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Side-by-side financial comparison of HEALTHSTREAM INC (HSTM) and INDEPENDENT BANK CORP (IBCP). Click either name above to swap in a different company.
HEALTHSTREAM INC is the larger business by last-quarter revenue ($79.7M vs $58.9M, roughly 1.4× INDEPENDENT BANK CORP). Over the past eight quarters, HEALTHSTREAM INC's revenue compounded faster (4.7% CAGR vs 2.1%).
HealthStream Inc is a leading U.S.-based provider of workforce development, compliance, and training solutions tailored for the healthcare industry. It offers cloud-based platforms covering clinical skill training, talent management, patient safety education, and regulatory adherence tools, serving over 4,000 healthcare organizations including hospitals, clinics, and long-term care facilities nationwide.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
HSTM vs IBCP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $79.7M | $58.9M |
| Net Profit | — | $16.9M |
| Gross Margin | — | — |
| Operating Margin | 3.0% | — |
| Net Margin | — | 28.6% |
| Revenue YoY | 7.4% | — |
| Net Profit YoY | — | 8.2% |
| EPS (diluted) | $0.09 | $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 | $79.7M | $58.3M | ||
| Q3 25 | $76.5M | $57.3M | ||
| Q2 25 | $74.4M | $55.9M | ||
| Q1 25 | $73.5M | $54.1M | ||
| Q4 24 | $74.2M | $62.0M | ||
| Q3 24 | $73.1M | $51.4M | ||
| Q2 24 | $71.6M | $56.5M |
| Q1 26 | — | $16.9M | ||
| Q4 25 | — | $18.6M | ||
| Q3 25 | $6.1M | $17.5M | ||
| Q2 25 | $5.4M | $16.9M | ||
| Q1 25 | $4.3M | $15.6M | ||
| Q4 24 | — | $18.5M | ||
| Q3 24 | $5.7M | $13.8M | ||
| Q2 24 | $4.2M | $18.5M |
| Q1 26 | — | — | ||
| Q4 25 | 3.0% | 34.8% | ||
| Q3 25 | 9.9% | 37.0% | ||
| Q2 25 | 7.9% | 37.0% | ||
| Q1 25 | 6.0% | 35.3% | ||
| Q4 24 | 6.3% | 36.7% | ||
| Q3 24 | 8.9% | 33.7% | ||
| Q2 24 | 6.2% | 41.0% |
| Q1 26 | — | 28.6% | ||
| Q4 25 | — | 31.8% | ||
| Q3 25 | 8.0% | 30.5% | ||
| Q2 25 | 7.2% | 30.2% | ||
| Q1 25 | 5.9% | 28.8% | ||
| Q4 24 | — | 29.8% | ||
| Q3 24 | 7.8% | 26.9% | ||
| Q2 24 | 5.8% | 32.8% |
| Q1 26 | — | $0.81 | ||
| Q4 25 | $0.09 | $0.88 | ||
| Q3 25 | $0.20 | $0.84 | ||
| Q2 25 | $0.18 | $0.81 | ||
| Q1 25 | $0.14 | $0.74 | ||
| Q4 24 | $0.16 | $0.87 | ||
| Q3 24 | $0.19 | $0.65 | ||
| Q2 24 | $0.14 | $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 | $36.2M | $174.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $354.0M | $510.6M |
| Total Assets | $520.4M | $5.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $174.9M | ||
| Q4 25 | $36.2M | $138.4M | ||
| Q3 25 | $53.5M | $208.7M | ||
| Q2 25 | $52.1M | $146.2M | ||
| Q1 25 | $77.3M | $128.1M | ||
| Q4 24 | $59.5M | $119.9M | ||
| Q3 24 | $57.5M | $121.6M | ||
| Q2 24 | $46.1M | $214.3M |
| Q1 26 | — | $510.6M | ||
| Q4 25 | $354.0M | $503.0M | ||
| Q3 25 | $349.2M | $490.7M | ||
| Q2 25 | $350.6M | $469.3M | ||
| Q1 25 | $362.8M | $467.3M | ||
| Q4 24 | $359.4M | $454.7M | ||
| Q3 24 | $355.5M | $452.4M | ||
| Q2 24 | $349.2M | $430.5M |
| Q1 26 | — | $5.6B | ||
| Q4 25 | $520.4M | $5.5B | ||
| Q3 25 | $499.9M | $5.5B | ||
| Q2 25 | $500.1M | $5.4B | ||
| Q1 25 | $524.0M | $5.3B | ||
| Q4 24 | $510.8M | $5.3B | ||
| Q3 24 | $502.8M | $5.3B | ||
| Q2 24 | $499.6M | $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 | $13.2M | — |
| Free Cash FlowOCF − Capex | $13.0M | — |
| FCF MarginFCF / Revenue | 16.3% | — |
| Capex IntensityCapex / Revenue | 0.3% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $59.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $13.2M | $76.7M | ||
| Q3 25 | $18.0M | $18.2M | ||
| Q2 25 | $5.0M | $19.0M | ||
| Q1 25 | $27.1M | $31.7M | ||
| Q4 24 | $11.2M | $63.2M | ||
| Q3 24 | $19.1M | $17.2M | ||
| Q2 24 | $6.5M | $8.7M |
| Q1 26 | — | — | ||
| Q4 25 | $13.0M | $70.2M | ||
| Q3 25 | $17.9M | $16.5M | ||
| Q2 25 | $2.7M | $16.7M | ||
| Q1 25 | $26.0M | $30.6M | ||
| Q4 24 | $11.0M | $55.2M | ||
| Q3 24 | $18.8M | $15.7M | ||
| Q2 24 | $6.3M | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | 16.3% | 120.3% | ||
| Q3 25 | 23.4% | 28.9% | ||
| Q2 25 | 3.6% | 29.8% | ||
| Q1 25 | 35.4% | 56.5% | ||
| Q4 24 | 14.8% | 89.1% | ||
| Q3 24 | 25.8% | 30.6% | ||
| Q2 24 | 8.8% | 12.3% |
| Q1 26 | — | — | ||
| Q4 25 | 0.3% | 11.1% | ||
| Q3 25 | 0.1% | 2.9% | ||
| Q2 25 | 3.1% | 4.1% | ||
| Q1 25 | 1.4% | 2.1% | ||
| Q4 24 | 0.3% | 12.8% | ||
| Q3 24 | 0.4% | 2.9% | ||
| Q2 24 | 0.2% | 3.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.13× | ||
| Q3 25 | 2.96× | 1.04× | ||
| Q2 25 | 0.93× | 1.12× | ||
| Q1 25 | 6.25× | 2.03× | ||
| Q4 24 | — | 3.42× | ||
| Q3 24 | 3.34× | 1.25× | ||
| Q2 24 | 1.55× | 0.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HSTM
| Subscription Services | $77.0M | 97% |
| Professional Services | $2.7M | 3% |
IBCP
| Net Interest Income | $46.9M | 80% |
| Noninterest Income | $12.0M | 20% |
