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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Latham Group, Inc. is the larger business by last-quarter revenue ($100.0M vs $58.9M, roughly 1.7× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs -7.0%, a 35.7% gap on every dollar of revenue. Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (2.1% CAGR vs -4.9%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
IBCP vs SWIM — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $100.0M |
| Net Profit | $16.9M | $-7.0M |
| Gross Margin | — | 28.0% |
| Operating Margin | — | -10.7% |
| Net Margin | 28.6% | -7.0% |
| Revenue YoY | — | 14.5% |
| Net Profit YoY | -9.1% | 76.0% |
| EPS (diluted) | $0.81 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $57.3M | $161.9M | ||
| Q2 25 | $55.9M | $172.6M | ||
| Q1 25 | $54.1M | $111.4M | ||
| Q4 24 | $62.0M | $87.3M | ||
| Q3 24 | $51.4M | $150.5M | ||
| Q2 24 | $56.5M | $160.1M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | $-7.0M | ||
| Q3 25 | $17.5M | $8.1M | ||
| Q2 25 | $16.9M | $16.0M | ||
| Q1 25 | $15.6M | $-6.0M | ||
| Q4 24 | $18.5M | $-29.2M | ||
| Q3 24 | $13.8M | $5.9M | ||
| Q2 24 | $18.5M | $13.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 32.4% | ||
| Q2 24 | — | 33.1% |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | -10.7% | ||
| Q3 25 | 37.0% | 13.3% | ||
| Q2 25 | 37.0% | 14.3% | ||
| Q1 25 | 35.3% | -4.4% | ||
| Q4 24 | 36.7% | -14.9% | ||
| Q3 24 | 33.7% | 8.9% | ||
| Q2 24 | 41.0% | 12.5% |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | -7.0% | ||
| Q3 25 | 30.5% | 5.0% | ||
| Q2 25 | 30.2% | 9.3% | ||
| Q1 25 | 28.8% | -5.4% | ||
| Q4 24 | 29.8% | -33.4% | ||
| Q3 24 | 26.9% | 3.9% | ||
| Q2 24 | 32.8% | 8.3% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | $-0.06 | ||
| Q3 25 | $0.84 | $0.07 | ||
| Q2 25 | $0.81 | $0.13 | ||
| Q1 25 | $0.74 | $-0.05 | ||
| Q4 24 | $0.87 | $-0.24 | ||
| Q3 24 | $0.65 | $0.05 | ||
| Q2 24 | $0.88 | $0.11 |
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 | — |
| Total DebtLower is stronger | — | $279.8M |
| Stockholders' EquityBook value | $510.6M | $405.9M |
| Total Assets | $5.6B | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | — | ||
| Q3 25 | $208.7M | — | ||
| Q2 25 | $146.2M | — | ||
| Q1 25 | $128.1M | — | ||
| Q4 24 | $119.9M | — | ||
| Q3 24 | $121.6M | — | ||
| Q2 24 | $214.3M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $405.9M | ||
| Q3 25 | $490.7M | $408.4M | ||
| Q2 25 | $469.3M | $398.4M | ||
| Q1 25 | $467.3M | $381.1M | ||
| Q4 24 | $454.7M | $387.2M | ||
| Q3 24 | $452.4M | $416.6M | ||
| Q2 24 | $430.5M | $408.1M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $823.2M | ||
| Q3 25 | $5.5B | $844.4M | ||
| Q2 25 | $5.4B | $822.1M | ||
| Q1 25 | $5.3B | $824.6M | ||
| Q4 24 | $5.3B | $794.2M | ||
| Q3 24 | $5.3B | $853.4M | ||
| Q2 24 | $5.3B | $830.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× |
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 | — | $23.3M |
| Free Cash FlowOCF − Capex | — | $14.1M |
| FCF MarginFCF / Revenue | — | 14.1% |
| Capex IntensityCapex / Revenue | — | 9.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $76.7M | $23.3M | ||
| Q3 25 | $18.2M | $51.0M | ||
| Q2 25 | $19.0M | $36.0M | ||
| Q1 25 | $31.7M | $-46.9M | ||
| Q4 24 | $63.2M | $6.2M | ||
| Q3 24 | $17.2M | $37.2M | ||
| Q2 24 | $8.7M | $52.4M |
| Q1 26 | — | — | ||
| Q4 25 | $70.2M | $14.1M | ||
| Q3 25 | $16.5M | $45.2M | ||
| Q2 25 | $16.7M | $29.1M | ||
| Q1 25 | $30.6M | $-50.3M | ||
| Q4 24 | $55.2M | $-98.0K | ||
| Q3 24 | $15.7M | $33.2M | ||
| Q2 24 | $7.0M | $47.9M |
| Q1 26 | — | — | ||
| Q4 25 | 120.3% | 14.1% | ||
| Q3 25 | 28.9% | 27.9% | ||
| Q2 25 | 29.8% | 16.8% | ||
| Q1 25 | 56.5% | -45.2% | ||
| Q4 24 | 89.1% | -0.1% | ||
| Q3 24 | 30.6% | 22.1% | ||
| Q2 24 | 12.3% | 29.9% |
| Q1 26 | — | — | ||
| Q4 25 | 11.1% | 9.2% | ||
| Q3 25 | 2.9% | 3.6% | ||
| Q2 25 | 4.1% | 4.0% | ||
| Q1 25 | 2.1% | 3.1% | ||
| Q4 24 | 12.8% | 7.2% | ||
| Q3 24 | 2.9% | 2.7% | ||
| Q2 24 | 3.1% | 2.8% |
| Q1 26 | — | — | ||
| Q4 25 | 4.13× | — | ||
| Q3 25 | 1.04× | 6.29× | ||
| Q2 25 | 1.12× | 2.25× | ||
| Q1 25 | 2.03× | — | ||
| Q4 24 | 3.42× | — | ||
| Q3 24 | 1.25× | 6.32× | ||
| Q2 24 | 0.47× | 3.95× |
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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
