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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and Metallus Inc. (MTUS). Click either name above to swap in a different company.
Metallus Inc. is the larger business by last-quarter revenue ($308.3M vs $212.5M, roughly 1.5× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 1.8%, a 33.7% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 9.9%). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 2.3%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
INDB vs MTUS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $308.3M |
| Net Profit | $75.3M | $5.4M |
| Gross Margin | — | 8.1% |
| Operating Margin | — | — |
| Net Margin | 35.5% | 1.8% |
| Revenue YoY | 46.9% | 9.9% |
| Net Profit YoY | 50.6% | 315.4% |
| 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.
| Q1 26 | — | $308.3M | ||
| Q4 25 | $212.5M | $267.3M | ||
| Q3 25 | $203.3M | $305.9M | ||
| Q2 25 | $147.5M | $304.6M | ||
| Q1 25 | $145.5M | $280.5M | ||
| Q4 24 | $144.7M | $240.5M | ||
| Q3 24 | $141.7M | $227.2M | ||
| Q2 24 | $137.9M | $294.7M |
| Q1 26 | — | $5.4M | ||
| Q4 25 | $75.3M | $-14.3M | ||
| Q3 25 | $34.3M | $8.1M | ||
| Q2 25 | $51.1M | $3.7M | ||
| Q1 25 | $44.4M | $1.3M | ||
| Q4 24 | $50.0M | $-21.4M | ||
| Q3 24 | $42.9M | $-5.9M | ||
| Q2 24 | $51.3M | $4.6M |
| Q1 26 | — | 8.1% | ||
| Q4 25 | — | 2.2% | ||
| Q3 25 | — | 11.4% | ||
| Q2 25 | — | 10.6% | ||
| Q1 25 | — | 7.8% | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | — | 5.3% | ||
| Q2 24 | — | 8.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | -7.7% | ||
| Q3 25 | 21.8% | 3.6% | ||
| Q2 25 | 44.6% | 2.8% | ||
| Q1 25 | 39.3% | 1.0% | ||
| Q4 24 | — | -10.1% | ||
| Q3 24 | 39.0% | -3.1% | ||
| Q2 24 | 48.1% | 2.1% |
| Q1 26 | — | 1.8% | ||
| Q4 25 | 35.5% | -5.3% | ||
| Q3 25 | 16.8% | 2.6% | ||
| Q2 25 | 34.6% | 1.2% | ||
| Q1 25 | 30.5% | 0.5% | ||
| Q4 24 | 34.6% | -8.9% | ||
| Q3 24 | 30.3% | -2.6% | ||
| Q2 24 | 37.2% | 1.6% |
| Q1 26 | — | $0.13 | ||
| Q4 25 | $1.51 | $-0.34 | ||
| Q3 25 | $0.69 | $0.19 | ||
| Q2 25 | $1.20 | $0.09 | ||
| Q1 25 | $1.04 | $0.03 | ||
| Q4 24 | $1.18 | $-0.46 | ||
| Q3 24 | $1.01 | $-0.13 | ||
| Q2 24 | $1.21 | $0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $104.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | $683.0M |
| Total Assets | $24.9B | $1.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $104.0M | ||
| Q4 25 | — | $156.7M | ||
| Q3 25 | — | $191.5M | ||
| Q2 25 | — | $190.8M | ||
| Q1 25 | — | $180.3M | ||
| Q4 24 | — | $240.7M | ||
| Q3 24 | — | $254.6M | ||
| Q2 24 | — | $272.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $0 | ||
| Q2 25 | — | $0 | ||
| Q1 25 | — | $5.4M | ||
| Q4 24 | — | $5.4M | ||
| Q3 24 | — | $13.2M | ||
| Q2 24 | — | $13.2M |
| Q1 26 | — | $683.0M | ||
| Q4 25 | $3.6B | $686.0M | ||
| Q3 25 | $3.5B | $697.7M | ||
| Q2 25 | $3.1B | $690.0M | ||
| Q1 25 | $3.0B | $686.1M | ||
| Q4 24 | $3.0B | $690.5M | ||
| Q3 24 | $3.0B | $712.7M | ||
| Q2 24 | $2.9B | $736.3M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $24.9B | $1.1B | ||
| Q3 25 | $25.0B | $1.2B | ||
| Q2 25 | $20.0B | $1.1B | ||
| Q1 25 | $19.9B | $1.1B | ||
| Q4 24 | $19.4B | $1.1B | ||
| Q3 24 | $19.4B | $1.1B | ||
| Q2 24 | $19.4B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.01× | ||
| Q4 24 | — | 0.01× | ||
| Q3 24 | — | 0.02× | ||
| Q2 24 | — | 0.02× |
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 | — |
| Free Cash FlowOCF − Capex | $75.5M | — |
| FCF MarginFCF / Revenue | 35.5% | — |
| Capex IntensityCapex / Revenue | 1.6% | 0.0% |
| Cash ConversionOCF / Net Profit | 1.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $78.9M | $-1.9M | ||
| Q3 25 | $52.2M | $22.0M | ||
| Q2 25 | $106.7M | $34.8M | ||
| Q1 25 | $13.3M | $-38.9M | ||
| Q4 24 | $42.9M | $13.9M | ||
| Q3 24 | $70.2M | $-15.3M | ||
| Q2 24 | $65.6M | $8.3M |
| Q1 26 | — | — | ||
| Q4 25 | $75.5M | $-37.2M | ||
| Q3 25 | $49.7M | $-6.4M | ||
| Q2 25 | $102.5M | $17.0M | ||
| Q1 25 | $11.3M | $-66.4M | ||
| Q4 24 | $36.5M | $-1.3M | ||
| Q3 24 | $64.4M | $-32.9M | ||
| Q2 24 | $61.9M | $-5.8M |
| Q1 26 | — | — | ||
| Q4 25 | 35.5% | -13.9% | ||
| Q3 25 | 24.4% | -2.1% | ||
| Q2 25 | 69.5% | 5.6% | ||
| Q1 25 | 7.8% | -23.7% | ||
| Q4 24 | 25.2% | -0.5% | ||
| Q3 24 | 45.4% | -14.5% | ||
| Q2 24 | 44.9% | -2.0% |
| Q1 26 | — | 0.0% | ||
| Q4 25 | 1.6% | 13.2% | ||
| Q3 25 | 1.2% | 9.3% | ||
| Q2 25 | 2.9% | 5.8% | ||
| Q1 25 | 1.4% | 9.8% | ||
| Q4 24 | 4.4% | 6.3% | ||
| Q3 24 | 4.1% | 7.7% | ||
| Q2 24 | 2.7% | 4.8% |
| Q1 26 | — | — | ||
| Q4 25 | 1.05× | — | ||
| Q3 25 | 1.52× | 2.72× | ||
| Q2 25 | 2.09× | 9.41× | ||
| Q1 25 | 0.30× | -29.92× | ||
| Q4 24 | 0.86× | — | ||
| Q3 24 | 1.64× | — | ||
| Q2 24 | 1.28× | 1.80× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
