vs
Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and Ramaco Resources, Inc. (METC). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $121.0M, roughly 1.8× Ramaco Resources, Inc.). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs -11.0%, a 46.5% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs -27.7%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $-17.5M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs -22.7%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Ramaco Resources, Inc. is a U.S.-based mining company focused on high-grade metallurgical coal production. It operates mining assets across the Appalachian region, supplying products to global steel manufacturing and industrial clients, with core operations centered on sustainable low-cost metallurgical coal extraction and distribution.
INDB vs METC — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $121.0M |
| Net Profit | $75.3M | $-13.3M |
| Gross Margin | — | 15.8% |
| Operating Margin | — | -12.0% |
| Net Margin | 35.5% | -11.0% |
| Revenue YoY | 46.9% | -27.7% |
| Net Profit YoY | 50.6% | -5468.2% |
| EPS (diluted) | $1.51 | — |
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 | — | ||
| Q3 25 | $203.3M | $121.0M | ||
| Q2 25 | $147.5M | $153.0M | ||
| Q1 25 | $145.5M | $134.7M | ||
| Q4 24 | $144.7M | $170.9M | ||
| Q3 24 | $141.7M | $167.4M | ||
| Q2 24 | $137.9M | $155.3M | ||
| Q1 24 | $137.4M | $172.7M |
| Q4 25 | $75.3M | — | ||
| Q3 25 | $34.3M | $-13.3M | ||
| Q2 25 | $51.1M | $-14.0M | ||
| Q1 25 | $44.4M | $-9.5M | ||
| Q4 24 | $50.0M | $3.9M | ||
| Q3 24 | $42.9M | $-239.0K | ||
| Q2 24 | $51.3M | $5.5M | ||
| Q1 24 | $47.8M | $2.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 15.8% | ||
| Q2 25 | — | 12.3% | ||
| Q1 25 | — | 15.2% | ||
| Q4 24 | — | 20.4% | ||
| Q3 24 | — | 19.5% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 19.1% |
| Q4 25 | — | — | ||
| Q3 25 | 21.8% | -12.0% | ||
| Q2 25 | 44.6% | -9.1% | ||
| Q1 25 | 39.3% | -8.9% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | 39.0% | 1.0% | ||
| Q2 24 | 48.1% | 3.5% | ||
| Q1 24 | 45.5% | 1.9% |
| Q4 25 | 35.5% | — | ||
| Q3 25 | 16.8% | -11.0% | ||
| Q2 25 | 34.6% | -9.1% | ||
| Q1 25 | 30.5% | -7.0% | ||
| Q4 24 | 34.6% | 2.3% | ||
| Q3 24 | 30.3% | -0.1% | ||
| Q2 24 | 37.2% | 3.6% | ||
| Q1 24 | 34.8% | 1.2% |
| Q4 25 | $1.51 | — | ||
| Q3 25 | $0.69 | — | ||
| Q2 25 | $1.20 | — | ||
| Q1 25 | $1.04 | — | ||
| Q4 24 | $1.18 | $0.06 | ||
| Q3 24 | $1.01 | $-0.03 | ||
| Q2 24 | $1.21 | $0.08 | ||
| Q1 24 | $1.12 | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $193.8M |
| Total DebtLower is stronger | — | $116.3M |
| Stockholders' EquityBook value | $3.6B | $526.9M |
| Total Assets | $24.9B | $849.7M |
| Debt / EquityLower = less leverage | — | 0.22× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | $193.8M | ||
| Q2 25 | — | $28.1M | ||
| Q1 25 | — | $43.5M | ||
| Q4 24 | — | $33.0M | ||
| Q3 24 | — | $22.9M | ||
| Q2 24 | — | $27.6M | ||
| Q1 24 | — | $30.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | $116.3M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $88.2M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.5B | $526.9M | ||
| Q2 25 | $3.1B | $347.4M | ||
| Q1 25 | $3.0B | $355.2M | ||
| Q4 24 | $3.0B | $362.8M | ||
| Q3 24 | $3.0B | $361.8M | ||
| Q2 24 | $2.9B | $366.1M | ||
| Q1 24 | $2.9B | $372.3M |
| Q4 25 | $24.9B | — | ||
| Q3 25 | $25.0B | $849.7M | ||
| Q2 25 | $20.0B | $674.6M | ||
| Q1 25 | $19.9B | $685.7M | ||
| Q4 24 | $19.4B | $674.7M | ||
| Q3 24 | $19.4B | $645.4M | ||
| Q2 24 | $19.4B | $659.2M | ||
| Q1 24 | $19.3B | $674.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.22× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-1.4M |
| Free Cash FlowOCF − Capex | $75.5M | $-17.5M |
| FCF MarginFCF / Revenue | 35.5% | -14.5% |
| Capex IntensityCapex / Revenue | 1.6% | 13.3% |
| Cash ConversionOCF / Net Profit | 1.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $-24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | — | ||
| Q3 25 | $52.2M | $-1.4M | ||
| Q2 25 | $106.7M | $-4.3M | ||
| Q1 25 | $13.3M | $26.0M | ||
| Q4 24 | $42.9M | $15.7M | ||
| Q3 24 | $70.2M | $37.4M | ||
| Q2 24 | $65.6M | $34.4M | ||
| Q1 24 | $51.1M | $25.2M |
| Q4 25 | $75.5M | — | ||
| Q3 25 | $49.7M | $-17.5M | ||
| Q2 25 | $102.5M | $-19.8M | ||
| Q1 25 | $11.3M | $7.6M | ||
| Q4 24 | $36.5M | $5.1M | ||
| Q3 24 | $64.4M | $25.6M | ||
| Q2 24 | $61.9M | $20.3M | ||
| Q1 24 | $46.7M | $6.5M |
| Q4 25 | 35.5% | — | ||
| Q3 25 | 24.4% | -14.5% | ||
| Q2 25 | 69.5% | -13.0% | ||
| Q1 25 | 7.8% | 5.6% | ||
| Q4 24 | 25.2% | 3.0% | ||
| Q3 24 | 45.4% | 15.3% | ||
| Q2 24 | 44.9% | 13.1% | ||
| Q1 24 | 34.0% | 3.7% |
| Q4 25 | 1.6% | — | ||
| Q3 25 | 1.2% | 13.3% | ||
| Q2 25 | 2.9% | 10.2% | ||
| Q1 25 | 1.4% | 13.7% | ||
| Q4 24 | 4.4% | 6.2% | ||
| Q3 24 | 4.1% | 7.0% | ||
| Q2 24 | 2.7% | 9.1% | ||
| Q1 24 | 3.2% | 10.8% |
| Q4 25 | 1.05× | — | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 2.09× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.86× | 4.06× | ||
| Q3 24 | 1.64× | — | ||
| Q2 24 | 1.28× | 6.21× | ||
| Q1 24 | 1.07× | 12.40× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
METC
| Export Coal Revenues | $73.0M | 60% |
| Domestic Coal Revenues | $48.0M | 40% |
