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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and Nutex Health, Inc. (NUTX). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $151.7M, roughly 1.4× Nutex Health, Inc.). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 7.8%, a 27.7% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs -41.1%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $69.0M). Over the past eight quarters, Nutex Health, Inc.'s revenue compounded faster (50.0% CAGR vs 24.3%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Nutex Health Inc. is an American for-profit health care company and operator of healthcare facilities headquartered in Houston, Texas.
INDB vs NUTX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $151.7M |
| Net Profit | $75.3M | $11.8M |
| Gross Margin | — | 30.4% |
| Operating Margin | — | 20.4% |
| Net Margin | 35.5% | 7.8% |
| Revenue YoY | 46.9% | -41.1% |
| Net Profit YoY | 50.6% | -80.8% |
| EPS (diluted) | $1.51 | $2.34 |
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 | $151.7M | ||
| Q3 25 | $203.3M | $267.8M | ||
| Q2 25 | $147.5M | $244.0M | ||
| Q1 25 | $145.5M | $211.8M | ||
| Q4 24 | $144.7M | $257.6M | ||
| Q3 24 | $141.7M | $78.8M | ||
| Q2 24 | $137.9M | $76.1M | ||
| Q1 24 | $137.4M | $67.5M |
| Q4 25 | $75.3M | $11.8M | ||
| Q3 25 | $34.3M | $55.4M | ||
| Q2 25 | $51.1M | $-17.7M | ||
| Q1 25 | $44.4M | $21.2M | ||
| Q4 24 | $50.0M | $61.6M | ||
| Q3 24 | $42.9M | $-8.8M | ||
| Q2 24 | $51.3M | $-364.0K | ||
| Q1 24 | $47.8M | $-364.0K |
| Q4 25 | — | 30.4% | ||
| Q3 25 | — | 57.8% | ||
| Q2 25 | — | 51.2% | ||
| Q1 25 | — | 55.9% | ||
| Q4 24 | — | 55.0% | ||
| Q3 24 | — | 27.8% | ||
| Q2 24 | — | 29.7% | ||
| Q1 24 | — | 15.1% |
| Q4 25 | — | 20.4% | ||
| Q3 25 | 21.8% | 48.7% | ||
| Q2 25 | 44.6% | 13.8% | ||
| Q1 25 | 39.3% | 38.1% | ||
| Q4 24 | — | 44.4% | ||
| Q3 24 | 39.0% | 12.3% | ||
| Q2 24 | 48.1% | 7.0% | ||
| Q1 24 | 45.5% | 2.1% |
| Q4 25 | 35.5% | 7.8% | ||
| Q3 25 | 16.8% | 20.7% | ||
| Q2 25 | 34.6% | -7.3% | ||
| Q1 25 | 30.5% | 10.0% | ||
| Q4 24 | 34.6% | 23.9% | ||
| Q3 24 | 30.3% | -11.2% | ||
| Q2 24 | 37.2% | -0.5% | ||
| Q1 24 | 34.8% | -0.5% |
| Q4 25 | $1.51 | $2.34 | ||
| Q3 25 | $0.69 | $7.76 | ||
| Q2 25 | $1.20 | $-2.95 | ||
| Q1 25 | $1.04 | $3.33 | ||
| Q4 24 | $1.18 | $11.56 | ||
| Q3 24 | $1.01 | $-1.72 | ||
| Q2 24 | $1.21 | $-0.07 | ||
| Q1 24 | $1.12 | $-0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $185.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | $329.4M |
| Total Assets | $24.9B | $918.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $185.6M | ||
| Q3 25 | — | $166.0M | ||
| Q2 25 | — | $96.7M | ||
| Q1 25 | — | $84.7M | ||
| Q4 24 | — | $40.6M | ||
| Q3 24 | — | $46.9M | ||
| Q2 24 | — | $40.8M | ||
| Q1 24 | — | $30.0M |
| Q4 25 | $3.6B | $329.4M | ||
| Q3 25 | $3.5B | $317.2M | ||
| Q2 25 | $3.1B | $235.3M | ||
| Q1 25 | $3.0B | $176.9M | ||
| Q4 24 | $3.0B | $132.4M | ||
| Q3 24 | $3.0B | $60.4M | ||
| Q2 24 | $2.9B | $62.7M | ||
| Q1 24 | $2.9B | $63.0M |
| Q4 25 | $24.9B | $918.5M | ||
| Q3 25 | $25.0B | $964.5M | ||
| Q2 25 | $20.0B | $841.0M | ||
| Q1 25 | $19.9B | $761.9M | ||
| Q4 24 | $19.4B | $655.3M | ||
| Q3 24 | $19.4B | $438.5M | ||
| Q2 24 | $19.4B | $422.4M | ||
| Q1 24 | $19.3B | $404.3M |
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 | $70.4M |
| Free Cash FlowOCF − Capex | $75.5M | $69.0M |
| FCF MarginFCF / Revenue | 35.5% | 45.5% |
| Capex IntensityCapex / Revenue | 1.6% | 0.9% |
| Cash ConversionOCF / Net Profit | 1.05× | 5.95× |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $245.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $70.4M | ||
| Q3 25 | $52.2M | $99.5M | ||
| Q2 25 | $106.7M | $27.3M | ||
| Q1 25 | $13.3M | $51.0M | ||
| Q4 24 | $42.9M | $54.0K | ||
| Q3 24 | $70.2M | $6.8M | ||
| Q2 24 | $65.6M | $13.3M | ||
| Q1 24 | $51.1M | $3.1M |
| Q4 25 | $75.5M | $69.0M | ||
| Q3 25 | $49.7M | $99.2M | ||
| Q2 25 | $102.5M | $26.5M | ||
| Q1 25 | $11.3M | $50.9M | ||
| Q4 24 | $36.5M | $-341.0K | ||
| Q3 24 | $64.4M | $6.2M | ||
| Q2 24 | $61.9M | $12.7M | ||
| Q1 24 | $46.7M | $2.3M |
| Q4 25 | 35.5% | 45.5% | ||
| Q3 25 | 24.4% | 37.0% | ||
| Q2 25 | 69.5% | 10.9% | ||
| Q1 25 | 7.8% | 24.0% | ||
| Q4 24 | 25.2% | -0.1% | ||
| Q3 24 | 45.4% | 7.8% | ||
| Q2 24 | 44.9% | 16.7% | ||
| Q1 24 | 34.0% | 3.4% |
| Q4 25 | 1.6% | 0.9% | ||
| Q3 25 | 1.2% | 0.1% | ||
| Q2 25 | 2.9% | 0.3% | ||
| Q1 25 | 1.4% | 0.0% | ||
| Q4 24 | 4.4% | 0.2% | ||
| Q3 24 | 4.1% | 0.8% | ||
| Q2 24 | 2.7% | 0.7% | ||
| Q1 24 | 3.2% | 1.1% |
| Q4 25 | 1.05× | 5.95× | ||
| Q3 25 | 1.52× | 1.80× | ||
| Q2 25 | 2.09× | — | ||
| Q1 25 | 0.30× | 2.40× | ||
| Q4 24 | 0.86× | 0.00× | ||
| Q3 24 | 1.64× | — | ||
| Q2 24 | 1.28× | — | ||
| Q1 24 | 1.07× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
NUTX
| Hospital Division | $143.7M | 95% |
| Population Health Management Division | $8.0M | 5% |
