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Side-by-side financial comparison of CARRIAGE SERVICES INC (CSV) and INDEPENDENT BANK CORP (IBCP). Click either name above to swap in a different company.
CARRIAGE SERVICES INC is the larger business by last-quarter revenue ($105.5M vs $58.9M, roughly 1.8× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs 11.6%, a 17.0% gap on every dollar of revenue. Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (2.1% CAGR vs 1.0%).
Jardine Cycle & Carriage Limited is the investment holding company of Jardines in Southeast Asia. It is currently 75% held by the conglomerate.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
CSV vs IBCP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $105.5M | $58.9M |
| Net Profit | $12.3M | $16.9M |
| Gross Margin | 34.8% | — |
| Operating Margin | 23.3% | — |
| Net Margin | 11.6% | 28.6% |
| Revenue YoY | 8.0% | — |
| Net Profit YoY | 24.5% | 8.2% |
| EPS (diluted) | $0.76 | $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 | $105.5M | $58.3M | ||
| Q3 25 | $102.7M | $57.3M | ||
| Q2 25 | $102.1M | $55.9M | ||
| Q1 25 | $107.1M | $54.1M | ||
| Q4 24 | $97.7M | $62.0M | ||
| Q3 24 | $100.7M | $51.4M | ||
| Q2 24 | $102.3M | $56.5M |
| Q1 26 | — | $16.9M | ||
| Q4 25 | $12.3M | $18.6M | ||
| Q3 25 | $6.6M | $17.5M | ||
| Q2 25 | $11.7M | $16.9M | ||
| Q1 25 | $20.9M | $15.6M | ||
| Q4 24 | $9.9M | $18.5M | ||
| Q3 24 | $9.9M | $13.8M | ||
| Q2 24 | $6.3M | $18.5M |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | — | ||
| Q3 25 | 35.3% | — | ||
| Q2 25 | 35.2% | — | ||
| Q1 25 | 35.3% | — | ||
| Q4 24 | 34.4% | — | ||
| Q3 24 | 35.2% | — | ||
| Q2 24 | 36.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 23.3% | 34.8% | ||
| Q3 25 | 17.0% | 37.0% | ||
| Q2 25 | 23.5% | 37.0% | ||
| Q1 25 | 29.5% | 35.3% | ||
| Q4 24 | 21.6% | 36.7% | ||
| Q3 24 | 22.7% | 33.7% | ||
| Q2 24 | 18.0% | 41.0% |
| Q1 26 | — | 28.6% | ||
| Q4 25 | 11.6% | 31.8% | ||
| Q3 25 | 6.4% | 30.5% | ||
| Q2 25 | 11.5% | 30.2% | ||
| Q1 25 | 19.5% | 28.8% | ||
| Q4 24 | 10.1% | 29.8% | ||
| Q3 24 | 9.8% | 26.9% | ||
| Q2 24 | 6.1% | 32.8% |
| Q1 26 | — | $0.81 | ||
| Q4 25 | $0.76 | $0.88 | ||
| Q3 25 | $0.41 | $0.84 | ||
| Q2 25 | $0.74 | $0.81 | ||
| Q1 25 | $1.34 | $0.74 | ||
| Q4 24 | $0.62 | $0.87 | ||
| Q3 24 | $0.63 | $0.65 | ||
| Q2 24 | $0.40 | $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 | $1.7M | $174.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $254.8M | $510.6M |
| Total Assets | $1.3B | $5.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $174.9M | ||
| Q4 25 | $1.7M | $138.4M | ||
| Q3 25 | $1.2M | $208.7M | ||
| Q2 25 | $1.4M | $146.2M | ||
| Q1 25 | $4.6M | $128.1M | ||
| Q4 24 | $1.2M | $119.9M | ||
| Q3 24 | $1.3M | $121.6M | ||
| Q2 24 | $1.5M | $214.3M |
| Q1 26 | — | $510.6M | ||
| Q4 25 | $254.8M | $503.0M | ||
| Q3 25 | $242.1M | $490.7M | ||
| Q2 25 | $235.4M | $469.3M | ||
| Q1 25 | $223.1M | $467.3M | ||
| Q4 24 | $208.6M | $454.7M | ||
| Q3 24 | $198.1M | $452.4M | ||
| Q2 24 | $187.9M | $430.5M |
| Q1 26 | — | $5.6B | ||
| Q4 25 | $1.3B | $5.5B | ||
| Q3 25 | $1.3B | $5.5B | ||
| Q2 25 | $1.3B | $5.4B | ||
| Q1 25 | $1.3B | $5.3B | ||
| Q4 24 | $1.3B | $5.3B | ||
| Q3 24 | $1.3B | $5.3B | ||
| Q2 24 | $1.3B | $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 | $14.1M | — |
| Free Cash FlowOCF − Capex | $6.2M | — |
| FCF MarginFCF / Revenue | 5.9% | — |
| Capex IntensityCapex / Revenue | 7.5% | — |
| Cash ConversionOCF / Net Profit | 1.15× | — |
| TTM Free Cash FlowTrailing 4 quarters | $40.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $14.1M | $76.7M | ||
| Q3 25 | $24.7M | $18.2M | ||
| Q2 25 | $8.1M | $19.0M | ||
| Q1 25 | $13.8M | $31.7M | ||
| Q4 24 | $9.3M | $63.2M | ||
| Q3 24 | $20.9M | $17.2M | ||
| Q2 24 | $2.2M | $8.7M |
| Q1 26 | — | — | ||
| Q4 25 | $6.2M | $70.2M | ||
| Q3 25 | $18.0M | $16.5M | ||
| Q2 25 | $5.2M | $16.7M | ||
| Q1 25 | $10.6M | $30.6M | ||
| Q4 24 | $4.9M | $55.2M | ||
| Q3 24 | $16.2M | $15.7M | ||
| Q2 24 | $-1.4M | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | 5.9% | 120.3% | ||
| Q3 25 | 17.5% | 28.9% | ||
| Q2 25 | 5.1% | 29.8% | ||
| Q1 25 | 9.9% | 56.5% | ||
| Q4 24 | 5.0% | 89.1% | ||
| Q3 24 | 16.1% | 30.6% | ||
| Q2 24 | -1.4% | 12.3% |
| Q1 26 | — | — | ||
| Q4 25 | 7.5% | 11.1% | ||
| Q3 25 | 6.5% | 2.9% | ||
| Q2 25 | 2.8% | 4.1% | ||
| Q1 25 | 3.0% | 2.1% | ||
| Q4 24 | 4.5% | 12.8% | ||
| Q3 24 | 4.6% | 2.9% | ||
| Q2 24 | 3.5% | 3.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.15× | 4.13× | ||
| Q3 25 | 3.76× | 1.04× | ||
| Q2 25 | 0.69× | 1.12× | ||
| Q1 25 | 0.66× | 2.03× | ||
| Q4 24 | 0.94× | 3.42× | ||
| Q3 24 | 2.11× | 1.25× | ||
| Q2 24 | 0.34× | 0.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSV
| Propertyand Merchandise | $47.8M | 45% |
| Cemetery Interment Rights | $24.8M | 23% |
| Merchandise | $18.9M | 18% |
| Other Revenue | $10.2M | 10% |
| Other | $3.9M | 4% |
IBCP
| Net Interest Income | $46.9M | 80% |
| Noninterest Income | $12.0M | 20% |
