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Side-by-side financial comparison of ASTRONICS CORP (ATRO) and INDEPENDENT BANK CORP (INDB). Click either name above to swap in a different company.
ASTRONICS CORP is the larger business by last-quarter revenue ($240.1M vs $212.5M, roughly 1.1× INDEPENDENT BANK CORP). On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 15.1%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $15.8M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 13.9%).
Astronics Corporation is an American aerospace electronics corporation founded in 1968, headquartered in East Aurora, New York. It is traded on NASDAQ as Nasdaq: ATRO. It is known for lighting and electronics integrations on military, commercial, and business aircraft and semiconductor test systems.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
ATRO vs INDB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $240.1M | $212.5M |
| Net Profit | — | $75.3M |
| Gross Margin | 33.3% | — |
| Operating Margin | 14.8% | — |
| Net Margin | — | 35.5% |
| Revenue YoY | 15.1% | 46.9% |
| Net Profit YoY | — | 50.6% |
| EPS (diluted) | $0.82 | $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 | $240.1M | $212.5M | ||
| Q3 25 | $211.4M | $203.3M | ||
| Q2 25 | $204.7M | $147.5M | ||
| Q1 25 | $205.9M | $145.5M | ||
| Q4 24 | $208.5M | $144.7M | ||
| Q3 24 | $203.7M | $141.7M | ||
| Q2 24 | $198.1M | $137.9M | ||
| Q1 24 | $185.1M | $137.4M |
| Q4 25 | — | $75.3M | ||
| Q3 25 | $-11.1M | $34.3M | ||
| Q2 25 | $1.3M | $51.1M | ||
| Q1 25 | $9.5M | $44.4M | ||
| Q4 24 | — | $50.0M | ||
| Q3 24 | $-11.7M | $42.9M | ||
| Q2 24 | $1.5M | $51.3M | ||
| Q1 24 | $-3.2M | $47.8M |
| Q4 25 | 33.3% | — | ||
| Q3 25 | 30.5% | — | ||
| Q2 25 | 25.8% | — | ||
| Q1 25 | 29.5% | — | ||
| Q4 24 | 29.8% | — | ||
| Q3 24 | 27.1% | — | ||
| Q2 24 | 28.0% | — | ||
| Q1 24 | 25.7% | — |
| Q4 25 | 14.8% | — | ||
| Q3 25 | 10.9% | 21.8% | ||
| Q2 25 | 2.3% | 44.6% | ||
| Q1 25 | 6.4% | 39.3% | ||
| Q4 24 | 4.3% | — | ||
| Q3 24 | 4.1% | 39.0% | ||
| Q2 24 | 3.8% | 48.1% | ||
| Q1 24 | 0.9% | 45.5% |
| Q4 25 | — | 35.5% | ||
| Q3 25 | -5.2% | 16.8% | ||
| Q2 25 | 0.6% | 34.6% | ||
| Q1 25 | 4.6% | 30.5% | ||
| Q4 24 | — | 34.6% | ||
| Q3 24 | -5.8% | 30.3% | ||
| Q2 24 | 0.8% | 37.2% | ||
| Q1 24 | -1.7% | 34.8% |
| Q4 25 | $0.82 | $1.51 | ||
| Q3 25 | $-0.31 | $0.69 | ||
| Q2 25 | $0.04 | $1.20 | ||
| Q1 25 | $0.26 | $1.04 | ||
| Q4 24 | $-0.07 | $1.18 | ||
| Q3 24 | $-0.34 | $1.01 | ||
| Q2 24 | $0.04 | $1.21 | ||
| Q1 24 | $-0.09 | $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 | $18.2M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $140.1M | $3.6B |
