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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and ONESPAWORLD HOLDINGS Ltd (OSW). Click either name above to swap in a different company.
ONESPAWORLD HOLDINGS Ltd is the larger business by last-quarter revenue ($242.1M vs $212.5M, roughly 1.1× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 5.0%, a 30.5% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 11.5%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $14.9M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 7.1%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
INDB vs OSW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $242.1M |
| Net Profit | $75.3M | $12.1M |
| Gross Margin | — | — |
| Operating Margin | — | 6.8% |
| Net Margin | 35.5% | 5.0% |
| Revenue YoY | 46.9% | 11.5% |
| Net Profit YoY | 50.6% | -16.2% |
| 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 | $242.1M | ||
| Q3 25 | $203.3M | $258.5M | ||
| Q2 25 | $147.5M | $240.7M | ||
| Q1 25 | $145.5M | $219.6M | ||
| Q4 24 | $144.7M | $217.2M | ||
| Q3 24 | $141.7M | $241.7M | ||
| Q2 24 | $137.9M | $224.9M | ||
| Q1 24 | $137.4M | $211.2M |
| Q4 25 | $75.3M | $12.1M | ||
| Q3 25 | $34.3M | $24.3M | ||
| Q2 25 | $51.1M | $19.9M | ||
| Q1 25 | $44.4M | $15.3M | ||
| Q4 24 | $50.0M | $14.4M | ||
| Q3 24 | $42.9M | $21.6M | ||
| Q2 24 | $51.3M | $15.8M | ||
| Q1 24 | $47.8M | $21.2M |
| Q4 25 | — | 6.8% | ||
| Q3 25 | 21.8% | 10.2% | ||
| Q2 25 | 44.6% | 9.2% | ||
| Q1 25 | 39.3% | 7.7% | ||
| Q4 24 | — | 7.9% | ||
| Q3 24 | 39.0% | 10.3% | ||
| Q2 24 | 48.1% | 8.4% | ||
| Q1 24 | 45.5% | 8.0% |
| Q4 25 | 35.5% | 5.0% | ||
| Q3 25 | 16.8% | 9.4% | ||
| Q2 25 | 34.6% | 8.3% | ||
| Q1 25 | 30.5% | 7.0% | ||
| Q4 24 | 34.6% | 6.6% | ||
| Q3 24 | 30.3% | 8.9% | ||
| Q2 24 | 37.2% | 7.0% | ||
| Q1 24 | 34.8% | 10.0% |
| Q4 25 | $1.51 | $0.12 | ||
| Q3 25 | $0.69 | $0.23 | ||
| Q2 25 | $1.20 | $0.19 | ||
| Q1 25 | $1.04 | $0.15 | ||
| Q4 24 | $1.18 | $0.13 | ||
| Q3 24 | $1.01 | $0.20 | ||
| Q2 24 | $1.21 | $0.15 | ||
| Q1 24 | $1.12 | $0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $16.3M |
| Total DebtLower is stronger | — | $84.0M |
| Stockholders' EquityBook value | $3.6B | $542.6M |
| Total Assets | $24.9B | $707.1M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $16.3M | ||
| Q3 25 | — | $29.6M | ||
| Q2 25 | — | $35.0M | ||
| Q1 25 | — | $22.6M | ||
| Q4 24 | — | $57.4M | ||
| Q3 24 | — | $48.8M | ||
| Q2 24 | — | $62.5M | ||
| Q1 24 | — | $65.4M |
| Q4 25 | — | $84.0M | ||
| Q3 25 | — | $85.2M | ||
| Q2 25 | — | $96.2M | ||
| Q1 25 | — | $97.4M | ||
| Q4 24 | — | $98.6M | ||
| Q3 24 | — | $98.7M | ||
| Q2 24 | — | $123.8M | ||
| Q1 24 | — | $138.6M |
| Q4 25 | $3.6B | $542.6M | ||
| Q3 25 | $3.5B | $552.8M | ||
| Q2 25 | $3.1B | $548.3M | ||
| Q1 25 | $3.0B | $530.6M | ||
| Q4 24 | $3.0B | $554.5M | ||
| Q3 24 | $3.0B | $540.1M | ||
| Q2 24 | $2.9B | $532.7M | ||
| Q1 24 | $2.9B | $515.5M |
| Q4 25 | $24.9B | $707.1M | ||
| Q3 25 | $25.0B | $732.6M | ||
| Q2 25 | $20.0B | $731.8M | ||
| Q1 25 | $19.9B | $708.7M | ||
| Q4 24 | $19.4B | $746.4M | ||
| Q3 24 | $19.4B | $734.0M | ||
| Q2 24 | $19.4B | $756.8M | ||
| Q1 24 | $19.3B | $763.6M |
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.18× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | — | 0.23× | ||
| Q1 24 | — | 0.27× |
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 | $20.0M |
| Free Cash FlowOCF − Capex | $75.5M | $14.9M |
| FCF MarginFCF / Revenue | 35.5% | 6.2% |
| Capex IntensityCapex / Revenue | 1.6% | 2.1% |
| Cash ConversionOCF / Net Profit | 1.05× | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $68.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $20.0M | ||
| Q3 25 | $52.2M | $33.2M | ||
| Q2 25 | $106.7M | $20.3M | ||
| Q1 25 | $13.3M | $10.1M | ||
| Q4 24 | $42.9M | $16.6M | ||
| Q3 24 | $70.2M | $28.6M | ||
| Q2 24 | $65.6M | $18.7M | ||
| Q1 24 | $51.1M | $15.0M |
| Q4 25 | $75.5M | $14.9M | ||
| Q3 25 | $49.7M | $27.6M | ||
| Q2 25 | $102.5M | $17.6M | ||
| Q1 25 | $11.3M | $8.4M | ||
| Q4 24 | $36.5M | $13.2M | ||
| Q3 24 | $64.4M | $27.5M | ||
| Q2 24 | $61.9M | $17.6M | ||
| Q1 24 | $46.7M | $13.7M |
| Q4 25 | 35.5% | 6.2% | ||
| Q3 25 | 24.4% | 10.7% | ||
| Q2 25 | 69.5% | 7.3% | ||
| Q1 25 | 7.8% | 3.8% | ||
| Q4 24 | 25.2% | 6.1% | ||
| Q3 24 | 45.4% | 11.4% | ||
| Q2 24 | 44.9% | 7.8% | ||
| Q1 24 | 34.0% | 6.5% |
| Q4 25 | 1.6% | 2.1% | ||
| Q3 25 | 1.2% | 2.2% | ||
| Q2 25 | 2.9% | 1.1% | ||
| Q1 25 | 1.4% | 0.8% | ||
| Q4 24 | 4.4% | 1.5% | ||
| Q3 24 | 4.1% | 0.5% | ||
| Q2 24 | 2.7% | 0.5% | ||
| Q1 24 | 3.2% | 0.6% |
| Q4 25 | 1.05× | 1.65× | ||
| Q3 25 | 1.52× | 1.36× | ||
| Q2 25 | 2.09× | 1.02× | ||
| Q1 25 | 0.30× | 0.66× | ||
| Q4 24 | 0.86× | 1.15× | ||
| Q3 24 | 1.64× | 1.33× | ||
| Q2 24 | 1.28× | 1.19× | ||
| Q1 24 | 1.07× | 0.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
