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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and IRONWOOD PHARMACEUTICALS INC (IRWD). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($58.9M vs $47.7M, roughly 1.2× IRONWOOD PHARMACEUTICALS INC). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs -4.8%, a 33.4% gap on every dollar of revenue. Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (2.1% CAGR vs -20.2%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Ironwood Pharmaceuticals, Inc. is a publicly traded pharmaceutical company. It was originally called Microbia, Inc.
IBCP vs IRWD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $47.7M |
| Net Profit | $16.9M | $-2.3M |
| Gross Margin | — | — |
| Operating Margin | — | 14.3% |
| Net Margin | 28.6% | -4.8% |
| Revenue YoY | — | -47.3% |
| Net Profit YoY | 8.2% | -200.9% |
| EPS (diluted) | $0.81 | $0.01 |
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 | $47.7M | ||
| Q3 25 | $57.3M | $122.1M | ||
| Q2 25 | $55.9M | $85.2M | ||
| Q1 25 | $54.1M | $41.1M | ||
| Q4 24 | $62.0M | $90.5M | ||
| Q3 24 | $51.4M | $91.6M | ||
| Q2 24 | $56.5M | $94.4M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | $-2.3M | ||
| Q3 25 | $17.5M | $40.1M | ||
| Q2 25 | $16.9M | $23.6M | ||
| Q1 25 | $15.6M | $-37.4M | ||
| Q4 24 | $18.5M | $2.3M | ||
| Q3 24 | $13.8M | $3.6M | ||
| Q2 24 | $18.5M | $-860.0K |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | 14.3% | ||
| Q3 25 | 37.0% | 61.8% | ||
| Q2 25 | 37.0% | 53.2% | ||
| Q1 25 | 35.3% | -70.7% | ||
| Q4 24 | 36.7% | 34.8% | ||
| Q3 24 | 33.7% | 28.0% | ||
| Q2 24 | 41.0% | 26.5% |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | -4.8% | ||
| Q3 25 | 30.5% | 32.8% | ||
| Q2 25 | 30.2% | 27.7% | ||
| Q1 25 | 28.8% | -90.9% | ||
| Q4 24 | 29.8% | 2.5% | ||
| Q3 24 | 26.9% | 4.0% | ||
| Q2 24 | 32.8% | -0.9% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | $0.01 | ||
| Q3 25 | $0.84 | $0.23 | ||
| Q2 25 | $0.81 | $0.14 | ||
| Q1 25 | $0.74 | $-0.23 | ||
| Q4 24 | $0.87 | $0.03 | ||
| Q3 24 | $0.65 | $0.02 | ||
| Q2 24 | $0.88 | $-0.01 |
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 | $215.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $510.6M | $-261.8M |
| Total Assets | $5.6B | $396.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | $215.5M | ||
| Q3 25 | $208.7M | $140.4M | ||
| Q2 25 | $146.2M | $92.9M | ||
| Q1 25 | $128.1M | $108.5M | ||
| Q4 24 | $119.9M | $88.6M | ||
| Q3 24 | $121.6M | $88.2M | ||
| Q2 24 | $214.3M | $105.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $199.5M | ||
| Q2 25 | — | $199.3M | ||
| Q1 25 | — | $199.2M | ||
| Q4 24 | — | $199.0M | ||
| Q3 24 | — | $198.8M | ||
| Q2 24 | — | $198.6M |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $-261.8M | ||
| Q3 25 | $490.7M | $-264.2M | ||
| Q2 25 | $469.3M | $-308.2M | ||
| Q1 25 | $467.3M | $-334.1M | ||
| Q4 24 | $454.7M | $-301.3M | ||
| Q3 24 | $452.4M | $-311.3M | ||
| Q2 24 | $430.5M | $-321.7M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $396.9M | ||
| Q3 25 | $5.5B | $396.1M | ||
| Q2 25 | $5.4B | $342.9M | ||
| Q1 25 | $5.3B | $327.2M | ||
| Q4 24 | $5.3B | $350.9M | ||
| Q3 24 | $5.3B | $389.5M | ||
| Q2 24 | $5.3B | $395.6M |
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 | — | $74.6M |
| Free Cash FlowOCF − Capex | — | $74.6M |
| FCF MarginFCF / Revenue | — | 156.3% |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $127.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $76.7M | $74.6M | ||
| Q3 25 | $18.2M | $47.6M | ||
| Q2 25 | $19.0M | $-15.1M | ||
| Q1 25 | $31.7M | $20.0M | ||
| Q4 24 | $63.2M | $15.2M | ||
| Q3 24 | $17.2M | $9.9M | ||
| Q2 24 | $8.7M | $33.5M |
| Q1 26 | — | — | ||
| Q4 25 | $70.2M | $74.6M | ||
| Q3 25 | $16.5M | $47.6M | ||
| Q2 25 | $16.7M | $-15.1M | ||
| Q1 25 | $30.6M | $19.9M | ||
| Q4 24 | $55.2M | — | ||
| Q3 24 | $15.7M | $9.9M | ||
| Q2 24 | $7.0M | $33.4M |
| Q1 26 | — | — | ||
| Q4 25 | 120.3% | 156.3% | ||
| Q3 25 | 28.9% | 39.0% | ||
| Q2 25 | 29.8% | -17.7% | ||
| Q1 25 | 56.5% | 48.4% | ||
| Q4 24 | 89.1% | — | ||
| Q3 24 | 30.6% | 10.8% | ||
| Q2 24 | 12.3% | 35.4% |
| Q1 26 | — | — | ||
| Q4 25 | 11.1% | 0.0% | ||
| Q3 25 | 2.9% | 0.0% | ||
| Q2 25 | 4.1% | 0.0% | ||
| Q1 25 | 2.1% | 0.1% | ||
| Q4 24 | 12.8% | 0.0% | ||
| Q3 24 | 2.9% | 0.0% | ||
| Q2 24 | 3.1% | 0.1% |
| Q1 26 | — | — | ||
| Q4 25 | 4.13× | — | ||
| Q3 25 | 1.04× | 1.19× | ||
| Q2 25 | 1.12× | -0.64× | ||
| Q1 25 | 2.03× | — | ||
| Q4 24 | 3.42× | 6.74× | ||
| Q3 24 | 1.25× | 2.71× | ||
| 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% |
IRWD
Segment breakdown not available.
