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Side-by-side financial comparison of ADMA BIOLOGICS, INC. (ADMA) and INDEPENDENT BANK CORP (INDB). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $139.2M, roughly 1.5× ADMA BIOLOGICS, INC.). ADMA BIOLOGICS, INC. runs the higher net margin — 35.5% vs 35.5%, a 0.0% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 18.4%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $34.6M). Over the past eight quarters, ADMA BIOLOGICS, INC.'s revenue compounded faster (30.4% CAGR vs 24.3%).
ADMA Biologics Inc. is a biopharmaceutical enterprise focused on the research, development, manufacturing and commercialization of specialty plasma-derived immunoglobulin therapies. It primarily operates in the United States, catering to patients with primary immunodeficiency and other immune-related disorders, healthcare providers and medical institutions across its core immune health therapeutic segment.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
ADMA vs INDB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $139.2M | $212.5M |
| Net Profit | $49.4M | $75.3M |
| Gross Margin | 63.8% | — |
| Operating Margin | 45.1% | — |
| Net Margin | 35.5% | 35.5% |
| Revenue YoY | 18.4% | 46.9% |
| Net Profit YoY | -55.9% | 50.6% |
| EPS (diluted) | $0.20 | $1.51 |
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 | $139.2M | $212.5M | ||
| Q3 25 | $134.2M | $203.3M | ||
| Q2 25 | $122.0M | $147.5M | ||
| Q1 25 | $114.8M | $145.5M | ||
| Q4 24 | $117.5M | $144.7M | ||
| Q3 24 | $119.8M | $141.7M | ||
| Q2 24 | $107.2M | $137.9M | ||
| Q1 24 | $81.9M | $137.4M |
| Q4 25 | $49.4M | $75.3M | ||
| Q3 25 | $36.4M | $34.3M | ||
| Q2 25 | $34.2M | $51.1M | ||
| Q1 25 | $26.9M | $44.4M | ||
| Q4 24 | $111.9M | $50.0M | ||
| Q3 24 | $35.9M | $42.9M | ||
| Q2 24 | $32.1M | $51.3M | ||
| Q1 24 | $17.8M | $47.8M |
| Q4 25 | 63.8% | — | ||
| Q3 25 | 56.3% | — | ||
| Q2 25 | 55.1% | — | ||
| Q1 25 | 53.2% | — | ||
| Q4 24 | 53.9% | — | ||
| Q3 24 | 49.8% | — | ||
| Q2 24 | 53.6% | — | ||
| Q1 24 | 47.8% | — |
| Q4 25 | 45.1% | — | ||
| Q3 25 | 38.0% | 21.8% | ||
| Q2 25 | 35.1% | 44.6% | ||
| Q1 25 | 30.4% | 39.3% | ||
| Q4 24 | 32.6% | — | ||
| Q3 24 | 33.1% | 39.0% | ||
| Q2 24 | 36.6% | 48.1% | ||
| Q1 24 | 26.7% | 45.5% |
| Q4 25 | 35.5% | 35.5% | ||
| Q3 25 | 27.1% | 16.8% | ||
| Q2 25 | 28.1% | 34.6% | ||
| Q1 25 | 23.4% | 30.5% | ||
| Q4 24 | 95.2% | 34.6% | ||
| Q3 24 | 30.0% | 30.3% | ||
| Q2 24 | 29.9% | 37.2% | ||
| Q1 24 | 21.7% | 34.8% |
| Q4 25 | $0.20 | $1.51 | ||
| Q3 25 | $0.15 | $0.69 | ||
| Q2 25 | $0.14 | $1.20 | ||
| Q1 25 | $0.11 | $1.04 | ||
| Q4 24 | $0.45 | $1.18 | ||
| Q3 24 | $0.15 | $1.01 | ||
| Q2 24 | $0.13 | $1.21 | ||
| Q1 24 | $0.08 | $1.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $87.6M | — |
