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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and Limbach Holdings, Inc. (LMB). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $186.9M, roughly 1.1× Limbach Holdings, Inc.). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 6.6%, a 28.9% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 30.1%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $27.9M). Over the past eight quarters, Limbach Holdings, Inc.'s revenue compounded faster (25.3% 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.
Limbach Flugmotoren is a Chinese-owned company based in Germany that produces aircraft engines.
INDB vs LMB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $186.9M |
| Net Profit | $75.3M | $12.3M |
| Gross Margin | — | 25.7% |
| Operating Margin | — | 9.4% |
| Net Margin | 35.5% | 6.6% |
| Revenue YoY | 46.9% | 30.1% |
| Net Profit YoY | 50.6% | 25.0% |
| EPS (diluted) | $1.51 | $1.01 |
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 | $186.9M | ||
| Q3 25 | $203.3M | $184.6M | ||
| Q2 25 | $147.5M | $142.2M | ||
| Q1 25 | $145.5M | $133.1M | ||
| Q4 24 | $144.7M | $143.7M | ||
| Q3 24 | $141.7M | $133.9M | ||
| Q2 24 | $137.9M | $122.2M | ||
| Q1 24 | $137.4M | $119.0M |
| Q4 25 | $75.3M | $12.3M | ||
| Q3 25 | $34.3M | $8.8M | ||
| Q2 25 | $51.1M | $7.8M | ||
| Q1 25 | $44.4M | $10.2M | ||
| Q4 24 | $50.0M | $9.8M | ||
| Q3 24 | $42.9M | $7.5M | ||
| Q2 24 | $51.3M | $6.0M | ||
| Q1 24 | $47.8M | $7.6M |
| Q4 25 | — | 25.7% | ||
| Q3 25 | — | 24.2% | ||
| Q2 25 | — | 28.0% | ||
| Q1 25 | — | 27.6% | ||
| Q4 24 | — | 30.3% | ||
| Q3 24 | — | 27.0% | ||
| Q2 24 | — | 27.4% | ||
| Q1 24 | — | 26.1% |
| Q4 25 | — | 9.4% | ||
| Q3 25 | 21.8% | 7.2% | ||
| Q2 25 | 44.6% | 7.5% | ||
| Q1 25 | 39.3% | 5.9% | ||
| Q4 24 | — | 9.1% | ||
| Q3 24 | 39.0% | 8.1% | ||
| Q2 24 | 48.1% | 6.7% | ||
| Q1 24 | 45.5% | 5.5% |
| Q4 25 | 35.5% | 6.6% | ||
| Q3 25 | 16.8% | 4.8% | ||
| Q2 25 | 34.6% | 5.5% | ||
| Q1 25 | 30.5% | 7.7% | ||
| Q4 24 | 34.6% | 6.9% | ||
| Q3 24 | 30.3% | 5.6% | ||
| Q2 24 | 37.2% | 4.9% | ||
| Q1 24 | 34.8% | 6.4% |
| Q4 25 | $1.51 | $1.01 | ||
| Q3 25 | $0.69 | $0.73 | ||
| Q2 25 | $1.20 | $0.64 | ||
| Q1 25 | $1.04 | $0.85 | ||
| Q4 24 | $1.18 | $0.81 | ||
| Q3 24 | $1.01 | $0.62 | ||
| Q2 24 | $1.21 | $0.50 | ||
| Q1 24 | $1.12 | $0.64 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $11.3M |
| Total DebtLower is stronger | — | $30.5M |
| Stockholders' EquityBook value | $3.6B | $195.7M |
| Total Assets | $24.9B | $381.1M |
| Debt / EquityLower = less leverage | — | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $11.3M | ||
