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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and MARINE PRODUCTS CORP (MPX). Click either name above to swap in a different company.
MARINE PRODUCTS CORP is the larger business by last-quarter revenue ($64.6M vs $58.9M, roughly 1.1× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs 3.7%, a 25.0% gap on every dollar of revenue. Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (2.1% CAGR vs -3.5%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
West Marine is an American company based in Fort Lauderdale, Florida, which operates a chain of boating supply and fishing retail stores. The company has 247 retail stores in North America. West Marine also runs Blue Future a non profit organization. West Marine's flagship store is in Fort Lauderdale. Opened on November 11, 2011, the store is the company's largest at over 50,000 square feet.
IBCP vs MPX — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $64.6M |
| Net Profit | $16.9M | $2.4M |
| Gross Margin | — | 19.6% |
| Operating Margin | — | 5.8% |
| Net Margin | 28.6% | 3.7% |
| Revenue YoY | — | 35.0% |
| Net Profit YoY | 8.2% | -44.6% |
| EPS (diluted) | $0.81 | $0.07 |
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 | $64.6M | ||
| Q3 25 | $57.3M | $53.1M | ||
| Q2 25 | $55.9M | $67.7M | ||
| Q1 25 | $54.1M | $59.0M | ||
| Q4 24 | $62.0M | $47.8M | ||
| Q3 24 | $51.4M | $49.9M | ||
| Q2 24 | $56.5M | $69.5M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | $2.4M | ||
| Q3 25 | $17.5M | $2.6M | ||
| Q2 25 | $16.9M | $4.2M | ||
| Q1 25 | $15.6M | $2.2M | ||
| Q4 24 | $18.5M | $4.3M | ||
| Q3 24 | $13.8M | $3.4M | ||
| Q2 24 | $18.5M | $5.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | 19.6% | ||
| Q3 25 | — | 19.2% | ||
| Q2 25 | — | 19.1% | ||
| Q1 25 | — | 18.6% | ||
| Q4 24 | — | 19.2% | ||
| Q3 24 | — | 18.4% | ||
| Q2 24 | — | 18.9% |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | 5.8% | ||
| Q3 25 | 37.0% | 5.4% | ||
| Q2 25 | 37.0% | 7.1% | ||
| Q1 25 | 35.3% | 4.4% | ||
| Q4 24 | 36.7% | 7.7% | ||
| Q3 24 | 33.7% | 7.2% | ||
| Q2 24 | 41.0% | 8.3% |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | 3.7% | ||
| Q3 25 | 30.5% | 5.0% | ||
| Q2 25 | 30.2% | 6.1% | ||
| Q1 25 | 28.8% | 3.7% | ||
| Q4 24 | 29.8% | 8.9% | ||
| Q3 24 | 26.9% | 6.8% | ||
| Q2 24 | 32.8% | 8.0% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | $0.07 | ||
| Q3 25 | $0.84 | $0.07 | ||
| Q2 25 | $0.81 | $0.12 | ||
| Q1 25 | $0.74 | $0.06 | ||
| Q4 24 | $0.87 | $0.13 | ||
| Q3 24 | $0.65 | $0.10 | ||
| Q2 24 | $0.88 | $0.14 |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $510.6M | $125.0M |
| Total Assets | $5.6B | $147.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | — | ||
| Q3 25 | $208.7M | — | ||
| Q2 25 | $146.2M | — | ||
| Q1 25 | $128.1M | — | ||
| Q4 24 | $119.9M | — | ||
| Q3 24 | $121.6M | — | ||
| Q2 24 | $214.3M | — |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $125.0M | ||
| Q3 25 | $490.7M | $126.3M | ||
| Q2 25 | $469.3M | $127.2M | ||
| Q1 25 | $467.3M | $126.4M | ||
| Q4 24 | $454.7M | $129.0M | ||
| Q3 24 | $452.4M | $128.8M | ||
| Q2 24 | $430.5M | $129.3M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $147.2M | ||
| Q3 25 | $5.5B | $179.5M | ||
| Q2 25 | $5.4B | $173.2M | ||
| Q1 25 | $5.3B | $182.9M | ||
| Q4 24 | $5.3B | $171.2M | ||
| Q3 24 | $5.3B | $176.3M | ||
| Q2 24 | $5.3B | $175.7M |
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 | — | $4.7M |
| Free Cash FlowOCF − Capex | — | $4.1M |
| FCF MarginFCF / Revenue | — | 6.4% |
| Capex IntensityCapex / Revenue | — | 0.9% |
| Cash ConversionOCF / Net Profit | — | 2.00× |
| TTM Free Cash FlowTrailing 4 quarters | — | $14.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $76.7M | $4.7M | ||
| Q3 25 | $18.2M | $2.6M | ||
| Q2 25 | $19.0M | $-1.6M | ||
| Q1 25 | $31.7M | $10.8M | ||
| Q4 24 | $63.2M | $4.6M | ||
| Q3 24 | $17.2M | $5.1M | ||
| Q2 24 | $8.7M | $3.8M |
| Q1 26 | — | — | ||
| Q4 25 | $70.2M | $4.1M | ||
| Q3 25 | $16.5M | $2.1M | ||
| Q2 25 | $16.7M | $-2.0M | ||
| Q1 25 | $30.6M | $10.7M | ||
| Q4 24 | $55.2M | $3.6M | ||
| Q3 24 | $15.7M | $3.2M | ||
| Q2 24 | $7.0M | $3.0M |
| Q1 26 | — | — | ||
| Q4 25 | 120.3% | 6.4% | ||
| Q3 25 | 28.9% | 4.0% | ||
| Q2 25 | 29.8% | -3.0% | ||
| Q1 25 | 56.5% | 18.1% | ||
| Q4 24 | 89.1% | 7.6% | ||
| Q3 24 | 30.6% | 6.5% | ||
| Q2 24 | 12.3% | 4.4% |
| Q1 26 | — | — | ||
| Q4 25 | 11.1% | 0.9% | ||
| Q3 25 | 2.9% | 0.8% | ||
| Q2 25 | 4.1% | 0.6% | ||
| Q1 25 | 2.1% | 0.2% | ||
| Q4 24 | 12.8% | 2.1% | ||
| Q3 24 | 2.9% | 3.8% | ||
| Q2 24 | 3.1% | 1.1% |
| Q1 26 | — | — | ||
| Q4 25 | 4.13× | 2.00× | ||
| Q3 25 | 1.04× | 0.97× | ||
| Q2 25 | 1.12× | -0.39× | ||
| Q1 25 | 2.03× | 4.88× | ||
| Q4 24 | 3.42× | 1.09× | ||
| Q3 24 | 1.25× | 1.51× | ||
| Q2 24 | 0.47× | 0.68× |
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% |
MPX
| Boats And Accessories | $63.4M | 98% |
| Parts | $1.1M | 2% |
