q4 25 | 1.72× | 1.05× | ||
| Q3 25 | 1.63× | 1.52× | ||
| Q2 25 | 1.23× | 2.09× | ||
| Q1 25 | 0.98× | 0.30× | ||
| Q4 24 | 1.56× | 0.86× | ||
| Q3 24 | 1.52× | 1.64× | ||
| Q2 24 | 1.40× | 1.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
