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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) 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 $164.3M, roughly 1.3× AMERICAN STATES WATER CO). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 17.5%, a 18.0% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 14.8%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $-36.0M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 10.2%).
American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
AWR vs INDB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $212.5M |
| Net Profit | $28.7M | $75.3M |
| Gross Margin | 88.9% | — |
| Operating Margin | 27.4% | — |
| Net Margin | 17.5% | 35.5% |
| Revenue YoY | 14.8% | 46.9% |
| Net Profit YoY | 1.1% | 50.6% |
| EPS (diluted) | $0.74 | $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 | $164.3M | $212.5M | ||
| Q3 25 | $182.7M | $203.3M | ||
| Q2 25 | $163.1M | $147.5M | ||
| Q1 25 | $148.0M | $145.5M | ||
| Q4 24 | $143.1M | $144.7M | ||
| Q3 24 | $161.8M | $141.7M | ||
| Q2 24 | $155.3M | $137.9M | ||
| Q1 24 | $135.3M | $137.4M |
| Q4 25 | $28.7M | $75.3M | ||
| Q3 25 | $41.2M | $34.3M | ||
| Q2 25 | $33.7M | $51.1M | ||
| Q1 25 | $26.8M | $44.4M | ||
| Q4 24 | $28.4M | $50.0M | ||
| Q3 24 | $35.8M | $42.9M | ||
| Q2 24 | $31.9M | $51.3M | ||
| Q1 24 | $23.1M | $47.8M |
| Q4 25 | 88.9% | — | ||
| Q3 25 | 91.0% | — | ||
| Q2 25 | 92.1% | — | ||
| Q1 25 | 91.3% | — | ||
| Q4 24 | 92.4% | — | ||
| Q3 24 | 92.7% | — | ||
| Q2 24 | 89.6% | — | ||
| Q1 24 | 88.4% | — |
| Q4 25 | 27.4% | — | ||
| Q3 25 | 33.8% | 21.8% | ||
| Q2 25 | 31.3% | 44.6% | ||
| Q1 25 | 30.8% | 39.3% | ||
| Q4 24 | 27.0% | — | ||
| Q3 24 | 34.0% | 39.0% | ||
| Q2 24 | 33.3% | 48.1% | ||
| Q1 24 | 28.8% | 45.5% |
| Q4 25 | 17.5% | 35.5% | ||
| Q3 25 | 22.5% | 16.8% | ||
| Q2 25 | 20.7% | 34.6% | ||
| Q1 25 | 18.1% | 30.5% | ||
| Q4 24 | 19.9% | 34.6% | ||
| Q3 24 | 22.1% | 30.3% | ||
| Q2 24 | 20.5% | 37.2% | ||
| Q1 24 | 17.1% | 34.8% |
| Q4 25 | $0.74 | $1.51 | ||
| Q3 25 | $1.06 | $0.69 | ||
| Q2 25 | $0.87 | $1.20 | ||
| Q1 25 | $0.70 | $1.04 | ||
| Q4 24 | $0.75 | $1.18 | ||
| Q3 24 | $0.95 | $1.01 | ||
| Q2 24 | $0.85 | $1.21 | ||
| Q1 24 | $0.62 | $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 | $18.8M | — |
| Total DebtLower is stronger | $782.7M | — |
| Stockholders' EquityBook value | $1.0B | $3.6B |
| Total Assets | $2.7B | $24.9B |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.8M | — | ||
| Q3 25 | $26.1M | — | ||
| Q2 25 | $20.2M | — | ||
| Q1 25 | $21.2M | — | ||
| Q4 24 | $26.7M | — | ||
| Q3 24 | $16.5M | — | ||
| Q2 24 | $3.6M | — | ||
| Q1 24 | $17.0M | — |
| Q4 25 | $782.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $640.4M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.0B | $3.6B | ||
| Q3 25 | $1.0B | $3.5B | ||
| Q2 25 | $972.5M | $3.1B | ||
| Q1 25 | $956.4M | $3.0B | ||
| Q4 24 | $920.1M | $3.0B | ||
| Q3 24 | $879.5M | $3.0B | ||
| Q2 24 | $833.5M | $2.9B | ||
| Q1 24 | $800.5M | $2.9B |
| Q4 25 | $2.7B | $24.9B | ||
| Q3 25 | $2.7B | $25.0B | ||
| Q2 25 | $2.6B | $20.0B | ||
| Q1 25 | $2.5B | $19.9B | ||
| Q4 24 | $2.5B | $19.4B | ||
| Q3 24 | $2.4B | $19.4B | ||
| Q2 24 | $2.3B | $19.4B | ||
| Q1 24 | $2.3B | $19.3B |
| Q4 25 | 0.75× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.70× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $27.7M | $78.9M |
| Free Cash FlowOCF − Capex | $-36.0M | $75.5M |
| FCF MarginFCF / Revenue | -21.9% | 35.5% |
| Capex IntensityCapex / Revenue | 38.8% | 1.6% |
| Cash ConversionOCF / Net Profit | 0.96× | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $78.9M | ||
| Q3 25 | $92.4M | $52.2M | ||
| Q2 25 | $64.6M | $106.7M | ||
| Q1 25 | $45.1M | $13.3M | ||
| Q4 24 | $64.5M | $42.9M | ||
| Q3 24 | $63.7M | $70.2M | ||
| Q2 24 | $24.7M | $65.6M | ||
| Q1 24 | $45.8M | $51.1M |
| Q4 25 | $-36.0M | $75.5M | ||
| Q3 25 | $37.7M | $49.7M | ||
| Q2 25 | $13.7M | $102.5M | ||
| Q1 25 | $-22.5M | $11.3M | ||
| Q4 24 | $6.0M | $36.5M | ||
| Q3 24 | $-478.0K | $64.4M | ||
| Q2 24 | $-37.0M | $61.9M | ||
| Q1 24 | $-1.7M | $46.7M |
| Q4 25 | -21.9% | 35.5% | ||
| Q3 25 | 20.7% | 24.4% | ||
| Q2 25 | 8.4% | 69.5% | ||
| Q1 25 | -15.2% | 7.8% | ||
| Q4 24 | 4.2% | 25.2% | ||
| Q3 24 | -0.3% | 45.4% | ||
| Q2 24 | -23.8% | 44.9% | ||
| Q1 24 | -1.3% | 34.0% |
| Q4 25 | 38.8% | 1.6% | ||
| Q3 25 | 29.9% | 1.2% | ||
| Q2 25 | 31.2% | 2.9% | ||
| Q1 25 | 45.6% | 1.4% | ||
| Q4 24 | 40.9% | 4.4% | ||
| Q3 24 | 39.7% | 4.1% | ||
| Q2 24 | 39.8% | 2.7% | ||
| Q1 24 | 35.2% | 3.2% |
| Q4 25 | 0.96× | 1.05× | ||
| Q3 25 | 2.24× | 1.52× | ||
| Q2 25 | 1.92× | 2.09× | ||
| Q1 25 | 1.68× | 0.30× | ||
| Q4 24 | 2.27× | 0.86× | ||
| Q3 24 | 1.78× | 1.64× | ||
| Q2 24 | 0.78× | 1.28× | ||
| Q1 24 | 1.98× | 1.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AWR
| Water Service Utility Operations | $110.0M | 67% |
| Public Utilities Inventory Water | $22.3M | 14% |
| Wastewater | $15.9M | 10% |
| Electric Service Utility Operations | $15.2M | 9% |
INDB
Segment breakdown not available.
