vs
Side-by-side financial comparison of 4D Molecular Therapeutics, Inc. (FDMT) and INDEPENDENT BANK CORP (IBCP). Click either name above to swap in a different company.
4D Molecular Therapeutics, Inc. is the larger business by last-quarter revenue ($85.1M vs $58.9M, roughly 1.4× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs 22.8%, a 5.9% gap on every dollar of revenue. Over the past eight quarters, 4D Molecular Therapeutics, Inc.'s revenue compounded faster (5412.6% CAGR vs 2.1%).
4D Molecular Therapeutics is a clinical-stage biotechnology company specializing in the research and development of targeted adeno-associated virus (AAV) gene therapies. Its core product candidates address unmet medical needs in ophthalmology, cardiology, and pulmonary disease segments, serving global patient populations with rare and common hard-to-treat conditions.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
FDMT vs IBCP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $85.1M | $58.9M |
| Net Profit | $19.4M | $16.9M |
| Gross Margin | — | — |
| Operating Margin | 17.3% | — |
| Net Margin | 22.8% | 28.6% |
| Revenue YoY | 8508900.0% | — |
| Net Profit YoY | 139.1% | 8.2% |
| EPS (diluted) | $0.43 | $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 | $85.1M | $58.3M | ||
| Q3 25 | $90.0K | $57.3M | ||
| Q2 25 | $15.0K | $55.9M | ||
| Q1 25 | $14.0K | $54.1M | ||
| Q4 24 | $1.0K | $62.0M | ||
| Q3 24 | $3.0K | $51.4M | ||
| Q2 24 | $5.0K | $56.5M |
| Q1 26 | — | $16.9M | ||
| Q4 25 | $19.4M | $18.6M | ||
| Q3 25 | $-56.9M | $17.5M | ||
| Q2 25 | $-54.7M | $16.9M | ||
| Q1 25 | $-48.0M | $15.6M | ||
| Q4 24 | — | $18.5M | ||
| Q3 24 | $-43.8M | $13.8M | ||
| Q2 24 | $-35.0M | $18.5M |
| Q1 26 | — | — | ||
| Q4 25 | 17.3% | 34.8% | ||
| Q3 25 | -67983.3% | 37.0% | ||
| Q2 25 | -396373.3% | 37.0% | ||
| Q1 25 | -383007.1% | 35.3% | ||
| Q4 24 | — | 36.7% | ||
| Q3 24 | -1704400.0% | 33.7% | ||
| Q2 24 | -849120.0% | 41.0% |
| Q1 26 | — | 28.6% | ||
| Q4 25 | 22.8% | 31.8% | ||
| Q3 25 | -63195.6% | 30.5% | ||
| Q2 25 | -364386.7% | 30.2% | ||
| Q1 25 | -342657.1% | 28.8% | ||
| Q4 24 | — | 29.8% | ||
| Q3 24 | -1461433.3% | 26.9% | ||
| Q2 24 | -699060.0% | 32.8% |
| Q1 26 | — | $0.81 | ||
| Q4 25 | $0.43 | $0.88 | ||
| Q3 25 | $-1.01 | $0.84 | ||
| Q2 25 | $-0.98 | $0.81 | ||
| Q1 25 | $-0.86 | $0.74 | ||
| Q4 24 | — | $0.87 | ||
| Q3 24 | $-0.79 | $0.65 | ||
| Q2 24 | $-0.63 | $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 | $402.7M | $174.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $505.7M | $510.6M |
| Total Assets | $566.7M | $5.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $174.9M | ||
| Q4 25 | $402.7M | $138.4M | ||
| Q3 25 | $305.1M | $208.7M | ||
| Q2 25 | $293.2M | $146.2M | ||
| Q1 25 | $321.4M | $128.1M | ||
| Q4 24 | $424.9M | $119.9M | ||
| Q3 24 | $501.9M | $121.6M | ||
| Q2 24 | $541.9M | $214.3M |
| Q1 26 | — | $510.6M | ||
| Q4 25 | $505.7M | $503.0M | ||
| Q3 25 | $369.0M | $490.7M | ||
| Q2 25 | $420.9M | $469.3M | ||
| Q1 25 | $469.7M | $467.3M | ||
| Q4 24 | $510.6M | $454.7M | ||
| Q3 24 | $552.9M | $452.4M | ||
| Q2 24 | $588.3M | $430.5M |
| Q1 26 | — | $5.6B | ||
| Q4 25 | $566.7M | $5.5B | ||
| Q3 25 | $424.0M | $5.5B | ||
| Q2 25 | $473.6M | $5.4B | ||
| Q1 25 | $515.7M | $5.3B | ||
| Q4 24 | $560.4M | $5.3B | ||
| Q3 24 | $604.0M | $5.3B | ||
| Q2 24 | $620.1M | $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 | $28.6M | — |
| Free Cash FlowOCF − Capex | $28.5M | — |
| FCF MarginFCF / Revenue | 33.5% | — |
| Capex IntensityCapex / Revenue | 0.1% | — |
| Cash ConversionOCF / Net Profit | 1.47× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-109.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $28.6M | $76.7M | ||
| Q3 25 | $-46.5M | $18.2M | ||
| Q2 25 | $-43.4M | $19.0M | ||
| Q1 25 | $-47.8M | $31.7M | ||
| Q4 24 | $-134.6M | $63.2M | ||
| Q3 24 | $-29.4M | $17.2M | ||
| Q2 24 | $-30.2M | $8.7M |
| Q1 26 | — | — | ||
| Q4 25 | $28.5M | $70.2M | ||
| Q3 25 | $-46.6M | $16.5M | ||
| Q2 25 | $-43.4M | $16.7M | ||
| Q1 25 | $-48.4M | $30.6M | ||
| Q4 24 | $-138.4M | $55.2M | ||
| Q3 24 | $-31.2M | $15.7M | ||
| Q2 24 | $-30.6M | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | 33.5% | 120.3% | ||
| Q3 25 | -51765.6% | 28.9% | ||
| Q2 25 | -289620.0% | 29.8% | ||
| Q1 25 | -345635.7% | 56.5% | ||
| Q4 24 | -13837100.0% | 89.1% | ||
| Q3 24 | -1038966.7% | 30.6% | ||
| Q2 24 | -611840.0% | 12.3% |
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 11.1% | ||
| Q3 25 | 101.1% | 2.9% | ||
| Q2 25 | 440.0% | 4.1% | ||
| Q1 25 | 4507.1% | 2.1% | ||
| Q4 24 | 378600.0% | 12.8% | ||
| Q3 24 | 59266.7% | 2.9% | ||
| Q2 24 | 6980.0% | 3.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.47× | 4.13× | ||
| Q3 25 | — | 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
FDMT
Segment breakdown not available.
IBCP
| Net Interest Income | $46.9M | 80% |
| Noninterest Income | $12.0M | 20% |
