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Side-by-side financial comparison of ESCO TECHNOLOGIES INC (ESE) and INDEPENDENT BANK CORP (INDB). Click either name above to swap in a different company.
ESCO TECHNOLOGIES INC is the larger business by last-quarter revenue ($289.7M vs $212.5M, roughly 1.4× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 9.9%, a 25.5% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 17.3%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $63.0M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 7.8%).
Esco is a Singaporean brand that develops, manufactures, and sells products and services for laboratories.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
ESE vs INDB — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $289.7M | $212.5M |
| Net Profit | $28.7M | $75.3M |
| Gross Margin | 41.4% | — |
| Operating Margin | 13.2% | — |
| Net Margin | 9.9% | 35.5% |
| Revenue YoY | 17.3% | 46.9% |
| Net Profit YoY | 22.2% | 50.6% |
| EPS (diluted) | $1.11 | $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 | $289.7M | $212.5M | ||
| Q3 25 | $286.5M | $203.3M | ||
| Q2 25 | $296.3M | $147.5M | ||
| Q1 25 | $265.5M | $145.5M | ||
| Q4 24 | $247.0M | $144.7M | ||
| Q3 24 | $298.5M | $141.7M | ||
| Q2 24 | $260.8M | $137.9M | ||
| Q1 24 | $249.1M | $137.4M |
| Q4 25 | $28.7M | $75.3M | ||
| Q3 25 | $218.7M | $34.3M | ||
| Q2 25 | $26.1M | $51.1M | ||
| Q1 25 | $31.0M | $44.4M | ||
| Q4 24 | $23.5M | $50.0M | ||
| Q3 24 | $34.3M | $42.9M | ||
| Q2 24 | $29.2M | $51.3M | ||
| Q1 24 | $23.2M | $47.8M |
| Q4 25 | 41.4% | — | ||
| Q3 25 | 45.9% | — | ||
| Q2 25 | 41.2% | — | ||
| Q1 25 | 41.1% | — | ||
| Q4 24 | 39.8% | — | ||
| Q3 24 | 40.1% | — | ||
| Q2 24 | 39.6% | — | ||
| Q1 24 | 38.8% | — |
| Q4 25 | 13.2% | — | ||
| Q3 25 | 17.2% | 21.8% | ||
| Q2 25 | 11.2% | 44.6% | ||
| Q1 25 | 15.3% | 39.3% | ||
| Q4 24 | 11.4% | — | ||
| Q3 24 | 14.8% | 39.0% | ||
| Q2 24 | 14.3% | 48.1% | ||
| Q1 24 | 11.7% | 45.5% |
| Q4 25 | 9.9% | 35.5% | ||
| Q3 25 | 76.3% | 16.8% | ||
| Q2 25 | 8.8% | 34.6% | ||
| Q1 25 | 11.7% | 30.5% | ||
| Q4 24 | 9.5% | 34.6% | ||
| Q3 24 | 11.5% | 30.3% | ||
| Q2 24 | 11.2% | 37.2% | ||
| Q1 24 | 9.3% | 34.8% |
| Q4 25 | $1.11 | $1.51 | ||
| Q3 25 | $8.43 | $0.69 | ||
| Q2 25 | $1.01 | $1.20 | ||
| Q1 25 | $1.20 | $1.04 | ||
| Q4 24 | $0.91 | $1.18 | ||
| Q3 24 | $1.32 | $1.01 | ||
| Q2 24 | $1.13 | $1.21 | ||
| Q1 24 | $0.90 | $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 | $103.8M | — |
| Total DebtLower is stronger | $145.5M | — |
| Stockholders' EquityBook value | $1.6B | $3.6B |
| Total Assets | $2.4B | $24.9B |
| Debt / EquityLower = less leverage | 0.09× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $103.8M | — | ||
| Q3 25 | $101.3M | — | ||
| Q2 25 | $78.7M | — | ||