| Total Assets | $706.7M | $24.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.2M | — | ||
| Q3 25 | $13.5M | — | ||
| Q2 25 | $13.5M | — | ||
| Q1 25 | $24.8M | — | ||
| Q4 24 | $9.3M | — | ||
| Q3 24 | $5.2M | — | ||
| Q2 24 | $2.9M | — | ||
| Q1 24 | $5.3M | — |
| Q4 25 | $140.1M | $3.6B | ||
| Q3 25 | $108.9M | $3.5B | ||
| Q2 25 | $271.6M | $3.1B | ||
| Q1 25 | $266.8M | $3.0B | ||
| Q4 24 | $256.1M | $3.0B | ||
| Q3 24 | $249.2M | $3.0B | ||
| Q2 24 | $257.9M | $2.9B | ||
| Q1 24 | $251.7M | $2.9B |
| Q4 25 | $706.7M | $24.9B | ||
| Q3 25 | $682.2M | $25.0B | ||
| Q2 25 | $646.7M | $20.0B | ||
| Q1 25 | $662.2M | $19.9B | ||
| Q4 24 | $648.8M | $19.4B | ||
| Q3 24 | $651.6M | $19.4B | ||
| Q2 24 | $644.9M | $19.4B | ||
| Q1 24 | $630.0M | $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 | $27.6M | $78.9M |
| Free Cash FlowOCF − Capex | $15.8M | $75.5M |
| FCF MarginFCF / Revenue | 6.6% | 35.5% |
| Capex IntensityCapex / Revenue | 4.9% | 1.6% |
| Cash ConversionOCF / Net Profit | — | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $43.1M | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.6M | $78.9M | ||
| Q3 25 | $34.2M | $52.2M | ||
| Q2 25 | $-7.6M | $106.7M | ||
| Q1 25 | $20.6M | $13.3M | ||
| Q4 24 | $26.4M | $42.9M | ||
| Q3 24 | $8.4M | $70.2M | ||
| Q2 24 | $-6.3M | $65.6M | ||
| Q1 24 | $2.0M | $51.1M |
| Q4 25 | $15.8M | $75.5M | ||
| Q3 25 | $21.0M | $49.7M | ||
| Q2 25 | $-12.2M | $102.5M | ||
| Q1 25 | $18.5M | $11.3M | ||
| Q4 24 | $23.2M | $36.5M | ||
| Q3 24 | $6.5M | $64.4M | ||
| Q2 24 | $-8.1M | $61.9M | ||
| Q1 24 | $439.0K | $46.7M |
| Q4 25 | 6.6% | 35.5% | ||
| Q3 25 | 9.9% | 24.4% | ||
| Q2 25 | -6.0% | 69.5% | ||
| Q1 25 | 9.0% | 7.8% | ||
| Q4 24 | 11.1% | 25.2% | ||
| Q3 24 | 3.2% | 45.4% | ||
| Q2 24 | -4.1% | 44.9% | ||
| Q1 24 | 0.2% | 34.0% |
| Q4 25 | 4.9% | 1.6% | ||
| Q3 25 | 6.2% | 1.2% | ||
| Q2 25 | 2.2% | 2.9% | ||
| Q1 25 | 1.0% | 1.4% | ||
| Q4 24 | 1.5% | 4.4% | ||
| Q3 24 | 0.9% | 4.1% | ||
| Q2 24 | 0.9% | 2.7% | ||
| Q1 24 | 0.9% | 3.2% |
| Q4 25 | — | 1.05× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | -5.81× | 2.09× | ||
| Q1 25 | 2.17× | 0.30× | ||
| Q4 24 | — | 0.86× | ||
| Q3 24 | — | 1.64× | ||
| Q2 24 | -4.08× | 1.28× | ||
| Q1 24 | — | 1.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ATRO
| Product Line Electrical Power And Motion | $113.8M | 47% |
| Product Line Avionics | $32.0M | 13% |
| Military Aircraft | $28.0M | 12% |
| General Aviation | $22.3M | 9% |
| Government And Defense | $20.5M | 9% |
| Product Line Systems Certification | $13.2M | 6% |
| Product Line Structures | $3.7M | 2% |
| Product Line Other | $2.3M | 1% |
INDB
Segment breakdown not available.
