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Side-by-side financial comparison of IDEX Corporation (IEX) and INDEPENDENT BANK CORP (INDB). Click either name above to swap in a different company.
IDEX Corporation is the larger business by last-quarter revenue ($398.4M vs $212.5M, roughly 1.9× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 30.1%, a 5.3% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 16.7%). IDEX Corporation produced more free cash flow last quarter ($86.0M vs $75.5M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs -29.4%).
IDEX can refer to several things, including:International Defence Exhibition, a biennial arms and defense technology sales exhibition IDEX Corporation, a publicly listed company that makes fluidics systems and specialty engineered products Ideanomics, a publicly traded company that trades under the IDEX ticker symbol.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
IEX vs INDB — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $398.4M | $212.5M |
| Net Profit | $120.0M | $75.3M |
| Gross Margin | 99.9% | — |
| Operating Margin | 43.3% | — |
| Net Margin | 30.1% | 35.5% |
| Revenue YoY | 16.7% | 46.9% |
| Net Profit YoY | 25.7% | 50.6% |
| EPS (diluted) | $1.61 | $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.
| Q2 26 | $398.4M | — | ||
| Q1 26 | $407.7M | — | ||
| Q4 25 | $899.1M | $212.5M | ||
| Q3 25 | $878.7M | $203.3M | ||
| Q2 25 | $865.4M | $147.5M | ||
| Q1 25 | $814.3M | $145.5M | ||
| Q4 24 | $862.9M | $144.7M | ||
| Q3 24 | $798.2M | $141.7M |
| Q2 26 | $120.0M | — | ||
| Q1 26 | $128.3M | — | ||
| Q4 25 | $128.3M | $75.3M | ||
| Q3 25 | $127.8M | $34.3M | ||
| Q2 25 | $131.6M | $51.1M | ||
| Q1 25 | $95.5M | $44.4M | ||
| Q4 24 | $123.2M | $50.0M | ||
| Q3 24 | $119.1M | $42.9M |
| Q2 26 | 99.9% | — | ||
| Q1 26 | 94.9% | — | ||
| Q4 25 | 43.1% | — | ||
| Q3 25 | 44.5% | — | ||
| Q2 25 | 45.3% | — | ||
| Q1 25 | 45.3% | — | ||
| Q4 24 | 42.5% | — | ||
| Q3 24 | 44.3% | — |
| Q2 26 | 43.3% | — | ||
| Q1 26 | 45.0% | — | ||
| Q4 25 | 20.4% | — | ||
| Q3 25 | 21.1% | 21.8% | ||
| Q2 25 | 21.7% | 44.6% | ||
| Q1 25 | 17.4% | 39.3% | ||
| Q4 24 | 19.2% | — | ||
| Q3 24 | 21.0% | 39.0% |
| Q2 26 | 30.1% | — | ||
| Q1 26 | 31.5% | — | ||
| Q4 25 | 14.3% | 35.5% | ||
| Q3 25 | 14.5% | 16.8% | ||
| Q2 25 | 15.2% | 34.6% | ||
| Q1 25 | 11.7% | 30.5% | ||
| Q4 24 | 14.3% | 34.6% | ||
| Q3 24 | 14.9% | 30.3% |
| Q2 26 | $1.61 | — | ||
| Q1 26 | $1.71 | — | ||
| Q4 25 | $1.71 | $1.51 | ||
| Q3 25 | $1.70 | $0.69 | ||
| Q2 25 | $1.74 | $1.20 | ||
| Q1 25 | $1.26 | $1.04 | ||
| Q4 24 | $1.61 | $1.18 | ||
| Q3 24 | $1.57 | $1.01 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $586.2M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $4.0B | $3.6B |
| Total Assets | $6.9B | $24.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | $586.2M | — | ||
| Q1 26 | $580.0M | — | ||
| Q4 25 | $580.0M | — | ||
| Q3 25 | $593.8M | — | ||
| Q2 25 | $568.2M | — | ||
| Q1 25 | $594.1M | — | ||
| Q4 24 | $620.8M | — | ||
| Q3 24 | $633.2M | — |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.1B | — |
| Q2 26 | $4.0B | — | ||
| Q1 26 | $4.0B | — | ||
| Q4 25 | $4.0B | $3.6B | ||
| Q3 25 | $4.0B | $3.5B | ||
| Q2 25 | $4.0B | $3.1B | ||
| Q1 25 | $3.9B | $3.0B | ||
| Q4 24 | $3.8B | $3.0B | ||
| Q3 24 | $3.8B | $3.0B |
| Q2 26 | $6.9B | — | ||
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.9B | $24.9B | ||
| Q3 25 | $7.0B | $25.0B | ||
| Q2 25 | $6.9B | $20.0B | ||
| Q1 25 | $6.8B | $19.9B | ||
| Q4 24 | $6.7B | $19.4B | ||
| Q3 24 | $7.0B | $19.4B |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 0.45× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.46× | — | ||
| Q1 25 | 0.50× | — | ||
| Q4 24 | 0.52× | — | ||
| Q3 24 | 0.55× | — |
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 | $86.0M | $75.5M |
| FCF MarginFCF / Revenue | 21.6% | 35.5% |
| Capex IntensityCapex / Revenue | 4.4% | 1.6% |
| Cash ConversionOCF / Net Profit | — | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $654.3M | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | $209.5M | $78.9M | ||
| Q3 25 | $203.5M | $52.2M | ||
| Q2 25 | $161.7M | $106.7M | ||
| Q1 25 | $105.7M | $13.3M | ||
| Q4 24 | $172.6M | $42.9M | ||
| Q3 24 | $205.3M | $70.2M |
| Q2 26 | $86.0M | — | ||
| Q1 26 | $189.8M | — | ||
| Q4 25 | $189.8M | $75.5M | ||
| Q3 25 | $188.7M | $49.7M | ||
| Q2 25 | $146.9M | $102.5M | ||
| Q1 25 | $91.4M | $11.3M | ||
| Q4 24 | $157.1M | $36.5M | ||
| Q3 24 | $191.6M | $64.4M |
| Q2 26 | 21.6% | — | ||
| Q1 26 | 46.6% | — | ||
| Q4 25 | 21.1% | 35.5% | ||
| Q3 25 | 21.5% | 24.4% | ||
| Q2 25 | 17.0% | 69.5% | ||
| Q1 25 | 11.2% | 7.8% | ||
| Q4 24 | 18.2% | 25.2% | ||
| Q3 24 | 24.0% | 45.4% |
| Q2 26 | 4.4% | — | ||
| Q1 26 | 15.6% | — | ||
| Q4 25 | 2.2% | 1.6% | ||
| Q3 25 | 1.7% | 1.2% | ||
| Q2 25 | 1.7% | 2.9% | ||
| Q1 25 | 1.8% | 1.4% | ||
| Q4 24 | 1.8% | 4.4% | ||
| Q3 24 | 1.7% | 4.1% |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 1.63× | 1.05× | ||
| Q3 25 | 1.59× | 1.52× | ||
| Q2 25 | 1.23× | 2.09× | ||
| Q1 25 | 1.11× | 0.30× | ||
| Q4 24 | 1.40× | 0.86× | ||
| Q3 24 | 1.72× | 1.64× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
