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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and RE/MAX Holdings, Inc. (RMAX). Click either name above to swap in a different company.
RE/MAX Holdings, Inc. is the larger business by last-quarter revenue ($71.1M vs $58.9M, roughly 1.2× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs 2.0%, a 26.6% gap on every dollar of revenue. Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (2.1% CAGR vs -4.7%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
RE/MAX is an international real estate franchise operating in over 100 countries and territories that, in 2015, had over 100,000 agents in 6,800 offices.
IBCP vs RMAX — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $71.1M |
| Net Profit | $16.9M | $1.4M |
| Gross Margin | — | — |
| Operating Margin | — | 13.1% |
| Net Margin | 28.6% | 2.0% |
| Revenue YoY | — | -1.8% |
| Net Profit YoY | 8.2% | -75.2% |
| 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 | $71.1M | ||
| Q3 25 | $57.3M | $73.2M | ||
| Q2 25 | $55.9M | $72.8M | ||
| Q1 25 | $54.1M | $74.5M | ||
| Q4 24 | $62.0M | $72.5M | ||
| Q3 24 | $51.4M | $78.5M | ||
| Q2 24 | $56.5M | $78.5M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | $1.4M | ||
| Q3 25 | $17.5M | $4.0M | ||
| Q2 25 | $16.9M | $4.7M | ||
| Q1 25 | $15.6M | $-2.0M | ||
| Q4 24 | $18.5M | $5.8M | ||
| Q3 24 | $13.8M | $966.0K | ||
| Q2 24 | $18.5M | $3.7M |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | 13.1% | ||
| Q3 25 | 37.0% | 25.0% | ||
| Q2 25 | 37.0% | 19.3% | ||
| Q1 25 | 35.3% | 7.2% | ||
| Q4 24 | 36.7% | 5.9% | ||
| Q3 24 | 33.7% | 19.4% | ||
| Q2 24 | 41.0% | 20.6% |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | 2.0% | ||
| Q3 25 | 30.5% | 5.4% | ||
| Q2 25 | 30.2% | 6.4% | ||
| Q1 25 | 28.8% | -2.6% | ||
| Q4 24 | 29.8% | 8.0% | ||
| Q3 24 | 26.9% | 1.2% | ||
| Q2 24 | 32.8% | 4.7% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | — | ||
| Q3 25 | $0.84 | — | ||
| Q2 25 | $0.81 | — | ||
| Q1 25 | $0.74 | — | ||
| Q4 24 | $0.87 | — | ||
| 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 | $118.7M |
| Total DebtLower is stronger | — | $432.2M |
| Stockholders' EquityBook value | $510.6M | $452.4M |
| Total Assets | $5.6B | $582.5M |
| Debt / EquityLower = less leverage | — | 0.96× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | $118.7M | ||
| Q3 25 | $208.7M | $107.5M | ||
| Q2 25 | $146.2M | $94.3M | ||
| Q1 25 | $128.1M | $89.1M | ||
| Q4 24 | $119.9M | $96.6M | ||
| Q3 24 | $121.6M | $83.8M | ||
| Q2 24 | $214.3M | $66.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $432.2M | ||
| Q3 25 | — | $433.3M | ||
| Q2 25 | — | $434.4M | ||
| Q1 25 | — | $435.3M | ||
| Q4 24 | — | $436.2M | ||
| Q3 24 | — | $437.2M | ||
| Q2 24 | — | $438.1M |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $452.4M | ||
| Q3 25 | $490.7M | $448.1M | ||
| Q2 25 | $469.3M | $442.4M | ||
| Q1 25 | $467.3M | $433.5M | ||
| Q4 24 | $454.7M | $429.5M | ||
| Q3 24 | $452.4M | $423.1M | ||
| Q2 24 | $430.5M | $418.4M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $582.5M | ||
| Q3 25 | $5.5B | $582.2M | ||
| Q2 25 | $5.4B | $574.8M | ||
| Q1 25 | $5.3B | $571.4M | ||
| Q4 24 | $5.3B | $581.6M | ||
| Q3 24 | $5.3B | $578.6M | ||
| Q2 24 | $5.3B | $571.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.96× | ||
| Q3 25 | — | 0.97× | ||
| Q2 25 | — | 0.98× | ||
| Q1 25 | — | 1.00× | ||
| Q4 24 | — | 1.02× | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 1.05× |
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 | — | $40.9M |
| Free Cash FlowOCF − Capex | — | $33.5M |
| FCF MarginFCF / Revenue | — | 47.1% |
| Capex IntensityCapex / Revenue | — | 10.4% |
| Cash ConversionOCF / Net Profit | — | 28.39× |
| TTM Free Cash FlowTrailing 4 quarters | — | $56.8M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $76.7M | $40.9M | ||
| Q3 25 | $18.2M | $17.7M | ||
| Q2 25 | $19.0M | $4.6M | ||
| Q1 25 | $31.7M | $5.7M | ||
| Q4 24 | $63.2M | $59.7M | ||
| Q3 24 | $17.2M | $17.6M | ||
| Q2 24 | $8.7M | $15.9M |
| Q1 26 | — | — | ||
| Q4 25 | $70.2M | $33.5M | ||
| Q3 25 | $16.5M | $16.4M | ||
| Q2 25 | $16.7M | $2.9M | ||
| Q1 25 | $30.6M | $4.0M | ||
| Q4 24 | $55.2M | $53.0M | ||
| Q3 24 | $15.7M | $16.3M | ||
| Q2 24 | $7.0M | $14.0M |
| Q1 26 | — | — | ||
| Q4 25 | 120.3% | 47.1% | ||
| Q3 25 | 28.9% | 22.4% | ||
| Q2 25 | 29.8% | 4.0% | ||
| Q1 25 | 56.5% | 5.3% | ||
| Q4 24 | 89.1% | 73.2% | ||
| Q3 24 | 30.6% | 20.8% | ||
| Q2 24 | 12.3% | 17.8% |
| Q1 26 | — | — | ||
| Q4 25 | 11.1% | 10.4% | ||
| Q3 25 | 2.9% | 1.8% | ||
| Q2 25 | 4.1% | 2.2% | ||
| Q1 25 | 2.1% | 2.3% | ||
| Q4 24 | 12.8% | 9.1% | ||
| Q3 24 | 2.9% | 1.7% | ||
| Q2 24 | 3.1% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 4.13× | 28.39× | ||
| Q3 25 | 1.04× | 4.45× | ||
| Q2 25 | 1.12× | 0.97× | ||
| Q1 25 | 2.03× | — | ||
| Q4 24 | 3.42× | 10.28× | ||
| Q3 24 | 1.25× | 18.22× | ||
| Q2 24 | 0.47× | 4.29× |
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% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
