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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and New Fortress Energy Inc. (NFE). Click either name above to swap in a different company.
New Fortress Energy Inc. is the larger business by last-quarter revenue ($326.2M vs $212.5M, roughly 1.5× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs -259.7%, a 295.1% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs -7.0%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $-134.8M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs -26.8%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
New Fortress Energy Inc. is a global energy infrastructure firm developing, owning and operating LNG import/export terminals, natural gas supply networks and low-carbon projects. It serves utility, industrial and public sector clients across the Americas and Caribbean, delivering affordable, lower-emission energy resources.
INDB vs NFE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $326.2M |
| Net Profit | $75.3M | $-847.1M |
| Gross Margin | — | 35.5% |
| Operating Margin | — | -193.0% |
| Net Margin | 35.5% | -259.7% |
| Revenue YoY | 46.9% | -7.0% |
| Net Profit YoY | 50.6% | -277.4% |
| EPS (diluted) | $1.51 | $-3.03 |
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 | $326.2M | ||
| Q3 25 | $203.3M | $240.3M | ||
| Q2 25 | $147.5M | $228.1M | ||
| Q1 25 | $145.5M | $384.9M | ||
| Q4 24 | $144.7M | $350.7M | ||
| Q3 24 | $141.7M | $446.0M | ||
| Q2 24 | $137.9M | $291.2M | ||
| Q1 24 | $137.4M | $609.5M |
| Q4 25 | $75.3M | $-847.1M | ||
| Q3 25 | $34.3M | $-263.0M | ||
| Q2 25 | $51.1M | $-546.5M | ||
| Q1 25 | $44.4M | $-175.4M | ||
| Q4 24 | $50.0M | $-224.4M | ||
| Q3 24 | $42.9M | $9.3M | ||
| Q2 24 | $51.3M | $-88.9M | ||
| Q1 24 | $47.8M | $54.1M |
| Q4 25 | — | 35.5% | ||
| Q3 25 | — | 18.1% | ||
| Q2 25 | — | 8.4% | ||
| Q1 25 | — | 21.4% | ||
| Q4 24 | — | 17.6% | ||
| Q3 24 | — | 27.1% | ||
| Q2 24 | — | 23.8% | ||
| Q1 24 | — | 62.4% |
| Q4 25 | — | -193.0% | ||
| Q3 25 | 21.8% | -37.4% | ||
| Q2 25 | 44.6% | -170.3% | ||
| Q1 25 | 39.3% | -3.3% | ||
| Q4 24 | — | 65.0% | ||
| Q3 24 | 39.0% | 17.8% | ||
| Q2 24 | 48.1% | 12.3% | ||
| Q1 24 | 45.5% | 30.4% |
| Q4 25 | 35.5% | -259.7% | ||
| Q3 25 | 16.8% | -109.4% | ||
| Q2 25 | 34.6% | -239.6% | ||
| Q1 25 | 30.5% | -45.6% | ||
| Q4 24 | 34.6% | -64.0% | ||
| Q3 24 | 30.3% | 2.1% | ||
| Q2 24 | 37.2% | -30.5% | ||
| Q1 24 | 34.8% | 8.9% |
| Q4 25 | $1.51 | $-3.03 | ||
| Q3 25 | $0.69 | $-0.96 | ||
| Q2 25 | $1.20 | $-1.99 | ||
| Q1 25 | $1.04 | $-0.65 | ||
| Q4 24 | $1.18 | $-1.10 | ||
| Q3 24 | $1.01 | $0.03 | ||
| Q2 24 | $1.21 | $-0.42 | ||
| Q1 24 | $1.12 | $0.23 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $226.5M |
| Total DebtLower is stronger | — | $8.2B |
| Stockholders' EquityBook value | $3.6B | $182.6M |
| Total Assets | $24.9B | $10.6B |
| Debt / EquityLower = less leverage | — | 44.78× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $226.5M | ||
| Q3 25 | — | $145.2M | ||
| Q2 25 | — | $551.1M | ||
| Q1 25 | — | $447.9M | ||
| Q4 24 | — | $492.9M | ||
| Q3 24 | — | $90.8M | ||
| Q2 24 | — | $133.0M | ||
| Q1 24 | — | $143.5M |
| Q4 25 | — | $8.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $8.9B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.6B | $182.6M | ||
| Q3 25 | $3.5B | $1.1B | ||
| Q2 25 | $3.1B | $1.3B | ||
| Q1 25 | $3.0B | $1.8B | ||
| Q4 24 | $3.0B | $1.9B | ||
| Q3 24 | $3.0B | $1.6B | ||
| Q2 24 | $2.9B | $1.6B | ||
| Q1 24 | $2.9B | $1.7B |
| Q4 25 | $24.9B | $10.6B | ||
| Q3 25 | $25.0B | $12.0B | ||
| Q2 25 | $20.0B | $12.0B | ||
| Q1 25 | $19.9B | $13.1B | ||
| Q4 24 | $19.4B | $12.9B | ||
| Q3 24 | $19.4B | $12.0B | ||
| Q2 24 | $19.4B | $11.4B | ||
| Q1 24 | $19.3B | $10.9B |
| Q4 25 | — | 44.78× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.74× | ||
| 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 | $-76.2M |
| Free Cash FlowOCF − Capex | $75.5M | $-134.8M |
| FCF MarginFCF / Revenue | 35.5% | -41.3% |
| Capex IntensityCapex / Revenue | 1.6% | 18.0% |
| Cash ConversionOCF / Net Profit | 1.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $-76.2M | ||
| Q3 25 | $52.2M | $-171.0M | ||
| Q2 25 | $106.7M | $-329.0M | ||
| Q1 25 | $13.3M | $-7.2M | ||
| Q4 24 | $42.9M | $445.3M | ||
| Q3 24 | $70.2M | $-20.0M | ||
| Q2 24 | $65.6M | $113.9M | ||
| Q1 24 | $51.1M | $63.0M |
| Q4 25 | $75.5M | $-134.8M | ||
| Q3 25 | $49.7M | $-231.6M | ||
| Q2 25 | $102.5M | $-726.7M | ||
| Q1 25 | $11.3M | $-262.3M | ||
| Q4 24 | $36.5M | $-210.3M | ||
| Q3 24 | $64.4M | $-367.0M | ||
| Q2 24 | $61.9M | $-493.2M | ||
| Q1 24 | $46.7M | $-457.9M |
| Q4 25 | 35.5% | -41.3% | ||
| Q3 25 | 24.4% | -96.4% | ||
| Q2 25 | 69.5% | -318.6% | ||
| Q1 25 | 7.8% | -68.2% | ||
| Q4 24 | 25.2% | -60.0% | ||
| Q3 24 | 45.4% | -82.3% | ||
| Q2 24 | 44.9% | -169.3% | ||
| Q1 24 | 34.0% | -75.1% |
| Q4 25 | 1.6% | 18.0% | ||
| Q3 25 | 1.2% | 25.2% | ||
| Q2 25 | 2.9% | 174.4% | ||
| Q1 25 | 1.4% | 66.3% | ||
| Q4 24 | 4.4% | 187.0% | ||
| Q3 24 | 4.1% | 77.8% | ||
| Q2 24 | 2.7% | 208.4% | ||
| Q1 24 | 3.2% | 85.5% |
| Q4 25 | 1.05× | — | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 2.09× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.86× | — | ||
| Q3 24 | 1.64× | -2.15× | ||
| Q2 24 | 1.28× | — | ||
| Q1 24 | 1.07× | 1.16× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
