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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and SBC Medical Group Holdings Inc (SBC). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($58.9M vs $39.6M, roughly 1.5× SBC Medical Group Holdings Inc). SBC Medical Group Holdings Inc runs the higher net margin — 35.9% vs 28.6%, a 7.2% gap on every dollar of revenue. Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (2.1% CAGR vs -15.0%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
SBC Medical Group Holdings Inc. is a leading Japan-headquartered healthcare provider primarily focused on aesthetic medicine, dermatology, and anti-aging wellness services. It operates an extensive network of clinics across Japan, catering to both domestic patients and international medical tourists, with core offerings including cosmetic surgery and non-invasive skincare treatments.
IBCP vs SBC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $39.6M |
| Net Profit | $16.9M | $14.2M |
| Gross Margin | — | 73.1% |
| Operating Margin | — | 32.5% |
| Net Margin | 28.6% | 35.9% |
| Revenue YoY | — | -10.9% |
| Net Profit YoY | 8.2% | 117.2% |
| EPS (diluted) | $0.81 | $0.15 |
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 | $39.6M | ||
| Q3 25 | $57.3M | $43.4M | ||
| Q2 25 | $55.9M | $43.4M | ||
| Q1 25 | $54.1M | $47.3M | ||
| Q4 24 | $62.0M | $44.4M | ||
| Q3 24 | $51.4M | $53.1M | ||
| Q2 24 | $56.5M | $53.1M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | $14.2M | ||
| Q3 25 | $17.5M | $12.8M | ||
| Q2 25 | $16.9M | $2.5M | ||
| Q1 25 | $15.6M | $21.5M | ||
| Q4 24 | $18.5M | $6.5M | ||
| Q3 24 | $13.8M | $2.8M | ||
| Q2 24 | $18.5M | $18.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | 73.1% | ||
| Q3 25 | — | 70.6% | ||
| Q2 25 | — | 69.2% | ||
| Q1 25 | — | 79.7% | ||
| Q4 24 | — | 76.3% | ||
| Q3 24 | — | 81.5% | ||
| Q2 24 | — | 74.2% |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | 32.5% | ||
| Q3 25 | 37.0% | 36.6% | ||
| Q2 25 | 37.0% | 33.6% | ||
| Q1 25 | 35.3% | 51.1% | ||
| Q4 24 | 36.7% | 10.6% | ||
| Q3 24 | 33.7% | 26.1% | ||
| Q2 24 | 41.0% | 51.4% |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | 35.9% | ||
| Q3 25 | 30.5% | 29.6% | ||
| Q2 25 | 30.2% | 5.7% | ||
| Q1 25 | 28.8% | 45.4% | ||
| Q4 24 | 29.8% | 14.7% | ||
| Q3 24 | 26.9% | 5.3% | ||
| Q2 24 | 32.8% | 34.8% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | $0.15 | ||
| Q3 25 | $0.84 | $0.12 | ||
| Q2 25 | $0.81 | $0.02 | ||
| Q1 25 | $0.74 | $0.21 | ||
| Q4 24 | $0.87 | $0.05 | ||
| Q3 24 | $0.65 | $0.03 | ||
| Q2 24 | $0.88 | $0.20 |
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 | $164.1M |
| Total DebtLower is stronger | — | $42.8M |
| Stockholders' EquityBook value | $510.6M | $248.3M |
| Total Assets | $5.6B | $380.4M |
| Debt / EquityLower = less leverage | — | 0.17× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | $164.1M | ||
