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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and Grand Canyon Education, Inc. (LOPE). Click either name above to swap in a different company.
Grand Canyon Education, Inc. is the larger business by last-quarter revenue ($308.1M vs $212.5M, roughly 1.5× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 28.1%, a 7.3% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 5.3%). Grand Canyon Education, Inc. produced more free cash flow last quarter ($122.9M vs $75.5M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 5.9%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Grand Canyon Education, Inc. (GCE) is an American for-profit corporation that provides services to universities, specializing in program development, online education, and operational support. Formerly affiliated with Grand Canyon University (GCU), a Christian university in Arizona, GCE became a separate publicly traded company in 2008.
INDB vs LOPE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $308.1M |
| Net Profit | $75.3M | $86.7M |
| Gross Margin | — | — |
| Operating Margin | — | 35.1% |
| Net Margin | 35.5% | 28.1% |
| Revenue YoY | 46.9% | 5.3% |
| Net Profit YoY | 50.6% | 5.9% |
| EPS (diluted) | $1.51 | $3.13 |
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 | $308.1M | ||
| Q3 25 | $203.3M | $261.1M | ||
| Q2 25 | $147.5M | $247.5M | ||
| Q1 25 | $145.5M | $289.3M | ||
| Q4 24 | $144.7M | $292.6M | ||
| Q3 24 | $141.7M | $238.3M | ||
| Q2 24 | $137.9M | $227.5M | ||
| Q1 24 | $137.4M | $274.7M |
| Q4 25 | $75.3M | $86.7M | ||
| Q3 25 | $34.3M | $16.3M | ||
| Q2 25 | $51.1M | $41.5M | ||
| Q1 25 | $44.4M | $71.6M | ||
| Q4 24 | $50.0M | $81.9M | ||
| Q3 24 | $42.9M | $41.5M | ||
| Q2 24 | $51.3M | $34.9M | ||
| Q1 24 | $47.8M | $68.0M |
| Q4 25 | — | 35.1% | ||
| Q3 25 | 21.8% | 6.9% | ||
| Q2 25 | 44.6% | 20.9% | ||
| Q1 25 | 39.3% | 30.4% | ||
| Q4 24 | — | 34.2% | ||
| Q3 24 | 39.0% | 20.2% | ||
| Q2 24 | 48.1% | 18.8% | ||
| Q1 24 | 45.5% | 30.8% |
| Q4 25 | 35.5% | 28.1% | ||
| Q3 25 | 16.8% | 6.2% | ||
| Q2 25 | 34.6% | 16.8% | ||
| Q1 25 | 30.5% | 24.8% | ||
| Q4 24 | 34.6% | 28.0% | ||
| Q3 24 | 30.3% | 17.4% | ||
| Q2 24 | 37.2% | 15.3% | ||
| Q1 24 | 34.8% | 24.8% |
| Q4 25 | $1.51 | $3.13 | ||
| Q3 25 | $0.69 | $0.58 | ||
| Q2 25 | $1.20 | $1.48 | ||
| Q1 25 | $1.04 | $2.52 | ||
| Q4 24 | $1.18 | $2.83 | ||
| Q3 24 | $1.01 | $1.42 | ||
| Q2 24 | $1.21 | $1.19 | ||
| Q1 24 | $1.12 | $2.29 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $111.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | $746.9M |
| Total Assets | $24.9B | $992.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $111.8M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $192.3M | ||
| Q1 25 | — | $144.5M | ||
| Q4 24 | — | $324.6M | ||
| Q3 24 | — | $263.6M | ||
| Q2 24 | — | $241.3M | ||
| Q1 24 | — | $196.2M |
| Q4 25 | $3.6B | $746.9M | ||
| Q3 25 | $3.5B | $758.0M | ||
| Q2 25 | $3.1B | $778.0M | ||
| Q1 25 | $3.0B | $780.7M | ||
| Q4 24 | $3.0B | $783.9M | ||
| Q3 24 | $3.0B | $764.1M | ||
| Q2 24 | $2.9B | $759.2M | ||
| Q1 24 | $2.9B | $759.4M |
| Q4 25 | $24.9B | $992.3M | ||
| Q3 25 | $25.0B | $1.0B | ||
| Q2 25 | $20.0B | $1.0B | ||
| Q1 25 | $19.9B | $1.0B | ||
| Q4 24 | $19.4B | $1.0B | ||
| Q3 24 | $19.4B | $992.9M | ||
| Q2 24 | $19.4B | $992.7M | ||
| Q1 24 | $19.3B | $1.0B |
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 | $130.5M |
| Free Cash FlowOCF − Capex | $75.5M | $122.9M |
| FCF MarginFCF / Revenue | 35.5% | 39.9% |
| Capex IntensityCapex / Revenue | 1.6% | 2.5% |
| Cash ConversionOCF / Net Profit | 1.05× | 1.50× |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $238.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $130.5M | ||
| Q3 25 | $52.2M | $-48.6M | ||
| Q2 25 | $106.7M | $124.0M | ||
| Q1 25 | $13.3M | $67.6M | ||
| Q4 24 | $42.9M | $135.8M | ||
| Q3 24 | $70.2M | $-29.4M | ||
| Q2 24 | $65.6M | $98.6M | ||
| Q1 24 | $51.1M | $85.0M |
| Q4 25 | $75.5M | $122.9M | ||
| Q3 25 | $49.7M | $-58.3M | ||
| Q2 25 | $102.5M | $115.4M | ||
| Q1 25 | $11.3M | $58.7M | ||
| Q4 24 | $36.5M | $126.1M | ||
| Q3 24 | $64.4M | $-39.0M | ||
| Q2 24 | $61.9M | $89.6M | ||
| Q1 24 | $46.7M | $76.0M |
| Q4 25 | 35.5% | 39.9% | ||
| Q3 25 | 24.4% | -22.3% | ||
| Q2 25 | 69.5% | 46.6% | ||
| Q1 25 | 7.8% | 20.3% | ||
| Q4 24 | 25.2% | 43.1% | ||
| Q3 24 | 45.4% | -16.3% | ||
| Q2 24 | 44.9% | 39.4% | ||
| Q1 24 | 34.0% | 27.7% |
| Q4 25 | 1.6% | 2.5% | ||
| Q3 25 | 1.2% | 3.7% | ||
| Q2 25 | 2.9% | 3.5% | ||
| Q1 25 | 1.4% | 3.1% | ||
| Q4 24 | 4.4% | 3.3% | ||
| Q3 24 | 4.1% | 4.0% | ||
| Q2 24 | 2.7% | 3.9% | ||
| Q1 24 | 3.2% | 3.3% |
| Q4 25 | 1.05× | 1.50× | ||
| Q3 25 | 1.52× | -2.99× | ||
| Q2 25 | 2.09× | 2.98× | ||
| Q1 25 | 0.30× | 0.94× | ||
| Q4 24 | 0.86× | 1.66× | ||
| Q3 24 | 1.64× | -0.71× | ||
| Q2 24 | 1.28× | 2.83× | ||
| Q1 24 | 1.07× | 1.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