| Q3 25 | — | $9.8M | ||
| Q2 25 | — | $38.9M | ||
| Q1 25 | — | $38.1M | ||
| Q4 24 | — | $44.9M | ||
| Q3 24 | — | $51.2M | ||
| Q2 24 | — | $59.5M | ||
| Q1 24 | — | $48.2M |
| Q4 25 | — | $30.5M | ||
| Q3 25 | — | $56.3M | ||
| Q2 25 | — | $28.4M | ||
| Q1 25 | — | $23.7M | ||
| Q4 24 | — | $23.6M | ||
| Q3 24 | — | $20.5M | ||
| Q2 24 | — | $19.7M | ||
| Q1 24 | — | $19.4M |
| Q4 25 | $3.6B | $195.7M | ||
| Q3 25 | $3.5B | $181.6M | ||
| Q2 25 | $3.1B | $170.5M | ||
| Q1 25 | $3.0B | $161.1M | ||
| Q4 24 | $3.0B | $153.5M | ||
| Q3 24 | $3.0B | $142.2M | ||
| Q2 24 | $2.9B | $133.0M | ||
| Q1 24 | $2.9B | $125.5M |
| Q4 25 | $24.9B | $381.1M | ||
| Q3 25 | $25.0B | $409.1M | ||
| Q2 25 | $20.0B | $343.0M | ||
| Q1 25 | $19.9B | $336.4M | ||
| Q4 24 | $19.4B | $352.1M | ||
| Q3 24 | $19.4B | $324.4M | ||
| Q2 24 | $19.4B | $303.9M | ||
| Q1 24 | $19.3B | $289.2M |
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | 0.15× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.15× |
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 | $28.1M |
| Free Cash FlowOCF − Capex | $75.5M | $27.9M |
| FCF MarginFCF / Revenue | 35.5% | 14.9% |
| Capex IntensityCapex / Revenue | 1.6% | 0.1% |
| Cash ConversionOCF / Net Profit | 1.05× | 2.29× |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $28.1M | ||
| Q3 25 | $52.2M | $13.3M | ||
| Q2 25 | $106.7M | $2.0M | ||
| Q1 25 | $13.3M | $2.2M | ||
| Q4 24 | $42.9M | $19.3M | ||
| Q3 24 | $70.2M | $4.9M | ||
| Q2 24 | $65.6M | $16.5M | ||
| Q1 24 | $51.1M | $-3.9M |
| Q4 25 | $75.5M | $27.9M | ||
| Q3 25 | $49.7M | $12.8M | ||
| Q2 25 | $102.5M | $1.2M | ||
| Q1 25 | $11.3M | $11.0K | ||
| Q4 24 | $36.5M | $18.0M | ||
| Q3 24 | $64.4M | $4.6M | ||
| Q2 24 | $61.9M | $13.2M | ||
| Q1 24 | $46.7M | $-6.5M |
| Q4 25 | 35.5% | 14.9% | ||
| Q3 25 | 24.4% | 7.0% | ||
| Q2 25 | 69.5% | 0.8% | ||
| Q1 25 | 7.8% | 0.0% | ||
| Q4 24 | 25.2% | 12.5% | ||
| Q3 24 | 45.4% | 3.4% | ||
| Q2 24 | 44.9% | 10.8% | ||
| Q1 24 | 34.0% | -5.5% |
| Q4 25 | 1.6% | 0.1% | ||
| Q3 25 | 1.2% | 0.3% | ||
| Q2 25 | 2.9% | 0.6% | ||
| Q1 25 | 1.4% | 1.7% | ||
| Q4 24 | 4.4% | 0.9% | ||
| Q3 24 | 4.1% | 0.3% | ||
| Q2 24 | 2.7% | 2.7% | ||
| Q1 24 | 3.2% | 2.1% |
| Q4 25 | 1.05× | 2.29× | ||
| Q3 25 | 1.52× | 1.52× | ||
| Q2 25 | 2.09× | 0.26× | ||
| Q1 25 | 0.30× | 0.22× | ||
| Q4 24 | 0.86× | 1.96× | ||
| Q3 24 | 1.64× | 0.66× | ||
| Q2 24 | 1.28× | 2.77× | ||
| Q1 24 | 1.07× | -0.52× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
LMB
| Owner Direct Relationships Segment | $145.0M | 78% |
| General Contractor Construction Manager Relationships Segment | $41.9M | 22% |
