vs
Side-by-side financial comparison of H2O AMERICA (HTO) 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 $199.4M, roughly 1.1× H2O AMERICA). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 8.1%, a 27.3% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 1.5%). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 15.3%).
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
HTO vs INDB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $212.5M |
| Net Profit | $16.2M | $75.3M |
| Gross Margin | — | — |
| Operating Margin | 16.6% | — |
| Net Margin | 8.1% | 35.5% |
| Revenue YoY | 1.5% | 46.9% |
| Net Profit YoY | -29.2% | 50.6% |
| EPS (diluted) | $0.45 | $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 | $199.4M | $212.5M | ||
| Q3 25 | $243.5M | $203.3M | ||
| Q2 25 | $197.8M | $147.5M | ||
| Q1 25 | $164.9M | $145.5M | ||
| Q4 24 | $196.5M | $144.7M | ||
| Q3 24 | $216.7M | $141.7M | ||
| Q2 24 | $173.1M | $137.9M | ||
| Q1 24 | $150.0M | $137.4M |
| Q4 25 | $16.2M | $75.3M | ||
| Q3 25 | $45.1M | $34.3M | ||
| Q2 25 | $24.7M | $51.1M | ||
| Q1 25 | $16.6M | $44.4M | ||
| Q4 24 | $22.9M | $50.0M | ||
| Q3 24 | $38.7M | $42.9M | ||
| Q2 24 | $20.7M | $51.3M | ||
| Q1 24 | $11.7M | $47.8M |
| Q4 25 | 16.6% | — | ||
| Q3 25 | 26.5% | 21.8% | ||
| Q2 25 | 22.2% | 44.6% | ||
| Q1 25 | 21.8% | 39.3% | ||
| Q4 24 | 22.2% | — | ||
| Q3 24 | 26.9% | 39.0% | ||
| Q2 24 | 23.4% | 48.1% | ||
| Q1 24 | 18.6% | 45.5% |
| Q4 25 | 8.1% | 35.5% | ||
| Q3 25 | 18.5% | 16.8% | ||
| Q2 25 | 12.5% | 34.6% | ||
| Q1 25 | 10.0% | 30.5% | ||
| Q4 24 | 11.7% | 34.6% | ||
| Q3 24 | 17.8% | 30.3% | ||
| Q2 24 | 12.0% | 37.2% | ||
| Q1 24 | 7.8% | 34.8% |
| Q4 25 | $0.45 | $1.51 | ||
| Q3 25 | $1.27 | $0.69 | ||
| Q2 25 | $0.71 | $1.20 | ||
| Q1 25 | $0.49 | $1.04 | ||
| Q4 24 | $0.70 | $1.18 | ||
| Q3 24 | $1.17 | $1.01 | ||
| Q2 24 | $0.64 | $1.21 | ||
| Q1 24 | $0.36 | $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 | $20.7M | — |
| Total DebtLower is stronger | $1.9B | — |
| Stockholders' EquityBook value | $1.5B | $3.6B |
| Total Assets | $5.1B | $24.9B |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | — | ||
| Q3 25 | $11.3M | — | ||
| Q2 25 | $19.8M | — | ||
| Q1 25 | $23.7M | — | ||
| Q4 24 | $11.1M | — | ||
| Q3 24 | $4.0M | — | ||
| Q2 24 | $22.8M | — | ||
| Q1 24 | $4.5M | — |
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.5B | $3.6B | ||
| Q3 25 | $1.5B | $3.5B | ||
| Q2 25 | $1.5B | $3.1B | ||
| Q1 25 | $1.4B | $3.0B | ||
| Q4 24 | $1.4B | $3.0B | ||
| Q3 24 | $1.3B | $3.0B | ||
| Q2 24 | $1.3B | $2.9B | ||
| Q1 24 | $1.2B | $2.9B |
| Q4 25 | $5.1B | $24.9B | ||
| Q3 25 | $5.0B | $25.0B | ||
| Q2 25 | $4.8B | $20.0B | ||
| Q1 25 | $4.7B | $19.9B | ||
| Q4 24 | $4.7B | $19.4B | ||
| Q3 24 | $4.6B | $19.4B | ||
| Q2 24 | $4.4B | $19.4B | ||
| Q1 24 | $4.4B | $19.3B |
| Q4 25 | 1.23× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $63.5M | $78.9M |
| Free Cash FlowOCF − Capex | — | $75.5M |
| FCF MarginFCF / Revenue | — | 35.5% |
| Capex IntensityCapex / Revenue | — | 1.6% |
| Cash ConversionOCF / Net Profit | 3.92× | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | — | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $78.9M | ||
| Q3 25 | $77.3M | $52.2M | ||
| Q2 25 | $60.8M | $106.7M | ||
| Q1 25 | $43.2M | $13.3M | ||
| Q4 24 | $41.5M | $42.9M | ||
| Q3 24 | $53.5M | $70.2M | ||
| Q2 24 | $49.3M | $65.6M | ||
| Q1 24 | $51.2M | $51.1M |
| 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 24 | — | $46.7M |
| 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 24 | — | 34.0% |
| 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 24 | — | 3.2% |
| Q4 25 | 3.92× | 1.05× | ||
| Q3 25 | 1.71× | 1.52× | ||
| Q2 25 | 2.47× | 2.09× | ||
| Q1 25 | 2.61× | 0.30× | ||
| Q4 24 | 1.81× | 0.86× | ||
| Q3 24 | 1.39× | 1.64× | ||
| Q2 24 | 2.38× | 1.28× | ||
| Q1 24 | 4.38× | 1.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
INDB
Segment breakdown not available.