| Q3 25 | $208.7M | $127.4M | ||
| Q2 25 | $146.2M | $152.7M | ||
| Q1 25 | $128.1M | $132.1M | ||
| Q4 24 | $119.9M | $125.0M | ||
| Q3 24 | $121.6M | $137.4M | ||
| Q2 24 | $214.3M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | $42.8M | ||
| Q3 25 | — | $21.1M | ||
| Q2 25 | — | $7.1M | ||
| Q1 25 | — | $6.9M | ||
| Q4 24 | — | $6.6M | ||
| Q3 24 | — | $823.2K | ||
| Q2 24 | — | — |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $248.3M | ||
| Q3 25 | $490.7M | $248.0M | ||
| Q2 25 | $469.3M | $244.6M | ||
| Q1 25 | $467.3M | $226.4M | ||
| Q4 24 | $454.7M | $195.1M | ||
| Q3 24 | $452.4M | $205.0M | ||
| Q2 24 | $430.5M | $8.8M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $380.4M | ||
| Q3 25 | $5.5B | $321.4M | ||
| Q2 25 | $5.4B | $315.3M | ||
| Q1 25 | $5.3B | $284.6M | ||
| Q4 24 | $5.3B | $266.1M | ||
| Q3 24 | $5.3B | $296.5M | ||
| Q2 24 | $5.3B | $19.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.17× | ||
| Q3 25 | — | 0.09× | ||
| Q2 25 | — | 0.03× | ||
| Q1 25 | — | 0.03× | ||
| Q4 24 | — | 0.03× | ||
| Q3 24 | — | 0.00× | ||
| 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 | — | $52.0M |
| Free Cash FlowOCF − Capex | — | $51.2M |
| FCF MarginFCF / Revenue | — | 129.3% |
| Capex IntensityCapex / Revenue | — | 2.0% |
| Cash ConversionOCF / Net Profit | — | 3.66× |
| TTM Free Cash FlowTrailing 4 quarters | — | $23.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $76.7M | $52.0M | ||
| Q3 25 | $18.2M | $-20.9M | ||
| Q2 25 | $19.0M | $-8.3M | ||
| Q1 25 | $31.7M | $1.9M | ||
| Q4 24 | $63.2M | $-7.3M | ||
| Q3 24 | $17.2M | $5.0M | ||
| Q2 24 | $8.7M | $19.2M |
| Q1 26 | — | — | ||
| Q4 25 | $70.2M | $51.2M | ||
| Q3 25 | $16.5M | $-20.9M | ||
| Q2 25 | $16.7M | $-8.6M | ||
| Q1 25 | $30.6M | $1.7M | ||
| Q4 24 | $55.2M | $-7.9M | ||
| Q3 24 | $15.7M | $4.6M | ||
| Q2 24 | $7.0M | $18.3M |
| Q1 26 | — | — | ||
| Q4 25 | 120.3% | 129.3% | ||
| Q3 25 | 28.9% | -48.3% | ||
| Q2 25 | 29.8% | -19.9% | ||
| Q1 25 | 56.5% | 3.5% | ||
| Q4 24 | 89.1% | -17.8% | ||
| Q3 24 | 30.6% | 8.7% | ||
| Q2 24 | 12.3% | 34.5% |
| Q1 26 | — | — | ||
| Q4 25 | 11.1% | 2.0% | ||
| Q3 25 | 2.9% | 0.1% | ||
| Q2 25 | 4.1% | 0.7% | ||
| Q1 25 | 2.1% | 0.5% | ||
| Q4 24 | 12.8% | 1.3% | ||
| Q3 24 | 2.9% | 0.8% | ||
| Q2 24 | 3.1% | 1.6% |
| Q1 26 | — | — | ||
| Q4 25 | 4.13× | 3.66× | ||
| Q3 25 | 1.04× | -1.63× | ||
| Q2 25 | 1.12× | -3.39× | ||
| Q1 25 | 2.03× | 0.09× | ||
| Q4 24 | 3.42× | -1.12× | ||
| Q3 24 | 1.25× | 1.77× | ||
| Q2 24 | 0.47× | 1.04× |
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% |
SBC
| Franchising | $10.3M | 26% |
| Medical Corporation Shobikai | $8.1M | 21% |
| Medical Corporation Nasukai | $7.2M | 18% |
| Management Services | $6.3M | 16% |
| Rental Services | $4.3M | 11% |
| Medical Corporation Association Furinkai | $3.0M | 8% |
| Japan Medical And Beauty Inc | $656.5K | 2% |
