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Side-by-side financial comparison of DENNY'S Corp (DENN) and INDEPENDENT BANK CORP (IBCP). Click either name above to swap in a different company.
DENNY'S Corp is the larger business by last-quarter revenue ($113.2M vs $58.9M, roughly 1.9× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs 0.6%, a 28.1% gap on every dollar of revenue. Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (2.1% CAGR vs -0.9%).
Denny's is an American table service diner-style restaurant chain. It operates over 1,400 restaurants in the United States, Canada, México, Puerto Rico, and several other international locations.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
DENN vs IBCP — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $113.2M | $58.9M |
| Net Profit | $632.0K | $16.9M |
| Gross Margin | — | — |
| Operating Margin | 9.2% | — |
| Net Margin | 0.6% | 28.6% |
| Revenue YoY | 1.3% | — |
| Net Profit YoY | -90.3% | 8.2% |
| EPS (diluted) | $0.01 | $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 | $113.2M | $57.3M | ||
| Q2 25 | $117.7M | $55.9M | ||
| Q1 25 | $111.6M | $54.1M | ||
| Q4 24 | $114.7M | $62.0M | ||
| Q3 24 | $111.8M | $51.4M | ||
| Q2 24 | $115.9M | $56.5M |
| Q1 26 | — | $16.9M | ||
| Q4 25 | — | $18.6M | ||
| Q3 25 | $632.0K | $17.5M | ||
| Q2 25 | $2.5M | $16.9M | ||
| Q1 25 | $326.0K | $15.6M | ||
| Q4 24 | $6.8M | $18.5M | ||
| Q3 24 | $6.5M | $13.8M | ||
| Q2 24 | $3.6M | $18.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | 34.8% | ||
| Q3 25 | 9.2% | 37.0% | ||
| Q2 25 | 7.3% | 37.0% | ||
| Q1 25 | 4.7% | 35.3% | ||
| Q4 24 | 12.6% | 36.7% | ||
| Q3 24 | 10.5% | 33.7% | ||
| Q2 24 | 7.9% | 41.0% |
| Q1 26 | — | 28.6% | ||
| Q4 25 | — | 31.8% | ||
| Q3 25 | 0.6% | 30.5% | ||
| Q2 25 | 2.1% | 30.2% | ||
| Q1 25 | 0.3% | 28.8% | ||
| Q4 24 | 5.9% | 29.8% | ||
| Q3 24 | 5.8% | 26.9% | ||
| Q2 24 | 3.1% | 32.8% |
| Q1 26 | — | $0.81 | ||
| Q4 25 | — | $0.88 | ||
| Q3 25 | $0.01 | $0.84 | ||
| Q2 25 | $0.05 | $0.81 | ||
| Q1 25 | $0.01 | $0.74 | ||
| Q4 24 | $0.13 | $0.87 | ||
| Q3 24 | $0.12 | $0.65 | ||
| Q2 24 | $0.07 | $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 | — | $174.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-32.7M | $510.6M |
| Total Assets | $502.9M | $5.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $174.9M | ||
| Q4 25 | — | $138.4M | ||
| Q3 25 | — | $208.7M | ||
| Q2 25 | — | $146.2M | ||
| Q1 25 | $1.1M | $128.1M | ||
| Q4 24 | $100.0K | $119.9M | ||
| Q3 24 | $2.9M | $121.6M | ||
| Q2 24 | $2.8M | $214.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $270.6M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $510.6M | ||
| Q4 25 | — | $503.0M | ||
| Q3 25 | $-32.7M | $490.7M | ||
| Q2 25 | $-34.6M | $469.3M | ||
| Q1 25 | $-36.4M | $467.3M | ||
| Q4 24 | $-34.0M | $454.7M | ||
| Q3 24 | $-54.5M | $452.4M | ||
| Q2 24 | $-53.2M | $430.5M |
| Q1 26 | — | $5.6B | ||
| Q4 25 | — | $5.5B | ||
| Q3 25 | $502.9M | $5.5B | ||
| Q2 25 | $491.1M | $5.4B | ||
| Q1 25 | $488.1M | $5.3B | ||
| Q4 24 | $496.3M | $5.3B | ||
| Q3 24 | $461.6M | $5.3B | ||
| Q2 24 | $459.9M | $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 | $16.0M | — |
| Free Cash FlowOCF − Capex | $16.0M | — |
| FCF MarginFCF / Revenue | 14.1% | — |
| Capex IntensityCapex / Revenue | 0.0% | — |
| Cash ConversionOCF / Net Profit | 25.28× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $76.7M | ||
| Q3 25 | $16.0M | $18.2M | ||
| Q2 25 | $9.4M | $19.0M | ||
| Q1 25 | $5.0M | $31.7M | ||
| Q4 24 | $8.5M | $63.2M | ||
| Q3 24 | $6.6M | $17.2M | ||
| Q2 24 | $14.2M | $8.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $70.2M | ||
| Q3 25 | $16.0M | $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 | 14.1% | 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 | 0.0% | 2.9% | ||
| Q2 25 | — | 4.1% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | 12.8% | ||
| Q3 24 | 0.0% | 2.9% | ||
| Q2 24 | — | 3.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.13× | ||
| Q3 25 | 25.28× | 1.04× | ||
| Q2 25 | 3.79× | 1.12× | ||
| Q1 25 | 15.38× | 2.03× | ||
| Q4 24 | 1.26× | 3.42× | ||
| Q3 24 | 1.01× | 1.25× | ||
| Q2 24 | 3.97× | 0.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DENN
| Franchisor Owned Outlet | $57.4M | 51% |
| Royalty | $27.7M | 25% |
| Advertising | $18.6M | 16% |
| Occupancy | $7.7M | 7% |
| Initial And Other Fees | $1.7M | 1% |
IBCP
| Net Interest Income | $46.9M | 80% |
| Noninterest Income | $12.0M | 20% |
