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Side-by-side financial comparison of Borr Drilling Ltd (BORR) and INDEPENDENT BANK CORP (INDB). Click either name above to swap in a different company.
Borr Drilling Ltd is the larger business by last-quarter revenue ($267.7M vs $212.5M, roughly 1.3× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 13.1%, a 22.3% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs -1.5%).
Borr Drilling Ltd is a global offshore drilling contractor owning and operating a modern fleet of high-spec jack-up rigs. It offers drilling services to oil and gas exploration and production firms, with main operations across the North Sea, Southeast Asia, Middle East, and West Africa for shallow-water and marginal field projects.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
BORR vs INDB — Head-to-Head
Income Statement — Q2 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $267.7M | $212.5M |
| Net Profit | $35.1M | $75.3M |
| Gross Margin | — | — |
| Operating Margin | 36.0% | — |
| Net Margin | 13.1% | 35.5% |
| Revenue YoY | -1.5% | 46.9% |
| Net Profit YoY | 10.7% | 50.6% |
| EPS (diluted) | $0.14 | $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 | — | $212.5M | ||
| Q3 25 | — | $203.3M | ||
| Q2 25 | $267.7M | $147.5M | ||
| Q1 25 | — | $145.5M | ||
| Q4 24 | — | $144.7M | ||
| Q3 24 | — | $141.7M | ||
| Q2 24 | $271.9M | $137.9M | ||
| Q1 24 | — | $137.4M |
| Q4 25 | — | $75.3M | ||
| Q3 25 | — | $34.3M | ||
| Q2 25 | $35.1M | $51.1M | ||
| Q1 25 | — | $44.4M | ||
| Q4 24 | — | $50.0M | ||
| Q3 24 | — | $42.9M | ||
| Q2 24 | $31.7M | $51.3M | ||
| Q1 24 | — | $47.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | 21.8% | ||
| Q2 25 | 36.0% | 44.6% | ||
| Q1 25 | — | 39.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 39.0% | ||
| Q2 24 | 38.4% | 48.1% | ||
| Q1 24 | — | 45.5% |
| Q4 25 | — | 35.5% | ||
| Q3 25 | — | 16.8% | ||
| Q2 25 | 13.1% | 34.6% | ||
| Q1 25 | — | 30.5% | ||
| Q4 24 | — | 34.6% | ||
| Q3 24 | — | 30.3% | ||
| Q2 24 | 11.7% | 37.2% | ||
| Q1 24 | — | 34.8% |
| Q4 25 | — | $1.51 | ||
| Q3 25 | — | $0.69 | ||
| Q2 25 | $0.14 | $1.20 | ||
| Q1 25 | — | $1.04 | ||
| Q4 24 | — | $1.18 | ||
| Q3 24 | — | $1.01 | ||
| Q2 24 | $0.12 | $1.21 | ||
| Q1 24 | — | $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 | $92.4M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.0B | $3.6B |
| Total Assets | $3.4B | $24.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $92.4M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $195.3M | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | $1.0B | $3.1B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | — | $3.0B | ||
| Q2 24 | $999.2M | $2.9B | ||
| Q1 24 | — | $2.9B |
| Q4 25 | — | $24.9B | ||
| Q3 25 | — | $25.0B | ||
| Q2 25 | $3.4B | $20.0B | ||
| Q1 25 | — | $19.9B | ||
| Q4 24 | — | $19.4B | ||
| Q3 24 | — | $19.4B | ||
| Q2 24 | $3.2B | $19.4B | ||
| Q1 24 | — | $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 | $6.3M | $78.9M |
| Free Cash FlowOCF − Capex | — | $75.5M |
| FCF MarginFCF / Revenue | — | 35.5% |
| Capex IntensityCapex / Revenue | — | 1.6% |
| Cash ConversionOCF / Net Profit | 0.18× | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | — | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $78.9M | ||
| Q3 25 | — | $52.2M | ||
| Q2 25 | $6.3M | $106.7M | ||
| Q1 25 | — | $13.3M | ||
| Q4 24 | — | $42.9M | ||
| Q3 24 | — | $70.2M | ||
| Q2 24 | $16.0M | $65.6M | ||
| Q1 24 | — | $51.1M |
| Q4 25 | — | $75.5M | ||
| Q3 25 | — | $49.7M | ||
| Q2 25 | — | $102.5M | ||
| Q1 25 | — | $11.3M | ||
| Q4 24 | — | $36.5M | ||
| Q3 24 | — | $64.4M | ||
| Q2 24 | — | $61.9M | ||
| Q1 24 | — | $46.7M |
| Q4 25 | — | 35.5% | ||
| Q3 25 | — | 24.4% | ||
| Q2 25 | — | 69.5% | ||
| Q1 25 | — | 7.8% | ||
| Q4 24 | — | 25.2% | ||
| Q3 24 | — | 45.4% | ||
| Q2 24 | — | 44.9% | ||
| Q1 24 | — | 34.0% |
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | 1.2% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 1.4% | ||
| Q4 24 | — | 4.4% | ||
| Q3 24 | — | 4.1% | ||
| Q2 24 | — | 2.7% | ||
| Q1 24 | — | 3.2% |
| Q4 25 | — | 1.05× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | 0.18× | 2.09× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 0.86× | ||
| Q3 24 | — | 1.64× | ||
| Q2 24 | 0.50× | 1.28× | ||
| Q1 24 | — | 1.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BORR
| Transferred Over Time | $256.6M | 96% |
| Transferred At Point In Time | $11.1M | 4% |
INDB
Segment breakdown not available.
