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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Target Hospitality Corp. is the larger business by last-quarter revenue ($73.5M vs $58.9M, roughly 1.2× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs -20.3%, a 49.0% gap on every dollar of revenue. Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (2.1% CAGR vs 0.7%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
IBCP vs TH — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $73.5M |
| Net Profit | $16.9M | $-14.9M |
| Gross Margin | — | 9.6% |
| Operating Margin | — | -22.9% |
| Net Margin | 28.6% | -20.3% |
| Revenue YoY | — | 22.0% |
| Net Profit YoY | 8.2% | -219.1% |
| EPS (diluted) | $0.81 | $-0.14 |
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 | $73.5M | ||
| Q3 25 | $57.3M | $91.6M | ||
| Q2 25 | $55.9M | $54.9M | ||
| Q1 25 | $54.1M | $54.9M | ||
| Q4 24 | $62.0M | $60.2M | ||
| Q3 24 | $51.4M | $65.8M | ||
| Q2 24 | $56.5M | $67.5M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | $-14.9M | ||
| Q3 25 | $17.5M | $-795.0K | ||
| Q2 25 | $16.9M | $-14.9M | ||
| Q1 25 | $15.6M | $-6.5M | ||
| Q4 24 | $18.5M | $12.5M | ||
| Q3 24 | $13.8M | $20.0M | ||
| Q2 24 | $18.5M | $18.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 9.6% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | -0.6% | ||
| Q1 25 | — | 32.7% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | — | 68.7% | ||
| Q2 24 | — | 69.4% |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | -22.9% | ||
| Q3 25 | 37.0% | 0.1% | ||
| Q2 25 | 37.0% | -30.8% | ||
| Q1 25 | 35.3% | -2.0% | ||
| Q4 24 | 36.7% | 34.5% | ||
| Q3 24 | 33.7% | 42.5% | ||
| Q2 24 | 41.0% | 43.8% |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | -20.3% | ||
| Q3 25 | 30.5% | -0.9% | ||
| Q2 25 | 30.2% | -27.2% | ||
| Q1 25 | 28.8% | -11.8% | ||
| Q4 24 | 29.8% | 20.8% | ||
| Q3 24 | 26.9% | 30.4% | ||
| Q2 24 | 32.8% | 27.2% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | $-0.14 | ||
| Q3 25 | $0.84 | $-0.01 | ||
| Q2 25 | $0.81 | $-0.15 | ||
| Q1 25 | $0.74 | $-0.07 | ||
| Q4 24 | $0.87 | $0.12 | ||
| Q3 24 | $0.65 | $0.20 | ||
| 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 | $8.3M |
| Total DebtLower is stronger | — | $1.7M |
| Stockholders' EquityBook value | $510.6M | $389.3M |
| Total Assets | $5.6B | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | $8.3M | ||
| Q3 25 | $208.7M | $30.4M | ||
| Q2 25 | $146.2M | $19.2M | ||
| Q1 25 | $128.1M | $34.5M | ||
| Q4 24 | $119.9M | $190.7M | ||
| Q3 24 | $121.6M | $177.7M | ||
| Q2 24 | $214.3M | $154.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.7M | ||
| Q3 25 | — | $2.0M | ||
| Q2 25 | — | $26.3M | ||
| Q1 25 | — | $42.9M | ||
| Q4 24 | — | $1.5M | ||
| Q3 24 | — | $994.0K | ||
| Q2 24 | — | $1.1M |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $389.3M | ||
| Q3 25 | $490.7M | $402.4M | ||
| Q2 25 | $469.3M | $401.3M | ||
| Q1 25 | $467.3M | $415.3M | ||
| Q4 24 | $454.7M | $421.1M | ||
| Q3 24 | $452.4M | $417.6M | ||
| Q2 24 | $430.5M | $397.2M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $530.2M | ||
| Q3 25 | $5.5B | $541.2M | ||
| Q2 25 | $5.4B | $533.7M | ||
| Q1 25 | $5.3B | $562.5M | ||
| Q4 24 | $5.3B | $725.8M | ||
| Q3 24 | $5.3B | $709.8M | ||
| Q2 24 | $5.3B | $697.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.10× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× |
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 | — | $5.7M |
| 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 | $5.7M | ||
| Q3 25 | $18.2M | $53.4M | ||
| Q2 25 | $19.0M | $11.1M | ||
| Q1 25 | $31.7M | $3.9M | ||
| Q4 24 | $63.2M | $30.6M | ||
| Q3 24 | $17.2M | $31.4M | ||
| Q2 24 | $8.7M | $39.1M |
| Q1 26 | — | — | ||
| Q4 25 | $70.2M | — | ||
| Q3 25 | $16.5M | — | ||
| Q2 25 | $16.7M | — | ||
| Q1 25 | $30.6M | $-11.6M | ||
| 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% | -21.1% | ||
| 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% | 28.2% | ||
| 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× | — | ||
| Q1 25 | 2.03× | — | ||
| Q4 24 | 3.42× | 2.44× | ||
| Q3 24 | 1.25× | 1.57× | ||
| Q2 24 | 0.47× | 2.13× |
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% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
