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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) 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 $111.5M, roughly 1.9× AVIAT NETWORKS, INC.). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 5.1%, a 30.3% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs -5.7%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $22.5M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 0.3%).
Aviat Networks, Inc. is a global provider of microwave transport and backhaul solutions, providing public and private operators with communications infrastructure to serve telecommunications operators and enterprise customers.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
AVNW vs INDB — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $212.5M |
| Net Profit | $5.7M | $75.3M |
| Gross Margin | 32.4% | — |
| Operating Margin | 6.5% | — |
| Net Margin | 5.1% | 35.5% |
| Revenue YoY | -5.7% | 46.9% |
| Net Profit YoY | 27.2% | 50.6% |
| EPS (diluted) | $0.44 | $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 | $111.5M | $212.5M | ||
| Q3 25 | $107.3M | $203.3M | ||
| Q2 25 | $115.3M | $147.5M | ||
| Q1 25 | $112.6M | $145.5M | ||
| Q4 24 | $118.2M | $144.7M | ||
| Q3 24 | $88.4M | $141.7M | ||
| Q2 24 | $116.7M | $137.9M | ||
| Q1 24 | $110.8M | $137.4M |
| Q4 25 | $5.7M | $75.3M | ||
| Q3 25 | $162.0K | $34.3M | ||
| Q2 25 | $5.2M | $51.1M | ||
| Q1 25 | $3.5M | $44.4M | ||
| Q4 24 | $4.5M | $50.0M | ||
| Q3 24 | $-11.9M | $42.9M | ||
| Q2 24 | $1.5M | $51.3M | ||
| Q1 24 | $3.9M | $47.8M |
| Q4 25 | 32.4% | — | ||
| Q3 25 | 33.2% | — | ||
| Q2 25 | 34.2% | — | ||
| Q1 25 | 34.9% | — | ||
| Q4 24 | 34.6% | — | ||
| Q3 24 | 22.4% | — | ||
| Q2 24 | 35.3% | — | ||
| Q1 24 | 32.5% | — |
| Q4 25 | 6.5% | — | ||
| Q3 25 | 4.8% | 21.8% | ||
| Q2 25 | 7.7% | 44.6% | ||
| Q1 25 | 8.3% | 39.3% | ||
| Q4 24 | 6.7% | — | ||
| Q3 24 | -17.6% | 39.0% | ||
| Q2 24 | 4.7% | 48.1% | ||
| Q1 24 | 5.1% | 45.5% |
| Q4 25 | 5.1% | 35.5% | ||
| Q3 25 | 0.2% | 16.8% | ||
| Q2 25 | 4.5% | 34.6% | ||
| Q1 25 | 3.1% | 30.5% | ||
| Q4 24 | 3.8% | 34.6% | ||
| Q3 24 | -13.4% | 30.3% | ||
| Q2 24 | 1.3% | 37.2% | ||
| Q1 24 | 3.5% | 34.8% |
| Q4 25 | $0.44 | $1.51 | ||
| Q3 25 | $0.01 | $0.69 | ||
| Q2 25 | $0.42 | $1.20 | ||
| Q1 25 | $0.27 | $1.04 | ||
| Q4 24 | $0.35 | $1.18 | ||
| Q3 24 | $-0.94 | $1.01 | ||
| Q2 24 | $0.11 | $1.21 | ||
| Q1 24 | $0.30 | $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 | $86.5M | — |
| Total DebtLower is stronger | $105.4M | — |
| Stockholders' EquityBook value | $271.6M | $3.6B |
| Total Assets | $659.4M | $24.9B |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | — | ||
