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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and Spok Holdings, Inc (SPOK). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($58.9M vs $33.9M, roughly 1.7× Spok Holdings, Inc). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs 8.7%, a 20.0% gap on every dollar of revenue. Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (2.1% CAGR vs -1.5%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Spok Holdings, Inc. is a global provider of critical communication solutions primarily serving the healthcare industry. It offers unified clinical communication platforms, secure messaging tools, alerting systems, and on-call scheduling software that help care teams coordinate efficiently, cut response times, and boost patient safety across medical facilities.
IBCP vs SPOK — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $33.9M |
| Net Profit | $16.9M | $2.9M |
| Gross Margin | — | 76.7% |
| Operating Margin | — | 11.6% |
| Net Margin | 28.6% | 8.7% |
| Revenue YoY | — | -0.1% |
| Net Profit YoY | 8.2% | -19.6% |
| 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 | $33.9M | ||
| Q3 25 | $57.3M | $33.9M | ||
| Q2 25 | $55.9M | $35.7M | ||
| Q1 25 | $54.1M | $36.3M | ||
| Q4 24 | $62.0M | $33.9M | ||
| Q3 24 | $51.4M | $34.9M | ||
| Q2 24 | $56.5M | $34.0M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | $2.9M | ||
| Q3 25 | $17.5M | $3.2M | ||
| Q2 25 | $16.9M | $4.6M | ||
| Q1 25 | $15.6M | $5.2M | ||
| Q4 24 | $18.5M | $3.6M | ||
| Q3 24 | $13.8M | $3.7M | ||
| Q2 24 | $18.5M | $3.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 76.7% | ||
| Q3 25 | — | 78.3% | ||
| Q2 25 | — | 79.5% | ||
| Q1 25 | — | 80.1% | ||
| Q4 24 | — | 78.5% | ||
| Q3 24 | — | 79.5% | ||
| Q2 24 | — | 78.9% |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | 11.6% | ||
| Q3 25 | 37.0% | 12.9% | ||
| Q2 25 | 37.0% | 15.1% | ||
| Q1 25 | 35.3% | 16.6% | ||
| Q4 24 | 36.7% | 13.7% | ||
| Q3 24 | 33.7% | 14.2% | ||
| Q2 24 | 41.0% | 13.2% |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | 8.7% | ||
| Q3 25 | 30.5% | 9.5% | ||
| Q2 25 | 30.2% | 12.8% | ||
| Q1 25 | 28.8% | 14.3% | ||
| Q4 24 | 29.8% | 10.8% | ||
| Q3 24 | 26.9% | 10.5% | ||
| Q2 24 | 32.8% | 10.1% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | $0.13 | ||
| Q3 25 | $0.84 | $0.15 | ||
| Q2 25 | $0.81 | $0.22 | ||
| Q1 25 | $0.74 | $0.25 | ||
| Q4 24 | $0.87 | $0.17 | ||
| Q3 24 | $0.65 | $0.18 | ||
| Q2 24 | $0.88 | $0.17 |
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 | $25.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $510.6M | $146.4M |
| Total Assets | $5.6B | $206.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | $25.3M | ||
| Q3 25 | $208.7M | $21.4M | ||
| Q2 25 | $146.2M | $20.2M | ||
| Q1 25 | $128.1M | $19.9M | ||
| Q4 24 | $119.9M | $29.1M | ||
| Q3 24 | $121.6M | $27.8M | ||
| Q2 24 | $214.3M | $23.9M |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $146.4M | ||
| Q3 25 | $490.7M | $148.7M | ||
| Q2 25 | $469.3M | $150.9M | ||
| Q1 25 | $467.3M | $151.7M | ||
| Q4 24 | $454.7M | $154.7M | ||
| Q3 24 | $452.4M | $156.3M | ||
| Q2 24 | $430.5M | $158.2M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $206.1M | ||
| Q3 25 | $5.5B | $209.7M | ||
| Q2 25 | $5.4B | $208.7M | ||
| Q1 25 | $5.3B | $204.5M | ||
| Q4 24 | $5.3B | $217.1M | ||
| Q3 24 | $5.3B | $216.8M | ||
| Q2 24 | $5.3B | $216.4M |
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 | — | $11.5M |
| Free Cash FlowOCF − Capex | — | $10.1M |
| FCF MarginFCF / Revenue | — | 29.9% |
| Capex IntensityCapex / Revenue | — | 4.1% |
| Cash ConversionOCF / Net Profit | — | 3.93× |
| TTM Free Cash FlowTrailing 4 quarters | — | $25.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $76.7M | $11.5M | ||
| Q3 25 | $18.2M | $8.1M | ||
| Q2 25 | $19.0M | $7.0M | ||
| Q1 25 | $31.7M | $2.3M | ||
| Q4 24 | $63.2M | $8.4M | ||
| Q3 24 | $17.2M | $11.1M | ||
| Q2 24 | $8.7M | $7.4M |
| Q1 26 | — | — | ||
| Q4 25 | $70.2M | $10.1M | ||
| Q3 25 | $16.5M | $7.6M | ||
| Q2 25 | $16.7M | $6.0M | ||
| Q1 25 | $30.6M | $1.5M | ||
| Q4 24 | $55.2M | $7.5M | ||
| Q3 24 | $15.7M | $10.3M | ||
| Q2 24 | $7.0M | $6.8M |
| Q1 26 | — | — | ||
| Q4 25 | 120.3% | 29.9% | ||
| Q3 25 | 28.9% | 22.4% | ||
| Q2 25 | 29.8% | 16.8% | ||
| Q1 25 | 56.5% | 4.2% | ||
| Q4 24 | 89.1% | 22.3% | ||
| Q3 24 | 30.6% | 29.4% | ||
| Q2 24 | 12.3% | 20.0% |
| Q1 26 | — | — | ||
| Q4 25 | 11.1% | 4.1% | ||
| Q3 25 | 2.9% | 1.6% | ||
| Q2 25 | 4.1% | 2.9% | ||
| Q1 25 | 2.1% | 2.1% | ||
| Q4 24 | 12.8% | 2.5% | ||
| Q3 24 | 2.9% | 2.4% | ||
| Q2 24 | 3.1% | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | 4.13× | 3.93× | ||
| Q3 25 | 1.04× | 2.54× | ||
| Q2 25 | 1.12× | 1.55× | ||
| Q1 25 | 2.03× | 0.43× | ||
| Q4 24 | 3.42× | 2.31× | ||
| Q3 24 | 1.25× | 3.03× | ||
| Q2 24 | 0.47× | 2.17× |
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% |
SPOK
| Paging | $16.8M | 50% |
| Software Operations | $16.0M | 47% |
| License | $1.2M | 4% |
