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Side-by-side financial comparison of ANI PHARMACEUTICALS INC (ANIP) and INDEPENDENT BANK CORP (INDB). Click either name above to swap in a different company.
ANI PHARMACEUTICALS INC is the larger business by last-quarter revenue ($247.1M vs $212.5M, roughly 1.2× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 11.1%, a 24.3% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 29.6%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $29.1M). Over the past eight quarters, ANI PHARMACEUTICALS INC's revenue compounded faster (34.1% CAGR vs 24.3%).
ANI Pharmaceuticals Inc is a U.S.-based specialty pharmaceutical firm that develops, manufactures and sells generic and branded prescription drugs. Its key segments cover dermatology, oncology, CNS therapies and anti-infectives, primarily serving U.S. healthcare providers, retail pharmacies and institutional medical clients.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
ANIP vs INDB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $247.1M | $212.5M |
| Net Profit | $27.5M | $75.3M |
| Gross Margin | — | — |
| Operating Margin | 14.1% | — |
| Net Margin | 11.1% | 35.5% |
| Revenue YoY | 29.6% | 46.9% |
| Net Profit YoY | 367.5% | 50.6% |
| EPS (diluted) | $1.14 | $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 | $247.1M | $212.5M | ||
| Q3 25 | $227.8M | $203.3M | ||
| Q2 25 | $211.4M | $147.5M | ||
| Q1 25 | $197.1M | $145.5M | ||
| Q4 24 | $190.6M | $144.7M | ||
| Q3 24 | $148.3M | $141.7M | ||
| Q2 24 | $138.0M | $137.9M | ||
| Q1 24 | $137.4M | $137.4M |
| Q4 25 | $27.5M | $75.3M | ||
| Q3 25 | $26.6M | $34.3M | ||
| Q2 25 | $8.5M | $51.1M | ||
| Q1 25 | $15.7M | $44.4M | ||
| Q4 24 | $-10.3M | $50.0M | ||
| Q3 24 | $-24.2M | $42.9M | ||
| Q2 24 | $-2.3M | $51.3M | ||
| Q1 24 | $18.2M | $47.8M |
| Q4 25 | 14.1% | — | ||
| Q3 25 | 15.9% | 21.8% | ||
| Q2 25 | 6.6% | 44.6% | ||
| Q1 25 | 13.3% | 39.3% | ||
| Q4 24 | -2.3% | — | ||
| Q3 24 | -13.8% | 39.0% | ||
| Q2 24 | 3.7% | 48.1% | ||
| Q1 24 | 14.8% | 45.5% |
| Q4 25 | 11.1% | 35.5% | ||
| Q3 25 | 11.7% | 16.8% | ||
| Q2 25 | 4.0% | 34.6% | ||
| Q1 25 | 8.0% | 30.5% | ||
| Q4 24 | -5.4% | 34.6% | ||
| Q3 24 | -16.3% | 30.3% | ||
| Q2 24 | -1.7% | 37.2% | ||
| Q1 24 | 13.2% | 34.8% |
| Q4 25 | $1.14 | $1.51 | ||
| Q3 25 | $1.13 | $0.69 | ||
| Q2 25 | $0.36 | $1.20 | ||
| Q1 25 | $0.69 | $1.04 | ||
| Q4 24 | $-0.45 | $1.18 | ||
| Q3 24 | $-1.27 | $1.01 | ||
| Q2 24 | $-0.14 | $1.21 | ||
| Q1 24 | $0.82 | $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 | $285.6M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $540.7M | $3.6B |
