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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and IPG PHOTONICS CORP (IPGP). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $212.5M, roughly 1.3× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 4.8%, a 30.6% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 17.1%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $10.9M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 4.4%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
IPG Photonics Corporation is a manufacturer of fiber lasers. IPG Photonics developed and commercialized optical fiber lasers, which are used in a variety of applications including materials processing, medical applications and telecommunications. IPG has manufacturing facilities in the United States, Germany, Russia and Italy.
INDB vs IPGP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $274.5M |
| Net Profit | $75.3M | $13.3M |
| Gross Margin | — | 36.1% |
| Operating Margin | — | 1.2% |
| Net Margin | 35.5% | 4.8% |
| Revenue YoY | 46.9% | 17.1% |
| Net Profit YoY | 50.6% | 69.8% |
| EPS (diluted) | $1.51 | $0.30 |
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 | $274.5M | ||
| Q3 25 | $203.3M | $250.8M | ||
| Q2 25 | $147.5M | $250.7M | ||
| Q1 25 | $145.5M | $227.8M | ||
| Q4 24 | $144.7M | $234.3M | ||
| Q3 24 | $141.7M | $233.1M | ||
| Q2 24 | $137.9M | $257.6M | ||
| Q1 24 | $137.4M | $252.0M |
| Q4 25 | $75.3M | $13.3M | ||
| Q3 25 | $34.3M | $7.5M | ||
| Q2 25 | $51.1M | $6.6M | ||
| Q1 25 | $44.4M | $3.8M | ||
| Q4 24 | $50.0M | $7.8M | ||
| Q3 24 | $42.9M | $-233.6M | ||
| Q2 24 | $51.3M | $20.2M | ||
| Q1 24 | $47.8M | $24.1M |
| Q4 25 | — | 36.1% | ||
| Q3 25 | — | 39.5% | ||
| Q2 25 | — | 37.3% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | — | 38.6% | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 37.3% | ||
| Q1 24 | — | 38.7% |
| Q4 25 | — | 1.2% | ||
| Q3 25 | 21.8% | 3.1% | ||
| Q2 25 | 44.6% | 0.0% | ||
| Q1 25 | 39.3% | 0.8% | ||
| Q4 24 | — | 6.0% | ||
| Q3 24 | 39.0% | -108.7% | ||
| Q2 24 | 48.1% | 4.7% | ||
| Q1 24 | 45.5% | 7.6% |
| Q4 25 | 35.5% | 4.8% | ||
| Q3 25 | 16.8% | 3.0% | ||
| Q2 25 | 34.6% | 2.6% | ||
| Q1 25 | 30.5% | 1.6% | ||
| Q4 24 | 34.6% | 3.3% | ||
| Q3 24 | 30.3% | -100.2% | ||
| Q2 24 | 37.2% | 7.8% | ||
| Q1 24 | 34.8% | 9.6% |
| Q4 25 | $1.51 | $0.30 | ||
| Q3 25 | $0.69 | $0.18 | ||
| Q2 25 | $1.20 | $0.16 | ||
| Q1 25 | $1.04 | $0.09 | ||
| Q4 24 | $1.18 | $0.27 | ||
| Q3 24 | $1.01 | $-5.33 | ||
| Q2 24 | $1.21 | $0.45 | ||
| Q1 24 | $1.12 | $0.52 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $839.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | $2.1B |
| Total Assets | $24.9B | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $839.3M | ||
| Q3 25 | — | $870.4M | ||
| Q2 25 | — | $899.6M | ||
| Q1 25 | — | $926.9M | ||
| Q4 24 | — | $930.2M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | $3.6B | $2.1B | ||
| Q3 25 | $3.5B | $2.1B | ||
| Q2 25 | $3.1B | $2.1B | ||
| Q1 25 | $3.0B | $2.1B | ||
| Q4 24 | $3.0B | $2.0B | ||
| Q3 24 | $3.0B | $2.1B | ||
| Q2 24 | $2.9B | $2.3B | ||
| Q1 24 | $2.9B | $2.3B |
| Q4 25 | $24.9B | $2.4B | ||
| Q3 25 | $25.0B | $2.4B | ||
| Q2 25 | $20.0B | $2.4B | ||
| Q1 25 | $19.9B | $2.3B | ||
| Q4 24 | $19.4B | $2.3B | ||
| Q3 24 | $19.4B | $2.4B | ||
| Q2 24 | $19.4B | $2.5B | ||
| Q1 24 | $19.3B | $2.6B |
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 | $28.8M |
| Free Cash FlowOCF − Capex | $75.5M | $10.9M |
| FCF MarginFCF / Revenue | 35.5% | 4.0% |
| Capex IntensityCapex / Revenue | 1.6% | 6.5% |
| Cash ConversionOCF / Net Profit | 1.05× | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $28.8M | ||
| Q3 25 | $52.2M | $35.3M | ||
| Q2 25 | $106.7M | $-2.2M | ||
| Q1 25 | $13.3M | $13.4M | ||
| Q4 24 | $42.9M | $73.8M | ||
| Q3 24 | $70.2M | $66.1M | ||
| Q2 24 | $65.6M | $53.5M | ||
| Q1 24 | $51.1M | $54.6M |
| Q4 25 | $75.5M | $10.9M | ||
| Q3 25 | $49.7M | $14.6M | ||
| Q2 25 | $102.5M | $-17.6M | ||
| Q1 25 | $11.3M | $-11.4M | ||
| Q4 24 | $36.5M | $50.6M | ||
| Q3 24 | $64.4M | $43.0M | ||
| Q2 24 | $61.9M | $29.2M | ||
| Q1 24 | $46.7M | $26.5M |
| Q4 25 | 35.5% | 4.0% | ||
| Q3 25 | 24.4% | 5.8% | ||
| Q2 25 | 69.5% | -7.0% | ||
| Q1 25 | 7.8% | -5.0% | ||
| Q4 24 | 25.2% | 21.6% | ||
| Q3 24 | 45.4% | 18.4% | ||
| Q2 24 | 44.9% | 11.3% | ||
| Q1 24 | 34.0% | 10.5% |
| Q4 25 | 1.6% | 6.5% | ||
| Q3 25 | 1.2% | 8.3% | ||
| Q2 25 | 2.9% | 6.1% | ||
| Q1 25 | 1.4% | 10.9% | ||
| Q4 24 | 4.4% | 9.9% | ||
| Q3 24 | 4.1% | 9.9% | ||
| Q2 24 | 2.7% | 9.4% | ||
| Q1 24 | 3.2% | 11.1% |
| Q4 25 | 1.05× | 2.17× | ||
| Q3 25 | 1.52× | 4.73× | ||
| Q2 25 | 2.09× | -0.34× | ||
| Q1 25 | 0.30× | 3.58× | ||
| Q4 24 | 0.86× | 9.44× | ||
| Q3 24 | 1.64× | — | ||
| Q2 24 | 1.28× | 2.65× | ||
| Q1 24 | 1.07× | 2.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
