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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and STEM, INC. (STEM). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($58.9M vs $47.1M, roughly 1.2× STEM, INC.). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs -33.9%, a 62.5% gap on every dollar of revenue. Over the past eight quarters, STEM, INC.'s revenue compounded faster (36.1% 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.
StemCells, Inc. is a public biopharmaceutical company headquartered in Newark, California, that is developing purified human neural stem cells (HuCNS-SCs) in the hopes of treating central nervous system disorders and paralysis. StemCells' HuCNS-SCs have the ability to differentiate into the three main types of cells found in the central nervous system: neurons, astrocytes and oligodendrocytes.
IBCP vs STEM — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $47.1M |
| Net Profit | $16.9M | $-16.0M |
| Gross Margin | — | 48.9% |
| Operating Margin | — | -17.7% |
| Net Margin | 28.6% | -33.9% |
| Revenue YoY | — | -15.6% |
| Net Profit YoY | 8.2% | 68.8% |
| EPS (diluted) | $0.81 | $-4.40 |
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 | $47.1M | ||
| Q3 25 | $57.3M | $38.2M | ||
| Q2 25 | $55.9M | $38.4M | ||
| Q1 25 | $54.1M | $32.5M | ||
| Q4 24 | $62.0M | $55.8M | ||
| Q3 24 | $51.4M | $29.3M | ||
| Q2 24 | $56.5M | $34.0M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | $-16.0M | ||
| Q3 25 | $17.5M | $-23.8M | ||
| Q2 25 | $16.9M | $202.5M | ||
| Q1 25 | $15.6M | $-25.0M | ||
| Q4 24 | $18.5M | $-51.1M | ||
| Q3 24 | $13.8M | $-148.3M | ||
| Q2 24 | $18.5M | $-582.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 48.9% | ||
| Q3 25 | — | 35.5% | ||
| Q2 25 | — | 33.4% | ||
| Q1 25 | — | 32.4% | ||
| Q4 24 | — | -4.4% | ||
| Q3 24 | — | 21.2% | ||
| Q2 24 | — | 27.6% |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | -17.7% | ||
| Q3 25 | 37.0% | -33.6% | ||
| Q2 25 | 37.0% | -34.8% | ||
| Q1 25 | 35.3% | -65.0% | ||
| Q4 24 | 36.7% | -84.4% | ||
| Q3 24 | 33.7% | -493.2% | ||
| Q2 24 | 41.0% | -1705.5% |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | -33.9% | ||
| Q3 25 | 30.5% | -62.2% | ||
| Q2 25 | 30.2% | 527.8% | ||
| Q1 25 | 28.8% | -76.9% | ||
| Q4 24 | 29.8% | -91.6% | ||
| Q3 24 | 26.9% | -506.3% | ||
| Q2 24 | 32.8% | -1712.6% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | $-4.40 | ||
| Q3 25 | $0.84 | $-2.84 | ||
| Q2 25 | $0.81 | $-1.79 | ||
| Q1 25 | $0.74 | $-0.15 | ||
| Q4 24 | $0.87 | $-15.29 | ||
| Q3 24 | $0.65 | $-18.24 | ||
| Q2 24 | $0.88 | $-71.81 |
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 | $48.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $510.6M | $-249.4M |
| Total Assets | $5.6B | $308.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | $48.9M | ||
| Q3 25 | $208.7M | $43.1M | ||
| Q2 25 | $146.2M | $40.8M | ||
| Q1 25 | $128.1M | $58.6M | ||
| Q4 24 | $119.9M | $56.3M | ||
| Q3 24 | $121.6M | $75.4M | ||
| Q2 24 | $214.3M | $89.6M |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $-249.4M | ||
| Q3 25 | $490.7M | $-235.7M | ||
| Q2 25 | $469.3M | $-214.1M | ||
| Q1 25 | $467.3M | $-417.5M | ||
| Q4 24 | $454.7M | $-398.4M | ||
| Q3 24 | $452.4M | $-344.1M | ||
| Q2 24 | $430.5M | $-203.2M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $308.9M | ||
| Q3 25 | $5.5B | $362.6M | ||
| Q2 25 | $5.4B | $379.2M | ||
| Q1 25 | $5.3B | $405.1M | ||
| Q4 24 | $5.3B | $437.4M | ||
| Q3 24 | $5.3B | $537.8M | ||
| Q2 24 | $5.3B | $691.5M |
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 | — | $8.2M |
| 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 | $8.2M | ||
| Q3 25 | $18.2M | $11.4M | ||
| Q2 25 | $19.0M | $-21.3M | ||
| Q1 25 | $31.7M | $8.5M | ||
| Q4 24 | $63.2M | $-14.7M | ||
| Q3 24 | $17.2M | $-9.4M | ||
| Q2 24 | $8.7M | $-11.9M |
| 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% | — | ||
| Q2 24 | 3.1% | — |
| Q1 26 | — | — | ||
| Q4 25 | 4.13× | — | ||
| Q3 25 | 1.04× | — | ||
| Q2 25 | 1.12× | -0.11× | ||
| 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% |
STEM
Segment breakdown not available.
