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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and Bio-Techne (TECH). Click either name above to swap in a different company.
Bio-Techne is the larger business by last-quarter revenue ($295.9M vs $212.5M, roughly 1.4× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 12.8%, a 22.6% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs -6.4%). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 4.2%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Bio-Techne Corporation is an American life sciences company that develops, manufactures and sells life science reagents, instruments and services for the research, diagnostic, and bioprocessing markets.
INDB vs TECH — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $295.9M |
| Net Profit | $75.3M | $38.0M |
| Gross Margin | — | 64.6% |
| Operating Margin | — | 18.4% |
| Net Margin | 35.5% | 12.8% |
| Revenue YoY | 46.9% | -6.4% |
| Net Profit YoY | 50.6% | 68.3% |
| EPS (diluted) | $1.51 | $0.24 |
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.
| Q4 25 | $212.5M | $295.9M | ||
| Q3 25 | $203.3M | — | ||
| Q2 25 | $147.5M | $317.0M | ||
| Q1 25 | $145.5M | $316.2M | ||
| Q4 24 | $144.7M | $297.0M | ||
| Q3 24 | $141.7M | $289.5M | ||
| Q2 24 | $137.9M | $306.1M | ||
| Q1 24 | $137.4M | $303.4M |
| Q4 25 | $75.3M | $38.0M | ||
| Q3 25 | $34.3M | — | ||
| Q2 25 | $51.1M | $-17.7M | ||
| Q1 25 | $44.4M | $22.6M | ||
| Q4 24 | $50.0M | $34.9M | ||
| Q3 24 | $42.9M | $33.6M | ||
| Q2 24 | $51.3M | $40.6M | ||
| Q1 24 | $47.8M | $49.1M |
| Q4 25 | — | 64.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 62.7% | ||
| Q1 25 | — | 67.9% | ||
| Q4 24 | — | 65.3% | ||
| Q3 24 | — | 63.2% | ||
| Q2 24 | — | 66.4% | ||
| Q1 24 | — | 67.4% |
| Q4 25 | — | 18.4% | ||
| Q3 25 | 21.8% | — | ||
| Q2 25 | 44.6% | -7.5% | ||
| Q1 25 | 39.3% | 12.2% | ||
| Q4 24 | — | 16.0% | ||
| Q3 24 | 39.0% | 13.8% | ||
| Q2 24 | 48.1% | 15.0% | ||
| Q1 24 | 45.5% | 22.1% |
| Q4 25 | 35.5% | 12.8% | ||
| Q3 25 | 16.8% | — | ||
| Q2 25 | 34.6% | -5.6% | ||
| Q1 25 | 30.5% | 7.1% | ||
| Q4 24 | 34.6% | 11.7% | ||
| Q3 24 | 30.3% | 11.6% | ||
| Q2 24 | 37.2% | 13.3% | ||
| Q1 24 | 34.8% | 16.2% |
| Q4 25 | $1.51 | $0.24 | ||
| Q3 25 | $0.69 | — | ||
| Q2 25 | $1.20 | $-0.11 | ||
| Q1 25 | $1.04 | $0.14 | ||
| Q4 24 | $1.18 | $0.22 | ||
| Q3 24 | $1.01 | $0.21 | ||
| Q2 24 | $1.21 | $0.26 | ||
| Q1 24 | $1.12 | $0.31 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $172.9M |
| Total DebtLower is stronger | — | $260.0M |
| Stockholders' EquityBook value | $3.6B | $2.0B |
| Total Assets | $24.9B | $2.5B |
