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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and Purple Innovation, Inc. (PRPL). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $140.7M, roughly 1.5× Purple Innovation, Inc.). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs -2.3%, a 37.7% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 9.1%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $-7.8M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 8.3%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Purple Carrot is a Needham, Massachusetts-based, and 100% plant-based meal kit company. Founded by Andy Levitt, it offers both prepared meals as well as meal kits to subscribers weekly. As stated in a 2022 article in Cosmopolitan, “each Purple Carrot meal kit results in 72% less carbon being released into the atmosphere as compared to the standard American meal.”
INDB vs PRPL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $140.7M |
| Net Profit | $75.3M | $-3.2M |
| Gross Margin | — | 41.9% |
| Operating Margin | — | -1.6% |
| Net Margin | 35.5% | -2.3% |
| Revenue YoY | 46.9% | 9.1% |
| Net Profit YoY | 50.6% | 62.1% |
| EPS (diluted) | $1.51 | $0.03 |
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 | $140.7M | ||
| Q3 25 | $203.3M | $118.8M | ||
| Q2 25 | $147.5M | $105.1M | ||
| Q1 25 | $145.5M | $104.2M | ||
| Q4 24 | $144.7M | $129.0M | ||
| Q3 24 | $141.7M | $118.6M | ||
| Q2 24 | $137.9M | $120.3M | ||
| Q1 24 | $137.4M | $120.0M |
| Q4 25 | $75.3M | $-3.2M | ||
| Q3 25 | $34.3M | $-11.7M | ||
| Q2 25 | $51.1M | $-17.3M | ||
| Q1 25 | $44.4M | $-19.1M | ||
| Q4 24 | $50.0M | $-8.5M | ||
| Q3 24 | $42.9M | $-39.2M | ||
| Q2 24 | $51.3M | $27.0K | ||
| Q1 24 | $47.8M | $-50.2M |
| Q4 25 | — | 41.9% | ||
| Q3 25 | — | 42.8% | ||
| Q2 25 | — | 35.9% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | — | 42.9% | ||
| Q3 24 | — | 29.7% | ||
| Q2 24 | — | 40.7% | ||
| Q1 24 | — | 34.8% |
| Q4 25 | — | -1.6% | ||
| Q3 25 | 21.8% | -10.2% | ||
| Q2 25 | 44.6% | -13.5% | ||
| Q1 25 | 39.3% | -13.9% | ||
| Q4 24 | — | -6.0% | ||
| Q3 24 | 39.0% | -39.5% | ||
| Q2 24 | 48.1% | -12.1% | ||
| Q1 24 | 45.5% | -19.3% |
| Q4 25 | 35.5% | -2.3% | ||
| Q3 25 | 16.8% | -9.9% | ||
| Q2 25 | 34.6% | -16.5% | ||
| Q1 25 | 30.5% | -18.4% | ||
| Q4 24 | 34.6% | -6.6% | ||
| Q3 24 | 30.3% | -33.1% | ||
| Q2 24 | 37.2% | 0.0% | ||
| Q1 24 | 34.8% | -41.8% |
| Q4 25 | $1.51 | $0.03 | ||
| Q3 25 | $0.69 | $0.11 | ||
| Q2 25 | $1.20 | $0.16 | ||
| Q1 25 | $1.04 | $0.18 | ||
| Q4 24 | $1.18 | $0.08 | ||
| Q3 24 | $1.01 | $0.36 | ||
| Q2 24 | $1.21 | $0.00 | ||
| Q1 24 | $1.12 | $0.47 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $24.3M |
| Total DebtLower is stronger | — | $126.7M |
| Stockholders' EquityBook value | $3.6B | $-29.7M |
| Total Assets | $24.9B | $296.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $24.3M | ||
| Q3 25 | — | $32.4M | ||
| Q2 25 | — | $34.2M | ||
| Q1 25 | — | $21.6M | ||
| Q4 24 | — | $29.0M | ||
| Q3 24 | — | $23.4M | ||
| Q2 24 | — | $23.4M | ||
| Q1 24 | — | $34.5M |
| Q4 25 | — | $126.7M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $70.7M | ||
| Q3 24 | — | $50.8M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.6B | $-29.7M | ||
| Q3 25 | $3.5B | $-26.9M | ||
| Q2 25 | $3.1B | $-15.6M | ||
| Q1 25 | $3.0B | $1.3M | ||
| Q4 24 | $3.0B | $20.2M | ||
| Q3 24 | $3.0B | $28.0M | ||
| Q2 24 | $2.9B | $66.4M | ||
| Q1 24 | $2.9B | $65.5M |
| Q4 25 | $24.9B | $296.3M | ||
| Q3 25 | $25.0B | $302.1M | ||
| Q2 25 | $20.0B | $303.8M | ||
| Q1 25 | $19.9B | $293.8M | ||
| Q4 24 | $19.4B | $307.8M | ||
| Q3 24 | $19.4B | $309.3M | ||
| Q2 24 | $19.4B | $362.1M | ||
| Q1 24 | $19.3B | $382.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.50× | ||
| Q3 24 | — | 1.82× | ||
| 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 | $-5.8M |
| Free Cash FlowOCF − Capex | $75.5M | $-7.8M |
| FCF MarginFCF / Revenue | 35.5% | -5.5% |
| Capex IntensityCapex / Revenue | 1.6% | 1.4% |
| Cash ConversionOCF / Net Profit | 1.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $-41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $-5.8M | ||
| Q3 25 | $52.2M | $-968.0K | ||
| Q2 25 | $106.7M | $-4.0M | ||
| Q1 25 | $13.3M | $-23.1M | ||
| Q4 24 | $42.9M | $6.8M | ||
| Q3 24 | $70.2M | $1.1M | ||
| Q2 24 | $65.6M | $-8.9M | ||
| Q1 24 | $51.1M | $-16.8M |
| Q4 25 | $75.5M | $-7.8M | ||
| Q3 25 | $49.7M | $-1.8M | ||
| Q2 25 | $102.5M | $-7.0M | ||
| Q1 25 | $11.3M | $-25.3M | ||
| Q4 24 | $36.5M | $5.7M | ||
| Q3 24 | $64.4M | $101.0K | ||
| Q2 24 | $61.9M | $-11.0M | ||
| Q1 24 | $46.7M | $-19.9M |
| Q4 25 | 35.5% | -5.5% | ||
| Q3 25 | 24.4% | -1.5% | ||
| Q2 25 | 69.5% | -6.6% | ||
| Q1 25 | 7.8% | -24.3% | ||
| Q4 24 | 25.2% | 4.4% | ||
| Q3 24 | 45.4% | 0.1% | ||
| Q2 24 | 44.9% | -9.2% | ||
| Q1 24 | 34.0% | -16.5% |
| Q4 25 | 1.6% | 1.4% | ||
| Q3 25 | 1.2% | 0.7% | ||
| Q2 25 | 2.9% | 2.8% | ||
| Q1 25 | 1.4% | 2.2% | ||
| Q4 24 | 4.4% | 0.8% | ||
| Q3 24 | 4.1% | 0.9% | ||
| Q2 24 | 2.7% | 1.7% | ||
| Q1 24 | 3.2% | 2.5% |
| Q4 25 | 1.05× | — | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 2.09× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.86× | — | ||
| Q3 24 | 1.64× | — | ||
| Q2 24 | 1.28× | -330.22× | ||
| 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.
PRPL
| Cost Of Revenues | $81.7M | 58% |
| Other | $59.0M | 42% |
