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Side-by-side financial comparison of Commercial Vehicle Group, Inc. (CVGI) 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 $154.8M, roughly 1.4× Commercial Vehicle Group, Inc.). On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs -5.2%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $8.7M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs -10.8%).
WABCO Holdings, Inc. was a U.S.-based provider of electronic braking, stability, suspension and transmission automation systems for heavy-duty commercial vehicles. In 2007, the Vehicle Control Systems was spun off as WABCO Holdings Inc., an American provider of electronic braking, stability, suspension and transmission automation systems for heavy-duty commercial vehicles. Their products are present in many commercial vehicles such as trucks, buses, trailers and off-highway vehicles but they ...
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
CVGI vs INDB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $154.8M | $212.5M |
| Net Profit | — | $75.3M |
| Gross Margin | 9.7% | — |
| Operating Margin | -1.2% | — |
| Net Margin | — | 35.5% |
| Revenue YoY | -5.2% | 46.9% |
| Net Profit YoY | — | 50.6% |
| EPS (diluted) | — | $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 | $154.8M | $212.5M | ||
| Q3 25 | $152.5M | $203.3M | ||
| Q2 25 | $172.0M | $147.5M | ||
| Q1 25 | $169.8M | $145.5M | ||
| Q4 24 | $163.3M | $144.7M | ||
| Q3 24 | $171.8M | $141.7M | ||
| Q2 24 | $193.7M | $137.9M | ||
| Q1 24 | $194.6M | $137.4M |
| Q4 25 | — | $75.3M | ||
| Q3 25 | $-7.1M | $34.3M | ||
| Q2 25 | $-4.8M | $51.1M | ||
| Q1 25 | $-4.3M | $44.4M | ||
| Q4 24 | — | $50.0M | ||
| Q3 24 | $9.5M | $42.9M | ||
| Q2 24 | $-1.6M | $51.3M | ||
| Q1 24 | $2.9M | $47.8M |
| Q4 25 | 9.7% | — | ||
| Q3 25 | 10.5% | — | ||
| Q2 25 | 11.4% | — | ||
| Q1 25 | 10.5% | — | ||
| Q4 24 | 8.0% | — | ||
| Q3 24 | 9.6% | — | ||
| Q2 24 | 10.6% | — | ||
| Q1 24 | 11.9% | — |
| Q4 25 | -1.2% | — | ||
| Q3 25 | -0.7% | 21.8% | ||
| Q2 25 | 0.5% | 44.6% | ||
| Q1 25 | 0.8% | 39.3% | ||
| Q4 24 | -3.2% | — | ||
| Q3 24 | -0.6% | 39.0% | ||
| Q2 24 | 0.5% | 48.1% | ||
| Q1 24 | 2.3% | 45.5% |
| Q4 25 | — | 35.5% | ||
| Q3 25 | -4.6% | 16.8% | ||
| Q2 25 | -2.8% | 34.6% | ||
| Q1 25 | -2.5% | 30.5% | ||
| Q4 24 | — | 34.6% | ||
| Q3 24 | 5.5% | 30.3% | ||
| Q2 24 | -0.8% | 37.2% | ||
| Q1 24 | 1.5% | 34.8% |
| Q4 25 | — | $1.51 | ||
| Q3 25 | — | $0.69 | ||
| Q2 25 | — | $1.20 | ||
| Q1 25 | — | $1.04 | ||
| Q4 24 | — | $1.18 | ||
| Q3 24 | — | $1.01 | ||
| Q2 24 | $-0.05 | $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 | — | — |
| Total DebtLower is stronger | $104.9M | — |
| Stockholders' EquityBook value | $133.4M | $3.6B |
