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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and RHYTHM PHARMACEUTICALS, INC. (RYTM). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($58.9M vs $57.3M, roughly 1.0× RHYTHM PHARMACEUTICALS, INC.). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs -83.0%, a 111.6% gap on every dollar of revenue. Over the past eight quarters, RHYTHM PHARMACEUTICALS, INC.'s revenue compounded faster (48.5% 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.
Rhythm Pharmaceuticals is a biopharmaceutical firm focused on developing and commercializing targeted therapies for rare genetic disorders causing severe unmanageable obesity, including POMC deficiency, LEPR deficiency, and Bardet-Biedl syndrome. It serves patients in North America and Europe who lack effective standard treatments for their chronic life-altering conditions.
IBCP vs RYTM — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $57.3M |
| Net Profit | $16.9M | $-47.5M |
| Gross Margin | — | 91.6% |
| Operating Margin | — | -82.2% |
| Net Margin | 28.6% | -83.0% |
| Revenue YoY | — | 36.9% |
| Net Profit YoY | 8.2% | -9.6% |
| EPS (diluted) | $0.81 | $-0.73 |
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 | $57.3M | ||
| Q3 25 | $57.3M | $51.3M | ||
| Q2 25 | $55.9M | $48.5M | ||
| Q1 25 | $54.1M | $32.7M | ||
| Q4 24 | $62.0M | $41.8M | ||
| Q3 24 | $51.4M | $33.3M | ||
| Q2 24 | $56.5M | $29.1M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | $-47.5M | ||
| Q3 25 | $17.5M | $-52.9M | ||
| Q2 25 | $16.9M | $-46.6M | ||
| Q1 25 | $15.6M | $-49.5M | ||
| Q4 24 | $18.5M | $-43.3M | ||
| Q3 24 | $13.8M | $-43.6M | ||
| Q2 24 | $18.5M | $-32.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 91.6% | ||
| Q3 25 | — | 89.3% | ||
| Q2 25 | — | 88.6% | ||
| Q1 25 | — | 88.8% | ||
| Q4 24 | — | 90.9% | ||
| Q3 24 | — | 88.5% | ||
| Q2 24 | — | 89.9% |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | -82.2% | ||
| Q3 25 | 37.0% | -102.6% | ||
| Q2 25 | 37.0% | -93.4% | ||
| Q1 25 | 35.3% | -143.7% | ||
| Q4 24 | 36.7% | -98.6% | ||
| Q3 24 | 33.7% | -132.0% | ||
| Q2 24 | 41.0% | -139.2% |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | -83.0% | ||
| Q3 25 | 30.5% | -103.1% | ||
| Q2 25 | 30.2% | -96.1% | ||
| Q1 25 | 28.8% | -151.4% | ||
| Q4 24 | 29.8% | -103.6% | ||
| Q3 24 | 26.9% | -131.2% | ||
| Q2 24 | 32.8% | -110.9% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | $-0.73 | ||
| Q3 25 | $0.84 | $-0.82 | ||
| Q2 25 | $0.81 | $-0.75 | ||
| Q1 25 | $0.74 | $-0.81 | ||
| Q4 24 | $0.87 | $-0.71 | ||
| Q3 24 | $0.65 | $-0.73 | ||
| Q2 24 | $0.88 | $-0.55 |
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 | $388.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $510.6M | $139.1M |
| Total Assets | $5.6B | $480.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | $388.9M | ||
| Q3 25 | $208.7M | $416.1M | ||
| Q2 25 | $146.2M | $291.0M | ||
| Q1 25 | $128.1M | $314.5M | ||
| Q4 24 | $119.9M | $320.6M | ||
| Q3 24 | $121.6M | $298.4M | ||
| Q2 24 | $214.3M | $319.1M |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $139.1M | ||
| Q3 25 | $490.7M | $148.8M | ||
| Q2 25 | $469.3M | $-11.9M | ||
| Q1 25 | $467.3M | $18.9M | ||
| Q4 24 | $454.7M | $21.7M | ||
| Q3 24 | $452.4M | $11.2M | ||
| Q2 24 | $430.5M | $39.3M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $480.2M | ||
| Q3 25 | $5.5B | $506.9M | ||
| Q2 25 | $5.4B | $372.7M | ||
| Q1 25 | $5.3B | $386.7M | ||
| Q4 24 | $5.3B | $392.3M | ||
| Q3 24 | $5.3B | $363.6M | ||
| Q2 24 | $5.3B | $381.8M |
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 | — | $-25.4M |
| 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 | $-25.4M | ||
| Q3 25 | $18.2M | $-26.6M | ||
| Q2 25 | $19.0M | $-23.3M | ||
| Q1 25 | $31.7M | $-40.4M | ||
| Q4 24 | $63.2M | $-18.8M | ||
| Q3 24 | $17.2M | $-25.2M | ||
| Q2 24 | $8.7M | $-29.1M |
| 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× | — |
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% |
RYTM
Segment breakdown not available.
