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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and Smith Douglas Homes Corp. (SDHC). Click either name above to swap in a different company.
Smith Douglas Homes Corp. is the larger business by last-quarter revenue ($260.4M vs $212.5M, roughly 1.2× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 1.4%, a 34.1% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs -9.4%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $8.7M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 17.3%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
INDB vs SDHC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $260.4M |
| Net Profit | $75.3M | $3.5M |
| Gross Margin | — | 19.9% |
| Operating Margin | — | 6.5% |
| Net Margin | 35.5% | 1.4% |
| Revenue YoY | 46.9% | -9.4% |
| Net Profit YoY | 50.6% | -14.3% |
| EPS (diluted) | $1.51 | $0.39 |
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 | $260.4M | ||
| Q3 25 | $203.3M | $262.0M | ||
| Q2 25 | $147.5M | $223.9M | ||
| Q1 25 | $145.5M | $224.7M | ||
| Q4 24 | $144.7M | $287.5M | ||
| Q3 24 | $141.7M | $277.8M | ||
| Q2 24 | $137.9M | $220.9M | ||
| Q1 24 | $137.4M | $189.2M |
| Q4 25 | $75.3M | $3.5M | ||
| Q3 25 | $34.3M | $2.1M | ||
| Q2 25 | $51.1M | $2.4M | ||
| Q1 25 | $44.4M | $2.7M | ||
| Q4 24 | $50.0M | $4.1M | ||
| Q3 24 | $42.9M | $5.3M | ||
| Q2 24 | $51.3M | $3.6M | ||
| Q1 24 | $47.8M | $3.0M |
| Q4 25 | — | 19.9% | ||
| Q3 25 | — | 21.0% | ||
| Q2 25 | — | 23.2% | ||
| Q1 25 | — | 23.8% | ||
| Q4 24 | — | 25.5% | ||
| Q3 24 | — | 26.5% | ||
| Q2 24 | — | 26.7% | ||
| Q1 24 | — | 26.1% |
| Q4 25 | — | 6.5% | ||
| Q3 25 | 21.8% | 6.6% | ||
| Q2 25 | 44.6% | 7.7% | ||
| Q1 25 | 39.3% | 8.7% | ||
| Q4 24 | — | 10.4% | ||
| Q3 24 | 39.0% | 14.2% | ||
| Q2 24 | 48.1% | 11.7% | ||
| Q1 24 | 45.5% | 11.3% |
| Q4 25 | 35.5% | 1.4% | ||
| Q3 25 | 16.8% | 0.8% | ||
| Q2 25 | 34.6% | 1.1% | ||
| Q1 25 | 30.5% | 1.2% | ||
| Q4 24 | 34.6% | 1.4% | ||
| Q3 24 | 30.3% | 1.9% | ||
| Q2 24 | 37.2% | 1.7% | ||
| Q1 24 | 34.8% | 1.6% |
| Q4 25 | $1.51 | $0.39 | ||
| Q3 25 | $0.69 | $0.24 | ||
| Q2 25 | $1.20 | $0.26 | ||
| Q1 25 | $1.04 | $0.30 | ||
| Q4 24 | $1.18 | $0.50 | ||
| Q3 24 | $1.01 | $0.58 | ||
| Q2 24 | $1.21 | $0.40 | ||
| Q1 24 | $1.12 | $0.33 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $12.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | $86.7M |
| Total Assets | $24.9B | $557.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $12.7M | ||
| Q3 25 | — | $14.8M | ||
| Q2 25 | — | $16.8M | ||
| Q1 25 | — | $12.7M | ||
| Q4 24 | — | $22.4M | ||
| Q3 24 | — | $23.7M | ||
| Q2 24 | — | $17.3M | ||
| Q1 24 | — | $32.8M |
| Q4 25 | $3.6B | $86.7M | ||
| Q3 25 | $3.5B | $82.2M | ||
| Q2 25 | $3.1B | $80.0M | ||
| Q1 25 | $3.0B | $76.9M | ||
| Q4 24 | $3.0B | $73.6M | ||
| Q3 24 | $3.0B | $68.4M | ||
| Q2 24 | $2.9B | $62.1M | ||
| Q1 24 | $2.9B | $59.7M |
| Q4 25 | $24.9B | $557.6M | ||
| Q3 25 | $25.0B | $571.6M | ||
| Q2 25 | $20.0B | $570.2M | ||
| Q1 25 | $19.9B | $513.9M | ||
| Q4 24 | $19.4B | $475.9M | ||
| Q3 24 | $19.4B | $460.1M | ||
| Q2 24 | $19.4B | $429.3M | ||
| Q1 24 | $19.3B | $401.3M |
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 | $9.8M |
| Free Cash FlowOCF − Capex | $75.5M | $8.7M |
| FCF MarginFCF / Revenue | 35.5% | 3.4% |
| Capex IntensityCapex / Revenue | 1.6% | 0.4% |
| Cash ConversionOCF / Net Profit | 1.05× | 2.77× |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $-36.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $9.8M | ||
| Q3 25 | $52.2M | $22.8M | ||
| Q2 25 | $106.7M | $-28.9M | ||
| Q1 25 | $13.3M | $-34.9M | ||
| Q4 24 | $42.9M | $5.5M | ||
| Q3 24 | $70.2M | $22.9M | ||
| Q2 24 | $65.6M | $39.0K | ||
| Q1 24 | $51.1M | $-9.3M |
| Q4 25 | $75.5M | $8.7M | ||
| Q3 25 | $49.7M | $21.4M | ||
| Q2 25 | $102.5M | $-31.1M | ||
| Q1 25 | $11.3M | $-35.9M | ||
| Q4 24 | $36.5M | $4.8M | ||
| Q3 24 | $64.4M | $22.3M | ||
| Q2 24 | $61.9M | $-2.1M | ||
| Q1 24 | $46.7M | $-9.7M |
| Q4 25 | 35.5% | 3.4% | ||
| Q3 25 | 24.4% | 8.2% | ||
| Q2 25 | 69.5% | -13.9% | ||
| Q1 25 | 7.8% | -16.0% | ||
| Q4 24 | 25.2% | 1.7% | ||
| Q3 24 | 45.4% | 8.0% | ||
| Q2 24 | 44.9% | -1.0% | ||
| Q1 24 | 34.0% | -5.1% |
| Q4 25 | 1.6% | 0.4% | ||
| Q3 25 | 1.2% | 0.5% | ||
| Q2 25 | 2.9% | 0.9% | ||
| Q1 25 | 1.4% | 0.5% | ||
| Q4 24 | 4.4% | 0.2% | ||
| Q3 24 | 4.1% | 0.2% | ||
| Q2 24 | 2.7% | 1.0% | ||
| Q1 24 | 3.2% | 0.2% |
| Q4 25 | 1.05× | 2.77× | ||
| Q3 25 | 1.52× | 10.70× | ||
| Q2 25 | 2.09× | -12.24× | ||
| Q1 25 | 0.30× | -13.01× | ||
| Q4 24 | 0.86× | 1.33× | ||
| Q3 24 | 1.64× | 4.28× | ||
| Q2 24 | 1.28× | 0.01× | ||
| Q1 24 | 1.07× | -3.12× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
SDHC
| Southeast | $164.7M | 63% |
| Central | $95.8M | 37% |
