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Side-by-side financial comparison of Clearfield, Inc. (CLFD) 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 $34.3M, roughly 1.7× Clearfield, Inc.). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs -1.8%, a 30.4% gap on every dollar of revenue. Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (2.1% CAGR vs -3.5%).
Clearfield, Inc. is a company headquartered in Minneapolis, Minnesota. The company produces fiber optic products.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
CLFD vs IBCP — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $34.3M | $58.9M |
| Net Profit | $-614.0K | $16.9M |
| Gross Margin | 33.2% | — |
| Operating Margin | -5.3% | — |
| Net Margin | -1.8% | 28.6% |
| Revenue YoY | -3.2% | — |
| Net Profit YoY | 67.8% | 8.2% |
| EPS (diluted) | $-0.04 | $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 | $34.3M | $58.3M | ||
| Q3 25 | $23.4M | $57.3M | ||
| Q2 25 | $49.9M | $55.9M | ||
| Q1 25 | $47.2M | $54.1M | ||
| Q4 24 | $29.7M | $62.0M | ||
| Q3 24 | $5.6M | $51.4M | ||
| Q2 24 | $48.8M | $56.5M |
| Q1 26 | — | $16.9M | ||
| Q4 25 | $-614.0K | $18.6M | ||
| Q3 25 | $-9.1M | $17.5M | ||
| Q2 25 | $1.6M | $16.9M | ||
| Q1 25 | $1.3M | $15.6M | ||
| Q4 24 | $-1.9M | $18.5M | ||
| Q3 24 | — | $13.8M | ||
| Q2 24 | $-447.0K | $18.5M |
| Q1 26 | — | — | ||
| Q4 25 | 33.2% | — | ||
| Q3 25 | 53.2% | — | ||
| Q2 25 | 30.5% | — | ||
| Q1 25 | 30.1% | — | ||
| Q4 24 | 29.2% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 21.9% | — |
| Q1 26 | — | — | ||
| Q4 25 | -5.3% | 34.8% | ||
| Q3 25 | 10.3% | 37.0% | ||
| Q2 25 | 3.0% | 37.0% | ||
| Q1 25 | 0.6% | 35.3% | ||
| Q4 24 | -6.9% | 36.7% | ||
| Q3 24 | — | 33.7% | ||
| Q2 24 | -4.7% | 41.0% |
| Q1 26 | — | 28.6% | ||
| Q4 25 | -1.8% | 31.8% | ||
| Q3 25 | -38.8% | 30.5% | ||
| Q2 25 | 3.2% | 30.2% | ||
| Q1 25 | 2.8% | 28.8% | ||
| Q4 24 | -6.4% | 29.8% | ||
| Q3 24 | — | 26.9% | ||
| Q2 24 | -0.9% | 32.8% |
| Q1 26 | — | $0.81 | ||
| Q4 25 | $-0.04 | $0.88 | ||
| Q3 25 | $-0.65 | $0.84 | ||
| Q2 25 | $0.11 | $0.81 | ||
| Q1 25 | $0.09 | $0.74 | ||
| Q4 24 | $-0.13 | $0.87 | ||
| Q3 24 | — | $0.65 | ||
| Q2 24 | $-0.04 | $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 | $96.4M | $174.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $249.7M | $510.6M |
| Total Assets | $268.1M | $5.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $174.9M | ||
| Q4 25 | $96.4M | $138.4M | ||
| Q3 25 | $106.0M | $208.7M | ||
| Q2 25 | $117.2M | $146.2M | ||
| Q1 25 | $112.0M | $128.1M | ||
| Q4 24 | $113.0M | $119.9M | ||
| Q3 24 | $129.0M | $121.6M | ||
| Q2 24 | $123.8M | $214.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $2.2M | — | ||
| Q2 24 | $2.1M | — |
| Q1 26 | — | $510.6M | ||
| Q4 25 | $249.7M | $503.0M | ||
| Q3 25 | $256.2M | $490.7M | ||
| Q2 25 | $264.5M | $469.3M | ||
| Q1 25 | $265.9M | $467.3M | ||
| Q4 24 | $267.4M | $454.7M | ||
| Q3 24 | $275.8M | $452.4M | ||
| Q2 24 | $274.6M | $430.5M |
| Q1 26 | — | $5.6B | ||
| Q4 25 | $268.1M | $5.5B | ||
| Q3 25 | $306.2M | $5.5B | ||
| Q2 25 | $314.7M | $5.4B | ||
| Q1 25 | $310.9M | $5.3B | ||
| Q4 24 | $303.2M | $5.3B | ||
| Q3 24 | $315.3M | $5.3B | ||
| Q2 24 | $318.1M | $5.3B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.01× | — | ||
| Q2 24 | 0.01× | — |
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 | $-1.4M | — |
| Free Cash FlowOCF − Capex | $-2.4M | — |
| FCF MarginFCF / Revenue | -7.1% | — |
| Capex IntensityCapex / Revenue | 2.9% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-1.4M | $76.7M | ||
| Q3 25 | — | $18.2M | ||
| Q2 25 | $7.9M | $19.0M | ||
| Q1 25 | $3.0M | $31.7M | ||
| Q4 24 | $7.2M | $63.2M | ||
| Q3 24 | $22.2M | $17.2M | ||
| Q2 24 | $4.0M | $8.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-2.4M | $70.2M | ||
| Q3 25 | — | $16.5M | ||
| Q2 25 | $7.5M | $16.7M | ||
| Q1 25 | $654.0K | $30.6M | ||
| Q4 24 | $5.1M | $55.2M | ||
| Q3 24 | $18.2M | $15.7M | ||
| Q2 24 | $2.8M | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | -7.1% | 120.3% | ||
| Q3 25 | — | 28.9% | ||
| Q2 25 | 15.1% | 29.8% | ||
| Q1 25 | 1.4% | 56.5% | ||
| Q4 24 | 17.1% | 89.1% | ||
| Q3 24 | 323.0% | 30.6% | ||
| Q2 24 | 5.8% | 12.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.9% | 11.1% | ||
| Q3 25 | 2.0% | 2.9% | ||
| Q2 25 | 0.8% | 4.1% | ||
| Q1 25 | 5.1% | 2.1% | ||
| Q4 24 | 7.0% | 12.8% | ||
| Q3 24 | 71.4% | 2.9% | ||
| Q2 24 | 2.5% | 3.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.13× | ||
| Q3 25 | — | 1.04× | ||
| Q2 25 | 4.93× | 1.12× | ||
| Q1 25 | 2.30× | 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
CLFD
Segment breakdown not available.
IBCP
| Net Interest Income | $46.9M | 80% |
| Noninterest Income | $12.0M | 20% |