| Q1 25 | $57.4M | — | ||
| Q4 24 | $71.3M | — | ||
| Q3 24 | $66.0M | — | ||
| Q2 24 | $63.0M | — | ||
| Q1 24 | $59.4M | — |
| Q4 25 | $145.5M | — | ||
| Q3 25 | $186.0M | — | ||
| Q2 25 | $525.0M | — | ||
| Q1 25 | $88.0M | — | ||
| Q4 24 | $112.0M | — | ||
| Q3 24 | $122.0M | — | ||
| Q2 24 | $173.0M | — | ||
| Q1 24 | $191.0M | — |
| Q4 25 | $1.6B | $3.6B | ||
| Q3 25 | $1.5B | $3.5B | ||
| Q2 25 | $1.3B | $3.1B | ||
| Q1 25 | $1.3B | $3.0B | ||
| Q4 24 | $1.2B | $3.0B | ||
| Q3 24 | $1.2B | $3.0B | ||
| Q2 24 | $1.2B | $2.9B | ||
| Q1 24 | $1.2B | $2.9B |
| Q4 25 | $2.4B | $24.9B | ||
| Q3 25 | $2.4B | $25.0B | ||
| Q2 25 | $2.5B | $20.0B | ||
| Q1 25 | $1.8B | $19.9B | ||
| Q4 24 | $1.8B | $19.4B | ||
| Q3 24 | $1.8B | $19.4B | ||
| Q2 24 | $1.8B | $19.4B | ||
| Q1 24 | $1.8B | $19.3B |
| Q4 25 | 0.09× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | 0.40× | — | ||
| Q1 25 | 0.07× | — | ||
| Q4 24 | 0.09× | — | ||
| Q3 24 | 0.10× | — | ||
| Q2 24 | 0.14× | — | ||
| Q1 24 | 0.16× | — |
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 | $68.9M | $78.9M |
| Free Cash FlowOCF − Capex | $63.0M | $75.5M |
| FCF MarginFCF / Revenue | 21.7% | 35.5% |
| Capex IntensityCapex / Revenue | 2.0% | 1.6% |
| Cash ConversionOCF / Net Profit | 2.40× | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $239.6M | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $68.9M | $78.9M | ||
| Q3 25 | $109.9M | $52.2M | ||
| Q2 25 | $73.7M | $106.7M | ||
| Q1 25 | $24.1M | $13.3M | ||
| Q4 24 | $34.2M | $42.9M | ||
| Q3 24 | $72.1M | $70.2M | ||
| Q2 24 | $36.2M | $65.6M | ||
| Q1 24 | $10.5M | $51.1M |
| Q4 25 | $63.0M | $75.5M | ||
| Q3 25 | $97.8M | $49.7M | ||
| Q2 25 | $64.9M | $102.5M | ||
| Q1 25 | $14.0M | $11.3M | ||
| Q4 24 | $29.0M | $36.5M | ||
| Q3 24 | $60.9M | $64.4M | ||
| Q2 24 | $27.6M | $61.9M | ||
| Q1 24 | $2.0M | $46.7M |
| Q4 25 | 21.7% | 35.5% | ||
| Q3 25 | 34.1% | 24.4% | ||
| Q2 25 | 21.9% | 69.5% | ||
| Q1 25 | 5.3% | 7.8% | ||
| Q4 24 | 11.7% | 25.2% | ||
| Q3 24 | 20.4% | 45.4% | ||
| Q2 24 | 10.6% | 44.9% | ||
| Q1 24 | 0.8% | 34.0% |
| Q4 25 | 2.0% | 1.6% | ||
| Q3 25 | 4.2% | 1.2% | ||
| Q2 25 | 3.0% | 2.9% | ||
| Q1 25 | 3.8% | 1.4% | ||
| Q4 24 | 2.1% | 4.4% | ||
| Q3 24 | 3.8% | 4.1% | ||
| Q2 24 | 3.3% | 2.7% | ||
| Q1 24 | 3.4% | 3.2% |
| Q4 25 | 2.40× | 1.05× | ||
| Q3 25 | 0.50× | 1.52× | ||
| Q2 25 | 2.83× | 2.09× | ||
| Q1 25 | 0.78× | 0.30× | ||
| Q4 24 | 1.46× | 0.86× | ||
| Q3 24 | 2.10× | 1.64× | ||
| Q2 24 | 1.24× | 1.28× | ||
| Q1 24 | 0.45× | 1.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ESE
| US Government | $98.0M | 34% |
| Utility Solutions Group | $87.5M | 30% |
| RF Shielding And Test | $58.3M | 20% |
| Commercial | $45.8M | 16% |
| Related Party | $1.3M | 0% |
INDB
Segment breakdown not available.
