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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and Quipt Home Medical Corp. (QIPT). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($58.9M vs $49.0M, roughly 1.2× Quipt Home Medical Corp.). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs -2.1%, a 30.8% gap on every dollar of revenue.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Quipt Home Medical Corp is a U.S.-based home medical equipment provider specializing in respiratory care, sleep therapy supplies, and chronic disease management products. It serves patients with long-term health conditions, partners with healthcare providers and insurance payers across operating regions to deliver accessible in-home medical solutions.
IBCP vs QIPT — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $49.0M |
| Net Profit | $16.9M | $-1.1M |
| Gross Margin | — | 53.5% |
| Operating Margin | — | 2.1% |
| Net Margin | 28.6% | -2.1% |
| Revenue YoY | — | 32.3% |
| Net Profit YoY | 8.2% | 2.9% |
| 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 | $49.0M | ||
| Q3 25 | $57.3M | $39.8M | ||
| Q2 25 | $55.9M | $35.1M | ||
| Q1 25 | $54.1M | $33.3M | ||
| Q4 24 | $62.0M | $37.1M | ||
| Q3 24 | $51.4M | — | ||
| Q2 24 | $56.5M | — |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | $-1.1M | ||
| Q3 25 | $17.5M | $-3.5M | ||
| Q2 25 | $16.9M | $-3.0M | ||
| Q1 25 | $15.6M | $-3.0M | ||
| Q4 24 | $18.5M | $-1.1M | ||
| Q3 24 | $13.8M | — | ||
| Q2 24 | $18.5M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 53.5% | ||
| Q3 25 | — | 48.7% | ||
| Q2 25 | — | 57.6% | ||
| Q1 25 | — | 54.6% | ||
| Q4 24 | — | 52.1% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | 2.1% | ||
| Q3 25 | 37.0% | -3.6% | ||
| Q2 25 | 37.0% | -5.2% | ||
| Q1 25 | 35.3% | -3.0% | ||
| Q4 24 | 36.7% | 1.2% | ||
| Q3 24 | 33.7% | — | ||
| Q2 24 | 41.0% | — |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | -2.1% | ||
| Q3 25 | 30.5% | -8.9% | ||
| Q2 25 | 30.2% | -8.6% | ||
| Q1 25 | 28.8% | -9.1% | ||
| Q4 24 | 29.8% | -2.9% | ||
| Q3 24 | 26.9% | — | ||
| Q2 24 | 32.8% | — |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | $-0.02 | ||
| Q3 25 | $0.84 | $-0.07 | ||
| Q2 25 | $0.81 | $-0.07 | ||
| Q1 25 | $0.74 | $-0.07 | ||
| Q4 24 | $0.87 | $-0.03 | ||
| Q3 24 | $0.65 | — | ||
| Q2 24 | $0.88 | — |
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 | $10.5M |
| Total DebtLower is stronger | — | $84.0M |
| Stockholders' EquityBook value | $510.6M | $113.0M |
| Total Assets | $5.6B | $280.7M |
| Debt / EquityLower = less leverage | — | 0.74× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | $10.5M | ||
| Q3 25 | $208.7M | $12.9M | ||
| Q2 25 | $146.2M | $11.3M | ||
| Q1 25 | $128.1M | $17.1M | ||
| Q4 24 | $119.9M | $15.5M | ||
| Q3 24 | $121.6M | — | ||
| Q2 24 | $214.3M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | $84.0M | ||
| Q3 25 | — | $87.6M | ||
| Q2 25 | — | $66.0M | ||
| Q1 25 | — | $71.5M | ||
| Q4 24 | — | $70.6M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $113.0M | ||
| Q3 25 | $490.7M | $112.1M | ||
| Q2 25 | $469.3M | $102.5M | ||
| Q1 25 | $467.3M | $103.6M | ||
| Q4 24 | $454.7M | $106.3M | ||
| Q3 24 | $452.4M | — | ||
| Q2 24 | $430.5M | — |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $280.7M | ||
| Q3 25 | $5.5B | $283.3M | ||
| Q2 25 | $5.4B | $236.1M | ||
| Q1 25 | $5.3B | $244.6M | ||
| Q4 24 | $5.3B | $242.8M | ||
| Q3 24 | $5.3B | — | ||
| Q2 24 | $5.3B | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.74× | ||
| Q3 25 | — | 0.78× | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | — | 0.66× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $8.9M |
| Free Cash FlowOCF − Capex | — | $6.9M |
| FCF MarginFCF / Revenue | — | 14.0% |
| Capex IntensityCapex / Revenue | — | 4.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $26.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $76.7M | $8.9M | ||
| Q3 25 | $18.2M | $9.8M | ||
| Q2 25 | $19.0M | $9.7M | ||
| Q1 25 | $31.7M | $8.9M | ||
| Q4 24 | $63.2M | $9.3M | ||
| Q3 24 | $17.2M | — | ||
| Q2 24 | $8.7M | — |
| Q1 26 | — | — | ||
| Q4 25 | $70.2M | $6.9M | ||
| Q3 25 | $16.5M | $8.0M | ||
| Q2 25 | $16.7M | $4.4M | ||
| Q1 25 | $30.6M | $7.3M | ||
| Q4 24 | $55.2M | $5.6M | ||
| Q3 24 | $15.7M | — | ||
| Q2 24 | $7.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | 120.3% | 14.0% | ||
| Q3 25 | 28.9% | 20.0% | ||
| Q2 25 | 29.8% | 12.6% | ||
| Q1 25 | 56.5% | 22.0% | ||
| Q4 24 | 89.1% | 15.2% | ||
| Q3 24 | 30.6% | — | ||
| Q2 24 | 12.3% | — |
| Q1 26 | — | — | ||
| Q4 25 | 11.1% | 4.2% | ||
| Q3 25 | 2.9% | 4.6% | ||
| Q2 25 | 4.1% | 14.9% | ||
| Q1 25 | 2.1% | 4.8% | ||
| Q4 24 | 12.8% | 9.9% | ||
| 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× | — |
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% |
QIPT
Segment breakdown not available.