| Total Assets | $391.7M | $24.9B |
| Debt / EquityLower = less leverage | 0.79× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $104.9M | — | ||
| Q3 25 | $108.2M | — | ||
| Q2 25 | $118.2M | — | ||
| Q1 25 | $117.4M | — | ||
| Q4 24 | $135.5M | — | ||
| Q3 24 | $128.8M | — | ||
| Q2 24 | $142.0M | — | ||
| Q1 24 | $155.7M | — |
| Q4 25 | $133.4M | $3.6B | ||
| Q3 25 | $136.5M | $3.5B | ||
| Q2 25 | $142.6M | $3.1B | ||
| Q1 25 | $136.7M | $3.0B | ||
| Q4 24 | $135.6M | $3.0B | ||
| Q3 24 | $179.3M | $3.0B | ||
| Q2 24 | $169.6M | $2.9B | ||
| Q1 24 | $175.5M | $2.9B |
| Q4 25 | $391.7M | $24.9B | ||
| Q3 25 | $400.3M | $25.0B | ||
| Q2 25 | $429.8M | $20.0B | ||
| Q1 25 | $419.8M | $19.9B | ||
| Q4 24 | $424.6M | $19.4B | ||
| Q3 24 | $495.3M | $19.4B | ||
| Q2 24 | $503.2M | $19.4B | ||
| Q1 24 | $509.2M | $19.3B |
| Q4 25 | 0.79× | — | ||
| Q3 25 | 0.79× | — | ||
| Q2 25 | 0.83× | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 1.00× | — | ||
| Q3 24 | 0.72× | — | ||
| Q2 24 | 0.84× | — | ||
| Q1 24 | 0.89× | — |
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 | $12.3M | $78.9M |
| Free Cash FlowOCF − Capex | $8.7M | $75.5M |
| FCF MarginFCF / Revenue | 5.6% | 35.5% |
| Capex IntensityCapex / Revenue | 2.3% | 1.6% |
| Cash ConversionOCF / Net Profit | — | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $34.0M | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.3M | $78.9M | ||
| Q3 25 | $-1.7M | $52.2M | ||
| Q2 25 | $18.9M | $106.7M | ||
| Q1 25 | $15.2M | $13.3M | ||
| Q4 24 | $-26.6M | $42.9M | ||
| Q3 24 | $-17.1M | $70.2M | ||
| Q2 24 | $12.6M | $65.6M | ||
| Q1 24 | $-2.4M | $51.1M |
| Q4 25 | $8.7M | $75.5M | ||
| Q3 25 | $-3.5M | $49.7M | ||
| Q2 25 | $17.4M | $102.5M | ||
| Q1 25 | $11.4M | $11.3M | ||
| Q4 24 | $-30.6M | $36.5M | ||
| Q3 24 | $-20.3M | $64.4M | ||
| Q2 24 | $6.4M | $61.9M | ||
| Q1 24 | $-7.4M | $46.7M |
| Q4 25 | 5.6% | 35.5% | ||
| Q3 25 | -2.3% | 24.4% | ||
| Q2 25 | 10.1% | 69.5% | ||
| Q1 25 | 6.7% | 7.8% | ||
| Q4 24 | -18.7% | 25.2% | ||
| Q3 24 | -11.8% | 45.4% | ||
| Q2 24 | 3.3% | 44.9% | ||
| Q1 24 | -3.8% | 34.0% |
| Q4 25 | 2.3% | 1.6% | ||
| Q3 25 | 1.2% | 1.2% | ||
| Q2 25 | 0.9% | 2.9% | ||
| Q1 25 | 2.2% | 1.4% | ||
| Q4 24 | 2.4% | 4.4% | ||
| Q3 24 | 1.9% | 4.1% | ||
| Q2 24 | 3.2% | 2.7% | ||
| Q1 24 | 2.6% | 3.2% |
| Q4 25 | — | 1.05× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | — | 2.09× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 0.86× | ||
| Q3 24 | -1.79× | 1.64× | ||
| Q2 24 | — | 1.28× | ||
| Q1 24 | -0.80× | 1.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CVGI
| Global Seating | $70.7M | 46% |
| Global Electrical Systems | $49.7M | 32% |
| Trim Systems And Components | $34.4M | 22% |
INDB
Segment breakdown not available.
