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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
Smart Sand, Inc. is the larger business by last-quarter revenue ($86.0M vs $58.9M, roughly 1.5× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs 1.4%, a 27.3% gap on every dollar of revenue. Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (2.1% CAGR vs 1.8%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
IBCP vs SND — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $86.0M |
| Net Profit | $16.9M | $1.2M |
| Gross Margin | — | 13.0% |
| Operating Margin | — | -3.1% |
| Net Margin | 28.6% | 1.4% |
| Revenue YoY | — | -5.8% |
| Net Profit YoY | 8.2% | -68.5% |
| EPS (diluted) | $0.81 | $0.03 |
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 | $86.0M | ||
| Q3 25 | $57.3M | $92.8M | ||
| Q2 25 | $55.9M | $85.8M | ||
| Q1 25 | $54.1M | $65.6M | ||
| Q4 24 | $62.0M | $91.4M | ||
| Q3 24 | $51.4M | $63.2M | ||
| Q2 24 | $56.5M | $73.8M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | $1.2M | ||
| Q3 25 | $17.5M | $3.0M | ||
| Q2 25 | $16.9M | $21.4M | ||
| Q1 25 | $15.6M | $-24.2M | ||
| Q4 24 | $18.5M | $3.7M | ||
| Q3 24 | $13.8M | $-98.0K | ||
| Q2 24 | $18.5M | $-430.0K |
| Q1 26 | — | — | ||
| Q4 25 | — | 13.0% | ||
| Q3 25 | — | 16.1% | ||
| Q2 25 | — | 10.4% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | — | 10.3% | ||
| Q2 24 | — | 17.7% |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | -3.1% | ||
| Q3 25 | 37.0% | 5.8% | ||
| Q2 25 | 37.0% | -0.1% | ||
| Q1 25 | 35.3% | -10.8% | ||
| Q4 24 | 36.7% | 3.9% | ||
| Q3 24 | 33.7% | -7.8% | ||
| Q2 24 | 41.0% | 4.8% |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | 1.4% | ||
| Q3 25 | 30.5% | 3.2% | ||
| Q2 25 | 30.2% | 24.9% | ||
| Q1 25 | 28.8% | -37.0% | ||
| Q4 24 | 29.8% | 4.1% | ||
| Q3 24 | 26.9% | -0.2% | ||
| Q2 24 | 32.8% | -0.6% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | $0.03 | ||
| Q3 25 | $0.84 | $0.08 | ||
| Q2 25 | $0.81 | $0.54 | ||
| Q1 25 | $0.74 | $-0.62 | ||
| Q4 24 | $0.87 | $0.10 | ||
| Q3 24 | $0.65 | $0.00 | ||
| Q2 24 | $0.88 | $-0.01 |
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 | $22.6M |
| Total DebtLower is stronger | — | $15.0M |
| Stockholders' EquityBook value | $510.6M | $239.7M |
| Total Assets | $5.6B | $340.0M |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | $22.6M | ||
| Q3 25 | $208.7M | $5.1M | ||
| Q2 25 | $146.2M | $4.3M | ||
| Q1 25 | $128.1M | $5.1M | ||
| Q4 24 | $119.9M | $1.6M | ||
| Q3 24 | $121.6M | $7.2M | ||
| Q2 24 | $214.3M | $6.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $15.0M | ||
| Q3 25 | — | $14.3M | ||
| Q2 25 | — | $23.5M | ||
| Q1 25 | — | $13.7M | ||
| Q4 24 | — | $14.7M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $17.1M |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $239.7M | ||
| Q3 25 | $490.7M | $239.9M | ||
| Q2 25 | $469.3M | $240.5M | ||
| Q1 25 | $467.3M | $219.9M | ||
| Q4 24 | $454.7M | $243.8M | ||
| Q3 24 | $452.4M | $243.6M | ||
| Q2 24 | $430.5M | $242.9M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $340.0M | ||
| Q3 25 | $5.5B | $343.1M | ||
| Q2 25 | $5.4B | $345.8M | ||
| Q1 25 | $5.3B | $326.9M | ||
| Q4 24 | $5.3B | $341.5M | ||
| Q3 24 | $5.3B | $335.8M | ||
| Q2 24 | $5.3B | $341.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.06× | ||
| Q2 25 | — | 0.10× | ||
| Q1 25 | — | 0.06× | ||
| Q4 24 | — | 0.06× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.07× |
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 | — | $22.4M |
| Free Cash FlowOCF − Capex | — | $20.4M |
| FCF MarginFCF / Revenue | — | 23.7% |
| Capex IntensityCapex / Revenue | — | 2.3% |
| Cash ConversionOCF / Net Profit | — | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | — | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $76.7M | $22.4M | ||
| Q3 25 | $18.2M | $18.2M | ||
| Q2 25 | $19.0M | $-5.1M | ||
| Q1 25 | $31.7M | $8.7M | ||
| Q4 24 | $63.2M | $1.0M | ||
| Q3 24 | $17.2M | $5.8M | ||
| Q2 24 | $8.7M | $14.9M |
| Q1 26 | — | — | ||
| Q4 25 | $70.2M | $20.4M | ||
| Q3 25 | $16.5M | $14.8M | ||
| Q2 25 | $16.7M | $-7.8M | ||
| Q1 25 | $30.6M | $5.2M | ||
| Q4 24 | $55.2M | $-840.0K | ||
| Q3 24 | $15.7M | $3.7M | ||
| Q2 24 | $7.0M | $13.5M |
| Q1 26 | — | — | ||
| Q4 25 | 120.3% | 23.7% | ||
| Q3 25 | 28.9% | 15.9% | ||
| Q2 25 | 29.8% | -9.1% | ||
| Q1 25 | 56.5% | 7.9% | ||
| Q4 24 | 89.1% | -0.9% | ||
| Q3 24 | 30.6% | 5.8% | ||
| Q2 24 | 12.3% | 18.3% |
| Q1 26 | — | — | ||
| Q4 25 | 11.1% | 2.3% | ||
| Q3 25 | 2.9% | 3.6% | ||
| Q2 25 | 4.1% | 3.1% | ||
| Q1 25 | 2.1% | 5.4% | ||
| Q4 24 | 12.8% | 2.1% | ||
| Q3 24 | 2.9% | 3.4% | ||
| Q2 24 | 3.1% | 1.8% |
| Q1 26 | — | — | ||
| Q4 25 | 4.13× | 18.99× | ||
| Q3 25 | 1.04× | 6.05× | ||
| Q2 25 | 1.12× | -0.24× | ||
| Q1 25 | 2.03× | — | ||
| Q4 24 | 3.42× | 0.28× | ||
| 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% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
