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Side-by-side financial comparison of INSTEEL INDUSTRIES INC (IIIN) 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 $159.9M, roughly 1.3× INSTEEL INDUSTRIES INC). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 4.7%, a 30.7% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 23.3%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $-2.2M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 12.0%).
Insteel Industries Inc is a leading U.S. manufacturer of steel reinforcing products including welded wire reinforcement and steel fibers. It primarily serves non-residential construction, infrastructure, and precast concrete segments across North America, delivering high-performance reinforcement solutions for various construction projects.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
IIIN vs INDB — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $159.9M | $212.5M |
| Net Profit | $7.6M | $75.3M |
| Gross Margin | 11.3% | — |
| Operating Margin | 6.0% | — |
| Net Margin | 4.7% | 35.5% |
| Revenue YoY | 23.3% | 46.9% |
| Net Profit YoY | 602.4% | 50.6% |
| EPS (diluted) | $0.39 | $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 | $159.9M | $212.5M | ||
| Q3 25 | $177.4M | $203.3M | ||
| Q2 25 | $179.9M | $147.5M | ||
| Q1 25 | $160.7M | $145.5M | ||
| Q4 24 | $129.7M | $144.7M | ||
| Q3 24 | $134.3M | $141.7M | ||
| Q2 24 | $145.8M | $137.9M | ||
| Q1 24 | $127.4M | $137.4M |
| Q4 25 | $7.6M | $75.3M | ||
| Q3 25 | $14.6M | $34.3M | ||
| Q2 25 | $15.2M | $51.1M | ||
| Q1 25 | $10.2M | $44.4M | ||
| Q4 24 | $1.1M | $50.0M | ||
| Q3 24 | $4.7M | $42.9M | ||
| Q2 24 | $6.6M | $51.3M | ||
| Q1 24 | $6.9M | $47.8M |
| Q4 25 | 11.3% | — | ||
| Q3 25 | 16.1% | — | ||
| Q2 25 | 17.1% | — | ||
| Q1 25 | 15.3% | — | ||
| Q4 24 | 7.3% | — | ||
| Q3 24 | 9.1% | — | ||
| Q2 24 | 10.6% | — | ||
| Q1 24 | 12.3% | — |
| Q4 25 | 6.0% | — | ||
| Q3 25 | 10.8% | 21.8% | ||
| Q2 25 | 11.0% | 44.6% | ||
| Q1 25 | 8.3% | 39.3% | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 4.5% | 39.0% | ||
| Q2 24 | 6.0% | 48.1% | ||
| Q1 24 | 7.0% | 45.5% |
| Q4 25 | 4.7% | 35.5% | ||
| Q3 25 | 8.2% | 16.8% | ||
| Q2 25 | 8.4% | 34.6% | ||
| Q1 25 | 6.4% | 30.5% | ||
| Q4 24 | 0.8% | 34.6% | ||
| Q3 24 | 3.5% | 30.3% | ||
| Q2 24 | 4.5% | 37.2% | ||
| Q1 24 | 5.4% | 34.8% |
| Q4 25 | $0.39 | $1.51 | ||
| Q3 25 | $0.74 | $0.69 | ||
| Q2 25 | $0.78 | $1.20 | ||
| Q1 25 | $0.52 | $1.04 | ||
| Q4 24 | $0.06 | $1.18 | ||
| Q3 24 | $0.24 | $1.01 | ||
| Q2 24 | $0.34 | $1.21 | ||
| Q1 24 | $0.35 | $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 | $15.6M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $358.8M | $3.6B |
| Total Assets | $456.1M | $24.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $15.6M | — | ||
| Q3 25 | $38.6M | — | ||
| Q2 25 | $53.7M | — | ||
| Q1 25 | $28.4M | — | ||
| Q4 24 | $36.0M | — | ||
| Q3 24 | $111.5M | — | ||
| Q2 24 | $97.7M | — | ||
| Q1 24 | $83.9M | — |
| Q4 25 | $358.8M | $3.6B | ||
| Q3 25 | $371.5M | $3.5B | ||
| Q2 25 | $356.2M | $3.1B | ||
| Q1 25 | $341.4M | $3.0B | ||
| Q4 24 | $331.6M | $3.0B | ||
| Q3 24 | $350.9M | $3.0B | ||
| Q2 24 | $346.0M | $2.9B | ||
| Q1 24 | $340.6M | $2.9B |
| Q4 25 | $456.1M | $24.9B | ||
| Q3 25 | $462.6M | $25.0B | ||
| Q2 25 | $471.9M | $20.0B | ||
| Q1 25 | $421.9M | $19.9B | ||
| Q4 24 | $404.7M | $19.4B | ||
| Q3 24 | $422.6M | $19.4B | ||
| Q2 24 | $414.6M | $19.4B | ||
| Q1 24 | $397.2M | $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 | $-701.0K | $78.9M |
| Free Cash FlowOCF − Capex | $-2.2M | $75.5M |
| FCF MarginFCF / Revenue | -1.4% | 35.5% |
| Capex IntensityCapex / Revenue | 0.9% | 1.6% |
| Cash ConversionOCF / Net Profit | -0.09× | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $439.0K | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-701.0K | $78.9M | ||
| Q3 25 | $-17.0M | $52.2M | ||
| Q2 25 | $28.5M | $106.7M | ||
| Q1 25 | $-3.3M | $13.3M | ||
| Q4 24 | $19.0M | $42.9M | ||
| Q3 24 | $16.2M | $70.2M | ||
| Q2 24 | $18.8M | $65.6M | ||
| Q1 24 | $1.4M | $51.1M |
| Q4 25 | $-2.2M | $75.5M | ||
| Q3 25 | $-18.7M | $49.7M | ||
| Q2 25 | $26.9M | $102.5M | ||
| Q1 25 | $-5.5M | $11.3M | ||
| Q4 24 | $16.3M | $36.5M | ||
| Q3 24 | $14.5M | $64.4M | ||
| Q2 24 | $15.5M | $61.9M | ||
| Q1 24 | $-580.0K | $46.7M |
| Q4 25 | -1.4% | 35.5% | ||
| Q3 25 | -10.6% | 24.4% | ||
| Q2 25 | 15.0% | 69.5% | ||
| Q1 25 | -3.5% | 7.8% | ||
| Q4 24 | 12.6% | 25.2% | ||
| Q3 24 | 10.8% | 45.4% | ||
| Q2 24 | 10.7% | 44.9% | ||
| Q1 24 | -0.5% | 34.0% |
| Q4 25 | 0.9% | 1.6% | ||
| Q3 25 | 1.0% | 1.2% | ||
| Q2 25 | 0.9% | 2.9% | ||
| Q1 25 | 1.4% | 1.4% | ||
| Q4 24 | 2.1% | 4.4% | ||
| Q3 24 | 1.3% | 4.1% | ||
| Q2 24 | 2.2% | 2.7% | ||
| Q1 24 | 1.5% | 3.2% |
| Q4 25 | -0.09× | 1.05× | ||
| Q3 25 | -1.17× | 1.52× | ||
| Q2 25 | 1.88× | 2.09× | ||
| Q1 25 | -0.32× | 0.30× | ||
| Q4 24 | 17.56× | 0.86× | ||
| Q3 24 | 3.48× | 1.64× | ||
| Q2 24 | 2.86× | 1.28× | ||
| Q1 24 | 0.20× | 1.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IIIN
| Welded Wire Reinforcement | $108.4M | 68% |
| PC Strand | $51.6M | 32% |
INDB
Segment breakdown not available.
