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Side-by-side financial comparison of EZCORP INC (EZPW) and INDEPENDENT BANK CORP (INDB). Click either name above to swap in a different company.
EZCORP INC is the larger business by last-quarter revenue ($382.0M vs $212.5M, roughly 1.8× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 11.6%, a 23.9% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 19.3%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $31.7M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 15.6%).
EZCORP, Inc. is an American pawn shop operator based in Austin, Texas which provides services across the United States and Latin America. It is a publicly traded company listed on the NASDAQ stock exchange and is the second largest pawn shop operator in the U.S. after Cash America International.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
EZPW vs INDB — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $382.0M | $212.5M |
| Net Profit | $44.3M | $75.3M |
| Gross Margin | 58.4% | — |
| Operating Margin | 15.9% | — |
| Net Margin | 11.6% | 35.5% |
| Revenue YoY | 19.3% | 46.9% |
| Net Profit YoY | 42.8% | 50.6% |
| EPS (diluted) | $0.55 | $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 | $382.0M | $212.5M | ||
| Q3 25 | $336.8M | $203.3M | ||
| Q2 25 | $311.0M | $147.5M | ||
| Q1 25 | $306.3M | $145.5M | ||
| Q4 24 | $320.2M | $144.7M | ||
| Q3 24 | $294.6M | $141.7M | ||
| Q2 24 | $281.4M | $137.9M | ||
| Q1 24 | $285.6M | $137.4M |
| Q4 25 | $44.3M | $75.3M | ||
| Q3 25 | $26.7M | $34.3M | ||
| Q2 25 | $26.5M | $51.1M | ||
| Q1 25 | $25.4M | $44.4M | ||
| Q4 24 | $31.0M | $50.0M | ||
| Q3 24 | $15.2M | $42.9M | ||
| Q2 24 | $17.9M | $51.3M | ||
| Q1 24 | $21.5M | $47.8M |
| Q4 25 | 58.4% | — | ||
| Q3 25 | 59.0% | — | ||
| Q2 25 | 59.1% | — | ||
| Q1 25 | 58.3% | — | ||
| Q4 24 | 57.9% | — | ||
| Q3 24 | 59.5% | — | ||
| Q2 24 | 59.2% | — | ||
| Q1 24 | 58.7% | — |
| Q4 25 | 15.9% | — | ||
| Q3 25 | 11.0% | 21.8% | ||
| Q2 25 | 11.6% | 44.6% | ||
| Q1 25 | 11.2% | 39.3% | ||
| Q4 24 | 13.1% | — | ||
| Q3 24 | 8.8% | 39.0% | ||
| Q2 24 | 7.9% | 48.1% | ||
| Q1 24 | 9.6% | 45.5% |
| Q4 25 | 11.6% | 35.5% | ||
| Q3 25 | 7.9% | 16.8% | ||
| Q2 25 | 8.5% | 34.6% | ||
| Q1 25 | 8.3% | 30.5% | ||
| Q4 24 | 9.7% | 34.6% | ||
| Q3 24 | 5.2% | 30.3% | ||
| Q2 24 | 6.4% | 37.2% | ||
| Q1 24 | 7.5% | 34.8% |
| Q4 25 | $0.55 | $1.51 | ||
| Q3 25 | $0.35 | $0.69 | ||
| Q2 25 | $0.34 | $1.20 | ||
| Q1 25 | $0.33 | $1.04 | ||
| Q4 24 | $0.40 | $1.18 | ||
| Q3 24 | $0.20 | $1.01 | ||
| Q2 24 | $0.25 | $1.21 | ||
| Q1 24 | $0.29 | $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 | $465.9M | — |
| Total DebtLower is stronger | $518.6M | — |
| Stockholders' EquityBook value | $1.1B | $3.6B |
