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Side-by-side financial comparison of AEMETIS, INC (AMTX) and INDEPENDENT BANK CORP (IBCP). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($58.9M vs $43.3M, roughly 1.4× AEMETIS, INC). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (2.1% CAGR vs -22.8%).
Aemetis, Inc. is a renewable fuels and sustainable biochemicals producer operating across North America and India. Its core products include low-carbon ethanol, renewable natural gas and biodiesel, serving transportation, industrial and agricultural sectors with decarbonization solutions for commercial clients.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
AMTX vs IBCP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $43.3M | $58.9M |
| Net Profit | — | $16.9M |
| Gross Margin | 17.8% | — |
| Operating Margin | -5.7% | — |
| Net Margin | — | 28.6% |
| Revenue YoY | -7.9% | — |
| Net Profit YoY | — | 8.2% |
| EPS (diluted) | $-0.03 | $0.81 |
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 | $43.3M | $58.3M | ||
| Q3 25 | $59.2M | $57.3M | ||
| Q2 25 | $52.2M | $55.9M | ||
| Q1 25 | $42.9M | $54.1M | ||
| Q4 24 | $47.0M | $62.0M | ||
| Q3 24 | $81.4M | $51.4M | ||
| Q2 24 | $66.6M | $56.5M |
| Q1 26 | — | $16.9M | ||
| Q4 25 | — | $18.6M | ||
| Q3 25 | $-23.7M | $17.5M | ||
| Q2 25 | $-23.4M | $16.9M | ||
| Q1 25 | $-24.5M | $15.6M | ||
| Q4 24 | — | $18.5M | ||
| Q3 24 | $-17.9M | $13.8M | ||
| Q2 24 | $-29.2M | $18.5M |
| Q1 26 | — | — | ||
| Q4 25 | 17.8% | — | ||
| Q3 25 | -0.1% | — | ||
| Q2 25 | -6.4% | — | ||
| Q1 25 | -11.8% | — | ||
| Q4 24 | -4.3% | — | ||
| Q3 24 | 4.8% | — | ||
| Q2 24 | -2.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | -5.7% | 34.8% | ||
| Q3 25 | -14.4% | 37.0% | ||
| Q2 25 | -20.4% | 37.0% | ||
| Q1 25 | -36.3% | 35.3% | ||
| Q4 24 | -28.7% | 36.7% | ||
| Q3 24 | -4.8% | 33.7% | ||
| Q2 24 | -20.4% | 41.0% |
| Q1 26 | — | 28.6% | ||
| Q4 25 | — | 31.8% | ||
| Q3 25 | -40.1% | 30.5% | ||
| Q2 25 | -44.8% | 30.2% | ||
| Q1 25 | -57.2% | 28.8% | ||
| Q4 24 | — | 29.8% | ||
| Q3 24 | -22.0% | 26.9% | ||
| Q2 24 | -43.8% | 32.8% |
| Q1 26 | — | $0.81 | ||
| Q4 25 | $-0.03 | $0.88 | ||
| Q3 25 | $-0.37 | $0.84 | ||
| Q2 25 | $-0.41 | $0.81 | ||
| Q1 25 | $-0.47 | $0.74 | ||
| Q4 24 | $-0.29 | $0.87 | ||
| Q3 24 | $-0.38 | $0.65 | ||
| Q2 24 | $-0.66 | $0.88 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.9M | $174.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-306.8M | $510.6M |
| Total Assets | $259.8M | $5.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $174.9M | ||
| Q4 25 | $4.9M | $138.4M | ||
| Q3 25 | $5.6M | $208.7M | ||
| Q2 25 | $1.6M | $146.2M | ||
| Q1 25 | $499.0K | $128.1M | ||
| Q4 24 | $898.0K | $119.9M | ||
| Q3 24 | $296.0K | $121.6M | ||
| Q2 24 | $234.0K | $214.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $338.1M | — | ||
| Q3 24 | $322.2M | — | ||
| Q2 24 | $309.0M | — |
| Q1 26 | — | $510.6M | ||
| Q4 25 | $-306.8M | $503.0M | ||
| Q3 25 | $-304.9M | $490.7M | ||
| Q2 25 | $-289.3M | $469.3M | ||
| Q1 25 | $-280.7M | $467.3M | ||
| Q4 24 | $-263.9M | $454.7M | ||
| Q3 24 | $-258.9M | $452.4M | ||
| Q2 24 | $-249.0M | $430.5M |
| Q1 26 | — | $5.6B | ||
| Q4 25 | $259.8M | $5.5B | ||
| Q3 25 | $241.1M | $5.5B | ||
| Q2 25 | $240.0M | $5.4B | ||
| Q1 25 | $242.5M | $5.3B | ||
| Q4 24 | $259.3M | $5.3B | ||
| Q3 24 | $259.3M | $5.3B | ||
| Q2 24 | $259.3M | $5.3B |
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 | $5.8M | — |
| Free Cash FlowOCF − Capex | $-10.8M | — |
| FCF MarginFCF / Revenue | -24.9% | — |
| Capex IntensityCapex / Revenue | 38.2% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-22.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $5.8M | $76.7M | ||
| Q3 25 | $3.1M | $18.2M | ||
| Q2 25 | $-5.7M | $19.0M | ||
| Q1 25 | $160.0K | $31.7M | ||
| Q4 24 | $-12.6M | $63.2M | ||
| Q3 24 | $-5.0M | $17.2M | ||
| Q2 24 | $-5.1M | $8.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-10.8M | $70.2M | ||
| Q3 25 | $-1.0M | $16.5M | ||
| Q2 25 | $-9.3M | $16.7M | ||
| Q1 25 | $-1.7M | $30.6M | ||
| Q4 24 | $-19.4M | $55.2M | ||
| Q3 24 | $-9.5M | $15.7M | ||
| Q2 24 | $-10.5M | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | -24.9% | 120.3% | ||
| Q3 25 | -1.7% | 28.9% | ||
| Q2 25 | -17.7% | 29.8% | ||
| Q1 25 | -3.9% | 56.5% | ||
| Q4 24 | -41.2% | 89.1% | ||
| Q3 24 | -11.6% | 30.6% | ||
| Q2 24 | -15.8% | 12.3% |
| Q1 26 | — | — | ||
| Q4 25 | 38.2% | 11.1% | ||
| Q3 25 | 6.9% | 2.9% | ||
| Q2 25 | 6.7% | 4.1% | ||
| Q1 25 | 4.3% | 2.1% | ||
| Q4 24 | 14.4% | 12.8% | ||
| Q3 24 | 5.5% | 2.9% | ||
| Q2 24 | 8.1% | 3.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.13× | ||
| Q3 25 | — | 1.04× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | — | 2.03× | ||
| Q4 24 | — | 3.42× | ||
| Q3 24 | — | 1.25× | ||
| Q2 24 | — | 0.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMTX
| Ethanol Sales | $28.8M | 66% |
| Wet Distillers Grains | $6.8M | 16% |
| California Dairy Renewable Natural Gas | $5.2M | 12% |
| Other | $1.8M | 4% |
IBCP
| Net Interest Income | $46.9M | 80% |
| Noninterest Income | $12.0M | 20% |
