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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and Ranpak Holdings Corp. (PACK). Click either name above to swap in a different company.
Ranpak Holdings Corp. is the larger business by last-quarter revenue ($93.7M vs $58.9M, roughly 1.6× INDEPENDENT BANK CORP). Over the past eight quarters, Ranpak Holdings Corp.'s revenue compounded faster (13.7% 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.
Ranpak Holdings Corp. manufactures machines and paper products used in protective paper-based packing for shipping goods and merchandise for e-commerce and industry, along with automation solutions. The company is based in Concord, Ohio, and has production facilities and offices in Reno, Nevada; Kansas City, Missouri; the Netherlands; Czech Republic; Shanghai and Singapore. The paper packaging material can be used for multiple applications like wrapping, cushioning, void fill and cold chain p...
IBCP vs PACK — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $93.7M |
| Net Profit | $16.9M | — |
| Gross Margin | — | 39.0% |
| Operating Margin | — | -1.0% |
| Net Margin | 28.6% | — |
| Revenue YoY | — | 2.3% |
| Net Profit YoY | 8.2% | — |
| EPS (diluted) | $0.81 | $-0.11 |
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 | $93.7M | ||
| Q3 25 | $57.3M | $83.6M | ||
| Q2 25 | $55.9M | $77.8M | ||
| Q1 25 | $54.1M | $77.6M | ||
| Q4 24 | $62.0M | $91.6M | ||
| Q3 24 | $51.4M | $78.6M | ||
| Q2 24 | $56.5M | $72.8M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | — | ||
| Q3 25 | $17.5M | $-10.4M | ||
| Q2 25 | $16.9M | $-7.5M | ||
| Q1 25 | $15.6M | $-10.9M | ||
| Q4 24 | $18.5M | — | ||
| Q3 24 | $13.8M | $-8.1M | ||
| Q2 24 | $18.5M | $5.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | 39.0% | ||
| Q3 25 | — | 41.1% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 45.2% | ||
| Q3 24 | — | 43.8% | ||
| Q2 24 | — | 43.5% |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | -1.0% | ||
| Q3 25 | 37.0% | -6.8% | ||
| Q2 25 | 37.0% | -12.5% | ||
| Q1 25 | 35.3% | -10.3% | ||
| Q4 24 | 36.7% | 1.5% | ||
| Q3 24 | 33.7% | -5.3% | ||
| Q2 24 | 41.0% | -7.1% |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | — | ||
| Q3 25 | 30.5% | -12.4% | ||
| Q2 25 | 30.2% | -9.6% | ||
| Q1 25 | 28.8% | -14.0% | ||
| Q4 24 | 29.8% | — | ||
| Q3 24 | 26.9% | -10.3% | ||
| Q2 24 | 32.8% | 7.6% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | $-0.11 | ||
| Q3 25 | $0.84 | $-0.12 | ||
| Q2 25 | $0.81 | $-0.09 | ||
| Q1 25 | $0.74 | $-0.13 | ||
| Q4 24 | $0.87 | $-0.13 | ||
| Q3 24 | $0.65 | $-0.10 | ||
| Q2 24 | $0.88 | $0.07 |
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 | $63.0M |
| Total DebtLower is stronger | — | $401.9M |
| Stockholders' EquityBook value | $510.6M | $534.9M |
| Total Assets | $5.6B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | $63.0M | ||
| Q3 25 | $208.7M | $49.9M | ||
| Q2 25 | $146.2M | $49.2M | ||
| Q1 25 | $128.1M | $65.5M | ||
| Q4 24 | $119.9M | $76.1M | ||
| Q3 24 | $121.6M | $69.5M | ||
| Q2 24 | $214.3M | $65.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $401.9M | ||
| Q3 25 | — | $403.1M | ||
| Q2 25 | — | $403.1M | ||
| Q1 25 | — | $405.2M | ||
| Q4 24 | — | $406.4M | ||
| Q3 24 | — | $403.2M | ||
| Q2 24 | — | $396.1M |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $534.9M | ||
| Q3 25 | $490.7M | $537.8M | ||
| Q2 25 | $469.3M | $539.0M | ||
| Q1 25 | $467.3M | $544.1M | ||
| Q4 24 | $454.7M | $548.1M | ||
| Q3 24 | $452.4M | $564.3M | ||
| Q2 24 | $430.5M | $566.2M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $1.1B | ||
| Q3 25 | $5.5B | $1.1B | ||
| Q2 25 | $5.4B | $1.1B | ||
| Q1 25 | $5.3B | $1.1B | ||
| Q4 24 | $5.3B | $1.1B | ||
| Q3 24 | $5.3B | $1.1B | ||
| Q2 24 | $5.3B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.75× | ||
| Q2 25 | — | 0.75× | ||
| Q1 25 | — | 0.74× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.71× | ||
| Q2 24 | — | 0.70× |
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 | — | $19.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $76.7M | $19.5M | ||
| Q3 25 | $18.2M | $8.5M | ||
| Q2 25 | $19.0M | $-3.6M | ||
| Q1 25 | $31.7M | $-1.3M | ||
| Q4 24 | $63.2M | $6.5M | ||
| Q3 24 | $17.2M | $10.1M | ||
| Q2 24 | $8.7M | $19.6M |
| Q1 26 | — | — | ||
| Q4 25 | $70.2M | — | ||
| Q3 25 | $16.5M | — | ||
| Q2 25 | $16.7M | — | ||
| Q1 25 | $30.6M | — | ||
| Q4 24 | $55.2M | — | ||
| Q3 24 | $15.7M | — | ||
| Q2 24 | $7.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | 120.3% | — | ||
| Q3 25 | 28.9% | — | ||
| Q2 25 | 29.8% | — | ||
| Q1 25 | 56.5% | — | ||
| Q4 24 | 89.1% | — | ||
| Q3 24 | 30.6% | — | ||
| Q2 24 | 12.3% | — |
| Q1 26 | — | — | ||
| Q4 25 | 11.1% | — | ||
| Q3 25 | 2.9% | — | ||
| Q2 25 | 4.1% | — | ||
| Q1 25 | 2.1% | — | ||
| Q4 24 | 12.8% | — | ||
| Q3 24 | 2.9% | — | ||
| Q2 24 | 3.1% | — |
| 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× | 3.56× |
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% |
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
