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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and ROGERS CORP (ROG). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $200.5M, roughly 1.1× ROGERS CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 2.2%, a 33.2% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 5.2%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $1.1M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs -3.3%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Rogers Corporation is a specialty engineered materials company headquartered in Chandler, Arizona.
INDB vs ROG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $200.5M |
| Net Profit | $75.3M | $4.5M |
| Gross Margin | — | 32.2% |
| Operating Margin | — | — |
| Net Margin | 35.5% | 2.2% |
| Revenue YoY | 46.9% | 5.2% |
| Net Profit YoY | 50.6% | 421.4% |
| EPS (diluted) | $1.51 | $0.25 |
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.
| Q1 26 | — | $200.5M | ||
| Q4 25 | $212.5M | $201.5M | ||
| Q3 25 | $203.3M | $216.0M | ||
| Q2 25 | $147.5M | $202.8M | ||
| Q1 25 | $145.5M | $190.5M | ||
| Q4 24 | $144.7M | $192.2M | ||
| Q3 24 | $141.7M | $210.3M | ||
| Q2 24 | $137.9M | $214.2M |
| Q1 26 | — | $4.5M | ||
| Q4 25 | $75.3M | $4.6M | ||
| Q3 25 | $34.3M | $8.6M | ||
| Q2 25 | $51.1M | $-73.6M | ||
| Q1 25 | $44.4M | $-1.4M | ||
| Q4 24 | $50.0M | $-500.0K | ||
| Q3 24 | $42.9M | $10.7M | ||
| Q2 24 | $51.3M | $8.1M |
| Q1 26 | — | 32.2% | ||
| Q4 25 | — | 31.5% | ||
| Q3 25 | — | 33.5% | ||
| Q2 25 | — | 31.6% | ||
| Q1 25 | — | 29.9% | ||
| Q4 24 | — | 32.1% | ||
| Q3 24 | — | 35.2% | ||
| Q2 24 | — | 34.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.5% | ||
| Q3 25 | 21.8% | 7.3% | ||
| Q2 25 | 44.6% | -33.3% | ||
| Q1 25 | 39.3% | -0.2% | ||
| Q4 24 | — | -6.6% | ||
| Q3 24 | 39.0% | 6.9% | ||
| Q2 24 | 48.1% | 5.3% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | 35.5% | 2.3% | ||
| Q3 25 | 16.8% | 4.0% | ||
| Q2 25 | 34.6% | -36.3% | ||
| Q1 25 | 30.5% | -0.7% | ||
| Q4 24 | 34.6% | -0.3% | ||
| Q3 24 | 30.3% | 5.1% | ||
| Q2 24 | 37.2% | 3.8% |
| Q1 26 | — | $0.25 | ||
| Q4 25 | $1.51 | $0.20 | ||
| Q3 25 | $0.69 | $0.48 | ||
| Q2 25 | $1.20 | $-4.00 | ||
| Q1 25 | $1.04 | $-0.08 | ||
| Q4 24 | $1.18 | $-0.04 | ||
| Q3 24 | $1.01 | $0.58 | ||
| Q2 24 | $1.21 | $0.44 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $195.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | $1.2B |
| Total Assets | $24.9B | $1.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $195.8M | ||
| Q4 25 | — | $197.0M | ||
| Q3 25 | — | $167.8M | ||
| Q2 25 | — | $157.2M | ||
| Q1 25 | — | $175.6M | ||
| Q4 24 | — | $159.8M | ||
| Q3 24 | — | $146.4M | ||
| Q2 24 | — | $119.9M |
| Q1 26 | — | $1.2B | ||
| Q4 25 | $3.6B | $1.2B | ||
| Q3 25 | $3.5B | $1.2B | ||
| Q2 25 | $3.1B | $1.2B | ||
| Q1 25 | $3.0B | $1.3B | ||
| Q4 24 | $3.0B | $1.3B | ||
| Q3 24 | $3.0B | $1.3B | ||
| Q2 24 | $2.9B | $1.3B |
| Q1 26 | — | $1.4B | ||
| Q4 25 | $24.9B | $1.4B | ||
| Q3 25 | $25.0B | $1.4B | ||
| Q2 25 | $20.0B | $1.5B | ||
| Q1 25 | $19.9B | $1.5B | ||
| Q4 24 | $19.4B | $1.5B | ||
| Q3 24 | $19.4B | $1.5B | ||
| Q2 24 | $19.4B | $1.5B |
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 | $1.1M |
| FCF MarginFCF / Revenue | 35.5% | 0.5% |
| Capex IntensityCapex / Revenue | 1.6% | 2.3% |
| Cash ConversionOCF / Net Profit | 1.05× | 1.29× |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $70.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $5.8M | ||
| Q4 25 | $78.9M | $46.9M | ||
| Q3 25 | $52.2M | $28.9M | ||
| Q2 25 | $106.7M | $13.7M | ||
| Q1 25 | $13.3M | $11.7M | ||
| Q4 24 | $42.9M | $33.7M | ||
| Q3 24 | $70.2M | $42.4M | ||
| Q2 24 | $65.6M | $22.9M |
| Q1 26 | — | $1.1M | ||
| Q4 25 | $75.5M | $42.2M | ||
| Q3 25 | $49.7M | $21.2M | ||
| Q2 25 | $102.5M | $5.6M | ||
| Q1 25 | $11.3M | $2.1M | ||
| Q4 24 | $36.5M | $18.3M | ||
| Q3 24 | $64.4M | $25.2M | ||
| Q2 24 | $61.9M | $8.8M |
| Q1 26 | — | 0.5% | ||
| Q4 25 | 35.5% | 20.9% | ||
| Q3 25 | 24.4% | 9.8% | ||
| Q2 25 | 69.5% | 2.8% | ||
| Q1 25 | 7.8% | 1.1% | ||
| Q4 24 | 25.2% | 9.5% | ||
| Q3 24 | 45.4% | 12.0% | ||
| Q2 24 | 44.9% | 4.1% |
| Q1 26 | — | 2.3% | ||
| Q4 25 | 1.6% | 2.3% | ||
| Q3 25 | 1.2% | 3.6% | ||
| Q2 25 | 2.9% | 4.0% | ||
| Q1 25 | 1.4% | 5.0% | ||
| Q4 24 | 4.4% | 8.0% | ||
| Q3 24 | 4.1% | 8.2% | ||
| Q2 24 | 2.7% | 6.6% |
| Q1 26 | — | 1.29× | ||
| Q4 25 | 1.05× | 10.20× | ||
| Q3 25 | 1.52× | 3.36× | ||
| Q2 25 | 2.09× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.86× | — | ||
| Q3 24 | 1.64× | 3.96× | ||
| Q2 24 | 1.28× | 2.83× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