| Q3 25 | $64.8M | — | ||
| Q2 25 | $59.7M | — | ||
| Q1 25 | $49.4M | — | ||
| Q4 24 | $52.6M | — | ||
| Q3 24 | $51.0M | — | ||
| Q2 24 | $64.6M | — | ||
| Q1 24 | $59.2M | — |
| Q4 25 | $105.4M | — | ||
| Q3 25 | $106.5M | — | ||
| Q2 25 | $87.6M | — | ||
| Q1 25 | $73.9M | — | ||
| Q4 24 | $74.9M | — | ||
| Q3 24 | $83.4M | — | ||
| Q2 24 | $48.4M | — | ||
| Q1 24 | $48.9M | — |
| Q4 25 | $271.6M | $3.6B | ||
| Q3 25 | $263.6M | $3.5B | ||
| Q2 25 | $263.2M | $3.1B | ||
| Q1 25 | $256.1M | $3.0B | ||
| Q4 24 | $249.6M | $3.0B | ||
| Q3 24 | $247.1M | $3.0B | ||
| Q2 24 | $255.9M | $2.9B | ||
| Q1 24 | $256.0M | $2.9B |
| Q4 25 | $659.4M | $24.9B | ||
| Q3 25 | $643.3M | $25.0B | ||
| Q2 25 | $633.3M | $20.0B | ||
| Q1 25 | $628.3M | $19.9B | ||
| Q4 24 | $594.1M | $19.4B | ||
| Q3 24 | $590.9M | $19.4B | ||
| Q2 24 | $535.2M | $19.4B | ||
| Q1 24 | $490.3M | $19.3B |
| Q4 25 | 0.39× | — | ||
| Q3 25 | 0.40× | — | ||
| Q2 25 | 0.33× | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 0.30× | — | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.19× | — | ||
| Q1 24 | 0.19× | — |
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 | $23.9M | $78.9M |
| Free Cash FlowOCF − Capex | $22.5M | $75.5M |
| FCF MarginFCF / Revenue | 20.2% | 35.5% |
| Capex IntensityCapex / Revenue | 1.3% | 1.6% |
| Cash ConversionOCF / Net Profit | 4.18× | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $78.9M | ||
| Q3 25 | $-11.7M | $52.2M | ||
| Q2 25 | $10.5M | $106.7M | ||
| Q1 25 | $1.6M | $13.3M | ||
| Q4 24 | $20.8M | $42.9M | ||
| Q3 24 | $-27.2M | $70.2M | ||
| Q2 24 | $8.3M | $65.6M | ||
| Q1 24 | $15.3M | $51.1M |
| Q4 25 | $22.5M | $75.5M | ||
| Q3 25 | $-13.5M | $49.7M | ||
| Q2 25 | $8.2M | $102.5M | ||
| Q1 25 | $-1.2M | $11.3M | ||
| Q4 24 | $18.3M | $36.5M | ||
| Q3 24 | $-32.6M | $64.4M | ||
| Q2 24 | $7.5M | $61.9M | ||
| Q1 24 | $14.8M | $46.7M |
| Q4 25 | 20.2% | 35.5% | ||
| Q3 25 | -12.6% | 24.4% | ||
| Q2 25 | 7.1% | 69.5% | ||
| Q1 25 | -1.0% | 7.8% | ||
| Q4 24 | 15.5% | 25.2% | ||
| Q3 24 | -36.8% | 45.4% | ||
| Q2 24 | 6.4% | 44.9% | ||
| Q1 24 | 13.4% | 34.0% |
| Q4 25 | 1.3% | 1.6% | ||
| Q3 25 | 1.6% | 1.2% | ||
| Q2 25 | 2.0% | 2.9% | ||
| Q1 25 | 2.5% | 1.4% | ||
| Q4 24 | 2.1% | 4.4% | ||
| Q3 24 | 6.1% | 4.1% | ||
| Q2 24 | 0.7% | 2.7% | ||
| Q1 24 | 0.4% | 3.2% |
| Q4 25 | 4.18× | 1.05× | ||
| Q3 25 | -72.48× | 1.52× | ||
| Q2 25 | 2.02× | 2.09× | ||
| Q1 25 | 0.46× | 0.30× | ||
| Q4 24 | 4.62× | 0.86× | ||
| Q3 24 | — | 1.64× | ||
| Q2 24 | 5.37× | 1.28× | ||
| Q1 24 | 3.96× | 1.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVNW
| Products | $81.2M | 73% |
| Services | $30.3M | 27% |
INDB
Segment breakdown not available.
