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Side-by-side financial comparison of WARRIOR MET COAL, INC. (HCC) and INDEPENDENT BANK CORP (INDB). Click either name above to swap in a different company.
WARRIOR MET COAL, INC. is the larger business by last-quarter revenue ($458.6M vs $212.5M, roughly 2.2× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 15.8%, a 19.7% gap on every dollar of revenue. On growth, WARRIOR MET COAL, INC. posted the faster year-over-year revenue change (52.1% vs 46.9%). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 7.5%).
Warrior Met Coal, Inc. (ticker HCC) is a U.S.-headquartered mining enterprise that produces and distributes high-grade metallurgical coal, a key raw material for steel production. It serves steel manufacturers and industrial clients across core markets including North America, Europe, and Asia.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
HCC vs INDB — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $458.6M | $212.5M |
| Net Profit | $72.3M | $75.3M |
| Gross Margin | 36.7% | — |
| Operating Margin | 17.3% | — |
| Net Margin | 15.8% | 35.5% |
| Revenue YoY | 52.1% | 46.9% |
| Net Profit YoY | — | 50.6% |
| EPS (diluted) | $1.37 | $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 | $458.6M | — | ||
| Q4 25 | $384.0M | $212.5M | ||
| Q3 25 | $328.6M | $203.3M | ||
| Q2 25 | $297.5M | $147.5M | ||
| Q1 25 | $299.9M | $145.5M | ||
| Q4 24 | $297.5M | $144.7M | ||
| Q3 24 | $327.7M | $141.7M | ||
| Q2 24 | $396.5M | $137.9M |
| Q1 26 | $72.3M | — | ||
| Q4 25 | $23.0M | $75.3M | ||
| Q3 25 | $36.6M | $34.3M | ||
| Q2 25 | $5.6M | $51.1M | ||
| Q1 25 | $-8.2M | $44.4M | ||
| Q4 24 | $1.1M | $50.0M | ||
| Q3 24 | $41.8M | $42.9M | ||
| Q2 24 | $70.7M | $51.3M |
| Q1 26 | 36.7% | — | ||
| Q4 25 | 29.5% | — | ||
| Q3 25 | 27.1% | — | ||
| Q2 25 | 23.9% | — | ||
| Q1 25 | 18.1% | — | ||
| Q4 24 | 23.1% | — | ||
| Q3 24 | 29.3% | — | ||
| Q2 24 | 34.1% | — |
| Q1 26 | 17.3% | — | ||
| Q4 25 | 9.0% | — | ||
| Q3 25 | 6.3% | 21.8% | ||
| Q2 25 | 2.6% | 44.6% | ||
| Q1 25 | -5.8% | 39.3% | ||
| Q4 24 | -1.4% | — | ||
| Q3 24 | 11.9% | 39.0% | ||
| Q2 24 | 17.9% | 48.1% |
| Q1 26 | 15.8% | — | ||
| Q4 25 | 6.0% | 35.5% | ||
| Q3 25 | 11.1% | 16.8% | ||
| Q2 25 | 1.9% | 34.6% | ||
| Q1 25 | -2.7% | 30.5% | ||
| Q4 24 | 0.4% | 34.6% | ||
| Q3 24 | 12.7% | 30.3% | ||
| Q2 24 | 17.8% | 37.2% |
| Q1 26 | $1.37 | — | ||
| Q4 25 | $0.43 | $1.51 | ||
| Q3 25 | $0.70 | $0.69 | ||
| Q2 25 | $0.11 | $1.20 | ||
| Q1 25 | $-0.16 | $1.04 | ||
| Q4 24 | $0.02 | $1.18 | ||
| Q3 24 | $0.80 | $1.01 | ||
| Q2 24 | $1.35 | $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 | $233.2M | — |
| Total DebtLower is stronger | $154.4M | — |
| Stockholders' EquityBook value | — | $3.6B |
| Total Assets | $2.8B | $24.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $233.2M | — | ||
| Q4 25 | $300.0M | — | ||
| Q3 25 | $336.3M | — | ||
| Q2 25 | $383.3M | — | ||
| Q1 25 | $454.9M | — | ||
| Q4 24 | $491.5M | — | ||
| Q3 24 | $583.2M | — | ||
| Q2 24 | $709.0M | — |
| Q1 26 | $154.4M | — | ||
| Q4 25 | $154.3M | — | ||
| Q3 25 | $154.1M | — | ||
| Q2 25 | $153.9M | — | ||
| Q1 25 | $153.8M | — | ||
| Q4 24 | $153.6M | — | ||
| Q3 24 | $153.5M | — | ||
| Q2 24 | $153.3M | — |
| Q1 26 | — | — | ||
| Q4 25 | $2.1B | $3.6B | ||
| Q3 25 | $2.1B | $3.5B | ||
| Q2 25 | $2.1B | $3.1B | ||
| Q1 25 | $2.1B | $3.0B | ||
| Q4 24 | $2.1B | $3.0B | ||
| Q3 24 | $2.1B | $3.0B | ||
| Q2 24 | $2.0B | $2.9B |
| Q1 26 | $2.8B | — | ||
| Q4 25 | $2.8B | $24.9B | ||
| Q3 25 | $2.7B | $25.0B | ||
| Q2 25 | $2.6B | $20.0B | ||
| Q1 25 | $2.6B | $19.9B | ||
| Q4 24 | $2.6B | $19.4B | ||
| Q3 24 | $2.6B | $19.4B | ||
| Q2 24 | $2.6B | $19.4B |
| Q1 26 | — | — | ||
| Q4 25 | 0.07× | — | ||
| Q3 25 | 0.07× | — | ||
| Q2 25 | 0.07× | — | ||
| Q1 25 | 0.07× | — | ||
| Q4 24 | 0.07× | — | ||
| Q3 24 | 0.07× | — | ||
| Q2 24 | 0.07× | — |
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 | $76.1M | $78.9M | ||
| Q3 25 | $104.7M | $52.2M | ||
| Q2 25 | $37.5M | $106.7M | ||
| Q1 25 | $10.9M | $13.3M | ||
| Q4 24 | $54.2M | $42.9M | ||
| Q3 24 | $62.2M | $70.2M | ||
| Q2 24 | $147.0M | $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 | 3.31× | 1.05× | ||
| Q3 25 | 2.86× | 1.52× | ||
| Q2 25 | 6.70× | 2.09× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | 47.68× | 0.86× | ||
| Q3 24 | 1.49× | 1.64× | ||
| Q2 24 | 2.08× | 1.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HCC
| Sales | $448.5M | 98% |
| Other revenues | $10.1M | 2% |
INDB
Segment breakdown not available.
