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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and iRhythm Holdings, Inc. (IRTC). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $208.9M, roughly 1.0× iRhythm Holdings, Inc.). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 2.7%, a 32.8% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 27.1%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $14.5M). Over the past eight quarters, iRhythm Holdings, Inc.'s revenue compounded faster (25.8% CAGR vs 24.3%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
iRhythm Holdings is a digital healthcare company focused on cardiac care, developing and commercializing wearable ambulatory heart monitoring devices paired with AI-powered analytical tools. It primarily serves healthcare providers and patients across the United States, helping to detect undiagnosed arrhythmias such as atrial fibrillation through convenient long-term heart rhythm tracking that delivers actionable clinical insights.
INDB vs IRTC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $208.9M |
| Net Profit | $75.3M | $5.6M |
| Gross Margin | — | 70.9% |
| Operating Margin | — | 1.1% |
| Net Margin | 35.5% | 2.7% |
| Revenue YoY | 46.9% | 27.1% |
| Net Profit YoY | 50.6% | 518.5% |
| EPS (diluted) | $1.51 | $0.18 |
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 | $208.9M | ||
| Q3 25 | $203.3M | $192.9M | ||
| Q2 25 | $147.5M | $186.7M | ||
| Q1 25 | $145.5M | $158.7M | ||
| Q4 24 | $144.7M | $164.3M | ||
| Q3 24 | $141.7M | $147.5M | ||
| Q2 24 | $137.9M | $148.0M | ||
| Q1 24 | $137.4M | $131.9M |
| Q4 25 | $75.3M | $5.6M | ||
| Q3 25 | $34.3M | $-5.2M | ||
| Q2 25 | $51.1M | $-14.2M | ||
| Q1 25 | $44.4M | $-30.7M | ||
| Q4 24 | $50.0M | $-1.3M | ||
| Q3 24 | $42.9M | $-46.2M | ||
| Q2 24 | $51.3M | $-20.1M | ||
| Q1 24 | $47.8M | $-45.7M |
| Q4 25 | — | 70.9% | ||
| Q3 25 | — | 71.1% | ||
| Q2 25 | — | 71.2% | ||
| Q1 25 | — | 68.8% | ||
| Q4 24 | — | 70.0% | ||
| Q3 24 | — | 68.8% | ||
| Q2 24 | — | 69.9% | ||
| Q1 24 | — | 66.3% |
| Q4 25 | — | 1.1% | ||
| Q3 25 | 21.8% | -4.4% | ||
| Q2 25 | 44.6% | -10.0% | ||
| Q1 25 | 39.3% | -20.5% | ||
| Q4 24 | — | -2.5% | ||
| Q3 24 | 39.0% | -34.1% | ||
| Q2 24 | 48.1% | -15.5% | ||
| Q1 24 | 45.5% | -28.9% |
| Q4 25 | 35.5% | 2.7% | ||
| Q3 25 | 16.8% | -2.7% | ||
| Q2 25 | 34.6% | -7.6% | ||
| Q1 25 | 30.5% | -19.3% | ||
| Q4 24 | 34.6% | -0.8% | ||
| Q3 24 | 30.3% | -31.3% | ||
| Q2 24 | 37.2% | -13.6% | ||
| Q1 24 | 34.8% | -34.6% |
| Q4 25 | $1.51 | $0.18 | ||
| Q3 25 | $0.69 | $-0.16 | ||
| Q2 25 | $1.20 | $-0.44 | ||
| Q1 25 | $1.04 | $-0.97 | ||
| Q4 24 | $1.18 | $-0.03 | ||
| Q3 24 | $1.01 | $-1.48 | ||
| Q2 24 | $1.21 | $-0.65 | ||
| Q1 24 | $1.12 | $-1.47 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $583.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | $152.7M |
| Total Assets | $24.9B | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $583.8M | ||
| Q3 25 | — | $565.2M | ||
| Q2 25 | — | $545.5M | ||
| Q1 25 | — | $520.6M | ||
| Q4 24 | — | $535.6M | ||
| Q3 24 | — | $522.0M | ||
| Q2 24 | — | $561.5M | ||
| Q1 24 | — | $569.1M |
| Q4 25 | $3.6B | $152.7M | ||
| Q3 25 | $3.5B | $121.9M | ||
| Q2 25 | $3.1B | $103.7M | ||
| Q1 25 | $3.0B | $86.7M | ||
| Q4 24 | $3.0B | $90.9M | ||
| Q3 24 | $3.0B | $71.8M | ||
| Q2 24 | $2.9B | $99.2M | ||
| Q1 24 | $2.9B | $90.3M |
| Q4 25 | $24.9B | $1.0B | ||
| Q3 25 | $25.0B | $995.2M | ||
| Q2 25 | $20.0B | $964.0M | ||
| Q1 25 | $19.9B | $926.1M | ||
| Q4 24 | $19.4B | $931.4M | ||
| Q3 24 | $19.4B | $909.7M | ||
| Q2 24 | $19.4B | $919.2M | ||
| Q1 24 | $19.3B | $909.8M |
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 | $26.2M |
| Free Cash FlowOCF − Capex | $75.5M | $14.5M |
| FCF MarginFCF / Revenue | 35.5% | 6.9% |
| Capex IntensityCapex / Revenue | 1.6% | 5.6% |
| Cash ConversionOCF / Net Profit | 1.05× | 4.70× |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $26.2M | ||
| Q3 25 | $52.2M | $34.9M | ||
| Q2 25 | $106.7M | $27.7M | ||
| Q1 25 | $13.3M | $-7.9M | ||
| Q4 24 | $42.9M | $19.2M | ||
| Q3 24 | $70.2M | $24.3M | ||
| Q2 24 | $65.6M | $11.8M | ||
| Q1 24 | $51.1M | $-52.0M |
| Q4 25 | $75.5M | $14.5M | ||
| Q3 25 | $49.7M | $20.1M | ||
| Q2 25 | $102.5M | $17.3M | ||
| Q1 25 | $11.3M | $-17.3M | ||
| Q4 24 | $36.5M | $12.4M | ||
| Q3 24 | $64.4M | $15.5M | ||
| Q2 24 | $61.9M | $3.4M | ||
| Q1 24 | $46.7M | $-61.8M |
| Q4 25 | 35.5% | 6.9% | ||
| Q3 25 | 24.4% | 10.4% | ||
| Q2 25 | 69.5% | 9.3% | ||
| Q1 25 | 7.8% | -10.9% | ||
| Q4 24 | 25.2% | 7.5% | ||
| Q3 24 | 45.4% | 10.5% | ||
| Q2 24 | 44.9% | 2.3% | ||
| Q1 24 | 34.0% | -46.8% |
| Q4 25 | 1.6% | 5.6% | ||
| Q3 25 | 1.2% | 7.7% | ||
| Q2 25 | 2.9% | 5.6% | ||
| Q1 25 | 1.4% | 5.9% | ||
| Q4 24 | 4.4% | 4.2% | ||
| Q3 24 | 4.1% | 6.0% | ||
| Q2 24 | 2.7% | 5.7% | ||
| Q1 24 | 3.2% | 7.4% |
| Q4 25 | 1.05× | 4.70× | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 2.09× | — | ||
| 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.
IRTC
| Commercial Payors | $111.7M | 53% |
| Centers For Medicare And Medicaid | $49.2M | 24% |
| Healthcare Institutions | $34.3M | 16% |
| Non Contracted Third Party Payors | $13.7M | 7% |
