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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and Kennedy-Wilson Holdings, Inc. (KW). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $120.6M, roughly 1.8× Kennedy-Wilson Holdings, Inc.). Kennedy-Wilson Holdings, Inc. runs the higher net margin — 48.1% vs 35.5%, a 12.6% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs -11.0%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $-55.2M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs -6.0%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Kennedy Wilson is a real estate investment company headquartered in Beverly Hills, California, United States.
INDB vs KW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $120.6M |
| Net Profit | $75.3M | $58.0M |
| Gross Margin | — | — |
| Operating Margin | — | 57.3% |
| Net Margin | 35.5% | 48.1% |
| Revenue YoY | 46.9% | -11.0% |
| Net Profit YoY | 50.6% | 32.7% |
| EPS (diluted) | $1.51 | $0.22 |
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 | $120.6M | ||
| Q3 25 | $203.3M | $116.4M | ||
| Q2 25 | $147.5M | $135.7M | ||
| Q1 25 | $145.5M | $128.3M | ||
| Q4 24 | $144.7M | $135.5M | ||
| Q3 24 | $141.7M | $127.5M | ||
| Q2 24 | $137.9M | $132.0M | ||
| Q1 24 | $137.4M | $136.4M |
| Q4 25 | $75.3M | $58.0M | ||
| Q3 25 | $34.3M | $-10.2M | ||
| Q2 25 | $51.1M | $5.6M | ||
| Q1 25 | $44.4M | $-29.6M | ||
| Q4 24 | $50.0M | $43.7M | ||
| Q3 24 | $42.9M | $-66.8M | ||
| Q2 24 | $51.3M | $-48.3M | ||
| Q1 24 | $47.8M | $37.7M |
| Q4 25 | — | 57.3% | ||
| Q3 25 | 21.8% | -6.2% | ||
| Q2 25 | 44.6% | 7.4% | ||
| Q1 25 | 39.3% | -26.9% | ||
| Q4 24 | — | 36.7% | ||
| Q3 24 | 39.0% | -60.8% | ||
| Q2 24 | 48.1% | -45.5% | ||
| Q1 24 | 45.5% | 47.2% |
| Q4 25 | 35.5% | 48.1% | ||
| Q3 25 | 16.8% | -8.8% | ||
| Q2 25 | 34.6% | 4.1% | ||
| Q1 25 | 30.5% | -23.1% | ||
| Q4 24 | 34.6% | 32.3% | ||
| Q3 24 | 30.3% | -52.4% | ||
| Q2 24 | 37.2% | -36.6% | ||
| Q1 24 | 34.8% | 27.6% |
| Q4 25 | $1.51 | $0.22 | ||
| Q3 25 | $0.69 | $-0.15 | ||
| Q2 25 | $1.20 | $-0.05 | ||
| Q1 25 | $1.04 | $-0.30 | ||
| Q4 24 | $1.18 | $0.24 | ||
| Q3 24 | $1.01 | $-0.56 | ||
| Q2 24 | $1.21 | $-0.43 | ||
| Q1 24 | $1.12 | $0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $184.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | $1.5B |
| Total Assets | $24.9B | $6.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $184.5M | ||
| Q3 25 | — | $382.6M | ||
| Q2 25 | — | $309.1M | ||
| Q1 25 | — | $356.6M | ||
| Q4 24 | — | $217.5M | ||
| Q3 24 | — | $367.1M | ||
| Q2 24 | — | $366.5M | ||
| Q1 24 | — | $541.9M |
| Q4 25 | $3.6B | $1.5B | ||
| Q3 25 | $3.5B | $1.5B | ||
| Q2 25 | $3.1B | $1.6B | ||
| Q1 25 | $3.0B | $1.6B | ||
| Q4 24 | $3.0B | $1.6B | ||
| Q3 24 | $3.0B | $1.6B | ||
| Q2 24 | $2.9B | $1.7B | ||
| Q1 24 | $2.9B | $1.7B |
| Q4 25 | $24.9B | $6.6B | ||
| Q3 25 | $25.0B | $6.7B | ||
| Q2 25 | $20.0B | $6.8B | ||
| Q1 25 | $19.9B | $7.2B | ||
| Q4 24 | $19.4B | $7.0B | ||
| Q3 24 | $19.4B | $7.4B | ||
| Q2 24 | $19.4B | $7.5B | ||
| Q1 24 | $19.3B | $7.7B |
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 | $11.4M |
| Free Cash FlowOCF − Capex | $75.5M | $-55.2M |
| FCF MarginFCF / Revenue | 35.5% | -45.8% |
| Capex IntensityCapex / Revenue | 1.6% | 55.2% |
| Cash ConversionOCF / Net Profit | 1.05× | 0.20× |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $-103.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $11.4M | ||
| Q3 25 | $52.2M | $-7.6M | ||
| Q2 25 | $106.7M | $42.0M | ||
| Q1 25 | $13.3M | $-51.9M | ||
| Q4 24 | $42.9M | $55.1M | ||
| Q3 24 | $70.2M | $-5.6M | ||
| Q2 24 | $65.6M | $36.7M | ||
| Q1 24 | $51.1M | $-5.6M |
| Q4 25 | $75.5M | $-55.2M | ||
| Q3 25 | $49.7M | $-18.0M | ||
| Q2 25 | $102.5M | $29.4M | ||
| Q1 25 | $11.3M | $-59.7M | ||
| Q4 24 | $36.5M | $-76.5M | ||
| Q3 24 | $64.4M | $-27.7M | ||
| Q2 24 | $61.9M | $-500.0K | ||
| Q1 24 | $46.7M | $-57.1M |
| Q4 25 | 35.5% | -45.8% | ||
| Q3 25 | 24.4% | -15.5% | ||
| Q2 25 | 69.5% | 21.7% | ||
| Q1 25 | 7.8% | -46.5% | ||
| Q4 24 | 25.2% | -56.5% | ||
| Q3 24 | 45.4% | -21.7% | ||
| Q2 24 | 44.9% | -0.4% | ||
| Q1 24 | 34.0% | -41.9% |
| Q4 25 | 1.6% | 55.2% | ||
| Q3 25 | 1.2% | 8.9% | ||
| Q2 25 | 2.9% | 9.3% | ||
| Q1 25 | 1.4% | 6.1% | ||
| Q4 24 | 4.4% | 97.1% | ||
| Q3 24 | 4.1% | 17.3% | ||
| Q2 24 | 2.7% | 28.2% | ||
| Q1 24 | 3.2% | 37.8% |
| Q4 25 | 1.05× | 0.20× | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 2.09× | 7.50× | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.86× | 1.26× | ||
| Q3 24 | 1.64× | — | ||
| Q2 24 | 1.28× | — | ||
| Q1 24 | 1.07× | -0.15× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
KW
| Consolidated Portfolio Segment | $84.9M | 70% |
| Investment Management Fees | $30.4M | 25% |
| Real Estate | $5.1M | 4% |