| Total Assets | $2.0B | $24.9B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $465.9M | — | ||
| Q3 25 | $469.5M | — | ||
| Q2 25 | $472.1M | — | ||
| Q1 25 | $505.2M | — | ||
| Q4 24 | $174.5M | — | ||
| Q3 24 | $170.5M | — | ||
| Q2 24 | $218.0M | — | ||
| Q1 24 | $229.1M | — |
| Q4 25 | $518.6M | — | ||
| Q3 25 | $518.1M | — | ||
| Q2 25 | $517.6M | — | ||
| Q1 25 | $620.5M | — | ||
| Q4 24 | $327.7M | — | ||
| Q3 24 | $327.3M | — | ||
| Q2 24 | $361.3M | — | ||
| Q1 24 | $360.9M | — |
| Q4 25 | $1.1B | $3.6B | ||
| Q3 25 | $1.0B | $3.5B | ||
| Q2 25 | $990.1M | $3.1B | ||
| Q1 25 | $851.6M | $3.0B | ||
| Q4 24 | $823.9M | $3.0B | ||
| Q3 24 | $804.6M | $3.0B | ||
| Q2 24 | $801.5M | $2.9B | ||
| Q1 24 | $800.4M | $2.9B |
| Q4 25 | $2.0B | $24.9B | ||
| Q3 25 | $2.0B | $25.0B | ||
| Q2 25 | $1.9B | $20.0B | ||
| Q1 25 | $1.8B | $19.9B | ||
| Q4 24 | $1.5B | $19.4B | ||
| Q3 24 | $1.5B | $19.4B | ||
| Q2 24 | $1.5B | $19.4B | ||
| Q1 24 | $1.5B | $19.3B |
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.73× | — | ||
| Q4 24 | 0.40× | — | ||
| Q3 24 | 0.41× | — | ||
| Q2 24 | 0.45× | — | ||
| Q1 24 | 0.45× | — |
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 | $39.1M | $78.9M |
| Free Cash FlowOCF − Capex | $31.7M | $75.5M |
| FCF MarginFCF / Revenue | 8.3% | 35.5% |
| Capex IntensityCapex / Revenue | 2.0% | 1.6% |
| Cash ConversionOCF / Net Profit | 0.88× | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $121.7M | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $39.1M | $78.9M | ||
| Q3 25 | $51.3M | $52.2M | ||
| Q2 25 | $34.8M | $106.7M | ||
| Q1 25 | $36.9M | $13.3M | ||
| Q4 24 | $26.0M | $42.9M | ||
| Q3 24 | $43.3M | $70.2M | ||
| Q2 24 | $33.7M | $65.6M | ||
| Q1 24 | $15.1M | $51.1M |
| Q4 25 | $31.7M | $75.5M | ||
| Q3 25 | $35.7M | $49.7M | ||
| Q2 25 | $25.7M | $102.5M | ||
| Q1 25 | $28.6M | $11.3M | ||
| Q4 24 | $20.4M | $36.5M | ||
| Q3 24 | $24.4M | $64.4M | ||
| Q2 24 | $30.5M | $61.9M | ||
| Q1 24 | $8.6M | $46.7M |
| Q4 25 | 8.3% | 35.5% | ||
| Q3 25 | 10.6% | 24.4% | ||
| Q2 25 | 8.3% | 69.5% | ||
| Q1 25 | 9.3% | 7.8% | ||
| Q4 24 | 6.4% | 25.2% | ||
| Q3 24 | 8.3% | 45.4% | ||
| Q2 24 | 10.8% | 44.9% | ||
| Q1 24 | 3.0% | 34.0% |
| Q4 25 | 2.0% | 1.6% | ||
| Q3 25 | 4.6% | 1.2% | ||
| Q2 25 | 2.9% | 2.9% | ||
| Q1 25 | 2.7% | 1.4% | ||
| Q4 24 | 1.8% | 4.4% | ||
| Q3 24 | 6.4% | 4.1% | ||
| Q2 24 | 1.1% | 2.7% | ||
| Q1 24 | 2.3% | 3.2% |
| Q4 25 | 0.88× | 1.05× | ||
| Q3 25 | 1.92× | 1.52× | ||
| Q2 25 | 1.31× | 2.09× | ||
| Q1 25 | 1.45× | 0.30× | ||
| Q4 24 | 0.84× | 0.86× | ||
| Q3 24 | 2.85× | 1.64× | ||
| Q2 24 | 1.88× | 1.28× | ||
| Q1 24 | 0.70× | 1.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EZPW
| Merchandise | $210.1M | 55% |
| Pawn Service | $131.9M | 35% |
| Jewelry Scrap | $39.9M | 10% |
INDB
Segment breakdown not available.
