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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and Mistras Group, Inc. (MG). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $181.5M, roughly 1.2× Mistras Group, Inc.). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 2.1%, a 33.4% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 5.1%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $26.0M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs -0.8%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Mistras Group, Inc. is a global provider of asset integrity and protection solutions, offering non-destructive testing, inspection, real-time monitoring, and engineering consulting services. Its key client segments include oil and gas, aerospace, power generation, and manufacturing industries, with operations spanning North America, Europe, and Asia-Pacific, helping clients enhance operational safety, extend asset lifespans, and minimize unplanned downtime.
INDB vs MG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $181.5M |
| Net Profit | $75.3M | $3.8M |
| Gross Margin | — | 28.4% |
| Operating Margin | — | 7.0% |
| Net Margin | 35.5% | 2.1% |
| Revenue YoY | 46.9% | 5.1% |
| Net Profit YoY | 50.6% | -27.4% |
| EPS (diluted) | $1.51 | $0.12 |
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 | $181.5M | ||
| Q3 25 | $203.3M | $195.5M | ||
| Q2 25 | $147.5M | $185.4M | ||
| Q1 25 | $145.5M | $161.6M | ||
| Q4 24 | $144.7M | $172.7M | ||
| Q3 24 | $141.7M | $182.7M | ||
| Q2 24 | $137.9M | $189.8M | ||
| Q1 24 | $137.4M | $184.4M |
| Q4 25 | $75.3M | $3.8M | ||
| Q3 25 | $34.3M | $13.1M | ||
| Q2 25 | $51.1M | $3.0M | ||
| Q1 25 | $44.4M | $-3.2M | ||
| Q4 24 | $50.0M | $5.2M | ||
| Q3 24 | $42.9M | $6.4M | ||
| Q2 24 | $51.3M | $6.4M | ||
| Q1 24 | $47.8M | $995.0K |
| Q4 25 | — | 28.4% | ||
| Q3 25 | — | 29.8% | ||
| Q2 25 | — | 29.1% | ||
| Q1 25 | — | 25.3% | ||
| Q4 24 | — | 26.5% | ||
| Q3 24 | — | 26.8% | ||
| Q2 24 | — | 27.1% | ||
| Q1 24 | — | 25.0% |
| Q4 25 | — | 7.0% | ||
| Q3 25 | 21.8% | 10.4% | ||
| Q2 25 | 44.6% | 4.5% | ||
| Q1 25 | 39.3% | -0.6% | ||
| Q4 24 | — | 6.1% | ||
| Q3 24 | 39.0% | 6.5% | ||
| Q2 24 | 48.1% | 6.3% | ||
| Q1 24 | 45.5% | 3.0% |
| Q4 25 | 35.5% | 2.1% | ||
| Q3 25 | 16.8% | 6.7% | ||
| Q2 25 | 34.6% | 1.6% | ||
| Q1 25 | 30.5% | -2.0% | ||
| Q4 24 | 34.6% | 3.0% | ||
| Q3 24 | 30.3% | 3.5% | ||
| Q2 24 | 37.2% | 3.4% | ||
| Q1 24 | 34.8% | 0.5% |
| Q4 25 | $1.51 | $0.12 | ||
| Q3 25 | $0.69 | $0.41 | ||
| Q2 25 | $1.20 | $0.10 | ||
| Q1 25 | $1.04 | $-0.10 | ||
| Q4 24 | $1.18 | $0.17 | ||
| Q3 24 | $1.01 | $0.20 | ||
| Q2 24 | $1.21 | $0.20 | ||
| Q1 24 | $1.12 | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $28.0M |
| Total DebtLower is stronger | — | $178.0M |
| Stockholders' EquityBook value | $3.6B | $235.1M |
