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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and Loar Holdings Inc. (LOAR). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $131.8M, roughly 1.6× Loar Holdings Inc.). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 9.5%, a 26.0% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 19.3%). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 19.8%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
INDB vs LOAR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $131.8M |
| Net Profit | $75.3M | $12.5M |
| Gross Margin | — | 52.1% |
| Operating Margin | — | 18.0% |
| Net Margin | 35.5% | 9.5% |
| Revenue YoY | 46.9% | 19.3% |
| Net Profit YoY | 50.6% | 239.5% |
| EPS (diluted) | $1.51 | $0.13 |
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 | $131.8M | ||
| Q3 25 | $203.3M | $126.8M | ||
| Q2 25 | $147.5M | $123.1M | ||
| Q1 25 | $145.5M | $114.7M | ||
| Q4 24 | $144.7M | $110.4M | ||
| Q3 24 | $141.7M | $103.5M | ||
| Q2 24 | $137.9M | $97.0M | ||
| Q1 24 | $137.4M | $91.8M |
| Q4 25 | $75.3M | $12.5M | ||
| Q3 25 | $34.3M | $27.6M | ||
| Q2 25 | $51.1M | $16.7M | ||
| Q1 25 | $44.4M | $15.3M | ||
| Q4 24 | $50.0M | $3.7M | ||
| Q3 24 | $42.9M | $8.7M | ||
| Q2 24 | $51.3M | $7.6M | ||
| Q1 24 | $47.8M | $2.2M |
| Q4 25 | — | 52.1% | ||
| Q3 25 | — | 52.7% | ||
| Q2 25 | — | 53.8% | ||
| Q1 25 | — | 52.1% | ||
| Q4 24 | — | 48.9% | ||
| Q3 24 | — | 51.1% | ||
| Q2 24 | — | 49.0% | ||
| Q1 24 | — | 48.4% |
| Q4 25 | — | 18.0% | ||
| Q3 25 | 21.8% | 22.9% | ||
| Q2 25 | 44.6% | 22.2% | ||
| Q1 25 | 39.3% | 22.8% | ||
| Q4 24 | — | 19.2% | ||
| Q3 24 | 39.0% | 22.1% | ||
| Q2 24 | 48.1% | 22.9% | ||
| Q1 24 | 45.5% | 23.3% |
| Q4 25 | 35.5% | 9.5% | ||
| Q3 25 | 16.8% | 21.8% | ||
| Q2 25 | 34.6% | 13.6% | ||
| Q1 25 | 30.5% | 13.4% | ||
| Q4 24 | 34.6% | 3.3% | ||
| Q3 24 | 30.3% | 8.4% | ||
| Q2 24 | 37.2% | 7.9% | ||
| Q1 24 | 34.8% | 2.4% |
| Q4 25 | $1.51 | $0.13 | ||
| Q3 25 | $0.69 | $0.29 | ||
| Q2 25 | $1.20 | $0.17 | ||
| Q1 25 | $1.04 | $0.16 | ||
| Q4 24 | $1.18 | $-11023.48 | ||
| Q3 24 | $1.01 | $0.09 | ||
| Q2 24 | $1.21 | $0.09 | ||
| Q1 24 | $1.12 | $11023.54 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $84.8M |
| Total DebtLower is stronger | — | $715.7M |
| Stockholders' EquityBook value | $3.6B | $1.2B |
| Total Assets | $24.9B | $2.0B |
| Debt / EquityLower = less leverage | — | 0.61× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $84.8M | ||
| Q3 25 | — | $99.0M | ||
| Q2 25 | — | $103.3M | ||
| Q1 25 | — | $80.5M | ||
| Q4 24 | — | $54.1M | ||
| Q3 24 | — | $55.2M | ||
| Q2 24 | — | $73.2M | ||
| Q1 24 | — | $28.2M |
| Q4 25 | — | $715.7M | ||
| Q3 25 | — | $279.4M | ||
| Q2 25 | — | $277.7M | ||
| Q1 25 | — | $277.5M | ||
| Q4 24 | — | $277.3M | ||
| Q3 24 | — | $602.1M | ||
| Q2 24 | — | $250.7M | ||
| Q1 24 | — | $534.2M |
| Q4 25 | $3.6B | $1.2B | ||
| Q3 25 | $3.5B | $1.2B | ||
| Q2 25 | $3.1B | $1.1B | ||
| Q1 25 | $3.0B | $1.1B | ||
| Q4 24 | $3.0B | $1.1B | ||
| Q3 24 | $3.0B | $769.8M | ||
| Q2 24 | $2.9B | $758.4M | ||
| Q1 24 | $2.9B | $420.6M |
| Q4 25 | $24.9B | $2.0B | ||
| Q3 25 | $25.0B | $1.5B | ||
| Q2 25 | $20.0B | $1.5B | ||
| Q1 25 | $19.9B | $1.5B | ||
| Q4 24 | $19.4B | $1.5B | ||
| Q3 24 | $19.4B | $1.5B | ||
| Q2 24 | $19.4B | $1.1B | ||
| Q1 24 | $19.3B | $1.1B |
| Q4 25 | — | 0.61× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.78× | ||
| Q2 24 | — | 0.33× | ||
| Q1 24 | — | 1.27× |
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 | $30.4M |
| Free Cash FlowOCF − Capex | $75.5M | — |
| FCF MarginFCF / Revenue | 35.5% | — |
| Capex IntensityCapex / Revenue | 1.6% | — |
| Cash ConversionOCF / Net Profit | 1.05× | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $30.4M | ||
| Q3 25 | $52.2M | $29.7M | ||
| Q2 25 | $106.7M | $23.8M | ||
| Q1 25 | $13.3M | $28.4M | ||
| Q4 24 | $42.9M | $20.7M | ||
| Q3 24 | $70.2M | $16.3M | ||
| Q2 24 | $65.6M | $7.1M | ||
| Q1 24 | $51.1M | $10.8M |
| Q4 25 | $75.5M | — | ||
| Q3 25 | $49.7M | — | ||
| Q2 25 | $102.5M | — | ||
| Q1 25 | $11.3M | — | ||
| Q4 24 | $36.5M | — | ||
| Q3 24 | $64.4M | — | ||
| Q2 24 | $61.9M | — | ||
| Q1 24 | $46.7M | — |
| Q4 25 | 35.5% | — | ||
| Q3 25 | 24.4% | — | ||
| Q2 25 | 69.5% | — | ||
| Q1 25 | 7.8% | — | ||
| Q4 24 | 25.2% | — | ||
| Q3 24 | 45.4% | — | ||
| Q2 24 | 44.9% | — | ||
| Q1 24 | 34.0% | — |
| Q4 25 | 1.6% | — | ||
| Q3 25 | 1.2% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 1.4% | — | ||
| Q4 24 | 4.4% | — | ||
| Q3 24 | 4.1% | — | ||
| Q2 24 | 2.7% | — | ||
| Q1 24 | 3.2% | — |
| Q4 25 | 1.05× | 2.43× | ||
| Q3 25 | 1.52× | 1.08× | ||
| Q2 25 | 2.09× | 1.42× | ||
| Q1 25 | 0.30× | 1.85× | ||
| Q4 24 | 0.86× | 5.62× | ||
| Q3 24 | 1.64× | 1.89× | ||
| Q2 24 | 1.28× | 0.93× | ||
| Q1 24 | 1.07× | 4.81× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
LOAR
| Other | $76.8M | 58% |
| Commercial Aerospace | $21.2M | 16% |
| Business Jet And General Aviation | $17.6M | 13% |
| Defense | $16.2M | 12% |