| Debt / EquityLower = less leverage | — | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $172.9M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $162.2M | ||
| Q1 25 | — | $140.7M | ||
| Q4 24 | — | $177.5M | ||
| Q3 24 | — | $187.5M | ||
| Q2 24 | — | $152.9M | ||
| Q1 24 | — | $145.3M |
| Q4 25 | — | $260.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $346.0M | ||
| Q1 25 | — | $330.0M | ||
| Q4 24 | — | $300.0M | ||
| Q3 24 | — | $300.0M | ||
| Q2 24 | — | $319.0M | ||
| Q1 24 | — | $389.0M |
| Q4 25 | $3.6B | $2.0B | ||
| Q3 25 | $3.5B | — | ||
| Q2 25 | $3.1B | $1.9B | ||
| Q1 25 | $3.0B | $2.0B | ||
| Q4 24 | $3.0B | $2.1B | ||
| Q3 24 | $3.0B | $2.1B | ||
| Q2 24 | $2.9B | $2.1B | ||
| Q1 24 | $2.9B | $2.0B |
| Q4 25 | $24.9B | $2.5B | ||
| Q3 25 | $25.0B | — | ||
| Q2 25 | $20.0B | $2.6B | ||
| Q1 25 | $19.9B | $2.6B | ||
| Q4 24 | $19.4B | $2.7B | ||
| Q3 24 | $19.4B | $2.7B | ||
| Q2 24 | $19.4B | $2.7B | ||
| Q1 24 | $19.3B | $2.7B |
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.16× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.19× |
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 | — |
| Free Cash FlowOCF − Capex | $75.5M | — |
| FCF MarginFCF / Revenue | 35.5% | — |
| Capex IntensityCapex / Revenue | 1.6% | — |
| Cash ConversionOCF / Net Profit | 1.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | — | ||
| Q3 25 | $52.2M | — | ||
| Q2 25 | $106.7M | $98.2M | ||
| Q1 25 | $13.3M | $41.1M | ||
| Q4 24 | $42.9M | $84.3M | ||
| Q3 24 | $70.2M | $63.9M | ||
| Q2 24 | $65.6M | $75.5M | ||
| Q1 24 | $51.1M | $81.0M |
| Q4 25 | $75.5M | — | ||
| Q3 25 | $49.7M | — | ||
| Q2 25 | $102.5M | $93.3M | ||
| Q1 25 | $11.3M | $31.0M | ||
| Q4 24 | $36.5M | $77.5M | ||
| Q3 24 | $64.4M | $54.7M | ||
| Q2 24 | $61.9M | $57.5M | ||
| Q1 24 | $46.7M | $64.5M |
| Q4 25 | 35.5% | — | ||
| Q3 25 | 24.4% | — | ||
| Q2 25 | 69.5% | 29.4% | ||
| Q1 25 | 7.8% | 9.8% | ||
| Q4 24 | 25.2% | 26.1% | ||
| Q3 24 | 45.4% | 18.9% | ||
| Q2 24 | 44.9% | 18.8% | ||
| Q1 24 | 34.0% | 21.3% |
| Q4 25 | 1.6% | — | ||
| Q3 25 | 1.2% | — | ||
| Q2 25 | 2.9% | 1.5% | ||
| Q1 25 | 1.4% | 3.2% | ||
| Q4 24 | 4.4% | 2.3% | ||
| Q3 24 | 4.1% | 3.2% | ||
| Q2 24 | 2.7% | 5.9% | ||
| Q1 24 | 3.2% | 5.4% |
| Q4 25 | 1.05× | — | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 2.09× | — | ||
| Q1 25 | 0.30× | 1.82× | ||
| Q4 24 | 0.86× | 2.42× | ||
| Q3 24 | 1.64× | 1.90× | ||
| Q2 24 | 1.28× | 1.86× | ||
| Q1 24 | 1.07× | 1.65× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
TECH
| Diagnostics And Spatial Biology | $81.2M | 27% |
| EMEA Excluding UK | $75.4M | 25% |
| Other | $42.4M | 14% |
| Instruments | $29.6M | 10% |
| APAC Excluding Greater China | $22.7M | 8% |
| Services | $22.3M | 8% |
| GB | $13.7M | 5% |
| Royalty | $8.5M | 3% |
