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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and STURM RUGER & CO INC (RGR). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $151.1M, roughly 1.4× STURM RUGER & CO INC). On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 3.6%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $12.3M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 5.1%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Sturm, Ruger & Company, Inc., better known by the shortened name Ruger, is an American firearm manufacturing company based in Southport, Connecticut, with production facilities also in Newport, New Hampshire; Mayodan, North Carolina; and Prescott, Arizona. The company was founded in 1949 by Alexander McCormick Sturm and William B. Ruger and has been publicly traded since 1969.
INDB vs RGR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $151.1M |
| Net Profit | $75.3M | — |
| Gross Margin | — | 17.8% |
| Operating Margin | — | 2.3% |
| Net Margin | 35.5% | — |
| Revenue YoY | 46.9% | 3.6% |
| Net Profit YoY | 50.6% | — |
| EPS (diluted) | $1.51 | $0.22 |
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 | $151.1M | ||
| Q3 25 | $203.3M | $126.8M | ||
| Q2 25 | $147.5M | $132.5M | ||
| Q1 25 | $145.5M | $135.7M | ||
| Q4 24 | $144.7M | $145.8M | ||
| Q3 24 | $141.7M | $122.3M | ||
| Q2 24 | $137.9M | $130.8M | ||
| Q1 24 | $137.4M | $136.8M |
| Q4 25 | $75.3M | — | ||
| Q3 25 | $34.3M | $1.6M | ||
| Q2 25 | $51.1M | $-17.2M | ||
| Q1 25 | $44.4M | $7.8M | ||
| Q4 24 | $50.0M | — | ||
| Q3 24 | $42.9M | $4.7M | ||
| Q2 24 | $51.3M | $8.3M | ||
| Q1 24 | $47.8M | $7.1M |
| Q4 25 | — | 17.8% | ||
| Q3 25 | — | 15.1% | ||
| Q2 25 | — | 3.9% | ||
| Q1 25 | — | 22.0% | ||
| Q4 24 | — | 22.8% | ||
| Q3 24 | — | 18.5% | ||
| Q2 24 | — | 22.3% | ||
| Q1 24 | — | 21.5% |
| Q4 25 | — | 2.3% | ||
| Q3 25 | 21.8% | -2.7% | ||
| Q2 25 | 44.6% | -15.6% | ||
| Q1 25 | 39.3% | 6.2% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | 39.0% | 3.1% | ||
| Q2 24 | 48.1% | 6.9% | ||
| Q1 24 | 45.5% | 5.5% |
| Q4 25 | 35.5% | — | ||
| Q3 25 | 16.8% | 1.2% | ||
| Q2 25 | 34.6% | -13.0% | ||
| Q1 25 | 30.5% | 5.7% | ||
| Q4 24 | 34.6% | — | ||
| Q3 24 | 30.3% | 3.9% | ||
| Q2 24 | 37.2% | 6.3% | ||
| Q1 24 | 34.8% | 5.2% |
| Q4 25 | $1.51 | $0.22 | ||
| Q3 25 | $0.69 | $0.10 | ||
| Q2 25 | $1.20 | $-1.05 | ||
| Q1 25 | $1.04 | $0.46 | ||
| Q4 24 | $1.18 | $0.62 | ||
| Q3 24 | $1.01 | $0.28 | ||
| Q2 24 | $1.21 | $0.47 | ||
| Q1 24 | $1.12 | $0.40 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $92.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | $283.8M |
| Total Assets | $24.9B | $342.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $92.5M | ||
| Q3 25 | — | $80.8M | ||
| Q2 25 | — | $101.4M | ||
| Q1 25 | — | $108.3M | ||
| Q4 24 | — | $105.5M | ||
| Q3 24 | — | $96.0M | ||
| Q2 24 | — | $105.6M | ||
| Q1 24 | — | $115.3M |
| Q4 25 | $3.6B | $283.8M | ||
| Q3 25 | $3.5B | $279.6M | ||
| Q2 25 | $3.1B | $289.3M | ||
| Q1 25 | $3.0B | $321.5M | ||
| Q4 24 | $3.0B | $319.6M | ||
| Q3 24 | $3.0B | $314.9M | ||
| Q2 24 | $2.9B | $321.5M | ||
| Q1 24 | $2.9B | $332.0M |
| Q4 25 | $24.9B | $342.0M | ||
| Q3 25 | $25.0B | $342.3M | ||
| Q2 25 | $20.0B | $349.5M | ||
| Q1 25 | $19.9B | $379.0M | ||
| Q4 24 | $19.4B | $384.0M | ||
| Q3 24 | $19.4B | $373.5M | ||
| Q2 24 | $19.4B | $376.7M | ||
| Q1 24 | $19.3B | $385.0M |
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 | $15.5M |
| Free Cash FlowOCF − Capex | $75.5M | $12.3M |
| FCF MarginFCF / Revenue | 35.5% | 8.2% |
| Capex IntensityCapex / Revenue | 1.6% | 2.1% |
| Cash ConversionOCF / Net Profit | 1.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $38.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $15.5M | ||
| Q3 25 | $52.2M | $12.9M | ||
| Q2 25 | $106.7M | $14.7M | ||
| Q1 25 | $13.3M | $11.1M | ||
| Q4 24 | $42.9M | $20.0M | ||
| Q3 24 | $70.2M | $9.4M | ||
| Q2 24 | $65.6M | $18.7M | ||
| Q1 24 | $51.1M | $7.3M |
| Q4 25 | $75.5M | $12.3M | ||
| Q3 25 | $49.7M | $7.0M | ||
| Q2 25 | $102.5M | $9.1M | ||
| Q1 25 | $11.3M | $10.0M | ||
| Q4 24 | $36.5M | $16.4M | ||
| Q3 24 | $64.4M | $2.6M | ||
| Q2 24 | $61.9M | $10.1M | ||
| Q1 24 | $46.7M | $5.6M |
| Q4 25 | 35.5% | 8.2% | ||
| Q3 25 | 24.4% | 5.5% | ||
| Q2 25 | 69.5% | 6.9% | ||
| Q1 25 | 7.8% | 7.4% | ||
| Q4 24 | 25.2% | 11.2% | ||
| Q3 24 | 45.4% | 2.1% | ||
| Q2 24 | 44.9% | 7.7% | ||
| Q1 24 | 34.0% | 4.1% |
| Q4 25 | 1.6% | 2.1% | ||
| Q3 25 | 1.2% | 4.6% | ||
| Q2 25 | 2.9% | 4.2% | ||
| Q1 25 | 1.4% | 0.8% | ||
| Q4 24 | 4.4% | 2.5% | ||
| Q3 24 | 4.1% | 5.5% | ||
| Q2 24 | 2.7% | 6.6% | ||
| Q1 24 | 3.2% | 1.3% |
| Q4 25 | 1.05× | — | ||
| Q3 25 | 1.52× | 8.15× | ||
| Q2 25 | 2.09× | — | ||
| Q1 25 | 0.30× | 1.43× | ||
| Q4 24 | 0.86× | — | ||
| Q3 24 | 1.64× | 1.98× | ||
| Q2 24 | 1.28× | 2.27× | ||
| Q1 24 | 1.07× | 1.04× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
RGR
| Firearms | $150.6M | 100% |
| Castings | $7.3M | 5% |
