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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and UNIVERSAL DISPLAY CORP \PA\ (OLED). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $142.2M, roughly 1.5× UNIVERSAL DISPLAY CORP \PA\). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 25.2%, a 10.2% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs -14.5%). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs -5.3%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Universal Display Corporation is a developer and manufacturer of organic light emitting diode (OLED) technologies and materials, and it is a provider of services to the display and lighting industries.
INDB vs OLED — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $142.2M |
| Net Profit | $75.3M | $35.9M |
| Gross Margin | — | 74.6% |
| Operating Margin | — | 30.1% |
| Net Margin | 35.5% | 25.2% |
| Revenue YoY | 46.9% | -14.5% |
| Net Profit YoY | 50.6% | -44.3% |
| EPS (diluted) | $1.51 | $0.76 |
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 | — | $142.2M | ||
| Q4 25 | $212.5M | $172.9M | ||
| Q3 25 | $203.3M | $139.6M | ||
| Q2 25 | $147.5M | $171.8M | ||
| Q1 25 | $145.5M | $166.3M | ||
| Q4 24 | $144.7M | $162.3M | ||
| Q3 24 | $141.7M | $161.6M | ||
| Q2 24 | $137.9M | $158.5M |
| Q1 26 | — | $35.9M | ||
| Q4 25 | $75.3M | $66.3M | ||
| Q3 25 | $34.3M | $44.0M | ||
| Q2 25 | $51.1M | $67.3M | ||
| Q1 25 | $44.4M | $64.4M | ||
| Q4 24 | $50.0M | $46.0M | ||
| Q3 24 | $42.9M | $66.9M | ||
| Q2 24 | $51.3M | $52.3M |
| Q1 26 | — | 74.6% | ||
| Q4 25 | — | 76.1% | ||
| Q3 25 | — | 74.6% | ||
| Q2 25 | — | 77.2% | ||
| Q1 25 | — | 77.1% | ||
| Q4 24 | — | 77.0% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | — | 75.8% |
| Q1 26 | — | 30.1% | ||
| Q4 25 | — | 38.9% | ||
| Q3 25 | 21.8% | 30.9% | ||
| Q2 25 | 44.6% | 39.9% | ||
| Q1 25 | 39.3% | 41.9% | ||
| Q4 24 | — | 32.3% | ||
| Q3 24 | 39.0% | 41.5% | ||
| Q2 24 | 48.1% | 35.6% |
| Q1 26 | — | 25.2% | ||
| Q4 25 | 35.5% | 38.4% | ||
| Q3 25 | 16.8% | 31.5% | ||
| Q2 25 | 34.6% | 39.2% | ||
| Q1 25 | 30.5% | 38.8% | ||
| Q4 24 | 34.6% | 28.4% | ||
| Q3 24 | 30.3% | 41.4% | ||
| Q2 24 | 37.2% | 33.0% |
| Q1 26 | — | $0.76 | ||
| Q4 25 | $1.51 | $1.40 | ||
| Q3 25 | $0.69 | $0.92 | ||
| Q2 25 | $1.20 | $1.41 | ||
| Q1 25 | $1.04 | $1.35 | ||
| Q4 24 | $1.18 | $0.96 | ||
| Q3 24 | $1.01 | $1.40 | ||
| Q2 24 | $1.21 | $1.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $516.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | — |
| Total Assets | $24.9B | $1.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $516.4M | ||
| Q4 25 | — | $602.4M | ||
| Q3 25 | — | $603.0M | ||
| Q2 25 | — | $525.2M | ||
| Q1 25 | — | $571.3M | ||
| Q4 24 | — | $492.7M | ||
| Q3 24 | — | $551.6M | ||
| Q2 24 | — | $530.5M |
| Q1 26 | — | — | ||
| Q4 25 | $3.6B | $1.8B | ||
| Q3 25 | $3.5B | $1.7B | ||
| Q2 25 | $3.1B | $1.7B | ||
| Q1 25 | $3.0B | $1.7B | ||
| Q4 24 | $3.0B | $1.6B | ||
| Q3 24 | $3.0B | $1.6B | ||
| Q2 24 | $2.9B | $1.5B |
| Q1 26 | — | $1.9B | ||
| Q4 25 | $24.9B | $2.0B | ||
| Q3 25 | $25.0B | $1.9B | ||
| Q2 25 | $20.0B | $1.9B | ||
| Q1 25 | $19.9B | $1.9B | ||
| Q4 24 | $19.4B | $1.8B | ||
| Q3 24 | $19.4B | $1.8B | ||
| Q2 24 | $19.4B | $1.8B |
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 | $78.9M | $108.9M |
| Free Cash FlowOCF − Capex | $75.5M | — |
| FCF MarginFCF / Revenue | 35.5% | — |
| Capex IntensityCapex / Revenue | 1.6% | — |
| Cash ConversionOCF / Net Profit | 1.05× | 3.03× |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $108.9M | ||
| Q4 25 | $78.9M | $31.1M | ||
| Q3 25 | $52.2M | $97.2M | ||
| Q2 25 | $106.7M | $51.9M | ||
| Q1 25 | $13.3M | $30.6M | ||
| Q4 24 | $42.9M | $34.7M | ||
| Q3 24 | $70.2M | $79.9M | ||
| Q2 24 | $65.6M | $67.0M |
| Q1 26 | — | — | ||
| Q4 25 | $75.5M | $15.1M | ||
| Q3 25 | $49.7M | $84.3M | ||
| Q2 25 | $102.5M | $37.5M | ||
| Q1 25 | $11.3M | $17.5M | ||
| Q4 24 | $36.5M | $22.0M | ||
| Q3 24 | $64.4M | $66.2M | ||
| Q2 24 | $61.9M | $57.9M |
| Q1 26 | — | — | ||
| Q4 25 | 35.5% | 8.7% | ||
| Q3 25 | 24.4% | 60.4% | ||
| Q2 25 | 69.5% | 21.8% | ||
| Q1 25 | 7.8% | 10.5% | ||
| Q4 24 | 25.2% | 13.6% | ||
| Q3 24 | 45.4% | 41.0% | ||
| Q2 24 | 44.9% | 36.5% |
| Q1 26 | — | — | ||
| Q4 25 | 1.6% | 9.3% | ||
| Q3 25 | 1.2% | 9.2% | ||
| Q2 25 | 2.9% | 8.4% | ||
| Q1 25 | 1.4% | 7.9% | ||
| Q4 24 | 4.4% | 7.8% | ||
| Q3 24 | 4.1% | 8.4% | ||
| Q2 24 | 2.7% | 5.8% |
| Q1 26 | — | 3.03× | ||
| Q4 25 | 1.05× | 0.47× | ||
| Q3 25 | 1.52× | 2.21× | ||
| Q2 25 | 2.09× | 0.77× | ||
| Q1 25 | 0.30× | 0.47× | ||
| Q4 24 | 0.86× | 0.75× | ||
| Q3 24 | 1.64× | 1.19× | ||
| Q2 24 | 1.28× | 1.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
OLED
| Material sales | $83.7M | 59% |
| Royalty and license fees | $54.2M | 38% |
| Contract research services | $4.3M | 3% |
