vs
Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and SolarMax Technology, Inc. (SMXT). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($58.9M vs $46.6M, roughly 1.3× SolarMax Technology, Inc.). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs -1.9%, a 30.5% gap on every dollar of revenue.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
SolarMax Technology, Inc. develops, manufactures and sells high-efficiency solar PV modules and clean energy systems. It serves residential, commercial and industrial clients in North America and key Asia-Pacific markets, offering installation and after-sales support to boost low-carbon energy use.
IBCP vs SMXT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $46.6M |
| Net Profit | $16.9M | $-872.2K |
| Gross Margin | — | 2.7% |
| Operating Margin | — | -2.7% |
| Net Margin | 28.6% | -1.9% |
| Revenue YoY | — | 623.5% |
| Net Profit YoY | 8.2% | 77.7% |
| 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 | $46.6M | ||
| Q3 25 | $57.3M | $30.6M | ||
| Q2 25 | $55.9M | $6.9M | ||
| Q1 25 | $54.1M | $6.9M | ||
| Q4 24 | $62.0M | $6.4M | ||
| Q3 24 | $51.4M | $6.3M | ||
| Q2 24 | $56.5M | — |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | $-872.2K | ||
| Q3 25 | $17.5M | $-2.3M | ||
| Q2 25 | $16.9M | $-1.9M | ||
| Q1 25 | $15.6M | $-1.3M | ||
| Q4 24 | $18.5M | $-3.9M | ||
| Q3 24 | $13.8M | $-9.6M | ||
| Q2 24 | $18.5M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.7% | ||
| Q3 25 | — | 3.1% | ||
| Q2 25 | — | 8.8% | ||
| Q1 25 | — | 20.5% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | -2.7% | ||
| Q3 25 | 37.0% | -6.9% | ||
| Q2 25 | 37.0% | -25.7% | ||
| Q1 25 | 35.3% | -16.7% | ||
| Q4 24 | 36.7% | -27.9% | ||
| Q3 24 | 33.7% | -158.4% | ||
| Q2 24 | 41.0% | — |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | -1.9% | ||
| Q3 25 | 30.5% | -7.4% | ||
| Q2 25 | 30.2% | -27.6% | ||
| Q1 25 | 28.8% | -18.7% | ||
| Q4 24 | 29.8% | -60.6% | ||
| Q3 24 | 26.9% | -152.0% | ||
| Q2 24 | 32.8% | — |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | $-0.02 | ||
| Q3 25 | $0.84 | $-0.04 | ||
| Q2 25 | $0.81 | $-0.04 | ||
| Q1 25 | $0.74 | $-0.03 | ||
| Q4 24 | $0.87 | $-0.07 | ||
| Q3 24 | $0.65 | $-0.21 | ||
| 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 | $8.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $510.6M | $-12.2M |
| Total Assets | $5.6B | $91.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | $8.0M | ||
| Q3 25 | $208.7M | $5.7M | ||
| Q2 25 | $146.2M | $1.9M | ||
| Q1 25 | $128.1M | $6.8M | ||
| Q4 24 | $119.9M | $7.1M | ||
| Q3 24 | $121.6M | $8.6M | ||
| Q2 24 | $214.3M | — |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $-12.2M | ||
| Q3 25 | $490.7M | $-11.8M | ||
| Q2 25 | $469.3M | $-15.1M | ||
| Q1 25 | $467.3M | $-15.9M | ||
| Q4 24 | $454.7M | $-15.1M | ||
| Q3 24 | $452.4M | $-10.9M | ||
| Q2 24 | $430.5M | — |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $91.3M | ||
| Q3 25 | $5.5B | $58.7M | ||
| Q2 25 | $5.4B | $38.2M | ||
| Q1 25 | $5.3B | $38.6M | ||
| Q4 24 | $5.3B | $38.6M | ||
| Q3 24 | $5.3B | $43.0M | ||
| Q2 24 | $5.3B | — |
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 | — | $-2.5M |
| 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 | $-2.5M | ||
| Q3 25 | $18.2M | $3.4M | ||
| Q2 25 | $19.0M | $220.7K | ||
| Q1 25 | $31.7M | $-601.1K | ||
| Q4 24 | $63.2M | $-1.3M | ||
| Q3 24 | $17.2M | $203.6K | ||
| Q2 24 | $8.7M | — |
| 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% | 0.0% | ||
| 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% |
SMXT
| Yabucoa | $35.9M | 77% |
| Other | $10.7M | 23% |
