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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and iQSTEL Inc (IQST). Click either name above to swap in a different company.
iQSTEL Inc is the larger business by last-quarter revenue ($84.2M vs $58.9M, roughly 1.4× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs -3.2%, a 31.8% gap on every dollar of revenue. Over the past eight quarters, iQSTEL Inc's revenue compounded faster (28.0% 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.
iQSTEL Inc is a technology holding company operating three core segments: telecommunications, Internet of Things (IoT), and fintech. It offers connectivity services, smart IoT monitoring solutions, and digital financial tools, mainly serving small and medium-sized enterprises and retail customers in North and South American markets.
IBCP vs IQST — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $84.2M |
| Net Profit | $16.9M | $-2.7M |
| Gross Margin | — | 3.5% |
| Operating Margin | — | -2.9% |
| Net Margin | 28.6% | -3.2% |
| Revenue YoY | — | -14.9% |
| Net Profit YoY | 8.2% | -44.5% |
| EPS (diluted) | $0.81 | $-0.92 |
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 | $84.2M | ||
| Q3 25 | $57.3M | $102.9M | ||
| Q2 25 | $55.9M | $72.2M | ||
| Q1 25 | $54.1M | $57.6M | ||
| Q4 24 | $62.0M | $98.9M | ||
| Q3 24 | $51.4M | $54.2M | ||
| Q2 24 | $56.5M | $78.6M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | $-2.7M | ||
| Q3 25 | $17.5M | $-2.3M | ||
| Q2 25 | $16.9M | $-2.3M | ||
| Q1 25 | $15.6M | $-1.1M | ||
| Q4 24 | $18.5M | $-1.9M | ||
| Q3 24 | $13.8M | $-773.0K | ||
| Q2 24 | $18.5M | $-2.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.5% | ||
| Q3 25 | — | 2.7% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 3.7% | ||
| Q2 24 | — | 2.8% |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | -2.9% | ||
| Q3 25 | 37.0% | -0.5% | ||
| Q2 25 | 37.0% | -0.9% | ||
| Q1 25 | 35.3% | -1.0% | ||
| Q4 24 | 36.7% | -0.3% | ||
| Q3 24 | 33.7% | -0.1% | ||
| Q2 24 | 41.0% | -0.4% |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | -3.2% | ||
| Q3 25 | 30.5% | -2.3% | ||
| Q2 25 | 30.2% | -3.3% | ||
| Q1 25 | 28.8% | -2.0% | ||
| Q4 24 | 29.8% | -1.9% | ||
| Q3 24 | 26.9% | -1.4% | ||
| Q2 24 | 32.8% | -2.5% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | $-0.92 | ||
| Q3 25 | $0.84 | $-0.68 | ||
| Q2 25 | $0.81 | $-0.82 | ||
| Q1 25 | $0.74 | $-0.44 | ||
| Q4 24 | $0.87 | $-1.19 | ||
| Q3 24 | $0.65 | $-0.40 | ||
| Q2 24 | $0.88 | $-0.90 |
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 | $2.2M |
| Total DebtLower is stronger | — | $4.1M |
| Stockholders' EquityBook value | $510.6M | $16.3M |
| Total Assets | $5.6B | $51.1M |
| Debt / EquityLower = less leverage | — | 0.25× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | $2.2M | ||
| Q3 25 | $208.7M | $2.3M | ||
| Q2 25 | $146.2M | $2.0M | ||
| Q1 25 | $128.1M | $1.1M | ||
| Q4 24 | $119.9M | $2.5M | ||
| Q3 24 | $121.6M | $2.1M | ||
| Q2 24 | $214.3M | $797.2K |
| Q1 26 | — | — | ||
| Q4 25 | — | $4.1M | ||
| Q3 25 | — | $2.7M | ||
| Q2 25 | — | $4.5M | ||
| Q1 25 | — | $3.5M | ||
| Q4 24 | — | $2.5M | ||
| Q3 24 | — | $3.2M | ||
| Q2 24 | — | $2.5M |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $16.3M | ||
| Q3 25 | $490.7M | $17.9M | ||
| Q2 25 | $469.3M | $14.3M | ||
| Q1 25 | $467.3M | $11.6M | ||
| Q4 24 | $454.7M | $11.9M | ||
| Q3 24 | $452.4M | $8.1M | ||
| Q2 24 | $430.5M | $7.6M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $51.1M | ||
| Q3 25 | $5.5B | $46.9M | ||
| Q2 25 | $5.4B | $51.4M | ||
| Q1 25 | $5.3B | $42.0M | ||
| Q4 24 | $5.3B | $79.0M | ||
| Q3 24 | $5.3B | $32.4M | ||
| Q2 24 | $5.3B | $30.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.25× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.31× | ||
| Q1 25 | — | 0.31× | ||
| Q4 24 | — | 0.21× | ||
| Q3 24 | — | 0.40× | ||
| Q2 24 | — | 0.34× |
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 | — | $-1.2M |
| Free Cash FlowOCF − Capex | — | $-1.2M |
| FCF MarginFCF / Revenue | — | -1.5% |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-4.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $76.7M | $-1.2M | ||
| Q3 25 | $18.2M | $-953.0K | ||
| Q2 25 | $19.0M | $257.7K | ||
| Q1 25 | $31.7M | $-1.9M | ||
| Q4 24 | $63.2M | $-403.7K | ||
| Q3 24 | $17.2M | $625.0K | ||
| Q2 24 | $8.7M | $-2.6M |
| Q1 26 | — | — | ||
| Q4 25 | $70.2M | $-1.2M | ||
| Q3 25 | $16.5M | $-969.2K | ||
| Q2 25 | $16.7M | $211.7K | ||
| Q1 25 | $30.6M | $-2.0M | ||
| Q4 24 | $55.2M | $-421.3K | ||
| Q3 24 | $15.7M | $594.5K | ||
| Q2 24 | $7.0M | $-2.6M |
| Q1 26 | — | — | ||
| Q4 25 | 120.3% | -1.5% | ||
| Q3 25 | 28.9% | -0.9% | ||
| Q2 25 | 29.8% | 0.3% | ||
| Q1 25 | 56.5% | -3.4% | ||
| Q4 24 | 89.1% | -0.4% | ||
| Q3 24 | 30.6% | 1.1% | ||
| Q2 24 | 12.3% | -3.4% |
| Q1 26 | — | — | ||
| Q4 25 | 11.1% | 0.0% | ||
| Q3 25 | 2.9% | 0.0% | ||
| Q2 25 | 4.1% | 0.1% | ||
| Q1 25 | 2.1% | 0.1% | ||
| Q4 24 | 12.8% | 0.0% | ||
| Q3 24 | 2.9% | 0.1% | ||
| Q2 24 | 3.1% | 0.0% |
| 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% |
IQST
| USA | $53.2M | 63% |
| Other | $29.9M | 35% |
| Switzerland | $1.1M | 1% |
