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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and CS Disco, Inc. (LAW). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($58.9M vs $41.2M, roughly 1.4× CS Disco, Inc.). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs -20.7%, a 49.3% gap on every dollar of revenue. Over the past eight quarters, CS Disco, Inc.'s revenue compounded faster (7.6% 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.
CS Disco, Inc. is a leading legal technology provider that develops cloud-based software solutions for legal practitioners. Its core offerings include e-discovery, document review, case management, and legal workflow automation tools, serving law firms, corporate legal teams, and government legal departments primarily in North America.
IBCP vs LAW — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $41.2M |
| Net Profit | $16.9M | $-8.5M |
| Gross Margin | — | 75.1% |
| Operating Margin | — | -22.4% |
| Net Margin | 28.6% | -20.7% |
| Revenue YoY | — | 11.3% |
| Net Profit YoY | 8.2% | 66.3% |
| EPS (diluted) | $0.81 | $-0.13 |
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 | $41.2M | ||
| Q3 25 | $57.3M | $40.9M | ||
| Q2 25 | $55.9M | $38.1M | ||
| Q1 25 | $54.1M | $36.7M | ||
| Q4 24 | $62.0M | $37.0M | ||
| Q3 24 | $51.4M | $36.3M | ||
| Q2 24 | $56.5M | $36.0M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | $-8.5M | ||
| Q3 25 | $17.5M | $-13.7M | ||
| Q2 25 | $16.9M | $-10.8M | ||
| Q1 25 | $15.6M | $-11.4M | ||
| Q4 24 | $18.5M | $-25.2M | ||
| Q3 24 | $13.8M | $-9.2M | ||
| Q2 24 | $18.5M | $-10.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 75.1% | ||
| Q3 25 | — | 75.5% | ||
| Q2 25 | — | 74.6% | ||
| Q1 25 | — | 74.1% | ||
| Q4 24 | — | 74.2% | ||
| Q3 24 | — | 73.1% | ||
| Q2 24 | — | 74.2% |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | -22.4% | ||
| Q3 25 | 37.0% | -35.3% | ||
| Q2 25 | 37.0% | -31.0% | ||
| Q1 25 | 35.3% | -34.4% | ||
| Q4 24 | 36.7% | -70.6% | ||
| Q3 24 | 33.7% | -30.0% | ||
| Q2 24 | 41.0% | -34.4% |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | -20.7% | ||
| Q3 25 | 30.5% | -33.4% | ||
| Q2 25 | 30.2% | -28.4% | ||
| Q1 25 | 28.8% | -31.1% | ||
| Q4 24 | 29.8% | -68.1% | ||
| Q3 24 | 26.9% | -25.3% | ||
| Q2 24 | 32.8% | -30.1% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | $-0.13 | ||
| Q3 25 | $0.84 | $-0.22 | ||
| Q2 25 | $0.81 | $-0.18 | ||
| Q1 25 | $0.74 | $-0.19 | ||
| Q4 24 | $0.87 | $-0.43 | ||
| Q3 24 | $0.65 | $-0.15 | ||
| Q2 24 | $0.88 | $-0.18 |
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 | $114.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $510.6M | $128.1M |
| Total Assets | $5.6B | $173.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | $114.6M | ||
| Q3 25 | $208.7M | $113.5M | ||
| Q2 25 | $146.2M | $114.5M | ||
| Q1 25 | $128.1M | $118.8M | ||
| Q4 24 | $119.9M | $129.1M | ||
| Q3 24 | $121.6M | $126.8M | ||
| Q2 24 | $214.3M | $130.0M |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $128.1M | ||
| Q3 25 | $490.7M | $130.6M | ||
| Q2 25 | $469.3M | $137.9M | ||
| Q1 25 | $467.3M | $142.2M | ||
| Q4 24 | $454.7M | $147.5M | ||
| Q3 24 | $452.4M | $167.3M | ||
| Q2 24 | $430.5M | $170.9M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $173.6M | ||
| Q3 25 | $5.5B | $174.8M | ||
| Q2 25 | $5.4B | $164.9M | ||
| Q1 25 | $5.3B | $168.0M | ||
| Q4 24 | $5.3B | $180.3M | ||
| Q3 24 | $5.3B | $194.4M | ||
| Q2 24 | $5.3B | $198.0M |
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 | — | $762.0K |
| Free Cash FlowOCF − Capex | — | $255.0K |
| FCF MarginFCF / Revenue | — | 0.6% |
| Capex IntensityCapex / Revenue | — | 1.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-18.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $76.7M | $762.0K | ||
| Q3 25 | $18.2M | $-979.0K | ||
| Q2 25 | $19.0M | $-4.2M | ||
| Q1 25 | $31.7M | $-10.5M | ||
| Q4 24 | $63.2M | $2.1M | ||
| Q3 24 | $17.2M | $-2.9M | ||
| Q2 24 | $8.7M | $-650.0K |
| Q1 26 | — | — | ||
| Q4 25 | $70.2M | $255.0K | ||
| Q3 25 | $16.5M | $-2.0M | ||
| Q2 25 | $16.7M | $-5.2M | ||
| Q1 25 | $30.6M | $-11.0M | ||
| Q4 24 | $55.2M | $1.5M | ||
| Q3 24 | $15.7M | $-3.7M | ||
| Q2 24 | $7.0M | $-1.3M |
| Q1 26 | — | — | ||
| Q4 25 | 120.3% | 0.6% | ||
| Q3 25 | 28.9% | -5.0% | ||
| Q2 25 | 29.8% | -13.6% | ||
| Q1 25 | 56.5% | -30.1% | ||
| Q4 24 | 89.1% | 4.1% | ||
| Q3 24 | 30.6% | -10.3% | ||
| Q2 24 | 12.3% | -3.6% |
| Q1 26 | — | — | ||
| Q4 25 | 11.1% | 1.2% | ||
| Q3 25 | 2.9% | 2.6% | ||
| Q2 25 | 4.1% | 2.5% | ||
| Q1 25 | 2.1% | 1.4% | ||
| Q4 24 | 12.8% | 1.5% | ||
| Q3 24 | 2.9% | 2.4% | ||
| Q2 24 | 3.1% | 1.8% |
| 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% |
LAW
| Software | $35.1M | 85% |
| Services | $6.0M | 15% |
