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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and Natural Grocers by Vitamin Cottage, Inc. (NGVC). Click either name above to swap in a different company.
Natural Grocers by Vitamin Cottage, Inc. is the larger business by last-quarter revenue ($335.6M vs $212.5M, roughly 1.6× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 3.4%, a 32.1% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 1.6%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $11.6M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 4.4%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Natural Grocers by Vitamin Cottage, Inc. is a U.S.-based specialty retail chain that offers certified organic groceries, dietary supplements, natural personal care items, and eco-friendly household products. It serves health-conscious consumers across multiple U.S. states, following strict quality standards that exclude artificial preservatives, colors, flavors and harmful additives.
INDB vs NGVC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $335.6M |
| Net Profit | $75.3M | $11.3M |
| Gross Margin | — | 29.5% |
| Operating Margin | — | 4.4% |
| Net Margin | 35.5% | 3.4% |
| Revenue YoY | 46.9% | 1.6% |
| Net Profit YoY | 50.6% | 14.0% |
| EPS (diluted) | $1.51 | $0.49 |
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 | $335.6M | ||
| Q3 25 | $203.3M | $336.1M | ||
| Q2 25 | $147.5M | $328.7M | ||
| Q1 25 | $145.5M | $335.8M | ||
| Q4 24 | $144.7M | $330.2M | ||
| Q3 24 | $141.7M | $322.7M | ||
| Q2 24 | $137.9M | $309.1M | ||
| Q1 24 | $137.4M | $308.1M |
| Q4 25 | $75.3M | $11.3M | ||
| Q3 25 | $34.3M | $11.8M | ||
| Q2 25 | $51.1M | $11.6M | ||
| Q1 25 | $44.4M | $13.1M | ||
| Q4 24 | $50.0M | $9.9M | ||
| Q3 24 | $42.9M | $9.0M | ||
| Q2 24 | $51.3M | $9.2M | ||
| Q1 24 | $47.8M | $8.0M |
| Q4 25 | — | 29.5% | ||
| Q3 25 | — | 29.5% | ||
| Q2 25 | — | 29.9% | ||
| Q1 25 | — | 30.3% | ||
| Q4 24 | — | 29.9% | ||
| Q3 24 | — | 29.6% | ||
| Q2 24 | — | 29.2% | ||
| Q1 24 | — | 29.3% |
| Q4 25 | — | 4.4% | ||
| Q3 25 | 21.8% | 4.6% | ||
| Q2 25 | 44.6% | 4.7% | ||
| Q1 25 | 39.3% | 5.2% | ||
| Q4 24 | — | 4.0% | ||
| Q3 24 | 39.0% | 3.7% | ||
| Q2 24 | 48.1% | 4.2% | ||
| Q1 24 | 45.5% | 3.7% |
| Q4 25 | 35.5% | 3.4% | ||
| Q3 25 | 16.8% | 3.5% | ||
| Q2 25 | 34.6% | 3.5% | ||
| Q1 25 | 30.5% | 3.9% | ||
| Q4 24 | 34.6% | 3.0% | ||
| Q3 24 | 30.3% | 2.8% | ||
| Q2 24 | 37.2% | 3.0% | ||
| Q1 24 | 34.8% | 2.6% |
| Q4 25 | $1.51 | $0.49 | ||
| Q3 25 | $0.69 | $0.51 | ||
| Q2 25 | $1.20 | $0.50 | ||
| Q1 25 | $1.04 | $0.56 | ||
| Q4 24 | $1.18 | $0.43 | ||
| Q3 24 | $1.01 | $0.38 | ||
| Q2 24 | $1.21 | $0.40 | ||
| Q1 24 | $1.12 | $0.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $23.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | $220.0M |
| Total Assets | $24.9B | $668.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $23.2M | ||
| Q3 25 | — | $17.1M | ||
| Q2 25 | — | $13.2M | ||
| Q1 25 | — | $21.2M | ||
| Q4 24 | — | $6.3M | ||
| Q3 24 | — | $8.9M | ||
| Q2 24 | — | $13.9M | ||
| Q1 24 | — | $11.0M |
| Q4 25 | $3.6B | $220.0M | ||
| Q3 25 | $3.5B | $212.4M | ||
| Q2 25 | $3.1B | $202.5M | ||
| Q1 25 | $3.0B | $193.0M | ||
| Q4 24 | $3.0B | $181.9M | ||
| Q3 24 | $3.0B | $174.3M | ||
| Q2 24 | $2.9B | $167.8M | ||
| Q1 24 | $2.9B | $160.0M |
| Q4 25 | $24.9B | $668.6M | ||
| Q3 25 | $25.0B | $670.5M | ||
| Q2 25 | $20.0B | $659.0M | ||
| Q1 25 | $19.9B | $664.6M | ||
| Q4 24 | $19.4B | $648.9M | ||
| Q3 24 | $19.4B | $655.5M | ||
| Q2 24 | $19.4B | $654.4M | ||
| Q1 24 | $19.3B | $656.6M |
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 | $21.1M |
| Free Cash FlowOCF − Capex | $75.5M | $11.6M |
| FCF MarginFCF / Revenue | 35.5% | 3.4% |
| Capex IntensityCapex / Revenue | 1.6% | 2.9% |
| Cash ConversionOCF / Net Profit | 1.05× | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $21.1M | ||
| Q3 25 | $52.2M | $15.6M | ||
| Q2 25 | $106.7M | $2.9M | ||
| Q1 25 | $13.3M | $34.1M | ||
| Q4 24 | $42.9M | $2.7M | ||
| Q3 24 | $70.2M | $24.5M | ||
| Q2 24 | $65.6M | $12.4M | ||
| Q1 24 | $51.1M | $20.2M |
| Q4 25 | $75.5M | $11.6M | ||
| Q3 25 | $49.7M | $7.5M | ||
| Q2 25 | $102.5M | $-4.2M | ||
| Q1 25 | $11.3M | $27.6M | ||
| Q4 24 | $36.5M | $-6.9M | ||
| Q3 24 | $64.4M | $18.0M | ||
| Q2 24 | $61.9M | $3.6M | ||
| Q1 24 | $46.7M | $9.8M |
| Q4 25 | 35.5% | 3.4% | ||
| Q3 25 | 24.4% | 2.2% | ||
| Q2 25 | 69.5% | -1.3% | ||
| Q1 25 | 7.8% | 8.2% | ||
| Q4 24 | 25.2% | -2.1% | ||
| Q3 24 | 45.4% | 5.6% | ||
| Q2 24 | 44.9% | 1.2% | ||
| Q1 24 | 34.0% | 3.2% |
| Q4 25 | 1.6% | 2.9% | ||
| Q3 25 | 1.2% | 2.4% | ||
| Q2 25 | 2.9% | 2.2% | ||
| Q1 25 | 1.4% | 1.9% | ||
| Q4 24 | 4.4% | 2.9% | ||
| Q3 24 | 4.1% | 2.0% | ||
| Q2 24 | 2.7% | 2.9% | ||
| Q1 24 | 3.2% | 3.4% |
| Q4 25 | 1.05× | 1.86× | ||
| Q3 25 | 1.52× | 1.32× | ||
| Q2 25 | 2.09× | 0.25× | ||
| Q1 25 | 0.30× | 2.60× | ||
| Q4 24 | 0.86× | 0.27× | ||
| Q3 24 | 1.64× | 2.72× | ||
| Q2 24 | 1.28× | 1.35× | ||
| Q1 24 | 1.07× | 2.54× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
