vs
Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and SYPRIS SOLUTIONS INC (SYPR). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($58.9M vs $30.3M, roughly 1.9× SYPRIS SOLUTIONS INC). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs -12.9%, a 41.5% gap on every dollar of revenue. Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (2.1% CAGR vs -7.7%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Sypris Solutions Inc. is a U.S.-headquartered provider of highly engineered components and specialized technical services, primarily serving aerospace, defense, automotive and commercial industrial markets. It delivers custom manufacturing, performance testing, and value-added engineering support for mission-critical systems and parts for global enterprise clients.
IBCP vs SYPR — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $30.3M |
| Net Profit | $16.9M | $-3.9M |
| Gross Margin | — | 4.6% |
| Operating Margin | — | -10.9% |
| Net Margin | 28.6% | -12.9% |
| Revenue YoY | — | -9.5% |
| Net Profit YoY | 8.2% | -2992.6% |
| EPS (diluted) | $0.81 | $-0.17 |
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 | $30.3M | ||
| Q3 25 | $57.3M | $28.7M | ||
| Q2 25 | $55.9M | $31.4M | ||
| Q1 25 | $54.1M | $29.5M | ||
| Q4 24 | $62.0M | $33.4M | ||
| Q3 24 | $51.4M | $35.7M | ||
| Q2 24 | $56.5M | $35.5M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | $-3.9M | ||
| Q3 25 | $17.5M | $517.0K | ||
| Q2 25 | $16.9M | $-2.1M | ||
| Q1 25 | $15.6M | $-899.0K | ||
| Q4 24 | $18.5M | $135.0K | ||
| Q3 24 | $13.8M | $390.0K | ||
| Q2 24 | $18.5M | $16.0K |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.6% | ||
| Q3 25 | — | 7.2% | ||
| Q2 25 | — | 8.2% | ||
| Q1 25 | — | 11.4% | ||
| Q4 24 | — | 16.1% | ||
| Q3 24 | — | 16.8% | ||
| Q2 24 | — | 15.9% |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | -10.9% | ||
| Q3 25 | 37.0% | -6.1% | ||
| Q2 25 | 37.0% | -4.6% | ||
| Q1 25 | 35.3% | -0.4% | ||
| Q4 24 | 36.7% | 3.9% | ||
| Q3 24 | 33.7% | 4.8% | ||
| Q2 24 | 41.0% | 3.6% |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | -12.9% | ||
| Q3 25 | 30.5% | 1.8% | ||
| Q2 25 | 30.2% | -6.5% | ||
| Q1 25 | 28.8% | -3.0% | ||
| Q4 24 | 29.8% | 0.4% | ||
| Q3 24 | 26.9% | 1.1% | ||
| Q2 24 | 32.8% | 0.0% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | $-0.17 | ||
| Q3 25 | $0.84 | $0.02 | ||
| Q2 25 | $0.81 | $-0.09 | ||
| Q1 25 | $0.74 | $-0.04 | ||
| Q4 24 | $0.87 | $0.00 | ||
| Q3 24 | $0.65 | $0.02 | ||
| Q2 24 | $0.88 | $0.00 |
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 | — | — |
| Stockholders' EquityBook value | $510.6M | $17.8M |
| Total Assets | $5.6B | $107.8M |
| Debt / EquityLower = less leverage | — | — |
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 | $510.6M | — | ||
| Q4 25 | $503.0M | $17.8M | ||
| Q3 25 | $490.7M | $20.0M | ||
| Q2 25 | $469.3M | $18.7M | ||
| Q1 25 | $467.3M | $19.0M | ||
| Q4 24 | $454.7M | $19.6M | ||
| Q3 24 | $452.4M | $18.2M | ||
| Q2 24 | $430.5M | $19.0M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $107.8M | ||
| Q3 25 | $5.5B | $112.5M | ||
| Q2 25 | $5.4B | $105.8M | ||
| Q1 25 | $5.3B | $110.2M | ||
| Q4 24 | $5.3B | $119.4M | ||
| Q3 24 | $5.3B | $121.6M | ||
| Q2 24 | $5.3B | $124.2M |
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 | — | $-1.1M |
| Free Cash FlowOCF − Capex | — | $-1.5M |
| FCF MarginFCF / Revenue | — | -5.0% |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-6.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $76.7M | $-1.1M | ||
| Q3 25 | $18.2M | $-178.0K | ||
| Q2 25 | $19.0M | $1.1M | ||
| Q1 25 | $31.7M | $-5.5M | ||
| Q4 24 | $63.2M | $2.3M | ||
| Q3 24 | $17.2M | $-4.8M | ||
| Q2 24 | $8.7M | $6.2M |
| Q1 26 | — | — | ||
| Q4 25 | $70.2M | $-1.5M | ||
| Q3 25 | $16.5M | $-390.0K | ||
| Q2 25 | $16.7M | $941.0K | ||
| Q1 25 | $30.6M | $-5.5M | ||
| Q4 24 | $55.2M | $1.9M | ||
| Q3 24 | $15.7M | $-4.9M | ||
| Q2 24 | $7.0M | $6.0M |
| Q1 26 | — | — | ||
| Q4 25 | 120.3% | -5.0% | ||
| Q3 25 | 28.9% | -1.4% | ||
| Q2 25 | 29.8% | 3.0% | ||
| Q1 25 | 56.5% | -18.8% | ||
| Q4 24 | 89.1% | 5.7% | ||
| Q3 24 | 30.6% | -13.8% | ||
| Q2 24 | 12.3% | 16.8% |
| Q1 26 | — | — | ||
| Q4 25 | 11.1% | 1.3% | ||
| Q3 25 | 2.9% | 0.7% | ||
| Q2 25 | 4.1% | 0.5% | ||
| Q1 25 | 2.1% | 0.0% | ||
| Q4 24 | 12.8% | 1.2% | ||
| Q3 24 | 2.9% | 0.4% | ||
| Q2 24 | 3.1% | 0.5% |
| Q1 26 | — | — | ||
| Q4 25 | 4.13× | — | ||
| Q3 25 | 1.04× | -0.34× | ||
| Q2 25 | 1.12× | — | ||
| Q1 25 | 2.03× | — | ||
| Q4 24 | 3.42× | 17.13× | ||
| Q3 24 | 1.25× | -12.21× | ||
| Q2 24 | 0.47× | 385.25× |
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% |
SYPR
| Sypris Electronics | $17.7M | 59% |
| Transferred At Point In Time | $12.5M | 41% |
