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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and Mayville Engineering Company, Inc. (MEC). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $134.3M, roughly 1.6× Mayville Engineering Company, Inc.). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs -3.2%, a 38.7% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 10.7%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $10.2M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs -8.8%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
INDB vs MEC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $134.3M |
| Net Profit | $75.3M | $-4.4M |
| Gross Margin | — | 6.8% |
| Operating Margin | — | -4.1% |
| Net Margin | 35.5% | -3.2% |
| Revenue YoY | 46.9% | 10.7% |
| Net Profit YoY | 50.6% | -127.3% |
| 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 | $134.3M | ||
| Q3 25 | $203.3M | $144.3M | ||
| Q2 25 | $147.5M | $132.3M | ||
| Q1 25 | $145.5M | $135.6M | ||
| Q4 24 | $144.7M | $121.3M | ||
| Q3 24 | $141.7M | $135.4M | ||
| Q2 24 | $137.9M | $163.6M | ||
| Q1 24 | $137.4M | $161.3M |
| Q4 25 | $75.3M | $-4.4M | ||
| Q3 25 | $34.3M | $-2.7M | ||
| Q2 25 | $51.1M | $-1.1M | ||
| Q1 25 | $44.4M | $20.0K | ||
| Q4 24 | $50.0M | $16.0M | ||
| Q3 24 | $42.9M | $3.0M | ||
| Q2 24 | $51.3M | $3.8M | ||
| Q1 24 | $47.8M | $3.2M |
| Q4 25 | — | 6.8% | ||
| Q3 25 | — | 11.0% | ||
| Q2 25 | — | 10.3% | ||
| Q1 25 | — | 11.3% | ||
| Q4 24 | — | 8.9% | ||
| Q3 24 | — | 12.6% | ||
| Q2 24 | — | 13.6% | ||
| Q1 24 | — | 13.0% |
| Q4 25 | — | -4.1% | ||
| Q3 25 | 21.8% | 0.0% | ||
| Q2 25 | 44.6% | 0.1% | ||
| Q1 25 | 39.3% | 1.2% | ||
| Q4 24 | — | 19.0% | ||
| Q3 24 | 39.0% | 4.2% | ||
| Q2 24 | 48.1% | 5.0% | ||
| Q1 24 | 45.5% | 4.7% |
| Q4 25 | 35.5% | -3.2% | ||
| Q3 25 | 16.8% | -1.9% | ||
| Q2 25 | 34.6% | -0.8% | ||
| Q1 25 | 30.5% | 0.0% | ||
| Q4 24 | 34.6% | 13.2% | ||
| Q3 24 | 30.3% | 2.2% | ||
| Q2 24 | 37.2% | 2.3% | ||
| Q1 24 | 34.8% | 2.0% |
| Q4 25 | $1.51 | $-0.22 | ||
| Q3 25 | $0.69 | $-0.13 | ||
| Q2 25 | $1.20 | $-0.05 | ||
| Q1 25 | $1.04 | $0.00 | ||
| Q4 24 | $1.18 | $0.76 | ||
| Q3 24 | $1.01 | $0.14 | ||
| Q2 24 | $1.21 | $0.18 | ||
| Q1 24 | $1.12 | $0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | $240.7M |
| Total Assets | $24.9B | $563.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.5M | ||
| Q3 25 | — | $1.2M | ||
| Q2 25 | — | $206.0K | ||
| Q1 25 | — | $183.0K | ||
| Q4 24 | — | $206.0K | ||
| Q3 24 | — | $178.0K | ||
| Q2 24 | — | $314.0K | ||
| Q1 24 | — | $314.0K |
| Q4 25 | $3.6B | $240.7M | ||
| Q3 25 | $3.5B | $244.8M | ||
| Q2 25 | $3.1B | $246.8M | ||
| Q1 25 | $3.0B | $250.0M | ||
| Q4 24 | $3.0B | $251.8M | ||
| Q3 24 | $3.0B | $238.4M | ||
| Q2 24 | $2.9B | $238.1M | ||
| Q1 24 | $2.9B | $234.0M |
| Q4 25 | $24.9B | $563.6M | ||
| Q3 25 | $25.0B | $585.6M | ||
| Q2 25 | $20.0B | $433.7M | ||
| Q1 25 | $19.9B | $447.7M | ||
| Q4 24 | $19.4B | $445.6M | ||
| Q3 24 | $19.4B | $466.0M | ||
| Q2 24 | $19.4B | $488.2M | ||
| Q1 24 | $19.3B | $499.9M |
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 | $13.4M |
| Free Cash FlowOCF − Capex | $75.5M | $10.2M |
| FCF MarginFCF / Revenue | 35.5% | 7.6% |
| Capex IntensityCapex / Revenue | 1.6% | 2.4% |
| Cash ConversionOCF / Net Profit | 1.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $13.4M | ||
| Q3 25 | $52.2M | $1.9M | ||
| Q2 25 | $106.7M | $15.0M | ||
| Q1 25 | $13.3M | $8.3M | ||
| Q4 24 | $42.9M | $38.0M | ||
| Q3 24 | $70.2M | $17.9M | ||
| Q2 24 | $65.6M | $23.3M | ||
| Q1 24 | $51.1M | $10.6M |
| Q4 25 | $75.5M | $10.2M | ||
| Q3 25 | $49.7M | $-1.1M | ||
| Q2 25 | $102.5M | $12.5M | ||
| Q1 25 | $11.3M | $5.4M | ||
| Q4 24 | $36.5M | $35.6M | ||
| Q3 24 | $64.4M | $15.1M | ||
| Q2 24 | $61.9M | $19.2M | ||
| Q1 24 | $46.7M | $7.8M |
| Q4 25 | 35.5% | 7.6% | ||
| Q3 25 | 24.4% | -0.8% | ||
| Q2 25 | 69.5% | 9.5% | ||
| Q1 25 | 7.8% | 4.0% | ||
| Q4 24 | 25.2% | 29.4% | ||
| Q3 24 | 45.4% | 11.1% | ||
| Q2 24 | 44.9% | 11.7% | ||
| Q1 24 | 34.0% | 4.9% |
| Q4 25 | 1.6% | 2.4% | ||
| Q3 25 | 1.2% | 2.1% | ||
| Q2 25 | 2.9% | 1.8% | ||
| Q1 25 | 1.4% | 2.2% | ||
| Q4 24 | 4.4% | 1.9% | ||
| Q3 24 | 4.1% | 2.1% | ||
| Q2 24 | 2.7% | 2.5% | ||
| Q1 24 | 3.2% | 1.7% |
| Q4 25 | 1.05× | — | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 2.09× | — | ||
| Q1 25 | 0.30× | 416.65× | ||
| Q4 24 | 0.86× | 2.38× | ||
| Q3 24 | 1.64× | 6.03× | ||
| Q2 24 | 1.28× | 6.15× | ||
| Q1 24 | 1.07× | 3.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