| Total DebtLower is stronger | $72.1M | — |
| Stockholders' EquityBook value | $477.3M | $3.6B |
| Total Assets | $624.2M | $24.9B |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $87.6M | — | ||
| Q3 25 | $61.4M | — | ||
| Q2 25 | $90.3M | — | ||
| Q1 25 | $71.6M | — | ||
| Q4 24 | $103.1M | — | ||
| Q3 24 | $86.7M | — | ||
| Q2 24 | $88.2M | — | ||
| Q1 24 | $45.3M | — |
| Q4 25 | $72.1M | — | ||
| Q3 25 | $72.4M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $72.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $477.3M | $3.6B | ||
| Q3 25 | $431.2M | $3.5B | ||
| Q2 25 | $398.3M | $3.1B | ||
| Q1 25 | $373.4M | $3.0B | ||
| Q4 24 | $349.0M | $3.0B | ||
| Q3 24 | $231.9M | $3.0B | ||
| Q2 24 | $188.3M | $2.9B | ||
| Q1 24 | $153.7M | $2.9B |
| Q4 25 | $624.2M | $24.9B | ||
| Q3 25 | $568.7M | $25.0B | ||
| Q2 25 | $558.4M | $20.0B | ||
| Q1 25 | $510.6M | $19.9B | ||
| Q4 24 | $488.7M | $19.4B | ||
| Q3 24 | $390.6M | $19.4B | ||
| Q2 24 | $376.4M | $19.4B | ||
| Q1 24 | $350.9M | $19.3B |
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.21× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $35.6M | $78.9M |
| Free Cash FlowOCF − Capex | $34.6M | $75.5M |
| FCF MarginFCF / Revenue | 24.8% | 35.5% |
| Capex IntensityCapex / Revenue | 0.8% | 1.6% |
| Cash ConversionOCF / Net Profit | 0.72× | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $27.8M | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $35.6M | $78.9M | ||
| Q3 25 | $13.3M | $52.2M | ||
| Q2 25 | $21.1M | $106.7M | ||
| Q1 25 | $-19.7M | $13.3M | ||
| Q4 24 | $50.2M | $42.9M | ||
| Q3 24 | $25.0M | $70.2M | ||
| Q2 24 | $45.6M | $65.6M | ||
| Q1 24 | $-2.2M | $51.1M |
| Q4 25 | $34.6M | $75.5M | ||
| Q3 25 | $-1.1M | $49.7M | ||
| Q2 25 | $18.7M | $102.5M | ||
| Q1 25 | $-24.4M | $11.3M | ||
| Q4 24 | $47.5M | $36.5M | ||
| Q3 24 | $24.0M | $64.4M | ||
| Q2 24 | $43.6M | $61.9M | ||
| Q1 24 | $-4.6M | $46.7M |
| Q4 25 | 24.8% | 35.5% | ||
| Q3 25 | -0.8% | 24.4% | ||
| Q2 25 | 15.3% | 69.5% | ||
| Q1 25 | -21.2% | 7.8% | ||
| Q4 24 | 40.4% | 25.2% | ||
| Q3 24 | 20.0% | 45.4% | ||
| Q2 24 | 40.7% | 44.9% | ||
| Q1 24 | -5.6% | 34.0% |
| Q4 25 | 0.8% | 1.6% | ||
| Q3 25 | 10.7% | 1.2% | ||
| Q2 25 | 2.0% | 2.9% | ||
| Q1 25 | 4.1% | 1.4% | ||
| Q4 24 | 2.3% | 4.4% | ||
| Q3 24 | 0.9% | 4.1% | ||
| Q2 24 | 1.9% | 2.7% | ||
| Q1 24 | 2.9% | 3.2% |
| Q4 25 | 0.72× | 1.05× | ||
| Q3 25 | 0.36× | 1.52× | ||
| Q2 25 | 0.62× | 2.09× | ||
| Q1 25 | -0.73× | 0.30× | ||
| Q4 24 | 0.45× | 0.86× | ||
| Q3 24 | 0.70× | 1.64× | ||
| Q2 24 | 1.42× | 1.28× | ||
| Q1 24 | -0.12× | 1.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADMA
| ADMA Bio Manufacturing Segment | $123.1M | 88% |
| Other | $16.0M | 12% |
INDB
Segment breakdown not available.
