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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) 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 $143.5M, roughly 1.5× FTAI Infrastructure Inc.). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs -68.1%, a 103.5% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 46.9%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 24.3%).
FTAI Infrastructure Inc. owns, operates and invests in high-quality critical infrastructure assets across core sectors including transportation logistics, midstream energy, and power generation. It primarily serves North American markets, focusing on assets with stable long-term cash flows, contracted revenue streams, and strong market positions to deliver sustainable returns for stakeholders.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
FIP vs INDB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $212.5M |
| Net Profit | $-97.7M | $75.3M |
| Gross Margin | — | — |
| Operating Margin | -45.7% | — |
| Net Margin | -68.1% | 35.5% |
| Revenue YoY | 77.7% | 46.9% |
| Net Profit YoY | 21.6% | 50.6% |
| EPS (diluted) | $-1.04 | $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 | $143.5M | $212.5M | ||
| Q3 25 | $140.6M | $203.3M | ||
| Q2 25 | $122.3M | $147.5M | ||
| Q1 25 | $96.2M | $145.5M | ||
| Q4 24 | $80.8M | $144.7M | ||
| Q3 24 | $83.3M | $141.7M | ||
| Q2 24 | $84.9M | $137.9M | ||
| Q1 24 | $82.5M | $137.4M |
| Q4 25 | $-97.7M | $75.3M | ||
| Q3 25 | $-104.5M | $34.3M | ||
| Q2 25 | $-70.0M | $51.1M | ||
| Q1 25 | $120.2M | $44.4M | ||
| Q4 24 | $-124.7M | $50.0M | ||
| Q3 24 | $-43.0M | $42.9M | ||
| Q2 24 | $-48.1M | $51.3M | ||
| Q1 24 | $-50.3M | $47.8M |
| Q4 25 | -45.7% | — | ||
| Q3 25 | -70.8% | 21.8% | ||
| Q2 25 | -56.4% | 44.6% | ||
| Q1 25 | 81.8% | 39.3% | ||
| Q4 24 | -152.7% | — | ||
| Q3 24 | -51.7% | 39.0% | ||
| Q2 24 | -56.4% | 48.1% | ||
| Q1 24 | -58.8% | 45.5% |
| Q4 25 | -68.1% | 35.5% | ||
| Q3 25 | -74.4% | 16.8% | ||
| Q2 25 | -57.2% | 34.6% | ||
| Q1 25 | 125.0% | 30.5% | ||
| Q4 24 | -154.4% | 34.6% | ||
| Q3 24 | -51.6% | 30.3% | ||
| Q2 24 | -56.7% | 37.2% | ||
| Q1 24 | -60.9% | 34.8% |
| Q4 25 | $-1.04 | $1.51 | ||
| Q3 25 | $-1.38 | $0.69 | ||
| Q2 25 | $-0.73 | $1.20 | ||
| Q1 25 | $0.89 | $1.04 | ||
| Q4 24 | $-1.21 | $1.18 | ||
| Q3 24 | $-0.45 | $1.01 | ||
| Q2 24 | $-0.52 | $1.21 | ||
| Q1 24 | $-0.54 | $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 | $57.4M | — |
| Total DebtLower is stronger | $3.8B | — |
| Stockholders' EquityBook value | $21.3M | $3.6B |
| Total Assets | $5.7B | $24.9B |
| Debt / EquityLower = less leverage | 176.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.4M | — | ||
| Q3 25 | $34.7M | — | ||
| Q2 25 | $33.6M | — | ||
| Q1 25 | $26.3M | — | ||
| Q4 24 | $27.8M | — | ||
| Q3 24 | $20.3M | — | ||
| Q2 24 | $33.1M | — | ||
| Q1 24 | $23.0M | — |
| Q4 25 | $3.8B | — | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.3B | — |
| Q4 25 | $21.3M | $3.6B | ||
| Q3 25 | $181.1M | $3.5B | ||
| Q2 25 | $375.5M | $3.1B | ||
| Q1 25 | $476.2M | $3.0B | ||
| Q4 24 | $202.7M | $3.0B | ||
| Q3 24 | $370.8M | $3.0B | ||
| Q2 24 | $394.8M | $2.9B | ||
| Q1 24 | $402.5M | $2.9B |
| Q4 25 | $5.7B | $24.9B | ||
| Q3 25 | $5.5B | $25.0B | ||
| Q2 25 | $4.4B | $20.0B | ||
| Q1 25 | $4.1B | $19.9B | ||
| Q4 24 | $2.4B | $19.4B | ||
| Q3 24 | $2.4B | $19.4B | ||
| Q2 24 | $2.5B | $19.4B | ||
| Q1 24 | $2.3B | $19.3B |
| Q4 25 | 176.99× | — | ||
| Q3 25 | 20.59× | — | ||
| Q2 25 | 8.21× | — | ||
| Q1 25 | 5.79× | — | ||
| Q4 24 | 7.84× | — | ||
| Q3 24 | 4.14× | — | ||
| Q2 24 | 3.94× | — | ||
| Q1 24 | 3.34× | — |
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 | $-2.8M | $78.9M |
| Free Cash FlowOCF − Capex | $-68.6M | $75.5M |
| FCF MarginFCF / Revenue | -47.8% | 35.5% |
| Capex IntensityCapex / Revenue | 45.9% | 1.6% |
| Cash ConversionOCF / Net Profit | — | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $78.9M | ||
| Q3 25 | $-24.4M | $52.2M | ||
| Q2 25 | $-5.2M | $106.7M | ||
| Q1 25 | $-85.7M | $13.3M | ||
| Q4 24 | $-8.1M | $42.9M | ||
| Q3 24 | $14.2M | $70.2M | ||
| Q2 24 | $-17.6M | $65.6M | ||
| Q1 24 | $-3.9M | $51.1M |
| Q4 25 | $-68.6M | $75.5M | ||
| Q3 25 | $-90.7M | $49.7M | ||
| Q2 25 | $-87.5M | $102.5M | ||
| Q1 25 | $-151.7M | $11.3M | ||
| Q4 24 | $-34.3M | $36.5M | ||
| Q3 24 | $-11.7M | $64.4M | ||
| Q2 24 | $-32.1M | $61.9M | ||
| Q1 24 | $-16.7M | $46.7M |
| Q4 25 | -47.8% | 35.5% | ||
| Q3 25 | -64.5% | 24.4% | ||
| Q2 25 | -71.6% | 69.5% | ||
| Q1 25 | -157.7% | 7.8% | ||
| Q4 24 | -42.4% | 25.2% | ||
| Q3 24 | -14.0% | 45.4% | ||
| Q2 24 | -37.9% | 44.9% | ||
| Q1 24 | -20.3% | 34.0% |
| Q4 25 | 45.9% | 1.6% | ||
| Q3 25 | 47.2% | 1.2% | ||
| Q2 25 | 67.3% | 2.9% | ||
| Q1 25 | 68.6% | 1.4% | ||
| Q4 24 | 32.5% | 4.4% | ||
| Q3 24 | 31.1% | 4.1% | ||
| Q2 24 | 17.2% | 2.7% | ||
| Q1 24 | 15.6% | 3.2% |
| Q4 25 | — | 1.05× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | — | 2.09× | ||
| Q1 25 | -0.71× | 0.30× | ||
| Q4 24 | — | 0.86× | ||
| Q3 24 | — | 1.64× | ||
| Q2 24 | — | 1.28× | ||
| Q1 24 | — | 1.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
INDB
Segment breakdown not available.
