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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and Inogen Inc (INGN). Click either name above to swap in a different company.
Inogen Inc is the larger business by last-quarter revenue ($68.6M vs $58.9M, roughly 1.2× INDEPENDENT BANK CORP). Over the past eight quarters, Inogen Inc's revenue compounded faster (4.2% CAGR vs 2.1%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Inogen Inc is a medical technology firm specializing in the development, production and distribution of portable oxygen concentrators and associated respiratory care products. It caters primarily to patients with chronic respiratory conditions needing long-term oxygen therapy across North America, Europe and other global markets, focusing on home care and ambulatory patient segments to enhance users' quality of life.
IBCP vs INGN — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $68.6M |
| Net Profit | $16.9M | — |
| Gross Margin | — | 51.4% |
| Operating Margin | — | -13.6% |
| Net Margin | 28.6% | — |
| Revenue YoY | — | 3.4% |
| Net Profit YoY | -9.1% | — |
| EPS (diluted) | $0.81 | $-0.26 |
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 | $68.6M | ||
| Q3 25 | $57.3M | $79.1M | ||
| Q2 25 | $55.9M | $79.2M | ||
| Q1 25 | $54.1M | $68.5M | ||
| Q4 24 | $62.0M | $66.3M | ||
| Q3 24 | $51.4M | $74.9M | ||
| Q2 24 | $56.5M | $74.4M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | — | ||
| Q3 25 | $17.5M | $-5.3M | ||
| Q2 25 | $16.9M | $-4.2M | ||
| Q1 25 | $15.6M | $-6.2M | ||
| Q4 24 | $18.5M | — | ||
| Q3 24 | $13.8M | $-6.0M | ||
| Q2 24 | $18.5M | $-5.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | 51.4% | ||
| Q3 25 | — | 52.2% | ||
| Q2 25 | — | 52.2% | ||
| Q1 25 | — | 53.1% | ||
| Q4 24 | — | 54.7% | ||
| Q3 24 | — | 55.2% | ||
| Q2 24 | — | 57.4% |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | -13.6% | ||
| Q3 25 | 37.0% | -9.0% | ||
| Q2 25 | 37.0% | -7.7% | ||
| Q1 25 | 35.3% | -11.2% | ||
| Q4 24 | 36.7% | -17.2% | ||
| Q3 24 | 33.7% | -10.4% | ||
| Q2 24 | 41.0% | -9.5% |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | — | ||
| Q3 25 | 30.5% | -6.7% | ||
| Q2 25 | 30.2% | -5.2% | ||
| Q1 25 | 28.8% | -9.0% | ||
| Q4 24 | 29.8% | — | ||
| Q3 24 | 26.9% | -8.0% | ||
| Q2 24 | 32.8% | -7.5% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | $-0.26 | ||
| Q3 25 | $0.84 | $-0.20 | ||
| Q2 25 | $0.81 | $-0.15 | ||
| Q1 25 | $0.74 | $-0.25 | ||
| Q4 24 | $0.87 | $-0.41 | ||
| Q3 24 | $0.65 | $-0.25 | ||
| Q2 24 | $0.88 | $-0.24 |
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 | $103.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $510.6M | $192.2M |
| Total Assets | $5.6B | $298.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | $103.7M | ||
| Q3 25 | $208.7M | $106.5M | ||
| Q2 25 | $146.2M | $103.7M | ||
| Q1 25 | $128.1M | $118.9M | ||
| Q4 24 | $119.9M | $113.8M | ||
| Q3 24 | $121.6M | $105.7M | ||
| Q2 24 | $214.3M | $97.9M |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $192.2M | ||
| Q3 25 | $490.7M | $197.2M | ||
| Q2 25 | $469.3M | $199.5M | ||
| Q1 25 | $467.3M | $198.0M | ||
| Q4 24 | $454.7M | $173.9M | ||
| Q3 24 | $452.4M | $185.4M | ||
| Q2 24 | $430.5M | $187.6M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $298.6M | ||
| Q3 25 | $5.5B | $307.0M | ||
| Q2 25 | $5.4B | $312.0M | ||
| Q1 25 | $5.3B | $308.4M | ||
| Q4 24 | $5.3B | $296.2M | ||
| Q3 24 | $5.3B | $306.2M | ||
| Q2 24 | $5.3B | $308.9M |
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 | — | $-943.0K |
| Free Cash FlowOCF − Capex | — | $-1.9M |
| FCF MarginFCF / Revenue | — | -2.8% |
| Capex IntensityCapex / Revenue | — | 1.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-13.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $76.7M | $-943.0K | ||
| Q3 25 | $18.2M | $2.2M | ||
| Q2 25 | $19.0M | $4.3M | ||
| Q1 25 | $31.7M | $-16.8M | ||
| Q4 24 | $63.2M | $-3.0M | ||
| Q3 24 | $17.2M | $7.0M | ||
| Q2 24 | $8.7M | $6.7M |
| Q1 26 | — | — | ||
| Q4 25 | $70.2M | $-1.9M | ||
| Q3 25 | $16.5M | $1.6M | ||
| Q2 25 | $16.7M | $3.7M | ||
| Q1 25 | $30.6M | $-17.1M | ||
| Q4 24 | $55.2M | $-3.3M | ||
| Q3 24 | $15.7M | $5.3M | ||
| Q2 24 | $7.0M | $6.6M |
| Q1 26 | — | — | ||
| Q4 25 | 120.3% | -2.8% | ||
| Q3 25 | 28.9% | 2.0% | ||
| Q2 25 | 29.8% | 4.6% | ||
| Q1 25 | 56.5% | -24.9% | ||
| Q4 24 | 89.1% | -5.0% | ||
| Q3 24 | 30.6% | 7.1% | ||
| Q2 24 | 12.3% | 8.9% |
| Q1 26 | — | — | ||
| Q4 25 | 11.1% | 1.4% | ||
| Q3 25 | 2.9% | 0.7% | ||
| Q2 25 | 4.1% | 0.9% | ||
| Q1 25 | 2.1% | 0.4% | ||
| Q4 24 | 12.8% | 0.5% | ||
| Q3 24 | 2.9% | 2.2% | ||
| Q2 24 | 3.1% | 0.1% |
| Q1 26 | — | — | ||
| Q4 25 | 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
IBCP
| Net Interest Income | $46.9M | 80% |
| Noninterest Income | $12.0M | 20% |
INGN
| Other | $36.1M | 53% |
| Non Us | $32.5M | 47% |
