vs
Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $148.3M, roughly 1.4× Shoals Technologies Group, Inc.). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 5.5%, a 30.0% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 38.6%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 24.3%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
INDB vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $148.3M |
| Net Profit | $75.3M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | — | 11.7% |
| Net Margin | 35.5% | 5.5% |
| Revenue YoY | 46.9% | 38.6% |
| Net Profit YoY | 50.6% | 3.9% |
| EPS (diluted) | $1.51 | $0.05 |
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 | $148.3M | ||
| Q3 25 | $203.3M | $135.8M | ||
| Q2 25 | $147.5M | $110.8M | ||
| Q1 25 | $145.5M | $80.4M | ||
| Q4 24 | $144.7M | $107.0M | ||
| Q3 24 | $141.7M | $102.2M | ||
| Q2 24 | $137.9M | $99.2M | ||
| Q1 24 | $137.4M | $90.8M |
| Q4 25 | $75.3M | $8.1M | ||
| Q3 25 | $34.3M | $11.9M | ||
| Q2 25 | $51.1M | $13.9M | ||
| Q1 25 | $44.4M | $-282.0K | ||
| Q4 24 | $50.0M | $7.8M | ||
| Q3 24 | $42.9M | $-267.0K | ||
| Q2 24 | $51.3M | $11.8M | ||
| Q1 24 | $47.8M | $4.8M |
| Q4 25 | — | 31.6% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 35.0% | ||
| Q4 24 | — | 37.6% | ||
| Q3 24 | — | 24.8% | ||
| Q2 24 | — | 40.3% | ||
| Q1 24 | — | 40.2% |
| Q4 25 | — | 11.7% | ||
| Q3 25 | 21.8% | 13.7% | ||
| Q2 25 | 44.6% | 14.4% | ||
| Q1 25 | 39.3% | 5.4% | ||
| Q4 24 | — | 15.4% | ||
| Q3 24 | 39.0% | 4.4% | ||
| Q2 24 | 48.1% | 18.7% | ||
| Q1 24 | 45.5% | 12.8% |
| Q4 25 | 35.5% | 5.5% | ||
| Q3 25 | 16.8% | 8.7% | ||
| Q2 25 | 34.6% | 12.5% | ||
| Q1 25 | 30.5% | -0.4% | ||
| Q4 24 | 34.6% | 7.3% | ||
| Q3 24 | 30.3% | -0.3% | ||
| Q2 24 | 37.2% | 11.9% | ||
| Q1 24 | 34.8% | 5.3% |
| Q4 25 | $1.51 | $0.05 | ||
| Q3 25 | $0.69 | $0.07 | ||
| Q2 25 | $1.20 | $0.08 | ||
| Q1 25 | $1.04 | $0.00 | ||
| Q4 24 | $1.18 | $0.04 | ||
| Q3 24 | $1.01 | $0.00 | ||
| Q2 24 | $1.21 | $0.07 | ||
| Q1 24 | $1.12 | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | $600.0M |
| Total Assets | $24.9B | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $7.3M | ||
| Q3 25 | — | $8.6M | ||
| Q2 25 | — | $4.7M | ||
| Q1 25 | — | $35.6M | ||
| Q4 24 | — | $23.5M | ||
| Q3 24 | — | $11.1M | ||
| Q2 24 | — | $3.2M | ||
| Q1 24 | — | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $3.6B | $600.0M | ||
| Q3 25 | $3.5B | $589.6M | ||
| Q2 25 | $3.1B | $575.4M | ||
| Q1 25 | $3.0B | $558.9M | ||
| Q4 24 | $3.0B | $556.8M | ||
| Q3 24 | $3.0B | $545.2M | ||
| Q2 24 | $2.9B | $544.6M | ||
| Q1 24 | $2.9B | $554.0M |
| Q4 25 | $24.9B | $904.1M | ||
| Q3 25 | $25.0B | $851.8M | ||
| Q2 25 | $20.0B | $795.0M | ||
| Q1 25 | $19.9B | $788.4M | ||
| Q4 24 | $19.4B | $793.1M | ||
| Q3 24 | $19.4B | $801.3M | ||
| Q2 24 | $19.4B | $788.4M | ||
| Q1 24 | $19.3B | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.30× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | $75.5M | $-11.3M |
| FCF MarginFCF / Revenue | 35.5% | -7.6% |
| Capex IntensityCapex / Revenue | 1.6% | 4.8% |
| Cash ConversionOCF / Net Profit | 1.05× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $-4.1M | ||
| Q3 25 | $52.2M | $19.4M | ||
| Q2 25 | $106.7M | $-13.8M | ||
| Q1 25 | $13.3M | $15.6M | ||
| Q4 24 | $42.9M | $14.0M | ||
| Q3 24 | $70.2M | $15.7M | ||
| Q2 24 | $65.6M | $37.8M | ||
| Q1 24 | $51.1M | $12.9M |
| Q4 25 | $75.5M | $-11.3M | ||
| Q3 25 | $49.7M | $9.0M | ||
| Q2 25 | $102.5M | $-26.0M | ||
| Q1 25 | $11.3M | $12.3M | ||
| Q4 24 | $36.5M | $12.5M | ||
| Q3 24 | $64.4M | $13.3M | ||
| Q2 24 | $61.9M | $35.8M | ||
| Q1 24 | $46.7M | $10.4M |
| Q4 25 | 35.5% | -7.6% | ||
| Q3 25 | 24.4% | 6.6% | ||
| Q2 25 | 69.5% | -23.5% | ||
| Q1 25 | 7.8% | 15.4% | ||
| Q4 24 | 25.2% | 11.6% | ||
| Q3 24 | 45.4% | 13.0% | ||
| Q2 24 | 44.9% | 36.1% | ||
| Q1 24 | 34.0% | 11.4% |
| Q4 25 | 1.6% | 4.8% | ||
| Q3 25 | 1.2% | 7.7% | ||
| Q2 25 | 2.9% | 11.0% | ||
| Q1 25 | 1.4% | 4.0% | ||
| Q4 24 | 4.4% | 1.4% | ||
| Q3 24 | 4.1% | 2.3% | ||
| Q2 24 | 2.7% | 2.0% | ||
| Q1 24 | 3.2% | 2.7% |
| Q4 25 | 1.05× | -0.50× | ||
| Q3 25 | 1.52× | 1.63× | ||
| Q2 25 | 2.09× | -1.00× | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.86× | 1.79× | ||
| Q3 24 | 1.64× | — | ||
| Q2 24 | 1.28× | 3.21× | ||
| Q1 24 | 1.07× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
