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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and SmartRent, Inc. (SMRT). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($58.9M vs $36.5M, roughly 1.6× SmartRent, Inc.). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs -8.9%, a 37.5% 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.
Budget Rent a Car System, Inc. is an American car rental company that was founded in 1958 in Los Angeles, California by Morris Mirkin. Budget is a subsidiary of the Avis Budget Group, with its operations headquartered in Parsippany, New Jersey.
IBCP vs SMRT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $36.5M |
| Net Profit | $16.9M | $-3.2M |
| Gross Margin | — | 38.6% |
| Operating Margin | — | -10.9% |
| Net Margin | 28.6% | -8.9% |
| Revenue YoY | — | 3.1% |
| Net Profit YoY | 8.2% | 71.6% |
| 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 | $36.5M | ||
| Q3 25 | $57.3M | $36.2M | ||
| Q2 25 | $55.9M | $38.3M | ||
| Q1 25 | $54.1M | $41.3M | ||
| Q4 24 | $62.0M | $35.4M | ||
| Q3 24 | $51.4M | $40.5M | ||
| Q2 24 | $56.5M | $48.5M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | $-3.2M | ||
| Q3 25 | $17.5M | $-6.3M | ||
| Q2 25 | $16.9M | $-10.9M | ||
| Q1 25 | $15.6M | $-40.2M | ||
| Q4 24 | $18.5M | $-11.4M | ||
| Q3 24 | $13.8M | $-9.9M | ||
| Q2 24 | $18.5M | $-4.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | 38.6% | ||
| Q3 25 | — | 26.4% | ||
| Q2 25 | — | 33.1% | ||
| Q1 25 | — | 32.8% | ||
| Q4 24 | — | 28.7% | ||
| Q3 24 | — | 33.2% | ||
| Q2 24 | — | 35.7% |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | -10.9% | ||
| Q3 25 | 37.0% | -19.4% | ||
| Q2 25 | 37.0% | -30.5% | ||
| Q1 25 | 35.3% | -99.9% | ||
| Q4 24 | 36.7% | -36.6% | ||
| Q3 24 | 33.7% | -29.0% | ||
| Q2 24 | 41.0% | -14.3% |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | -8.9% | ||
| Q3 25 | 30.5% | -17.3% | ||
| Q2 25 | 30.2% | -28.3% | ||
| Q1 25 | 28.8% | -97.2% | ||
| Q4 24 | 29.8% | -32.3% | ||
| Q3 24 | 26.9% | -24.5% | ||
| Q2 24 | 32.8% | -9.5% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | $-0.02 | ||
| Q3 25 | $0.84 | $-0.03 | ||
| Q2 25 | $0.81 | $-0.06 | ||
| Q1 25 | $0.74 | $-0.21 | ||
| Q4 24 | $0.87 | $-0.06 | ||
| Q3 24 | $0.65 | $-0.05 | ||
| Q2 24 | $0.88 | $-0.02 |
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 | $104.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $510.6M | $232.1M |
| Total Assets | $5.6B | $320.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | $104.5M | ||
| Q3 25 | $208.7M | $100.0M | ||
| Q2 25 | $146.2M | $105.0M | ||
| Q1 25 | $128.1M | $125.6M | ||
| Q4 24 | $119.9M | $142.5M | ||
| Q3 24 | $121.6M | $163.4M | ||
| Q2 24 | $214.3M | $187.4M |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $232.1M | ||
| Q3 25 | $490.7M | $234.4M | ||
| Q2 25 | $469.3M | $238.8M | ||
| Q1 25 | $467.3M | $250.7M | ||
| Q4 24 | $454.7M | $289.4M | ||
| Q3 24 | $452.4M | $305.1M | ||
| Q2 24 | $430.5M | $329.4M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $320.9M | ||
| Q3 25 | $5.5B | $335.8M | ||
| Q2 25 | $5.4B | $354.0M | ||
| Q1 25 | $5.3B | $366.1M | ||
| Q4 24 | $5.3B | $420.2M | ||
| Q3 24 | $5.3B | $448.6M | ||
| Q2 24 | $5.3B | $475.3M |
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 | — | $7.7M |
| Free Cash FlowOCF − Capex | — | $7.7M |
| FCF MarginFCF / Revenue | — | 21.0% |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-25.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $76.7M | $7.7M | ||
| Q3 25 | $18.2M | $-2.1M | ||
| Q2 25 | $19.0M | $-14.9M | ||
| Q1 25 | $31.7M | $-12.2M | ||
| Q4 24 | $63.2M | $-12.0M | ||
| Q3 24 | $17.2M | $-3.7M | ||
| Q2 24 | $8.7M | $-13.9M |
| Q1 26 | — | — | ||
| Q4 25 | $70.2M | $7.7M | ||
| Q3 25 | $16.5M | $-2.2M | ||
| Q2 25 | $16.7M | $-16.2M | ||
| Q1 25 | $30.6M | $-14.3M | ||
| Q4 24 | $55.2M | $-13.3M | ||
| Q3 24 | $15.7M | $-3.9M | ||
| Q2 24 | $7.0M | $-14.1M |
| Q1 26 | — | — | ||
| Q4 25 | 120.3% | 21.0% | ||
| Q3 25 | 28.9% | -6.1% | ||
| Q2 25 | 29.8% | -42.3% | ||
| Q1 25 | 56.5% | -34.7% | ||
| Q4 24 | 89.1% | -37.5% | ||
| Q3 24 | 30.6% | -9.7% | ||
| Q2 24 | 12.3% | -29.1% |
| Q1 26 | — | — | ||
| Q4 25 | 11.1% | 0.0% | ||
| Q3 25 | 2.9% | 0.2% | ||
| Q2 25 | 4.1% | 3.3% | ||
| Q1 25 | 2.1% | 5.3% | ||
| Q4 24 | 12.8% | 3.5% | ||
| Q3 24 | 2.9% | 0.6% | ||
| Q2 24 | 3.1% | 0.5% |
| 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% |
SMRT
| Hosted Services | $18.1M | 50% |
| Hardware Service | $12.5M | 34% |
| Smart Operations Solutions | $2.6M | 7% |
| Access Control | $2.0M | 5% |
| Other Smart Communities Solutions | $1.3M | 3% |
