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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Vericel Corp is the larger business by last-quarter revenue ($92.9M vs $58.9M, roughly 1.6× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs 25.0%, a 3.6% gap on every dollar of revenue. Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% 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.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
IBCP vs VCEL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $92.9M |
| Net Profit | $16.9M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | — | 24.1% |
| Net Margin | 28.6% | 25.0% |
| Revenue YoY | — | 23.3% |
| Net Profit YoY | 8.2% | 17.3% |
| EPS (diluted) | $0.81 | $0.46 |
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 | $92.9M | ||
| Q3 25 | $57.3M | $67.5M | ||
| Q2 25 | $55.9M | $63.2M | ||
| Q1 25 | $54.1M | $52.6M | ||
| Q4 24 | $62.0M | $75.4M | ||
| Q3 24 | $51.4M | $57.9M | ||
| Q2 24 | $56.5M | $52.7M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | $23.2M | ||
| Q3 25 | $17.5M | $5.1M | ||
| Q2 25 | $16.9M | $-553.0K | ||
| Q1 25 | $15.6M | $-11.2M | ||
| Q4 24 | $18.5M | $19.8M | ||
| Q3 24 | $13.8M | $-901.0K | ||
| Q2 24 | $18.5M | $-4.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | 78.7% | ||
| Q3 25 | — | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | — | 69.0% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 71.9% | ||
| Q2 24 | — | 69.5% |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | 24.1% | ||
| Q3 25 | 37.0% | 5.1% | ||
| Q2 25 | 37.0% | -3.2% | ||
| Q1 25 | 35.3% | -24.3% | ||
| Q4 24 | 36.7% | 24.5% | ||
| Q3 24 | 33.7% | -4.3% | ||
| Q2 24 | 41.0% | -11.5% |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | 25.0% | ||
| Q3 25 | 30.5% | 7.5% | ||
| Q2 25 | 30.2% | -0.9% | ||
| Q1 25 | 28.8% | -21.4% | ||
| Q4 24 | 29.8% | 26.3% | ||
| Q3 24 | 26.9% | -1.6% | ||
| Q2 24 | 32.8% | -8.9% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | $0.46 | ||
| Q3 25 | $0.84 | $0.10 | ||
| Q2 25 | $0.81 | $-0.01 | ||
| Q1 25 | $0.74 | $-0.23 | ||
| Q4 24 | $0.87 | $0.40 | ||
| Q3 24 | $0.65 | $-0.02 | ||
| Q2 24 | $0.88 | $-0.10 |
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 | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $510.6M | $354.6M |
| Total Assets | $5.6B | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | $137.5M | ||
| Q3 25 | $208.7M | $135.4M | ||
| Q2 25 | $146.2M | $116.9M | ||
| Q1 25 | $128.1M | $112.9M | ||
| Q4 24 | $119.9M | $116.2M | ||
| Q3 24 | $121.6M | $101.7M | ||
| Q2 24 | $214.3M | $102.5M |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $354.6M | ||
| Q3 25 | $490.7M | $321.9M | ||
| Q2 25 | $469.3M | $306.8M | ||
| Q1 25 | $467.3M | $295.5M | ||
| Q4 24 | $454.7M | $292.0M | ||
| Q3 24 | $452.4M | $257.5M | ||
| Q2 24 | $430.5M | $243.0M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $488.0M | ||
| Q3 25 | $5.5B | $453.3M | ||
| Q2 25 | $5.4B | $435.6M | ||
| Q1 25 | $5.3B | $424.6M | ||
| Q4 24 | $5.3B | $432.7M | ||
| Q3 24 | $5.3B | $390.4M | ||
| Q2 24 | $5.3B | $376.8M |
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 | — | $15.0M |
| Free Cash FlowOCF − Capex | — | $12.8M |
| FCF MarginFCF / Revenue | — | 13.8% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | — | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $76.7M | $15.0M | ||
| Q3 25 | $18.2M | $22.1M | ||
| Q2 25 | $19.0M | $8.2M | ||
| Q1 25 | $31.7M | $6.6M | ||
| Q4 24 | $63.2M | $22.2M | ||
| Q3 24 | $17.2M | $10.2M | ||
| Q2 24 | $8.7M | $18.5M |
| Q1 26 | — | — | ||
| Q4 25 | $70.2M | $12.8M | ||
| Q3 25 | $16.5M | $19.5M | ||
| Q2 25 | $16.7M | $81.0K | ||
| Q1 25 | $30.6M | $-7.6M | ||
| Q4 24 | $55.2M | $8.5M | ||
| Q3 24 | $15.7M | $-9.2M | ||
| Q2 24 | $7.0M | $1.8M |
| Q1 26 | — | — | ||
| Q4 25 | 120.3% | 13.8% | ||
| Q3 25 | 28.9% | 28.8% | ||
| Q2 25 | 29.8% | 0.1% | ||
| Q1 25 | 56.5% | -14.5% | ||
| Q4 24 | 89.1% | 11.2% | ||
| Q3 24 | 30.6% | -15.9% | ||
| Q2 24 | 12.3% | 3.4% |
| Q1 26 | — | — | ||
| Q4 25 | 11.1% | 2.4% | ||
| Q3 25 | 2.9% | 3.9% | ||
| Q2 25 | 4.1% | 12.9% | ||
| Q1 25 | 2.1% | 27.0% | ||
| Q4 24 | 12.8% | 18.3% | ||
| Q3 24 | 2.9% | 33.5% | ||
| Q2 24 | 3.1% | 31.8% |
| Q1 26 | — | — | ||
| Q4 25 | 4.13× | 0.65× | ||
| Q3 25 | 1.04× | 4.35× | ||
| Q2 25 | 1.12× | — | ||
| Q1 25 | 2.03× | — | ||
| Q4 24 | 3.42× | 1.12× | ||
| Q3 24 | 1.25× | — | ||
| Q2 24 | 0.47× | — |
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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
