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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and VIEMED HEALTHCARE, INC. (VMD). Click either name above to swap in a different company.
VIEMED HEALTHCARE, INC. is the larger business by last-quarter revenue ($76.2M vs $58.9M, roughly 1.3× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs 7.4%, a 21.2% gap on every dollar of revenue. Over the past eight quarters, VIEMED HEALTHCARE, INC.'s revenue compounded faster (22.7% 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.
Viemed Healthcare, Inc. is a medical technology firm specializing in respiratory care solutions. It develops, manufactures and distributes portable ventilators, respiratory therapy devices and related support services, catering to acute care, post-acute care and home care segments across North America, Europe and key Asia-Pacific markets for patients with respiratory conditions.
IBCP vs VMD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $76.2M |
| Net Profit | $16.9M | $5.6M |
| Gross Margin | — | 57.9% |
| Operating Margin | — | 11.0% |
| Net Margin | 28.6% | 7.4% |
| Revenue YoY | — | 25.5% |
| Net Profit YoY | 8.2% | 30.7% |
| 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 | $76.2M | ||
| Q3 25 | $57.3M | $71.9M | ||
| Q2 25 | $55.9M | $63.1M | ||
| Q1 25 | $54.1M | $59.1M | ||
| Q4 24 | $62.0M | $60.7M | ||
| Q3 24 | $51.4M | $58.0M | ||
| Q2 24 | $56.5M | $55.0M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | $5.6M | ||
| Q3 25 | $17.5M | $3.5M | ||
| Q2 25 | $16.9M | $3.2M | ||
| Q1 25 | $15.6M | $2.6M | ||
| Q4 24 | $18.5M | $4.3M | ||
| Q3 24 | $13.8M | $3.9M | ||
| Q2 24 | $18.5M | $1.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | 57.9% | ||
| Q3 25 | — | 57.5% | ||
| Q2 25 | — | 58.3% | ||
| Q1 25 | — | 56.3% | ||
| Q4 24 | — | 59.5% | ||
| Q3 24 | — | 59.3% | ||
| Q2 24 | — | 59.8% |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | 11.0% | ||
| Q3 25 | 37.0% | 7.8% | ||
| Q2 25 | 37.0% | 8.1% | ||
| Q1 25 | 35.3% | 6.5% | ||
| Q4 24 | 36.7% | 10.6% | ||
| Q3 24 | 33.7% | 9.7% | ||
| Q2 24 | 41.0% | 6.6% |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | 7.4% | ||
| Q3 25 | 30.5% | 4.9% | ||
| Q2 25 | 30.2% | 5.0% | ||
| Q1 25 | 28.8% | 4.4% | ||
| Q4 24 | 29.8% | 7.1% | ||
| Q3 24 | 26.9% | 6.7% | ||
| Q2 24 | 32.8% | 2.7% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | $0.14 | ||
| Q3 25 | $0.84 | $0.09 | ||
| Q2 25 | $0.81 | $0.08 | ||
| Q1 25 | $0.74 | $0.06 | ||
| Q4 24 | $0.87 | $0.10 | ||
| Q3 24 | $0.65 | $0.10 | ||
| Q2 24 | $0.88 | $0.04 |
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 | $13.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $510.6M | $141.5M |
| Total Assets | $5.6B | $199.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | $13.5M | ||
| Q3 25 | $208.7M | $11.1M | ||
| Q2 25 | $146.2M | $20.0M | ||
| Q1 25 | $128.1M | $10.2M | ||
| Q4 24 | $119.9M | $17.5M | ||
| Q3 24 | $121.6M | $11.3M | ||
| Q2 24 | $214.3M | $8.8M |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $141.5M | ||
| Q3 25 | $490.7M | $133.6M | ||
| Q2 25 | $469.3M | $139.7M | ||
| Q1 25 | $467.3M | $134.8M | ||
| Q4 24 | $454.7M | $131.4M | ||
| Q3 24 | $452.4M | $125.0M | ||
| Q2 24 | $430.5M | $119.4M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $199.2M | ||
| Q3 25 | $5.5B | $202.4M | ||
| Q2 25 | $5.4B | $184.6M | ||
| Q1 25 | $5.3B | $178.1M | ||
| Q4 24 | $5.3B | $177.1M | ||
| Q3 24 | $5.3B | $169.5M | ||
| Q2 24 | $5.3B | $163.9M |
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 | — | $18.4M |
| Free Cash FlowOCF − Capex | — | $9.7M |
| FCF MarginFCF / Revenue | — | 12.7% |
| Capex IntensityCapex / Revenue | — | 11.5% |
| Cash ConversionOCF / Net Profit | — | 3.27× |
| TTM Free Cash FlowTrailing 4 quarters | — | $11.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $76.7M | $18.4M | ||
| Q3 25 | $18.2M | $18.4M | ||
| Q2 25 | $19.0M | $12.3M | ||
| Q1 25 | $31.7M | $2.9M | ||
| Q4 24 | $63.2M | $15.0M | ||
| Q3 24 | $17.2M | $12.7M | ||
| Q2 24 | $8.7M | $10.2M |
| Q1 26 | — | — | ||
| Q4 25 | $70.2M | $9.7M | ||
| Q3 25 | $16.5M | $10.7M | ||
| Q2 25 | $16.7M | $4.1M | ||
| Q1 25 | $30.6M | $-12.6M | ||
| Q4 24 | $55.2M | $3.2M | ||
| Q3 24 | $15.7M | $1.7M | ||
| Q2 24 | $7.0M | $1.2M |
| Q1 26 | — | — | ||
| Q4 25 | 120.3% | 12.7% | ||
| Q3 25 | 28.9% | 14.9% | ||
| Q2 25 | 29.8% | 6.5% | ||
| Q1 25 | 56.5% | -21.4% | ||
| Q4 24 | 89.1% | 5.2% | ||
| Q3 24 | 30.6% | 3.0% | ||
| Q2 24 | 12.3% | 2.3% |
| Q1 26 | — | — | ||
| Q4 25 | 11.1% | 11.5% | ||
| Q3 25 | 2.9% | 10.6% | ||
| Q2 25 | 4.1% | 12.9% | ||
| Q1 25 | 2.1% | 26.2% | ||
| Q4 24 | 12.8% | 19.5% | ||
| Q3 24 | 2.9% | 19.0% | ||
| Q2 24 | 3.1% | 16.3% |
| Q1 26 | — | — | ||
| Q4 25 | 4.13× | 3.27× | ||
| Q3 25 | 1.04× | 5.23× | ||
| Q2 25 | 1.12× | 3.88× | ||
| Q1 25 | 2.03× | 1.09× | ||
| Q4 24 | 3.42× | 3.47× | ||
| Q3 24 | 1.25× | 3.29× | ||
| Q2 24 | 0.47× | 6.94× |
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% |
VMD
Segment breakdown not available.