| Total Assets | $1.4B | $24.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $285.6M | — | ||
| Q3 25 | $262.6M | — | ||
| Q2 25 | $217.8M | — | ||
| Q1 25 | $149.8M | — | ||
| Q4 24 | $144.9M | — | ||
| Q3 24 | $145.0M | — | ||
| Q2 24 | $240.1M | — | ||
| Q1 24 | $228.6M | — |
| Q4 25 | $540.7M | $3.6B | ||
| Q3 25 | $505.8M | $3.5B | ||
| Q2 25 | $436.8M | $3.1B | ||
| Q1 25 | $418.6M | $3.0B | ||
| Q4 24 | $403.7M | $3.0B | ||
| Q3 24 | $405.9M | $3.0B | ||
| Q2 24 | $455.8M | $2.9B | ||
| Q1 24 | $452.0M | $2.9B |
| Q4 25 | $1.4B | $24.9B | ||
| Q3 25 | $1.4B | $25.0B | ||
| Q2 25 | $1.3B | $20.0B | ||
| Q1 25 | $1.3B | $19.9B | ||
| Q4 24 | $1.3B | $19.4B | ||
| Q3 24 | $1.3B | $19.4B | ||
| Q2 24 | $920.8M | $19.4B | ||
| Q1 24 | $914.5M | $19.3B |
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 | $30.4M | $78.9M |
| Free Cash FlowOCF − Capex | $29.1M | $75.5M |
| FCF MarginFCF / Revenue | 11.8% | 35.5% |
| Capex IntensityCapex / Revenue | 0.5% | 1.6% |
| Cash ConversionOCF / Net Profit | 1.10× | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $171.4M | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.4M | $78.9M | ||
| Q3 25 | $44.1M | $52.2M | ||
| Q2 25 | $75.8M | $106.7M | ||
| Q1 25 | $35.0M | $13.3M | ||
| Q4 24 | $15.9M | $42.9M | ||
| Q3 24 | $12.5M | $70.2M | ||
| Q2 24 | $17.4M | $65.6M | ||
| Q1 24 | $18.3M | $51.1M |
| Q4 25 | $29.1M | $75.5M | ||
| Q3 25 | $38.0M | $49.7M | ||
| Q2 25 | $71.8M | $102.5M | ||
| Q1 25 | $32.5M | $11.3M | ||
| Q4 24 | $13.5M | $36.5M | ||
| Q3 24 | $7.7M | $64.4M | ||
| Q2 24 | $13.0M | $61.9M | ||
| Q1 24 | $13.7M | $46.7M |
| Q4 25 | 11.8% | 35.5% | ||
| Q3 25 | 16.7% | 24.4% | ||
| Q2 25 | 34.0% | 69.5% | ||
| Q1 25 | 16.5% | 7.8% | ||
| Q4 24 | 7.1% | 25.2% | ||
| Q3 24 | 5.2% | 45.4% | ||
| Q2 24 | 9.4% | 44.9% | ||
| Q1 24 | 10.0% | 34.0% |
| Q4 25 | 0.5% | 1.6% | ||
| Q3 25 | 2.7% | 1.2% | ||
| Q2 25 | 1.9% | 2.9% | ||
| Q1 25 | 1.3% | 1.4% | ||
| Q4 24 | 1.3% | 4.4% | ||
| Q3 24 | 3.2% | 4.1% | ||
| Q2 24 | 3.2% | 2.7% | ||
| Q1 24 | 3.3% | 3.2% |
| Q4 25 | 1.10× | 1.05× | ||
| Q3 25 | 1.66× | 1.52× | ||
| Q2 25 | 8.87× | 2.09× | ||
| Q1 25 | 2.23× | 0.30× | ||
| Q4 24 | — | 0.86× | ||
| Q3 24 | — | 1.64× | ||
| Q2 24 | — | 1.28× | ||
| Q1 24 | 1.00× | 1.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ANIP
| Sales Of Cortrophin Gel | $111.4M | 45% |
| Sales Of Generic Pharmaceutical Products | $100.8M | 41% |
| Sales Of ILUVIEN And YUTIQ | $19.8M | 8% |
| Sales Of Established Brands | $12.3M | 5% |
| Unapproved Products | $6.5M | 3% |
| Sales Of Royalties And Other Pharmaceutical Services | $2.7M | 1% |
INDB
Segment breakdown not available.
