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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
P3 Health Partners Inc. is the larger business by last-quarter revenue ($384.8M vs $212.5M, roughly 1.8× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs -19.6%, a 55.1% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 3.8%). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs -0.5%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
P3 Health Partners Inc. is a population health management and value-based care services firm operating primarily in the United States. It partners with primary care providers and health systems to deliver coordinated, high-quality care for patient populations, especially Medicare Advantage beneficiaries, focusing on improving health outcomes and lowering unnecessary healthcare costs.
INDB vs PIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $384.8M |
| Net Profit | $75.3M | $-75.5M |
| Gross Margin | — | — |
| Operating Margin | — | -40.0% |
| Net Margin | 35.5% | -19.6% |
| Revenue YoY | 46.9% | 3.8% |
| Net Profit YoY | 50.6% | -28.8% |
| EPS (diluted) | $1.51 | $-23.08 |
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 | $384.8M | ||
| Q3 25 | $203.3M | $345.3M | ||
| Q2 25 | $147.5M | $355.8M | ||
| Q1 25 | $145.5M | $373.2M | ||
| Q4 24 | $144.7M | $370.7M | ||
| Q3 24 | $141.7M | $362.1M | ||
| Q2 24 | $137.9M | $379.2M | ||
| Q1 24 | $137.4M | $388.5M |
| Q4 25 | $75.3M | $-75.5M | ||
| Q3 25 | $34.3M | $-31.6M | ||
| Q2 25 | $51.1M | $-20.4M | ||
| Q1 25 | $44.4M | $-20.5M | ||
| Q4 24 | $50.0M | $-58.6M | ||
| Q3 24 | $42.9M | $-46.5M | ||
| Q2 24 | $51.3M | $-12.0M | ||
| Q1 24 | $47.8M | $-18.7M |
| Q4 25 | — | -40.0% | ||
| Q3 25 | 21.8% | -12.8% | ||
| Q2 25 | 44.6% | -9.6% | ||
| Q1 25 | 39.3% | -10.2% | ||
| Q4 24 | — | -37.4% | ||
| Q3 24 | 39.0% | -29.5% | ||
| Q2 24 | 48.1% | -8.3% | ||
| Q1 24 | 45.5% | -11.3% |
| Q4 25 | 35.5% | -19.6% | ||
| Q3 25 | 16.8% | -9.1% | ||
| Q2 25 | 34.6% | -5.7% | ||
| Q1 25 | 30.5% | -5.5% | ||
| Q4 24 | 34.6% | -15.8% | ||
| Q3 24 | 30.3% | -12.8% | ||
| Q2 24 | 37.2% | -3.2% | ||
| Q1 24 | 34.8% | -4.8% |
| Q4 25 | $1.51 | $-23.08 | ||
| Q3 25 | $0.69 | $-9.67 | ||
| Q2 25 | $1.20 | $-6.23 | ||
| Q1 25 | $1.04 | $-6.28 | ||
| Q4 24 | $1.18 | $-23.13 | ||
| Q3 24 | $1.01 | $-15.70 | ||
| Q2 24 | $1.21 | $-7.37 | ||
| Q1 24 | $1.12 | $-7.86 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | $3.6B | $-155.2M |
| Total Assets | $24.9B | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $25.0M | ||
| Q3 25 | — | $37.7M | ||
| Q2 25 | — | $38.6M | ||
| Q1 25 | — | $40.1M | ||
| Q4 24 | — | $38.8M | ||
| Q3 24 | — | $63.0M | ||
| Q2 24 | — | $73.1M | ||
| Q1 24 | — | $27.3M |
| Q4 25 | — | $228.4M | ||
| Q3 25 | — | $252.8M | ||
| Q2 25 | — | $182.0M | ||
| Q1 25 | — | $171.1M | ||
| Q4 24 | — | $108.9M | ||
| Q3 24 | — | $133.2M | ||
| Q2 24 | — | $133.1M | ||
| Q1 24 | — | $118.1M |
| Q4 25 | $3.6B | $-155.2M | ||
| Q3 25 | $3.5B | $-18.7M | ||
| Q2 25 | $3.1B | $44.5M | ||
| Q1 25 | $3.0B | $63.3M | ||
| Q4 24 | $3.0B | $75.9M | ||
| Q3 24 | $3.0B | $120.5M | ||
| Q2 24 | $2.9B | $166.8M | ||
| Q1 24 | $2.9B | $146.6M |
| Q4 25 | $24.9B | $656.6M | ||
| Q3 25 | $25.0B | $683.6M | ||
| Q2 25 | $20.0B | $731.6M | ||
| Q1 25 | $19.9B | $783.9M | ||
| Q4 24 | $19.4B | $783.4M | ||
| Q3 24 | $19.4B | $833.3M | ||
| Q2 24 | $19.4B | $892.8M | ||
| Q1 24 | $19.3B | $855.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.09× | ||
| Q1 25 | — | 2.71× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.11× | ||
| Q2 24 | — | 0.80× | ||
| Q1 24 | — | 0.81× |
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 | $-25.7M |
| Free Cash FlowOCF − Capex | $75.5M | — |
| FCF MarginFCF / Revenue | 35.5% | — |
| Capex IntensityCapex / Revenue | 1.6% | — |
| Cash ConversionOCF / Net Profit | 1.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $-25.7M | ||
| Q3 25 | $52.2M | $-15.4M | ||
| Q2 25 | $106.7M | $-16.6M | ||
| Q1 25 | $13.3M | $-33.5M | ||
| Q4 24 | $42.9M | $-57.2M | ||
| Q3 24 | $70.2M | $-22.6M | ||
| Q2 24 | $65.6M | $-10.2M | ||
| Q1 24 | $51.1M | $-20.0M |
| Q4 25 | $75.5M | — | ||
| Q3 25 | $49.7M | — | ||
| Q2 25 | $102.5M | — | ||
| Q1 25 | $11.3M | — | ||
| Q4 24 | $36.5M | — | ||
| Q3 24 | $64.4M | — | ||
| Q2 24 | $61.9M | — | ||
| Q1 24 | $46.7M | — |
| Q4 25 | 35.5% | — | ||
| Q3 25 | 24.4% | — | ||
| Q2 25 | 69.5% | — | ||
| Q1 25 | 7.8% | — | ||
| Q4 24 | 25.2% | — | ||
| Q3 24 | 45.4% | — | ||
| Q2 24 | 44.9% | — | ||
| Q1 24 | 34.0% | — |
| Q4 25 | 1.6% | — | ||
| Q3 25 | 1.2% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 1.4% | — | ||
| Q4 24 | 4.4% | 0.0% | ||
| Q3 24 | 4.1% | 0.0% | ||
| Q2 24 | 2.7% | 0.0% | ||
| Q1 24 | 3.2% | 0.0% |
| Q4 25 | 1.05× | — | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 2.09× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.86× | — | ||
| 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.
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
