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Side-by-side financial comparison of Granite Ridge Resources, Inc. (GRNT) 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 $128.3M, roughly 1.7× Granite Ridge Resources, Inc.). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs -36.7%, a 72.1% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 4.3%). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 18.9%).
Granite Ridge Resources, Inc. is an independent upstream energy company focused on the exploration, development, and production of oil, natural gas, and natural gas liquids. It operates low-cost, high-yield onshore hydrocarbon assets across key U.S. basins, primarily serving North American energy markets.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
GRNT vs INDB — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $128.3M | $212.5M |
| Net Profit | $-47.0M | $75.3M |
| Gross Margin | — | — |
| Operating Margin | — | — |
| Net Margin | -36.7% | 35.5% |
| Revenue YoY | 4.3% | 46.9% |
| Net Profit YoY | — | 50.6% |
| EPS (diluted) | $-0.36 | $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 | $128.3M | — | ||
| Q4 25 | $105.5M | $212.5M | ||
| Q3 25 | $112.7M | $203.3M | ||
| Q2 25 | $109.2M | $147.5M | ||
| Q1 25 | $122.9M | $145.5M | ||
| Q4 24 | $106.3M | $144.7M | ||
| Q3 24 | $94.1M | $141.7M | ||
| Q2 24 | $90.7M | $137.9M |
| Q1 26 | $-47.0M | — | ||
| Q4 25 | — | $75.3M | ||
| Q3 25 | $14.5M | $34.3M | ||
| Q2 25 | $25.1M | $51.1M | ||
| Q1 25 | $9.8M | $44.4M | ||
| Q4 24 | — | $50.0M | ||
| Q3 24 | $9.1M | $42.9M | ||
| Q2 24 | $5.1M | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | -34.5% | — | ||
| Q3 25 | 17.4% | 21.8% | ||
| Q2 25 | 19.0% | 44.6% | ||
| Q1 25 | 34.6% | 39.3% | ||
| Q4 24 | -6.5% | — | ||
| Q3 24 | 26.2% | 39.0% | ||
| Q2 24 | 24.1% | 48.1% |
| Q1 26 | -36.7% | — | ||
| Q4 25 | — | 35.5% | ||
| Q3 25 | 12.9% | 16.8% | ||
| Q2 25 | 23.0% | 34.6% | ||
| Q1 25 | 8.0% | 30.5% | ||
| Q4 24 | — | 34.6% | ||
| Q3 24 | 9.6% | 30.3% | ||
| Q2 24 | 5.6% | 37.2% |
| Q1 26 | $-0.36 | — | ||
| Q4 25 | $-0.19 | $1.51 | ||
| Q3 25 | $0.11 | $0.69 | ||
| Q2 25 | $0.19 | $1.20 | ||
| Q1 25 | $0.07 | $1.04 | ||
| Q4 24 | $-0.09 | $1.18 | ||
| Q3 24 | $0.07 | $1.01 | ||
| Q2 24 | $0.04 | $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 | — | — |
| Total DebtLower is stronger | $26.3M | — |
| Stockholders' EquityBook value | $545.6M | $3.6B |
| Total Assets | $1.2B | $24.9B |
| Debt / EquityLower = less leverage | 0.05× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $26.3M | — | ||
| Q4 25 | $367.8M | — | ||
| Q3 25 | $300.0M | — | ||
| Q2 25 | $275.0M | — | ||
| Q1 25 | $250.0M | — | ||
| Q4 24 | $205.0M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $545.6M | — | ||
| Q4 25 | $605.8M | $3.6B | ||
| Q3 25 | $643.9M | $3.5B | ||
| Q2 25 | $642.5M | $3.1B | ||
| Q1 25 | $631.4M | $3.0B | ||
| Q4 24 | $635.4M | $3.0B | ||
| Q3 24 | $660.6M | $3.0B | ||
| Q2 24 | $665.3M | $2.9B |
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.2B | $24.9B | ||
| Q3 25 | $1.1B | $25.0B | ||
| Q2 25 | $1.1B | $20.0B | ||
| Q1 25 | $1.1B | $19.9B | ||
| Q4 24 | $1.0B | $19.4B | ||
| Q3 24 | $1.0B | $19.4B | ||
| Q2 24 | $990.5M | $19.4B |
| Q1 26 | 0.05× | — | ||
| Q4 25 | 0.61× | — | ||
| Q3 25 | 0.47× | — | ||
| Q2 25 | 0.43× | — | ||
| Q1 25 | 0.40× | — | ||
| Q4 24 | 0.32× | — | ||
| 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 | $58.3M | $78.9M |
| Free Cash FlowOCF − Capex | — | $75.5M |
| FCF MarginFCF / Revenue | — | 35.5% |
| Capex IntensityCapex / Revenue | 47.1% | 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 | $58.3M | — | ||
| Q4 25 | $64.5M | $78.9M | ||
| Q3 25 | $77.8M | $52.2M | ||
| Q2 25 | $78.0M | $106.7M | ||
| Q1 25 | $76.1M | $13.3M | ||
| Q4 24 | $68.2M | $42.9M | ||
| Q3 24 | $74.7M | $70.2M | ||
| Q2 24 | $64.2M | $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 | 47.1% | — | ||
| 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 | — | 1.05× | ||
| Q3 25 | 5.36× | 1.52× | ||
| Q2 25 | 3.11× | 2.09× | ||
| Q1 25 | 7.75× | 0.30× | ||
| Q4 24 | — | 0.86× | ||
| Q3 24 | 8.25× | 1.64× | ||
| Q2 24 | 12.58× | 1.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GRNT
| Oil sales | $103.4M | 81% |
| Natural gas and related product sales | $24.8M | 19% |
INDB
Segment breakdown not available.
