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Side-by-side financial comparison of AMPCO PITTSBURGH CORP (AP) and INDEPENDENT BANK CORP (IBCP). Click either name above to swap in a different company.
AMPCO PITTSBURGH CORP is the larger business by last-quarter revenue ($104.4M vs $58.9M, roughly 1.8× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs -55.2%, a 83.9% gap on every dollar of revenue. Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (2.1% CAGR vs -2.6%).
Ampco-Pittsburgh Corporation is a specialty steel manufacturer headquartered in Downtown Pittsburgh, Pennsylvania. It is one of several companies to bear the Ampco name, and it should not be confused with the Milwaukee-based copper base alloy producer, Ampco Metal Inc.; the Miami-based cabinetry company; the Swiss aluminum corporation; or the Dallas-based tool company. Ampco was formed in 1929 and is a conglomerate made up of several previously established small steel makers. Five small compa...
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
AP vs IBCP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $104.4M | $58.9M |
| Net Profit | $-57.7M | $16.9M |
| Gross Margin | — | — |
| Operating Margin | -54.0% | — |
| Net Margin | -55.2% | 28.6% |
| Revenue YoY | 11.5% | — |
| Net Profit YoY | -1958.9% | 8.2% |
| EPS (diluted) | $-2.87 | $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 | $104.4M | $58.3M | ||
| Q3 25 | $103.7M | $57.3M | ||
| Q2 25 | $108.9M | $55.9M | ||
| Q1 25 | $99.2M | $54.1M | ||
| Q4 24 | $93.6M | $62.0M | ||
| Q3 24 | $92.1M | $51.4M | ||
| Q2 24 | $107.1M | $56.5M |
| Q1 26 | — | $16.9M | ||
| Q4 25 | $-57.7M | $18.6M | ||
| Q3 25 | $-2.2M | $17.5M | ||
| Q2 25 | $-7.3M | $16.9M | ||
| Q1 25 | $1.1M | $15.6M | ||
| Q4 24 | $3.1M | $18.5M | ||
| Q3 24 | $-2.0M | $13.8M | ||
| Q2 24 | $2.0M | $18.5M |
| Q1 26 | — | — | ||
| Q4 25 | -54.0% | 34.8% | ||
| Q3 25 | 1.1% | 37.0% | ||
| Q2 25 | -2.8% | 37.0% | ||
| Q1 25 | 3.9% | 35.3% | ||
| Q4 24 | 5.5% | 36.7% | ||
| Q3 24 | 2.0% | 33.7% | ||
| Q2 24 | 4.7% | 41.0% |
| Q1 26 | — | 28.6% | ||
| Q4 25 | -55.2% | 31.8% | ||
| Q3 25 | -2.1% | 30.5% | ||
| Q2 25 | -6.7% | 30.2% | ||
| Q1 25 | 1.2% | 28.8% | ||
| Q4 24 | 3.3% | 29.8% | ||
| Q3 24 | -2.1% | 26.9% | ||
| Q2 24 | 1.9% | 32.8% |
| Q1 26 | — | $0.81 | ||
| Q4 25 | $-2.87 | $0.88 | ||
| Q3 25 | $-0.11 | $0.84 | ||
| Q2 25 | $-0.36 | $0.81 | ||
| Q1 25 | $0.06 | $0.74 | ||
| Q4 24 | $0.16 | $0.87 | ||
| Q3 24 | $-0.10 | $0.65 | ||
| Q2 24 | $0.10 | $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 | $10.7M | $174.9M |
| Total DebtLower is stronger | $117.9M | — |
| Stockholders' EquityBook value | $32.6M | $510.6M |
| Total Assets | $495.4M | $5.6B |
| Debt / EquityLower = less leverage | 3.61× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $174.9M | ||
| Q4 25 | $10.7M | $138.4M | ||
