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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). Click either name above to swap in a different company.
SHENANDOAH TELECOMMUNICATIONS CO is the larger business by last-quarter revenue ($91.6M vs $58.9M, roughly 1.6× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs -5.9%, a 34.5% gap on every dollar of revenue. Over the past eight quarters, SHENANDOAH TELECOMMUNICATIONS CO's revenue compounded faster (15.0% 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.
Shenandoah Telecommunications Co is a U.S. regional telecom provider offering broadband internet, wireless voice/data services, digital cable TV, and fiber-optic solutions. It serves residential, small business and enterprise clients across Mid-Atlantic states, focusing on underserved rural and suburban markets in Virginia, West Virginia, Maryland and Pennsylvania.
IBCP vs SHEN — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $91.6M |
| Net Profit | $16.9M | $-5.4M |
| Gross Margin | — | — |
| Operating Margin | — | -1.0% |
| Net Margin | 28.6% | -5.9% |
| Revenue YoY | — | 7.2% |
| Net Profit YoY | -9.1% | -95.8% |
| EPS (diluted) | $0.81 | $-0.13 |
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 | $91.6M | ||
| Q3 25 | $57.3M | $89.8M | ||
| Q2 25 | $55.9M | $88.6M | ||
| Q1 25 | $54.1M | $87.9M | ||
| Q4 24 | $62.0M | $85.4M | ||
| Q3 24 | $51.4M | $87.6M | ||
| Q2 24 | $56.5M | $85.8M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | $-5.4M | ||
| Q3 25 | $17.5M | $-9.4M | ||
| Q2 25 | $16.9M | $-9.0M | ||
| Q1 25 | $15.6M | $-9.1M | ||
| Q4 24 | $18.5M | $-2.7M | ||
| Q3 24 | $13.8M | $-5.3M | ||
| Q2 24 | $18.5M | $-12.9M |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | -1.0% | ||
| Q3 25 | 37.0% | -8.0% | ||
| Q2 25 | 37.0% | -10.3% | ||
| Q1 25 | 35.3% | -6.9% | ||
| Q4 24 | 36.7% | -6.7% | ||
| Q3 24 | 33.7% | -4.8% | ||
| Q2 24 | 41.0% | -18.5% |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | -5.9% | ||
| Q3 25 | 30.5% | -10.5% | ||
| Q2 25 | 30.2% | -10.2% | ||
| Q1 25 | 28.8% | -10.4% | ||
| Q4 24 | 29.8% | -3.2% | ||
| Q3 24 | 26.9% | -6.0% | ||
| Q2 24 | 32.8% | -15.0% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | $-0.13 | ||
| Q3 25 | $0.84 | $-0.20 | ||
| Q2 25 | $0.81 | $-0.19 | ||
| Q1 25 | $0.74 | $-0.19 | ||
| Q4 24 | $0.87 | $-0.34 | ||
| Q3 24 | $0.65 | $-0.13 | ||
| Q2 24 | $0.88 | $-0.24 |
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 | $27.3M |
| Total DebtLower is stronger | — | $642.4M |
| Stockholders' EquityBook value | $510.6M | $880.8M |
| Total Assets | $5.6B | $1.9B |
| Debt / EquityLower = less leverage | — | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | $27.3M | ||
| Q3 25 | $208.7M | $22.6M | ||
| Q2 25 | $146.2M | $29.1M | ||
| Q1 25 | $128.1M | $87.5M | ||
| Q4 24 | $119.9M | $46.3M | ||
| Q3 24 | $121.6M | $43.1M | ||
| Q2 24 | $214.3M | $43.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $642.4M | ||
| Q3 25 | — | $535.4M | ||
| Q2 25 | — | $513.1M | ||
| Q1 25 | — | $515.8M | ||
| Q4 24 | — | $418.0M | ||
| Q3 24 | — | $345.2M | ||
| Q2 24 | — | $297.4M |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $880.8M | ||
| Q3 25 | $490.7M | $892.7M | ||
| Q2 25 | $469.3M | $902.0M | ||
| Q1 25 | $467.3M | $910.5M | ||
| Q4 24 | $454.7M | $918.6M | ||
| Q3 24 | $452.4M | $925.4M | ||
| Q2 24 | $430.5M | $933.1M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $1.9B | ||
| Q3 25 | $5.5B | $1.9B | ||
| Q2 25 | $5.4B | $1.8B | ||
| Q1 25 | $5.3B | $1.8B | ||
| Q4 24 | $5.3B | $1.7B | ||
| Q3 24 | $5.3B | $1.7B | ||
| Q2 24 | $5.3B | $1.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.60× | ||
| Q2 25 | — | 0.57× | ||
| Q1 25 | — | 0.57× | ||
| Q4 24 | — | 0.46× | ||
| Q3 24 | — | 0.37× | ||
| Q2 24 | — | 0.32× |
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 | — | $28.8M |
| Free Cash FlowOCF − Capex | — | $-78.6M |
| FCF MarginFCF / Revenue | — | -85.8% |
| Capex IntensityCapex / Revenue | — | 117.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $76.7M | $28.8M | ||
| Q3 25 | $18.2M | $30.7M | ||
| Q2 25 | $19.0M | $20.9M | ||
| Q1 25 | $31.7M | $20.5M | ||
| Q4 24 | $63.2M | $20.6M | ||
| Q3 24 | $17.2M | $24.3M | ||
| Q2 24 | $8.7M | $2.5M |
| Q1 26 | — | — | ||
| Q4 25 | $70.2M | $-78.6M | ||
| Q3 25 | $16.5M | $-51.4M | ||
| Q2 25 | $16.7M | $-65.3M | ||
| Q1 25 | $30.6M | $-62.7M | ||
| Q4 24 | $55.2M | $-72.0M | ||
| Q3 24 | $15.7M | $-51.3M | ||
| Q2 24 | $7.0M | $-78.3M |
| Q1 26 | — | — | ||
| Q4 25 | 120.3% | -85.8% | ||
| Q3 25 | 28.9% | -57.2% | ||
| Q2 25 | 29.8% | -73.7% | ||
| Q1 25 | 56.5% | -71.3% | ||
| Q4 24 | 89.1% | -84.3% | ||
| Q3 24 | 30.6% | -58.5% | ||
| Q2 24 | 12.3% | -91.3% |
| Q1 26 | — | — | ||
| Q4 25 | 11.1% | 117.2% | ||
| Q3 25 | 2.9% | 91.4% | ||
| Q2 25 | 4.1% | 97.3% | ||
| Q1 25 | 2.1% | 94.7% | ||
| Q4 24 | 12.8% | 108.4% | ||
| Q3 24 | 2.9% | 86.2% | ||
| Q2 24 | 3.1% | 94.2% |
| 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% |
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
