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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and Phathom Pharmaceuticals, Inc. (PHAT). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($58.9M vs $57.6M, roughly 1.0× Phathom Pharmaceuticals, Inc.).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
IBCP vs PHAT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $57.6M |
| Net Profit | $16.9M | — |
| Gross Margin | — | 86.7% |
| Operating Margin | — | — |
| Net Margin | 28.6% | — |
| Revenue YoY | — | 94.1% |
| Net Profit YoY | 8.2% | 71.6% |
| EPS (diluted) | $0.81 | — |
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 | $57.6M | ||
| Q3 25 | $57.3M | $49.5M | ||
| Q2 25 | $55.9M | $39.5M | ||
| Q1 25 | $54.1M | $28.5M | ||
| Q4 24 | $62.0M | $29.7M | ||
| Q3 24 | $51.4M | $16.4M | ||
| Q2 24 | $56.5M | $7.3M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | — | ||
| Q3 25 | $17.5M | $-30.0M | ||
| Q2 25 | $16.9M | $-75.8M | ||
| Q1 25 | $15.6M | $-94.3M | ||
| Q4 24 | $18.5M | — | ||
| Q3 24 | $13.8M | $-85.6M | ||
| Q2 24 | $18.5M | $-91.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 86.7% | ||
| Q3 25 | — | 87.5% | ||
| Q2 25 | — | 87.2% | ||
| Q1 25 | — | 86.9% | ||
| Q4 24 | — | 87.1% | ||
| Q3 24 | — | 85.6% | ||
| Q2 24 | — | 81.2% |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | — | ||
| Q3 25 | 37.0% | -30.8% | ||
| Q2 25 | 37.0% | -151.7% | ||
| Q1 25 | 35.3% | -276.5% | ||
| Q4 24 | 36.7% | — | ||
| Q3 24 | 33.7% | -433.0% | ||
| Q2 24 | 41.0% | -1055.4% |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | — | ||
| Q3 25 | 30.5% | -60.5% | ||
| Q2 25 | 30.2% | -191.9% | ||
| Q1 25 | 28.8% | -330.7% | ||
| Q4 24 | 29.8% | — | ||
| Q3 24 | 26.9% | -523.3% | ||
| Q2 24 | 32.8% | -1248.6% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | — | ||
| Q3 25 | $0.84 | $-0.41 | ||
| Q2 25 | $0.81 | $-1.05 | ||
| Q1 25 | $0.74 | $-1.31 | ||
| Q4 24 | $0.87 | — | ||
| Q3 24 | $0.65 | $-1.32 | ||
| Q2 24 | $0.88 | $-1.56 |
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 | $130.0M |
| Total DebtLower is stronger | — | $209.1M |
| Stockholders' EquityBook value | $510.6M | $-438.2M |
| Total Assets | $5.6B | $259.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | $130.0M | ||
| Q3 25 | $208.7M | $135.2M | ||
| Q2 25 | $146.2M | $149.6M | ||
| Q1 25 | $128.1M | $212.3M | ||
| Q4 24 | $119.9M | $297.3M | ||
| Q3 24 | $121.6M | $334.7M | ||
| Q2 24 | $214.3M | $276.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $209.1M | ||
| Q3 25 | — | $207.1M | ||
| Q2 25 | — | $205.1M | ||
| Q1 25 | — | $203.2M | ||
| Q4 24 | — | $201.4M | ||
| Q3 24 | — | $175.7M | ||
| Q2 24 | — | $174.4M |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $-438.2M | ||
| Q3 25 | $490.7M | $-422.5M | ||
| Q2 25 | $469.3M | $-405.8M | ||
| Q1 25 | $467.3M | $-338.4M | ||
| Q4 24 | $454.7M | $-253.6M | ||
| Q3 24 | $452.4M | $-187.1M | ||
| Q2 24 | $430.5M | $-233.8M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $259.1M | ||
| Q3 25 | $5.5B | $240.3M | ||
| Q2 25 | $5.4B | $250.2M | ||
| Q1 25 | $5.3B | $294.2M | ||
| Q4 24 | $5.3B | $378.3M | ||
| Q3 24 | $5.3B | $387.0M | ||
| Q2 24 | $5.3B | $319.4M |
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 | — | $-166.8M |
| Free Cash FlowOCF − Capex | — | $-167.0M |
| FCF MarginFCF / Revenue | — | -290.0% |
| Capex IntensityCapex / Revenue | — | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $76.7M | $-166.8M | ||
| Q3 25 | $18.2M | $-14.1M | ||
| Q2 25 | $19.0M | $-62.7M | ||
| Q1 25 | $31.7M | $-84.9M | ||
| Q4 24 | $63.2M | $-266.8M | ||
| Q3 24 | $17.2M | $-63.6M | ||
| Q2 24 | $8.7M | $-70.7M |
| Q1 26 | — | — | ||
| Q4 25 | $70.2M | $-167.0M | ||
| Q3 25 | $16.5M | $-14.1M | ||
| Q2 25 | $16.7M | $-62.8M | ||
| Q1 25 | $30.6M | $-84.9M | ||
| Q4 24 | $55.2M | $-266.9M | ||
| Q3 24 | $15.7M | $-63.6M | ||
| Q2 24 | $7.0M | $-70.8M |
| Q1 26 | — | — | ||
| Q4 25 | 120.3% | -290.0% | ||
| Q3 25 | 28.9% | -28.6% | ||
| Q2 25 | 29.8% | -159.0% | ||
| Q1 25 | 56.5% | -297.9% | ||
| Q4 24 | 89.1% | -899.8% | ||
| Q3 24 | 30.6% | -389.0% | ||
| Q2 24 | 12.3% | -966.2% |
| Q1 26 | — | — | ||
| Q4 25 | 11.1% | 0.4% | ||
| Q3 25 | 2.9% | 0.1% | ||
| Q2 25 | 4.1% | 0.2% | ||
| Q1 25 | 2.1% | 0.1% | ||
| Q4 24 | 12.8% | 0.5% | ||
| Q3 24 | 2.9% | 0.3% | ||
| Q2 24 | 3.1% | 0.6% |
| 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% |
PHAT
Segment breakdown not available.
