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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and TACTILE SYSTEMS TECHNOLOGY INC (TCMD). Click either name above to swap in a different company.
TACTILE SYSTEMS TECHNOLOGY INC is the larger business by last-quarter revenue ($103.6M vs $58.9M, roughly 1.8× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs 10.3%, a 18.4% gap on every dollar of revenue. Over the past eight quarters, TACTILE SYSTEMS TECHNOLOGY INC's revenue compounded faster (30.2% 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.
Dominion Voting Systems Corporation was a North American company that produced and sold electronic voting hardware and software, including voting machines and tabulators, in Canada and the United States.
IBCP vs TCMD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $103.6M |
| Net Profit | $16.9M | $10.6M |
| Gross Margin | — | 78.2% |
| Operating Margin | — | 18.1% |
| Net Margin | 28.6% | 10.3% |
| Revenue YoY | — | 21.0% |
| Net Profit YoY | 8.2% | 9.4% |
| EPS (diluted) | $0.81 | $0.45 |
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 | $103.6M | ||
| Q3 25 | $57.3M | $85.8M | ||
| Q2 25 | $55.9M | $78.9M | ||
| Q1 25 | $54.1M | $61.3M | ||
| Q4 24 | $62.0M | $85.6M | ||
| Q3 24 | $51.4M | $73.1M | ||
| Q2 24 | $56.5M | $73.2M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | $10.6M | ||
| Q3 25 | $17.5M | $8.2M | ||
| Q2 25 | $16.9M | $3.2M | ||
| Q1 25 | $15.6M | $-3.0M | ||
| Q4 24 | $18.5M | $9.7M | ||
| Q3 24 | $13.8M | $5.2M | ||
| Q2 24 | $18.5M | $4.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 78.2% | ||
| Q3 25 | — | 75.8% | ||
| Q2 25 | — | 74.5% | ||
| Q1 25 | — | 74.0% | ||
| Q4 24 | — | 75.2% | ||
| Q3 24 | — | 75.0% | ||
| Q2 24 | — | 73.9% |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | 18.1% | ||
| Q3 25 | 37.0% | 12.8% | ||
| Q2 25 | 37.0% | 5.2% | ||
| Q1 25 | 35.3% | -7.4% | ||
| Q4 24 | 36.7% | 14.6% | ||
| Q3 24 | 33.7% | 9.3% | ||
| Q2 24 | 41.0% | 8.0% |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | 10.3% | ||
| Q3 25 | 30.5% | 9.6% | ||
| Q2 25 | 30.2% | 4.1% | ||
| Q1 25 | 28.8% | -4.9% | ||
| Q4 24 | 29.8% | 11.4% | ||
| Q3 24 | 26.9% | 7.1% | ||
| Q2 24 | 32.8% | 5.9% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | $0.45 | ||
| Q3 25 | $0.84 | $0.36 | ||
| Q2 25 | $0.81 | $0.14 | ||
| Q1 25 | $0.74 | $-0.13 | ||
| Q4 24 | $0.87 | $0.40 | ||
| Q3 24 | $0.65 | $0.21 | ||
| Q2 24 | $0.88 | $0.18 |
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 | $83.4M |
| Total DebtLower is stronger | — | $0 |
| Stockholders' EquityBook value | $510.6M | $218.9M |
| Total Assets | $5.6B | $273.9M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | $83.4M | ||
| Q3 25 | $208.7M | $66.0M | ||
| Q2 25 | $146.2M | $81.5M | ||
| Q1 25 | $128.1M | $83.6M | ||
| Q4 24 | $119.9M | $94.4M | ||
| Q3 24 | $121.6M | $82.1M | ||
| Q2 24 | $214.3M | $73.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | $0 | ||
| Q3 25 | — | $0 | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $27.0M | ||
| Q2 24 | — | $27.8M |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $218.9M | ||
| Q3 25 | $490.7M | $204.9M | ||
| Q2 25 | $469.3M | $194.9M | ||
| Q1 25 | $467.3M | $205.6M | ||
| Q4 24 | $454.7M | $216.6M | ||
| Q3 24 | $452.4M | $207.9M | ||
| Q2 24 | $430.5M | $200.7M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $273.9M | ||
| Q3 25 | $5.5B | $259.2M | ||
| Q2 25 | $5.4B | $273.0M | ||
| Q1 25 | $5.3B | $280.2M | ||
| Q4 24 | $5.3B | $297.9M | ||
| Q3 24 | $5.3B | $287.7M | ||
| Q2 24 | $5.3B | $278.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | 0.14× |
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 | — | $17.3M |
| Free Cash FlowOCF − Capex | — | $16.8M |
| FCF MarginFCF / Revenue | — | 16.2% |
| Capex IntensityCapex / Revenue | — | 0.5% |
| Cash ConversionOCF / Net Profit | — | 1.63× |
| TTM Free Cash FlowTrailing 4 quarters | — | $40.4M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $76.7M | $17.3M | ||
| Q3 25 | $18.2M | $10.3M | ||
| Q2 25 | $19.0M | $14.8M | ||
| Q1 25 | $31.7M | $417.0K | ||
| Q4 24 | $63.2M | $16.3M | ||
| Q3 24 | $17.2M | $10.3M | ||
| Q2 24 | $8.7M | $13.1M |
| Q1 26 | — | — | ||
| Q4 25 | $70.2M | $16.8M | ||
| Q3 25 | $16.5M | $9.2M | ||
| Q2 25 | $16.7M | $14.4M | ||
| Q1 25 | $30.6M | $38.0K | ||
| Q4 24 | $55.2M | $15.9M | ||
| Q3 24 | $15.7M | $9.3M | ||
| Q2 24 | $7.0M | $12.6M |
| Q1 26 | — | — | ||
| Q4 25 | 120.3% | 16.2% | ||
| Q3 25 | 28.9% | 10.8% | ||
| Q2 25 | 29.8% | 18.2% | ||
| Q1 25 | 56.5% | 0.1% | ||
| Q4 24 | 89.1% | 18.5% | ||
| Q3 24 | 30.6% | 12.7% | ||
| Q2 24 | 12.3% | 17.3% |
| Q1 26 | — | — | ||
| Q4 25 | 11.1% | 0.5% | ||
| Q3 25 | 2.9% | 1.3% | ||
| Q2 25 | 4.1% | 0.5% | ||
| Q1 25 | 2.1% | 0.6% | ||
| Q4 24 | 12.8% | 0.5% | ||
| Q3 24 | 2.9% | 1.3% | ||
| Q2 24 | 3.1% | 0.7% |
| Q1 26 | — | — | ||
| Q4 25 | 4.13× | 1.63× | ||
| Q3 25 | 1.04× | 1.26× | ||
| Q2 25 | 1.12× | 4.59× | ||
| Q1 25 | 2.03× | — | ||
| Q4 24 | 3.42× | 1.68× | ||
| Q3 24 | 1.25× | 1.99× | ||
| Q2 24 | 0.47× | 3.06× |
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% |
TCMD
| Private Insurers | $57.6M | 56% |
| Medicare | $24.6M | 24% |
| Durable Medical Equipment Distributors | $14.1M | 14% |
| Veterans Administration | $7.3M | 7% |
