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Side-by-side financial comparison of Federal Realty Investment Trust (FRT) and INDEPENDENT BANK CORP (INDB). Click either name above to swap in a different company.
Federal Realty Investment Trust is the larger business by last-quarter revenue ($336.0M vs $212.5M, roughly 1.6× INDEPENDENT BANK CORP). Federal Realty Investment Trust runs the higher net margin — 38.6% vs 35.5%, a 3.2% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 8.7%). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 6.5%).
Federal Realty Investment Trust is a real estate investment trust that invests in shopping centers in the Northeastern United States, the Mid-Atlantic states, California, and South Florida.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
FRT vs INDB — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $336.0M | $212.5M |
| Net Profit | $129.7M | $75.3M |
| Gross Margin | — | — |
| Operating Margin | 53.8% | — |
| Net Margin | 38.6% | 35.5% |
| Revenue YoY | 8.7% | 46.9% |
| Net Profit YoY | 103.5% | 50.6% |
| EPS (diluted) | $1.49 | $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.
| Q1 26 | $336.0M | — | ||
| Q4 25 | $336.0M | $212.5M | ||
| Q3 25 | $322.3M | $203.3M | ||
| Q2 25 | $311.5M | $147.5M | ||
| Q1 25 | $309.2M | $145.5M | ||
| Q4 24 | $311.4M | $144.7M | ||
| Q3 24 | $303.6M | $141.7M | ||
| Q2 24 | $296.1M | $137.9M |
| Q1 26 | $129.7M | — | ||
| Q4 25 | $129.7M | $75.3M | ||
| Q3 25 | $61.6M | $34.3M | ||
| Q2 25 | $155.9M | $51.1M | ||
| Q1 25 | $63.8M | $44.4M | ||
| Q4 24 | $65.5M | $50.0M | ||
| Q3 24 | $61.0M | $42.9M | ||
| Q2 24 | $112.0M | $51.3M |
| Q1 26 | 53.8% | — | ||
| Q4 25 | 53.8% | — | ||
| Q3 25 | 34.3% | 21.8% | ||
| Q2 25 | 65.1% | 44.6% | ||
| Q1 25 | 35.0% | 39.3% | ||
| Q4 24 | 35.1% | — | ||
| Q3 24 | 34.9% | 39.0% | ||
| Q2 24 | 53.0% | 48.1% |
| Q1 26 | 38.6% | — | ||
| Q4 25 | 38.6% | 35.5% | ||
| Q3 25 | 19.1% | 16.8% | ||
| Q2 25 | 50.0% | 34.6% | ||
| Q1 25 | 20.6% | 30.5% | ||
| Q4 24 | 21.0% | 34.6% | ||
| Q3 24 | 20.1% | 30.3% | ||
| Q2 24 | 37.8% | 37.2% |
| Q1 26 | $1.49 | — | ||
| Q4 25 | $1.49 | $1.51 | ||
| Q3 25 | $0.69 | $0.69 | ||
| Q2 25 | $1.78 | $1.20 | ||
| Q1 25 | $0.72 | $1.04 | ||
| Q4 24 | $0.74 | $1.18 | ||
| Q3 24 | $0.70 | $1.01 | ||
| Q2 24 | $1.32 | $1.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $107.4M | — |
| Total DebtLower is stronger | $5.0B | — |
| Stockholders' EquityBook value | $3.2B | $3.6B |
| Total Assets | $9.1B | $24.9B |
| Debt / EquityLower = less leverage | 1.53× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $107.4M | — | ||
| Q4 25 | $107.4M | — | ||
| Q3 25 | $111.3M | — | ||
| Q2 25 | $177.0M | — | ||
| Q1 25 | $109.2M | — | ||
| Q4 24 | $123.4M | — | ||
| Q3 24 | $97.0M | — | ||
| Q2 24 | $103.2M | — |
| Q1 26 | $5.0B | — | ||
| Q4 25 | $5.0B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $3.6B | ||
| Q3 25 | $3.2B | $3.5B | ||
| Q2 25 | $3.2B | $3.1B | ||
| Q1 25 | $3.2B | $3.0B | ||
| Q4 24 | $3.2B | $3.0B | ||
| Q3 24 | $3.1B | $3.0B | ||
| Q2 24 | $3.0B | $2.9B |
| Q1 26 | $9.1B | — | ||
| Q4 25 | $9.1B | $24.9B | ||
| Q3 25 | $8.9B | $25.0B | ||
| Q2 25 | $8.6B | $20.0B | ||
| Q1 25 | $8.6B | $19.9B | ||
| Q4 24 | $8.5B | $19.4B | ||
| Q3 24 | $8.5B | $19.4B | ||
| Q2 24 | $8.4B | $19.4B |
| Q1 26 | 1.53× | — | ||
| Q4 25 | 1.53× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.42× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $78.9M |
| Free Cash FlowOCF − Capex | — | $75.5M |
| FCF MarginFCF / Revenue | — | 35.5% |
| Capex IntensityCapex / Revenue | — | 1.6% |
| Cash ConversionOCF / Net Profit | — | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | — | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $622.4M | $78.9M | ||
| Q3 25 | $147.8M | $52.2M | ||
| Q2 25 | $150.7M | $106.7M | ||
| Q1 25 | $179.0M | $13.3M | ||
| Q4 24 | $574.6M | $42.9M | ||
| Q3 24 | $144.1M | $70.2M | ||
| Q2 24 | $169.7M | $65.6M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 4.80× | 1.05× | ||
| Q3 25 | 2.40× | 1.52× | ||
| Q2 25 | 0.97× | 2.09× | ||
| Q1 25 | 2.81× | 0.30× | ||
| Q4 24 | 8.77× | 0.86× | ||
| Q3 24 | 2.36× | 1.64× | ||
| Q2 24 | 1.52× | 1.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
