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Side-by-side financial comparison of BillionToOne, Inc. (BLLN) and INDEPENDENT BANK CORP (IBCP). Click either name above to swap in a different company.
BillionToOne, Inc. is the larger business by last-quarter revenue ($83.5M vs $58.9M, roughly 1.4× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs 6.8%, a 21.8% gap on every dollar of revenue.
BillionToOne, Inc. is a life sciences and molecular diagnostics firm developing high-precision genetic testing solutions. Its core offerings include non-invasive prenatal tests, oncology diagnostics, and rare disease screening, serving clinical providers and patients mainly in North America.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
BLLN vs IBCP — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $83.5M | $58.9M |
| Net Profit | $5.7M | $16.9M |
| Gross Margin | 69.9% | — |
| Operating Margin | 11.5% | — |
| Net Margin | 6.8% | 28.6% |
| Revenue YoY | 117.4% | — |
| Net Profit YoY | 138.3% | 8.2% |
| EPS (diluted) | $0.10 | $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 | — | $58.3M | ||
| Q3 25 | $83.5M | $57.3M | ||
| Q2 25 | — | $55.9M | ||
| Q1 25 | — | $54.1M | ||
| Q4 24 | $45.1M | $62.0M | ||
| Q3 24 | $38.4M | $51.4M | ||
| Q2 24 | — | $56.5M |
| Q1 26 | — | $16.9M | ||
| Q4 25 | — | $18.6M | ||
| Q3 25 | $5.7M | $17.5M | ||
| Q2 25 | — | $16.9M | ||
| Q1 25 | — | $15.6M | ||
| Q4 24 | $-11.5M | $18.5M | ||
| Q3 24 | $-14.9M | $13.8M | ||
| Q2 24 | — | $18.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 69.9% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 57.1% | — | ||
| Q3 24 | 52.6% | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 34.8% | ||
| Q3 25 | 11.5% | 37.0% | ||
| Q2 25 | — | 37.0% | ||
| Q1 25 | — | 35.3% | ||
| Q4 24 | 17.0% | 36.7% | ||
| Q3 24 | -32.9% | 33.7% | ||
| Q2 24 | — | 41.0% |
| Q1 26 | — | 28.6% | ||
| Q4 25 | — | 31.8% | ||
| Q3 25 | 6.8% | 30.5% | ||
| Q2 25 | — | 30.2% | ||
| Q1 25 | — | 28.8% | ||
| Q4 24 | -25.5% | 29.8% | ||
| Q3 24 | -38.8% | 26.9% | ||
| Q2 24 | — | 32.8% |
| Q1 26 | — | $0.81 | ||
| Q4 25 | — | $0.88 | ||
| Q3 25 | $0.10 | $0.84 | ||
| Q2 25 | — | $0.81 | ||
| Q1 25 | — | $0.74 | ||
| Q4 24 | $-1.13 | $0.87 | ||
| Q3 24 | $-1.47 | $0.65 | ||
| Q2 24 | — | $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 | $195.2M | $174.9M |
| Total DebtLower is stronger | $55.0M | — |
| Stockholders' EquityBook value | $-239.5M | $510.6M |
| Total Assets | $327.5M | $5.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $174.9M | ||
| Q4 25 | — | $138.4M | ||
| Q3 25 | $195.2M | $208.7M | ||
| Q2 25 | — | $146.2M | ||
| Q1 25 | — | $128.1M | ||
| Q4 24 | $191.5M | $119.9M | ||
| Q3 24 | — | $121.6M | ||
| Q2 24 | — | $214.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $55.0M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $51.5M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $510.6M | ||
| Q4 25 | — | $503.0M | ||
| Q3 25 | $-239.5M | $490.7M | ||
| Q2 25 | — | $469.3M | ||
| Q1 25 | — | $467.3M | ||
| Q4 24 | $-251.7M | $454.7M | ||
| Q3 24 | $-242.9M | $452.4M | ||
| Q2 24 | — | $430.5M |
| Q1 26 | — | $5.6B | ||
| Q4 25 | — | $5.5B | ||
| Q3 25 | $327.5M | $5.5B | ||
| Q2 25 | — | $5.4B | ||
| Q1 25 | — | $5.3B | ||
| Q4 24 | $302.1M | $5.3B | ||
| Q3 24 | — | $5.3B | ||
| Q2 24 | — | $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 | $13.8M | — |
| Free Cash FlowOCF − Capex | $6.5M | — |
| FCF MarginFCF / Revenue | 7.7% | — |
| Capex IntensityCapex / Revenue | 8.8% | — |
| Cash ConversionOCF / Net Profit | 2.42× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $76.7M | ||
| Q3 25 | $13.8M | $18.2M | ||
| Q2 25 | — | $19.0M | ||
| Q1 25 | — | $31.7M | ||
| Q4 24 | — | $63.2M | ||
| Q3 24 | — | $17.2M | ||
| Q2 24 | — | $8.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $70.2M | ||
| Q3 25 | $6.5M | $16.5M | ||
| Q2 25 | — | $16.7M | ||
| Q1 25 | — | $30.6M | ||
| Q4 24 | — | $55.2M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 120.3% | ||
| Q3 25 | 7.7% | 28.9% | ||
| Q2 25 | — | 29.8% | ||
| Q1 25 | — | 56.5% | ||
| Q4 24 | — | 89.1% | ||
| Q3 24 | — | 30.6% | ||
| Q2 24 | — | 12.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 11.1% | ||
| Q3 25 | 8.8% | 2.9% | ||
| Q2 25 | — | 4.1% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | 12.8% | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | — | 3.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.13× | ||
| Q3 25 | 2.42× | 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
BLLN
| Prenatal | $74.1M | 89% |
| Oncology | $8.7M | 10% |
IBCP
| Net Interest Income | $46.9M | 80% |
| Noninterest Income | $12.0M | 20% |
