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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and VICOR CORP (VICR). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $113.0M, roughly 1.9× VICOR CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 18.3%, a 17.2% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 20.2%). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 14.7%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Vicor Corporation is a manufacturer of power modules headquartered in Andover, Massachusetts.
INDB vs VICR — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $113.0M |
| Net Profit | $75.3M | $20.7M |
| Gross Margin | — | — |
| Operating Margin | — | 59.7% |
| Net Margin | 35.5% | 18.3% |
| Revenue YoY | 46.9% | 20.2% |
| Net Profit YoY | 50.6% | 713.9% |
| EPS (diluted) | $1.51 | $0.44 |
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 | — | $113.0M | ||
| Q4 25 | $212.5M | $107.3M | ||
| Q3 25 | $203.3M | $110.4M | ||
| Q2 25 | $147.5M | $96.0M | ||
| Q1 25 | $145.5M | $94.0M | ||
| Q4 24 | $144.7M | $96.2M | ||
| Q3 24 | $141.7M | $93.2M | ||
| Q2 24 | $137.9M | $85.9M |
| Q1 26 | — | $20.7M | ||
| Q4 25 | $75.3M | $46.5M | ||
| Q3 25 | $34.3M | $28.3M | ||
| Q2 25 | $51.1M | $41.2M | ||
| Q1 25 | $44.4M | $2.5M | ||
| Q4 24 | $50.0M | $10.2M | ||
| Q3 24 | $42.9M | $11.6M | ||
| Q2 24 | $51.3M | $-1.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 55.4% | ||
| Q3 25 | — | 57.5% | ||
| Q2 25 | — | 95.9% | ||
| Q1 25 | — | 47.2% | ||
| Q4 24 | — | 52.4% | ||
| Q3 24 | — | 49.1% | ||
| Q2 24 | — | 49.8% |
| Q1 26 | — | 59.7% | ||
| Q4 25 | — | 14.6% | ||
| Q3 25 | 21.8% | 18.9% | ||
| Q2 25 | 44.6% | 47.3% | ||
| Q1 25 | 39.3% | -0.2% | ||
| Q4 24 | — | 9.6% | ||
| Q3 24 | 39.0% | 5.8% | ||
| Q2 24 | 48.1% | 0.2% |
| Q1 26 | — | 18.3% | ||
| Q4 25 | 35.5% | 43.4% | ||
| Q3 25 | 16.8% | 25.6% | ||
| Q2 25 | 34.6% | 42.9% | ||
| Q1 25 | 30.5% | 2.7% | ||
| Q4 24 | 34.6% | 10.7% | ||
| Q3 24 | 30.3% | 12.4% | ||
| Q2 24 | 37.2% | -1.4% |
| Q1 26 | — | $0.44 | ||
| Q4 25 | $1.51 | $1.01 | ||
| Q3 25 | $0.69 | $0.63 | ||
| Q2 25 | $1.20 | $0.91 | ||
| Q1 25 | $1.04 | $0.06 | ||
| Q4 24 | $1.18 | $0.24 | ||
| Q3 24 | $1.01 | $0.26 | ||
| Q2 24 | $1.21 | $-0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $404.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | $754.1M |
| Total Assets | $24.9B | $804.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $404.2M | ||
| Q4 25 | — | $402.8M | ||
| Q3 25 | — | $362.4M | ||
| Q2 25 | — | $338.5M | ||
| Q1 25 | — | $296.1M | ||
| Q4 24 | — | $277.3M | ||
| Q3 24 | — | $267.6M | ||
| Q2 24 | — | $251.9M |
| Q1 26 | — | $754.1M | ||
| Q4 25 | $3.6B | $711.6M | ||
| Q3 25 | $3.5B | $630.1M | ||
| Q2 25 | $3.1B | $608.6M | ||
| Q1 25 | $3.0B | $580.3M | ||
| Q4 24 | $3.0B | $570.1M | ||
| Q3 24 | $3.0B | $554.6M | ||
| Q2 24 | $2.9B | $537.2M |
| Q1 26 | — | $804.9M | ||
| Q4 25 | $24.9B | $785.8M | ||
| Q3 25 | $25.0B | $710.2M | ||
| Q2 25 | $20.0B | $693.5M | ||
| Q1 25 | $19.9B | $665.0M | ||
| Q4 24 | $19.4B | $641.1M | ||
| Q3 24 | $19.4B | $632.8M | ||
| Q2 24 | $19.4B | $613.2M |
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.
| Q1 26 | — | — | ||
| Q4 25 | $78.9M | $15.7M | ||
| Q3 25 | $52.2M | $38.5M | ||
| Q2 25 | $106.7M | $65.2M | ||
| Q1 25 | $13.3M | $20.1M | ||
| Q4 24 | $42.9M | $10.1M | ||
| Q3 24 | $70.2M | $22.6M | ||
| Q2 24 | $65.6M | $15.6M |
| Q1 26 | — | — | ||
| Q4 25 | $75.5M | $10.2M | ||
| Q3 25 | $49.7M | $34.5M | ||
| Q2 25 | $102.5M | $59.0M | ||
| Q1 25 | $11.3M | $15.6M | ||
| Q4 24 | $36.5M | $8.4M | ||
| Q3 24 | $64.4M | $14.1M | ||
| Q2 24 | $61.9M | $9.4M |
| Q1 26 | — | — | ||
| Q4 25 | 35.5% | 9.5% | ||
| Q3 25 | 24.4% | 31.2% | ||
| Q2 25 | 69.5% | 61.5% | ||
| Q1 25 | 7.8% | 16.6% | ||
| Q4 24 | 25.2% | 8.7% | ||
| Q3 24 | 45.4% | 15.2% | ||
| Q2 24 | 44.9% | 11.0% |
| Q1 26 | — | — | ||
| Q4 25 | 1.6% | 5.2% | ||
| Q3 25 | 1.2% | 3.6% | ||
| Q2 25 | 2.9% | 6.5% | ||
| Q1 25 | 1.4% | 4.8% | ||
| Q4 24 | 4.4% | 1.8% | ||
| Q3 24 | 4.1% | 9.1% | ||
| Q2 24 | 2.7% | 7.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.05× | 0.34× | ||
| Q3 25 | 1.52× | 1.36× | ||
| Q2 25 | 2.09× | 1.58× | ||
| Q1 25 | 0.30× | 7.93× | ||
| Q4 24 | 0.86× | 0.99× | ||
| Q3 24 | 1.64× | 1.95× | ||
| Q2 24 | 1.28× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
VICR
| Product revenue | $98.0M | 87% |
| Royalty revenue | $15.0M | 13% |
