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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and Iridium Communications Inc. (IRDM). Click either name above to swap in a different company.
Iridium Communications Inc. is the larger business by last-quarter revenue ($219.1M vs $212.5M, roughly 1.0× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 9.9%, a 25.6% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 1.9%). 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.
Iridium Communications Inc. is a publicly traded American company headquartered in McLean, Virginia, United States. Iridium operates the Iridium satellite constellation, a system of 80 satellites: 66 are active satellites and the remaining fourteen function as in-orbit spares. Iridium Satellites are used for worldwide voice and data communication from handheld satellite phones, satellite messenger communication devices and integrated transceivers, as well as for two-way satellite messaging se...
INDB vs IRDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $219.1M |
| Net Profit | $75.3M | $21.6M |
| Gross Margin | — | — |
| Operating Margin | — | 23.2% |
| Net Margin | 35.5% | 9.9% |
| Revenue YoY | 46.9% | 1.9% |
| Net Profit YoY | 50.6% | — |
| EPS (diluted) | $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.
| Q1 26 | — | $219.1M | ||
| Q4 25 | $212.5M | $212.9M | ||
| Q3 25 | $203.3M | $226.9M | ||
| Q2 25 | $147.5M | $216.9M | ||
| Q1 25 | $145.5M | $214.9M | ||
| Q4 24 | $144.7M | $213.0M | ||
| Q3 24 | $141.7M | $212.8M | ||
| Q2 24 | $137.9M | $201.1M |
| Q1 26 | — | $21.6M | ||
| Q4 25 | $75.3M | $24.9M | ||
| Q3 25 | $34.3M | $37.1M | ||
| Q2 25 | $51.1M | $22.0M | ||
| Q1 25 | $44.4M | $30.4M | ||
| Q4 24 | $50.0M | $36.3M | ||
| Q3 24 | $42.9M | $24.4M | ||
| Q2 24 | $51.3M | $32.3M |
| Q1 26 | — | 23.2% | ||
| Q4 25 | — | 25.9% | ||
| Q3 25 | 21.8% | 30.9% | ||
| Q2 25 | 44.6% | 23.2% | ||
| Q1 25 | 39.3% | 28.1% | ||
| Q4 24 | — | 24.5% | ||
| Q3 24 | 39.0% | 25.8% | ||
| Q2 24 | 48.1% | 21.7% |
| Q1 26 | — | 9.9% | ||
| Q4 25 | 35.5% | 11.7% | ||
| Q3 25 | 16.8% | 16.4% | ||
| Q2 25 | 34.6% | 10.1% | ||
| Q1 25 | 30.5% | 14.2% | ||
| Q4 24 | 34.6% | 17.1% | ||
| Q3 24 | 30.3% | 11.5% | ||
| Q2 24 | 37.2% | 16.1% |
| Q1 26 | — | — | ||
| Q4 25 | $1.51 | $0.24 | ||
| Q3 25 | $0.69 | $0.35 | ||
| Q2 25 | $1.20 | $0.20 | ||
| Q1 25 | $1.04 | $0.27 | ||
| Q4 24 | $1.18 | $0.30 | ||
| Q3 24 | $1.01 | $0.21 | ||
| Q2 24 | $1.21 | $0.27 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | — |
| Total Assets | $24.9B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $96.5M | ||
| Q3 25 | — | $88.5M | ||
| Q2 25 | — | $79.3M | ||
| Q1 25 | — | $50.9M | ||
| Q4 24 | — | $93.5M | ||
| Q3 24 | — | $159.6M | ||
| Q2 24 | — | $63.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $3.6B | $462.6M | ||
| Q3 25 | $3.5B | $450.5M | ||
| Q2 25 | $3.1B | $473.6M | ||
| Q1 25 | $3.0B | $518.4M | ||
| Q4 24 | $3.0B | $576.6M | ||
| Q3 24 | $3.0B | $663.8M | ||
| Q2 24 | $2.9B | $786.7M |
| Q1 26 | — | — | ||
| Q4 25 | $24.9B | $2.5B | ||
| Q3 25 | $25.0B | $2.6B | ||
| Q2 25 | $20.0B | $2.6B | ||
| Q1 25 | $19.9B | $2.6B | ||
| Q4 24 | $19.4B | $2.7B | ||
| Q3 24 | $19.4B | $2.8B | ||
| Q2 24 | $19.4B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.80× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.05× | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| Free Cash FlowOCF − Capex | $75.5M | — |
| FCF MarginFCF / Revenue | 35.5% | — |
| Capex IntensityCapex / Revenue | 1.6% | 13.7% |
| Cash ConversionOCF / Net Profit | 1.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $78.9M | $108.6M | ||
| Q3 25 | $52.2M | $100.8M | ||
| Q2 25 | $106.7M | $129.6M | ||
| Q1 25 | $13.3M | $61.1M | ||
| Q4 24 | $42.9M | $104.8M | ||
| Q3 24 | $70.2M | $118.6M | ||
| Q2 24 | $65.6M | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | $75.5M | $75.1M | ||
| Q3 25 | $49.7M | $79.2M | ||
| Q2 25 | $102.5M | $108.9M | ||
| Q1 25 | $11.3M | $36.5M | ||
| Q4 24 | $36.5M | $80.5M | ||
| Q3 24 | $64.4M | $100.0M | ||
| Q2 24 | $61.9M | $68.7M |
| Q1 26 | — | — | ||
| Q4 25 | 35.5% | 35.3% | ||
| Q3 25 | 24.4% | 34.9% | ||
| Q2 25 | 69.5% | 50.2% | ||
| Q1 25 | 7.8% | 17.0% | ||
| Q4 24 | 25.2% | 37.8% | ||
| Q3 24 | 45.4% | 47.0% | ||
| Q2 24 | 44.9% | 34.2% |
| Q1 26 | — | 13.7% | ||
| Q4 25 | 1.6% | 15.7% | ||
| Q3 25 | 1.2% | 9.5% | ||
| Q2 25 | 2.9% | 9.5% | ||
| Q1 25 | 1.4% | 11.4% | ||
| Q4 24 | 4.4% | 11.4% | ||
| Q3 24 | 4.1% | 8.7% | ||
| Q2 24 | 2.7% | 6.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.05× | 4.37× | ||
| Q3 25 | 1.52× | 2.71× | ||
| Q2 25 | 2.09× | 5.90× | ||
| Q1 25 | 0.30× | 2.01× | ||
| Q4 24 | 0.86× | 2.88× | ||
| Q3 24 | 1.64× | 4.85× | ||
| Q2 24 | 1.28× | 2.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $46.0M | 21% |
| Government | $39.5M | 18% |
| Government service revenue (5) | $27.6M | 13% |
| Subscriber equipment | $20.2M | 9% |
| Hosted payload and other data service (4) | $14.8M | 7% |
| Broadband (3) | $12.2M | 6% |
| Commercial | $1.3M | 1% |