| Q3 25 | $15.0M | $208.7M | ||
| Q2 25 | $9.9M | $146.2M | ||
| Q1 25 | $7.1M | $128.1M | ||
| Q4 24 | $15.4M | $119.9M | ||
| Q3 24 | $11.8M | $121.6M | ||
| Q2 24 | $7.9M | $214.3M |
| Q1 26 | — | — | ||
| Q4 25 | $117.9M | — | ||
| Q3 25 | $119.0M | — | ||
| Q2 25 | $115.9M | — | ||
| Q1 25 | $115.0M | — | ||
| Q4 24 | $116.4M | — | ||
| Q3 24 | $116.0M | — | ||
| Q2 24 | $119.4M | — |
| Q1 26 | — | $510.6M | ||
| Q4 25 | $32.6M | $503.0M | ||
| Q3 25 | $60.1M | $490.7M | ||
| Q2 25 | $62.7M | $469.3M | ||
| Q1 25 | $64.6M | $467.3M | ||
| Q4 24 | $58.9M | $454.7M | ||
| Q3 24 | $61.3M | $452.4M | ||
| Q2 24 | $58.0M | $430.5M |
| Q1 26 | — | $5.6B | ||
| Q4 25 | $495.4M | $5.5B | ||
| Q3 25 | $524.4M | $5.5B | ||
| Q2 25 | $537.2M | $5.4B | ||
| Q1 25 | $536.2M | $5.3B | ||
| Q4 24 | $530.9M | $5.3B | ||
| Q3 24 | $547.4M | $5.3B | ||
| Q2 24 | $560.8M | $5.3B |
| Q1 26 | — | — | ||
| Q4 25 | 3.61× | — | ||
| Q3 25 | 1.98× | — | ||
| Q2 25 | 1.85× | — | ||
| Q1 25 | 1.78× | — | ||
| Q4 24 | 1.98× | — | ||
| Q3 24 | 1.89× | — | ||
| Q2 24 | 2.06× | — |
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 | $2.7M | — |
| Free Cash FlowOCF − Capex | $-64.0K | — |
| FCF MarginFCF / Revenue | -0.1% | — |
| Capex IntensityCapex / Revenue | 2.7% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-8.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.7M | $76.7M | ||
| Q3 25 | $6.3M | $18.2M | ||
| Q2 25 | $-2.3M | $19.0M | ||
| Q1 25 | $-5.3M | $31.7M | ||
| Q4 24 | $7.5M | $63.2M | ||
| Q3 24 | $11.4M | $17.2M | ||
| Q2 24 | $-5.3M | $8.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-64.0K | $70.2M | ||
| Q3 25 | $3.3M | $16.5M | ||
| Q2 25 | $-3.8M | $16.7M | ||
| Q1 25 | $-7.5M | $30.6M | ||
| Q4 24 | $3.7M | $55.2M | ||
| Q3 24 | $8.4M | $15.7M | ||
| Q2 24 | $-8.0M | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | -0.1% | 120.3% | ||
| Q3 25 | 3.2% | 28.9% | ||
| Q2 25 | -3.5% | 29.8% | ||
| Q1 25 | -7.5% | 56.5% | ||
| Q4 24 | 4.0% | 89.1% | ||
| Q3 24 | 9.1% | 30.6% | ||
| Q2 24 | -7.5% | 12.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.7% | 11.1% | ||
| Q3 25 | 2.9% | 2.9% | ||
| Q2 25 | 1.3% | 4.1% | ||
| Q1 25 | 2.2% | 2.1% | ||
| Q4 24 | 4.0% | 12.8% | ||
| Q3 24 | 3.2% | 2.9% | ||
| Q2 24 | 2.5% | 3.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.13× | ||
| Q3 25 | — | 1.04× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | -4.62× | 2.03× | ||
| Q4 24 | 2.40× | 3.42× | ||
| Q3 24 | — | 1.25× | ||
| Q2 24 | -2.64× | 0.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AP
| Forged And Cast Mill Rolls | $67.0M | 64% |
| Air Handling Systems | $14.3M | 14% |
| Heat Exchange Coils | $13.1M | 13% |
| Centrifugal Pumps | $10.3M | 10% |
| Forged Engineered Products | $4.0M | 4% |
IBCP
| Net Interest Income | $46.9M | 80% |
| Noninterest Income | $12.0M | 20% |