| Total Assets | $24.9B | $578.8M |
| Debt / EquityLower = less leverage | — | 0.76× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $28.0M | ||
| Q3 25 | — | $27.8M | ||
| Q2 25 | — | $20.0M | ||
| Q1 25 | — | $18.5M | ||
| Q4 24 | — | $18.3M | ||
| Q3 24 | — | $20.4M | ||
| Q2 24 | — | $17.2M | ||
| Q1 24 | — | $16.9M |
| Q4 25 | — | $178.0M | ||
| Q3 25 | — | $202.3M | ||
| Q2 25 | — | $189.4M | ||
| Q1 25 | — | $171.9M | ||
| Q4 24 | — | $169.6M | ||
| Q3 24 | — | $189.7M | ||
| Q2 24 | — | $199.7M | ||
| Q1 24 | — | $198.4M |
| Q4 25 | $3.6B | $235.1M | ||
| Q3 25 | $3.5B | $227.4M | ||
| Q2 25 | $3.1B | $215.8M | ||
| Q1 25 | $3.0B | $198.7M | ||
| Q4 24 | $3.0B | $198.6M | ||
| Q3 24 | $3.0B | $205.2M | ||
| Q2 24 | $2.9B | $193.2M | ||
| Q1 24 | $2.9B | $187.1M |
| Q4 25 | $24.9B | $578.8M | ||
| Q3 25 | $25.0B | $596.3M | ||
| Q2 25 | $20.0B | $571.0M | ||
| Q1 25 | $19.9B | $526.8M | ||
| Q4 24 | $19.4B | $523.0M | ||
| Q3 24 | $19.4B | $551.7M | ||
| Q2 24 | $19.4B | $548.1M | ||
| Q1 24 | $19.3B | $542.1M |
| Q4 25 | — | 0.76× | ||
| Q3 25 | — | 0.89× | ||
| Q2 25 | — | 0.88× | ||
| Q1 25 | — | 0.87× | ||
| Q4 24 | — | 0.85× | ||
| Q3 24 | — | 0.92× | ||
| Q2 24 | — | 1.03× | ||
| Q1 24 | — | 1.06× |
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 | $32.1M |
| Free Cash FlowOCF − Capex | $75.5M | $26.0M |
| FCF MarginFCF / Revenue | 35.5% | 14.3% |
| Capex IntensityCapex / Revenue | 1.6% | 3.4% |
| Cash ConversionOCF / Net Profit | 1.05× | 8.55× |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $8.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $32.1M | ||
| Q3 25 | $52.2M | $4.5M | ||
| Q2 25 | $106.7M | $-9.3M | ||
| Q1 25 | $13.3M | $5.6M | ||
| Q4 24 | $42.9M | $25.7M | ||
| Q3 24 | $70.2M | $19.4M | ||
| Q2 24 | $65.6M | $4.5M | ||
| Q1 24 | $51.1M | $604.0K |
| Q4 25 | $75.5M | $26.0M | ||
| Q3 25 | $49.7M | $-4.1M | ||
| Q2 25 | $102.5M | $-14.7M | ||
| Q1 25 | $11.3M | $1.1M | ||
| Q4 24 | $36.5M | $22.1M | ||
| Q3 24 | $64.4M | $14.6M | ||
| Q2 24 | $61.9M | $-284.0K | ||
| Q1 24 | $46.7M | $-4.2M |
| Q4 25 | 35.5% | 14.3% | ||
| Q3 25 | 24.4% | -2.1% | ||
| Q2 25 | 69.5% | -7.9% | ||
| Q1 25 | 7.8% | 0.7% | ||
| Q4 24 | 25.2% | 12.8% | ||
| Q3 24 | 45.4% | 8.0% | ||
| Q2 24 | 44.9% | -0.1% | ||
| Q1 24 | 34.0% | -2.3% |
| Q4 25 | 1.6% | 3.4% | ||
| Q3 25 | 1.2% | 4.4% | ||
| Q2 25 | 2.9% | 2.9% | ||
| Q1 25 | 1.4% | 2.8% | ||
| Q4 24 | 4.4% | 2.1% | ||
| Q3 24 | 4.1% | 2.6% | ||
| Q2 24 | 2.7% | 2.5% | ||
| Q1 24 | 3.2% | 2.6% |
| Q4 25 | 1.05× | 8.55× | ||
| Q3 25 | 1.52× | 0.34× | ||
| Q2 25 | 2.09× | -3.07× | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.86× | 4.96× | ||
| Q3 24 | 1.64× | 3.02× | ||
| Q2 24 | 1.28× | 0.71× | ||
| Q1 24 | 1.07× | 0.61× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
