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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and Lifeway Foods, Inc. (LWAY). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($58.9M vs $55.4M, roughly 1.1× Lifeway Foods, Inc.). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs 4.6%, a 24.1% gap on every dollar of revenue. Over the past eight quarters, Lifeway Foods, Inc.'s revenue compounded faster (11.4% 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.
Lifeway Foods is an Illinois-based health food company founded in 1986. They are a leading U.S. supplier of kefir and fermented probiotic products to support the microbiome.
IBCP vs LWAY — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $55.4M |
| Net Profit | $16.9M | $2.5M |
| Gross Margin | — | 27.8% |
| Operating Margin | — | 6.8% |
| Net Margin | 28.6% | 4.6% |
| Revenue YoY | — | 18.0% |
| Net Profit YoY | 8.2% | 1688.1% |
| EPS (diluted) | $0.81 | $0.15 |
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 | $55.4M | ||
| Q3 25 | $57.3M | $57.1M | ||
| Q2 25 | $55.9M | $53.9M | ||
| Q1 25 | $54.1M | $46.1M | ||
| Q4 24 | $62.0M | $46.9M | ||
| Q3 24 | $51.4M | $46.1M | ||
| Q2 24 | $56.5M | $49.2M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | $2.5M | ||
| Q3 25 | $17.5M | $3.5M | ||
| Q2 25 | $16.9M | $4.2M | ||
| Q1 25 | $15.6M | $3.5M | ||
| Q4 24 | $18.5M | $-160.0K | ||
| Q3 24 | $13.8M | $3.0M | ||
| Q2 24 | $18.5M | $3.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 27.8% | ||
| Q3 25 | — | 28.7% | ||
| Q2 25 | — | 28.6% | ||
| Q1 25 | — | 23.9% | ||
| Q4 24 | — | 25.3% | ||
| Q3 24 | — | 25.7% | ||
| Q2 24 | — | 27.0% |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | 6.8% | ||
| Q3 25 | 37.0% | 8.8% | ||
| Q2 25 | 37.0% | 10.8% | ||
| Q1 25 | 35.3% | 3.4% | ||
| Q4 24 | 36.7% | 1.5% | ||
| Q3 24 | 33.7% | 9.1% | ||
| Q2 24 | 41.0% | 11.0% |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | 4.6% | ||
| Q3 25 | 30.5% | 6.2% | ||
| Q2 25 | 30.2% | 7.9% | ||
| Q1 25 | 28.8% | 7.7% | ||
| Q4 24 | 29.8% | -0.3% | ||
| Q3 24 | 26.9% | 6.5% | ||
| Q2 24 | 32.8% | 7.7% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | $0.15 | ||
| Q3 25 | $0.84 | $0.23 | ||
| Q2 25 | $0.81 | $0.28 | ||
| Q1 25 | $0.74 | $0.23 | ||
| Q4 24 | $0.87 | $0.00 | ||
| Q3 24 | $0.65 | $0.19 | ||
| Q2 24 | $0.88 | $0.25 |
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 | $5.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $510.6M | $85.8M |
| Total Assets | $5.6B | $105.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | $5.6M | ||
| Q3 25 | $208.7M | $23.0M | ||
| Q2 25 | $146.2M | $21.2M | ||
| Q1 25 | $128.1M | $19.4M | ||
| Q4 24 | $119.9M | $16.7M | ||
| Q3 24 | $121.6M | $20.6M | ||
| Q2 24 | $214.3M | $14.6M |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $85.8M | ||
| Q3 25 | $490.7M | $82.8M | ||
| Q2 25 | $469.3M | $78.7M | ||
| Q1 25 | $467.3M | $74.2M | ||
| Q4 24 | $454.7M | $71.9M | ||
| Q3 24 | $452.4M | $71.5M | ||
| Q2 24 | $430.5M | $68.0M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $105.6M | ||
| Q3 25 | $5.5B | $109.5M | ||
| Q2 25 | $5.4B | $98.3M | ||
| Q1 25 | $5.3B | $93.7M | ||
| Q4 24 | $5.3B | $90.5M | ||
| Q3 24 | $5.3B | $91.3M | ||
| Q2 24 | $5.3B | $84.9M |
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 | — | $267.0K |
| Free Cash FlowOCF − Capex | — | $-17.4M |
| FCF MarginFCF / Revenue | — | -31.5% |
| Capex IntensityCapex / Revenue | — | 31.9% |
| Cash ConversionOCF / Net Profit | — | 0.11× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-16.4M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $76.7M | $267.0K | ||
| Q3 25 | $18.2M | $6.9M | ||
| Q2 25 | $19.0M | $3.9M | ||
| Q1 25 | $31.7M | $-150.0K | ||
| Q4 24 | $63.2M | $-2.6M | ||
| Q3 24 | $17.2M | $7.5M | ||
| Q2 24 | $8.7M | $6.5M |
| Q1 26 | — | — | ||
| Q4 25 | $70.2M | $-17.4M | ||
| Q3 25 | $16.5M | $1.8M | ||
| Q2 25 | $16.7M | $1.6M | ||
| Q1 25 | $30.6M | $-2.4M | ||
| Q4 24 | $55.2M | $-3.8M | ||
| Q3 24 | $15.7M | $5.9M | ||
| Q2 24 | $7.0M | $5.1M |
| Q1 26 | — | — | ||
| Q4 25 | 120.3% | -31.5% | ||
| Q3 25 | 28.9% | 3.1% | ||
| Q2 25 | 29.8% | 3.0% | ||
| Q1 25 | 56.5% | -5.1% | ||
| Q4 24 | 89.1% | -8.2% | ||
| Q3 24 | 30.6% | 12.8% | ||
| Q2 24 | 12.3% | 10.4% |
| Q1 26 | — | — | ||
| Q4 25 | 11.1% | 31.9% | ||
| Q3 25 | 2.9% | 9.0% | ||
| Q2 25 | 4.1% | 4.3% | ||
| Q1 25 | 2.1% | 4.8% | ||
| Q4 24 | 12.8% | 2.7% | ||
| Q3 24 | 2.9% | 3.3% | ||
| Q2 24 | 3.1% | 2.9% |
| Q1 26 | — | — | ||
| Q4 25 | 4.13× | 0.11× | ||
| Q3 25 | 1.04× | 1.96× | ||
| Q2 25 | 1.12× | 0.92× | ||
| Q1 25 | 2.03× | -0.04× | ||
| Q4 24 | 3.42× | — | ||
| Q3 24 | 1.25× | 2.50× | ||
| Q2 24 | 0.47× | 1.73× |
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% |
LWAY
| Drinkable Kefirotherthan Pro Bugs | $47.8M | 86% |
| Cheese | $4.7M | 8% |
| Cream And Other | $1.7M | 3% |
| Other | $1.2M | 2% |
