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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and INFINITY NATURAL RESOURCES, INC. (INR). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $115.5M, roughly 1.8× INFINITY NATURAL RESOURCES, INC.). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 17.3%, a 18.1% gap on every dollar of revenue.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
INDB vs INR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $115.5M |
| Net Profit | $75.3M | $20.0M |
| Gross Margin | — | — |
| Operating Margin | — | 47.0% |
| Net Margin | 35.5% | 17.3% |
| Revenue YoY | 46.9% | — |
| Net Profit YoY | 50.6% | — |
| EPS (diluted) | $1.51 | $1.33 |
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 | $212.5M | $115.5M | ||
| Q3 25 | $203.3M | $78.3M | ||
| Q2 25 | $147.5M | $72.5M | ||
| Q1 25 | $145.5M | $84.2M | ||
| Q4 24 | $144.7M | — | ||
| Q3 24 | $141.7M | — | ||
| Q2 24 | $137.9M | — | ||
| Q1 24 | $137.4M | — |
| Q4 25 | $75.3M | $20.0M | ||
| Q3 25 | $34.3M | $10.4M | ||
| Q2 25 | $51.1M | $18.0M | ||
| Q1 25 | $44.4M | $-34.6M | ||
| Q4 24 | $50.0M | — | ||
| Q3 24 | $42.9M | — | ||
| Q2 24 | $51.3M | — | ||
| Q1 24 | $47.8M | — |
| Q4 25 | — | 47.0% | ||
| Q3 25 | 21.8% | 30.5% | ||
| Q2 25 | 44.6% | 29.9% | ||
| Q1 25 | 39.3% | -104.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | 39.0% | — | ||
| Q2 24 | 48.1% | — | ||
| Q1 24 | 45.5% | — |
| Q4 25 | 35.5% | 17.3% | ||
| Q3 25 | 16.8% | 13.3% | ||
| Q2 25 | 34.6% | 24.8% | ||
| Q1 25 | 30.5% | -41.1% | ||
| Q4 24 | 34.6% | — | ||
| Q3 24 | 30.3% | — | ||
| Q2 24 | 37.2% | — | ||
| Q1 24 | 34.8% | — |
| Q4 25 | $1.51 | $1.33 | ||
| Q3 25 | $0.69 | $0.65 | ||
| Q2 25 | $1.20 | $1.18 | ||
| Q1 25 | $1.04 | $-2.27 | ||
| Q4 24 | $1.18 | — | ||
| Q3 24 | $1.01 | — | ||
| Q2 24 | $1.21 | — | ||
| Q1 24 | $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 | — | $2.8M |
| Total DebtLower is stronger | — | $55.0K |
| Stockholders' EquityBook value | $3.6B | $307.1M |
| Total Assets | $24.9B | $1.2B |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $2.8M | ||
| Q3 25 | — | $4.6M | ||
| Q2 25 | — | $6.3M | ||
| Q1 25 | — | $4.9M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $55.0K | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $123.0K | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.6B | $307.1M | ||
| Q3 25 | $3.5B | $288.6M | ||
| Q2 25 | $3.1B | $10.1M | ||
| Q1 25 | $3.0B | $-52.2M | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $2.9B | — | ||
| Q1 24 | $2.9B | — |
| Q4 25 | $24.9B | $1.2B | ||
| Q3 25 | $25.0B | $1.1B | ||
| Q2 25 | $20.0B | $1.0B | ||
| Q1 25 | $19.9B | $953.9M | ||
| Q4 24 | $19.4B | — | ||
| Q3 24 | $19.4B | — | ||
| Q2 24 | $19.4B | — | ||
| Q1 24 | $19.3B | — |
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $78.9M | $75.1M |
| Free Cash FlowOCF − Capex | $75.5M | — |
| FCF MarginFCF / Revenue | 35.5% | — |
| Capex IntensityCapex / Revenue | 1.6% | — |
| Cash ConversionOCF / Net Profit | 1.05× | 3.75× |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $75.1M | ||
| Q3 25 | $52.2M | $42.1M | ||
| Q2 25 | $106.7M | $70.4M | ||
| Q1 25 | $13.3M | $74.2M | ||
| Q4 24 | $42.9M | — | ||
| Q3 24 | $70.2M | — | ||
| Q2 24 | $65.6M | — | ||
| Q1 24 | $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 | 1.05× | 3.75× | ||
| Q3 25 | 1.52× | 4.04× | ||
| Q2 25 | 2.09× | 3.91× | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.86× | — | ||
| Q3 24 | 1.64× | — | ||
| Q2 24 | 1.28× | — | ||
| Q1 24 | 1.07× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
INR
| Oil Reserves | $54.0M | 47% |
| Natural Gas Reserves | $46.8M | 41% |
| Natural Gas Liquids Reserves | $14.7M | 13% |
