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Side-by-side financial comparison of INTERNATIONAL BANCSHARES CORP (IBOC) and INDEPENDENT BANK CORP (INDB). Click either name above to swap in a different company.
INTERNATIONAL BANCSHARES CORP is the larger business by last-quarter revenue ($217.7M vs $212.5M, roughly 1.0× INDEPENDENT BANK CORP). INTERNATIONAL BANCSHARES CORP runs the higher net margin — 62.3% vs 35.5%, a 26.9% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 4.5%). INTERNATIONAL BANCSHARES CORP produced more free cash flow last quarter ($472.9M vs $75.5M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 2.8%).
International Bancshares Corporation is a bank holding company based in Laredo, Texas whose primary subsidiary is International Bank of Commerce. Through its bank subsidiaries, it has 217 banking offices and 315 automated teller machines serving 88 communities in the U.S. states of Texas and Oklahoma.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
IBOC vs INDB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $217.7M | $212.5M |
| Net Profit | $106.9M | $75.3M |
| Gross Margin | — | — |
| Operating Margin | 62.8% | — |
| Net Margin | 62.3% | 35.5% |
| Revenue YoY | 4.5% | 46.9% |
| Net Profit YoY | -7.1% | 50.6% |
| EPS (diluted) | $1.71 | $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 | $217.7M | $212.5M | ||
| Q3 25 | $218.1M | $203.3M | ||
| Q2 25 | $208.2M | $147.5M | ||
| Q1 25 | $198.2M | $145.5M | ||
| Q4 24 | $208.3M | $144.7M | ||
| Q3 24 | $211.8M | $141.7M | ||
| Q2 24 | $207.8M | $137.9M | ||
| Q1 24 | $205.8M | $137.4M |
| Q4 25 | $106.9M | $75.3M | ||
| Q3 25 | $108.4M | $34.3M | ||
| Q2 25 | $100.1M | $51.1M | ||
| Q1 25 | $96.9M | $44.4M | ||
| Q4 24 | $115.1M | $50.0M | ||
| Q3 24 | $99.8M | $42.9M | ||
| Q2 24 | $97.0M | $51.3M | ||
| Q1 24 | $97.3M | $47.8M |
| Q4 25 | 62.8% | — | ||
| Q3 25 | 62.6% | 21.8% | ||
| Q2 25 | 60.5% | 44.6% | ||
| Q1 25 | 61.1% | 39.3% | ||
| Q4 24 | 64.2% | — | ||
| Q3 24 | 60.0% | 39.0% | ||
| Q2 24 | 60.1% | 48.1% | ||
| Q1 24 | 59.9% | 45.5% |
| Q4 25 | 62.3% | 35.5% | ||
| Q3 25 | 49.7% | 16.8% | ||
| Q2 25 | 48.1% | 34.6% | ||
| Q1 25 | 48.9% | 30.5% | ||
| Q4 24 | 71.5% | 34.6% | ||
| Q3 24 | 47.1% | 30.3% | ||
| Q2 24 | 46.7% | 37.2% | ||
| Q1 24 | 47.3% | 34.8% |
| Q4 25 | $1.71 | $1.51 | ||
| Q3 25 | $1.74 | $0.69 | ||
| Q2 25 | $1.61 | $1.20 | ||
| Q1 25 | $1.56 | $1.04 | ||
| Q4 24 | $1.85 | $1.18 | ||
| Q3 24 | $1.60 | $1.01 | ||
| Q2 24 | $1.56 | $1.21 | ||
| Q1 24 | $1.56 | $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 | $5.5B | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.3B | $3.6B |
| Total Assets | $16.6B | $24.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.5B | — | ||
| Q3 25 | $5.6B | — | ||
| Q2 25 | $5.8B | — | ||
| Q1 25 | $5.6B | — | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $5.8B | — | ||
| Q2 24 | $5.7B | — | ||
| Q1 24 | $5.7B | — |
| Q4 25 | $3.3B | $3.6B | ||
| Q3 25 | $3.1B | $3.5B | ||
| Q2 25 | $3.0B | $3.1B | ||
| Q1 25 | $2.9B | $3.0B | ||
| Q4 24 | $2.8B | $3.0B | ||
| Q3 24 | $2.7B | $3.0B | ||
| Q2 24 | $2.6B | $2.9B | ||
| Q1 24 | $2.5B | $2.9B |
| Q4 25 | $16.6B | $24.9B | ||
| Q3 25 | $16.6B | $25.0B | ||
| Q2 25 | $16.5B | $20.0B | ||
| Q1 25 | $16.3B | $19.9B | ||
| Q4 24 | $15.7B | $19.4B | ||
| Q3 24 | $15.9B | $19.4B | ||
| Q2 24 | $15.5B | $19.4B | ||
| Q1 24 | $15.4B | $19.3B |
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 | $491.1M | $78.9M |
| Free Cash FlowOCF − Capex | $472.9M | $75.5M |
| FCF MarginFCF / Revenue | 217.2% | 35.5% |
| Capex IntensityCapex / Revenue | 8.3% | 1.6% |
| Cash ConversionOCF / Net Profit | 4.59× | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $809.9M | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $491.1M | $78.9M | ||
| Q3 25 | $115.2M | $52.2M | ||
| Q2 25 | $95.5M | $106.7M | ||
| Q1 25 | $140.5M | $13.3M | ||
| Q4 24 | $473.9M | $42.9M | ||
| Q3 24 | $116.5M | $70.2M | ||
| Q2 24 | $107.2M | $65.6M | ||
| Q1 24 | $135.4M | $51.1M |
| Q4 25 | $472.9M | $75.5M | ||
| Q3 25 | $112.2M | $49.7M | ||
| Q2 25 | $91.6M | $102.5M | ||
| Q1 25 | $133.1M | $11.3M | ||
| Q4 24 | $459.8M | $36.5M | ||
| Q3 24 | $109.6M | $64.4M | ||
| Q2 24 | $104.9M | $61.9M | ||
| Q1 24 | $128.9M | $46.7M |
| Q4 25 | 217.2% | 35.5% | ||
| Q3 25 | 51.5% | 24.4% | ||
| Q2 25 | 44.0% | 69.5% | ||
| Q1 25 | 67.1% | 7.8% | ||
| Q4 24 | 220.8% | 25.2% | ||
| Q3 24 | 51.7% | 45.4% | ||
| Q2 24 | 50.5% | 44.9% | ||
| Q1 24 | 62.6% | 34.0% |
| Q4 25 | 8.3% | 1.6% | ||
| Q3 25 | 1.3% | 1.2% | ||
| Q2 25 | 1.9% | 2.9% | ||
| Q1 25 | 3.7% | 1.4% | ||
| Q4 24 | 6.8% | 4.4% | ||
| Q3 24 | 3.3% | 4.1% | ||
| Q2 24 | 1.1% | 2.7% | ||
| Q1 24 | 3.2% | 3.2% |
| Q4 25 | 4.59× | 1.05× | ||
| Q3 25 | 1.06× | 1.52× | ||
| Q2 25 | 0.95× | 2.09× | ||
| Q1 25 | 1.45× | 0.30× | ||
| Q4 24 | 4.12× | 0.86× | ||
| Q3 24 | 1.17× | 1.64× | ||
| Q2 24 | 1.11× | 1.28× | ||
| Q1 24 | 1.39× | 1.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
