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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and OLAPLEX HOLDINGS, INC. (OLPX). Click either name above to swap in a different company.
OLAPLEX HOLDINGS, INC. is the larger business by last-quarter revenue ($105.1M vs $58.9M, roughly 1.8× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs -12.5%, a 41.1% gap on every dollar of revenue. Over the past eight quarters, OLAPLEX HOLDINGS, INC.'s revenue compounded faster (3.1% 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.
Olaplex Holdings, Inc. is a specialty beauty company developing and selling patented bond-repair hair care products. It runs three core segments: professional salon distribution, direct-to-consumer sales, and third-party retail, serving customers across North America, Europe, and Asia-Pacific with products that repair and protect damaged hair.
IBCP vs OLPX — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $105.1M |
| Net Profit | $16.9M | $-13.1M |
| Gross Margin | — | 68.0% |
| Operating Margin | — | -4.3% |
| Net Margin | 28.6% | -12.5% |
| Revenue YoY | — | 4.3% |
| Net Profit YoY | 8.2% | -48.9% |
| EPS (diluted) | $0.81 | $-0.02 |
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 | $105.1M | ||
| Q3 25 | $57.3M | $114.6M | ||
| Q2 25 | $55.9M | $106.3M | ||
| Q1 25 | $54.1M | $97.0M | ||
| Q4 24 | $62.0M | $100.7M | ||
| Q3 24 | $51.4M | $119.1M | ||
| Q2 24 | $56.5M | $103.9M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | $-13.1M | ||
| Q3 25 | $17.5M | $11.1M | ||
| Q2 25 | $16.9M | $-7.7M | ||
| Q1 25 | $15.6M | $465.0K | ||
| Q4 24 | $18.5M | $-8.8M | ||
| Q3 24 | $13.8M | $14.8M | ||
| Q2 24 | $18.5M | $5.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 68.0% | ||
| Q3 25 | — | 69.1% | ||
| Q2 25 | — | 71.2% | ||
| Q1 25 | — | 69.5% | ||
| Q4 24 | — | 66.3% | ||
| Q3 24 | — | 68.6% | ||
| Q2 24 | — | 69.7% |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | -4.3% | ||
| Q3 25 | 37.0% | 3.7% | ||
| Q2 25 | 37.0% | -1.1% | ||
| Q1 25 | 35.3% | 8.7% | ||
| Q4 24 | 36.7% | 3.0% | ||
| Q3 24 | 33.7% | 23.5% | ||
| Q2 24 | 41.0% | 15.7% |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | -12.5% | ||
| Q3 25 | 30.5% | 9.7% | ||
| Q2 25 | 30.2% | -7.3% | ||
| Q1 25 | 28.8% | 0.5% | ||
| Q4 24 | 29.8% | -8.7% | ||
| Q3 24 | 26.9% | 12.4% | ||
| Q2 24 | 32.8% | 5.6% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | $-0.02 | ||
| Q3 25 | $0.84 | $0.02 | ||
| Q2 25 | $0.81 | $-0.01 | ||
| Q1 25 | $0.74 | $0.00 | ||
| Q4 24 | $0.87 | $-0.01 | ||
| 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 | $318.7M |
| Total DebtLower is stronger | — | $352.3M |
| Stockholders' EquityBook value | $510.6M | $879.4M |
| Total Assets | $5.6B | $1.5B |
| Debt / EquityLower = less leverage | — | 0.40× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | $318.7M | ||
| Q3 25 | $208.7M | $286.4M | ||
| Q2 25 | $146.2M | $289.3M | ||
| Q1 25 | $128.1M | $580.9M | ||
| Q4 24 | $119.9M | $586.0M | ||
| Q3 24 | $121.6M | $538.8M | ||
| Q2 24 | $214.3M | $507.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $352.3M | ||
| Q3 25 | — | $352.1M | ||
| Q2 25 | — | $351.9M | ||
| Q1 25 | — | $649.1M | ||
| Q4 24 | — | $650.5M | ||
| Q3 24 | — | $651.8M | ||
| Q2 24 | — | $653.1M |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $879.4M | ||
| Q3 25 | $490.7M | $888.7M | ||
| Q2 25 | $469.3M | $874.2M | ||
| Q1 25 | $467.3M | $878.3M | ||
| Q4 24 | $454.7M | $874.4M | ||
| Q3 24 | $452.4M | $879.7M | ||
| Q2 24 | $430.5M | $863.3M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $1.5B | ||
| Q3 25 | $5.5B | $1.5B | ||
| Q2 25 | $5.4B | $1.5B | ||
| Q1 25 | $5.3B | $1.8B | ||
| Q4 24 | $5.3B | $1.8B | ||
| Q3 24 | $5.3B | $1.8B | ||
| Q2 24 | $5.3B | $1.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.40× | ||
| Q3 25 | — | 0.40× | ||
| Q2 25 | — | 0.40× | ||
| Q1 25 | — | 0.74× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.74× | ||
| Q2 24 | — | 0.76× |
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 | — | $32.7M |
| Free Cash FlowOCF − Capex | — | $32.6M |
| FCF MarginFCF / Revenue | — | 31.0% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $58.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $76.7M | $32.7M | ||
| Q3 25 | $18.2M | $8.0M | ||
| Q2 25 | $19.0M | $20.9M | ||
| Q1 25 | $31.7M | $-2.9M | ||
| Q4 24 | $63.2M | $49.7M | ||
| Q3 24 | $17.2M | $33.5M | ||
| Q2 24 | $8.7M | $16.2M |
| Q1 26 | — | — | ||
| Q4 25 | $70.2M | $32.6M | ||
| Q3 25 | $16.5M | $7.9M | ||
| Q2 25 | $16.7M | $20.8M | ||
| Q1 25 | $30.6M | $-3.0M | ||
| Q4 24 | $55.2M | $49.2M | ||
| Q3 24 | $15.7M | $33.3M | ||
| Q2 24 | $7.0M | $16.1M |
| Q1 26 | — | — | ||
| Q4 25 | 120.3% | 31.0% | ||
| Q3 25 | 28.9% | 6.9% | ||
| Q2 25 | 29.8% | 19.6% | ||
| Q1 25 | 56.5% | -3.1% | ||
| Q4 24 | 89.1% | 48.9% | ||
| Q3 24 | 30.6% | 28.0% | ||
| Q2 24 | 12.3% | 15.5% |
| Q1 26 | — | — | ||
| Q4 25 | 11.1% | 0.1% | ||
| Q3 25 | 2.9% | 0.1% | ||
| Q2 25 | 4.1% | 0.1% | ||
| Q1 25 | 2.1% | 0.0% | ||
| Q4 24 | 12.8% | 0.4% | ||
| Q3 24 | 2.9% | 0.1% | ||
| Q2 24 | 3.1% | 0.1% |
| Q1 26 | — | — | ||
| Q4 25 | 4.13× | — | ||
| Q3 25 | 1.04× | 0.72× | ||
| Q2 25 | 1.12× | — | ||
| Q1 25 | 2.03× | -6.27× | ||
| Q4 24 | 3.42× | — | ||
| Q3 24 | 1.25× | 2.26× | ||
| Q2 24 | 0.47× | 2.81× |
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% |
OLPX
| Sales Channel Directly To Consumer | $43.6M | 42% |
| Sales Channel Through Intermediary Professional | $36.8M | 35% |
| Sales Channel Through Intermediary Specialty Retail | $24.7M | 23% |
