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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and Telesat Corp (TSAT). Click either name above to swap in a different company.
Telesat Corp is the larger business by last-quarter revenue ($73.8M vs $58.9M, roughly 1.3× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs -119.8%, a 148.5% gap on every dollar of revenue. Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (2.1% CAGR vs -64.0%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Telesat, formerly Telesat Canada, is a Canadian satellite communications company founded on May 2, 1969. The company is headquartered in Ottawa.
IBCP vs TSAT — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $73.8M |
| Net Profit | $16.9M | $-88.4M |
| Gross Margin | — | 95.3% |
| Operating Margin | — | 5.9% |
| Net Margin | 28.6% | -119.8% |
| Revenue YoY | — | — |
| Net Profit YoY | 8.2% | — |
| EPS (diluted) | $0.81 | — |
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 | — | ||
| Q3 25 | $57.3M | $73.8M | ||
| Q2 25 | $55.9M | $77.5M | ||
| Q1 25 | $54.1M | $152.2M | ||
| Q4 24 | $62.0M | — | ||
| Q3 24 | $51.4M | — | ||
| Q2 24 | $56.5M | $363.2M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | — | ||
| Q3 25 | $17.5M | $-88.4M | ||
| Q2 25 | $16.9M | $55.1M | ||
| Q1 25 | $15.6M | $-52.3M | ||
| Q4 24 | $18.5M | — | ||
| Q3 24 | $13.8M | — | ||
| Q2 24 | $18.5M | $547.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 95.3% | ||
| Q2 25 | — | 95.9% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | — | ||
| Q3 25 | 37.0% | 5.9% | ||
| Q2 25 | 37.0% | 16.8% | ||
| Q1 25 | 35.3% | — | ||
| Q4 24 | 36.7% | — | ||
| Q3 24 | 33.7% | — | ||
| Q2 24 | 41.0% | — |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | — | ||
| Q3 25 | 30.5% | -119.8% | ||
| Q2 25 | 30.2% | 71.2% | ||
| Q1 25 | 28.8% | -34.4% | ||
| Q4 24 | 29.8% | — | ||
| Q3 24 | 26.9% | — | ||
| Q2 24 | 32.8% | 150.7% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | — | ||
| Q3 25 | $0.84 | — | ||
| Q2 25 | $0.81 | — | ||
| Q1 25 | $0.74 | — | ||
| Q4 24 | $0.87 | — | ||
| Q3 24 | $0.65 | — | ||
| Q2 24 | $0.88 | — |
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 | $352.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $510.6M | $1.6B |
| Total Assets | $5.6B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | — | ||
| Q3 25 | $208.7M | $352.3M | ||
| Q2 25 | $146.2M | $399.6M | ||
| Q1 25 | $128.1M | $552.1M | ||
| Q4 24 | $119.9M | — | ||
| Q3 24 | $121.6M | — | ||
| Q2 24 | $214.3M | $1.7B |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | — | ||
| Q3 25 | $490.7M | $1.6B | ||
| Q2 25 | $469.3M | $1.7B | ||
| Q1 25 | $467.3M | $2.5B | ||
| Q4 24 | $454.7M | — | ||
| Q3 24 | $452.4M | — | ||
| Q2 24 | $430.5M | $2.4B |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | — | ||
| Q3 25 | $5.5B | $5.1B | ||
| Q2 25 | $5.4B | $4.9B | ||
| Q1 25 | $5.3B | $6.9B | ||
| Q4 24 | $5.3B | — | ||
| Q3 24 | $5.3B | — | ||
| Q2 24 | $5.3B | $6.3B |
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% |
TSAT
Segment breakdown not available.
