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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and ONE Group Hospitality, Inc. (STKS). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $207.0M, roughly 1.0× ONE Group Hospitality, Inc.). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs -3.1%, a 38.5% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs -6.7%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $-329.0K). Over the past eight quarters, ONE Group Hospitality, Inc.'s revenue compounded faster (56.1% 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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
INDB vs STKS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $207.0M |
| Net Profit | $75.3M | $-6.4M |
| Gross Margin | — | — |
| Operating Margin | — | 2.2% |
| Net Margin | 35.5% | -3.1% |
| Revenue YoY | 46.9% | -6.7% |
| Net Profit YoY | 50.6% | -531.8% |
| EPS (diluted) | $1.51 | $-0.50 |
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 | $207.0M | ||
| Q3 25 | $203.3M | $180.2M | ||
| Q2 25 | $147.5M | $207.4M | ||
| Q1 25 | $145.5M | $211.1M | ||
| Q4 24 | $144.7M | $221.9M | ||
| Q3 24 | $141.7M | $194.0M | ||
| Q2 24 | $137.9M | $172.5M | ||
| Q1 24 | $137.4M | $85.0M |
| Q4 25 | $75.3M | $-6.4M | ||
| Q3 25 | $34.3M | $-76.7M | ||
| Q2 25 | $51.1M | $-10.1M | ||
| Q1 25 | $44.4M | $975.0K | ||
| Q4 24 | $50.0M | $1.5M | ||
| Q3 24 | $42.9M | $-9.3M | ||
| Q2 24 | $51.3M | $-7.3M | ||
| Q1 24 | $47.8M | $-2.1M |
| Q4 25 | — | 2.2% | ||
| Q3 25 | 21.8% | -4.4% | ||
| Q2 25 | 44.6% | 0.3% | ||
| Q1 25 | 39.3% | 5.1% | ||
| Q4 24 | — | 5.5% | ||
| Q3 24 | 39.0% | -1.9% | ||
| Q2 24 | 48.1% | 0.6% | ||
| Q1 24 | 45.5% | -0.7% |
| Q4 25 | 35.5% | -3.1% | ||
| Q3 25 | 16.8% | -42.6% | ||
| Q2 25 | 34.6% | -4.9% | ||
| Q1 25 | 30.5% | 0.5% | ||
| Q4 24 | 34.6% | 0.7% | ||
| Q3 24 | 30.3% | -4.8% | ||
| Q2 24 | 37.2% | -4.3% | ||
| Q1 24 | 34.8% | -2.4% |
| Q4 25 | $1.51 | $-0.50 | ||
| Q3 25 | $0.69 | $-2.75 | ||
| Q2 25 | $1.20 | $-0.59 | ||
| Q1 25 | $1.04 | $-0.21 | ||
| Q4 24 | $1.18 | $-0.18 | ||
| Q3 24 | $1.01 | $-0.53 | ||
| Q2 24 | $1.21 | $-0.38 | ||
| Q1 24 | $1.12 | $-0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $4.2M |
| Total DebtLower is stronger | — | $354.2M |
| Stockholders' EquityBook value | $3.6B | $-75.8M |
| Total Assets | $24.9B | $884.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $4.2M | ||
| Q3 25 | — | $5.5M | ||
| Q2 25 | — | $4.7M | ||
| Q1 25 | — | $21.4M | ||
| Q4 24 | — | $27.6M | ||
| Q3 24 | — | $28.2M | ||
| Q2 24 | — | $32.2M | ||
| Q1 24 | — | $15.4M |
| Q4 25 | — | $354.2M | ||
| Q3 25 | — | $355.0M | ||
| Q2 25 | — | $347.4M | ||
| Q1 25 | — | $348.3M | ||
| Q4 24 | — | $348.3M | ||
| Q3 24 | — | $349.1M | ||
| Q2 24 | — | $350.0M | ||
| Q1 24 | — | $73.5M |
| Q4 25 | $3.6B | $-75.8M | ||
| Q3 25 | $3.5B | $-61.5M | ||
| Q2 25 | $3.1B | $23.0M | ||
| Q1 25 | $3.0B | $40.5M | ||
| Q4 24 | $3.0B | $45.9M | ||
| Q3 24 | $3.0B | $51.4M | ||
| Q2 24 | $2.9B | $68.1M | ||
| Q1 24 | $2.9B | $68.3M |
| Q4 25 | $24.9B | $884.2M | ||
| Q3 25 | $25.0B | $879.5M | ||
| Q2 25 | $20.0B | $935.7M | ||
| Q1 25 | $19.9B | $956.0M | ||
| Q4 24 | $19.4B | $960.1M | ||
| Q3 24 | $19.4B | $953.5M | ||
| Q2 24 | $19.4B | $945.9M | ||
| Q1 24 | $19.3B | $309.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 15.07× | ||
| Q1 25 | — | 8.61× | ||
| Q4 24 | — | 7.59× | ||
| Q3 24 | — | 6.79× | ||
| Q2 24 | — | 5.14× | ||
| Q1 24 | — | 1.08× |
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 | $13.1M |
| Free Cash FlowOCF − Capex | $75.5M | $-329.0K |
| FCF MarginFCF / Revenue | 35.5% | -0.2% |
| Capex IntensityCapex / Revenue | 1.6% | 6.5% |
| Cash ConversionOCF / Net Profit | 1.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $-27.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $13.1M | ||
| Q3 25 | $52.2M | $5.9M | ||
| Q2 25 | $106.7M | $2.8M | ||
| Q1 25 | $13.3M | $8.5M | ||
| Q4 24 | $42.9M | $18.5M | ||
| Q3 24 | $70.2M | $19.1M | ||
| Q2 24 | $65.6M | $-3.8M | ||
| Q1 24 | $51.1M | $10.4M |
| Q4 25 | $75.5M | $-329.0K | ||
| Q3 25 | $49.7M | $-6.1M | ||
| Q2 25 | $102.5M | $-15.0M | ||
| Q1 25 | $11.3M | $-5.8M | ||
| Q4 24 | $36.5M | $733.0K | ||
| Q3 24 | $64.4M | $287.0K | ||
| Q2 24 | $61.9M | $-23.0M | ||
| Q1 24 | $46.7M | $-5.4M |
| Q4 25 | 35.5% | -0.2% | ||
| Q3 25 | 24.4% | -3.4% | ||
| Q2 25 | 69.5% | -7.2% | ||
| Q1 25 | 7.8% | -2.7% | ||
| Q4 24 | 25.2% | 0.3% | ||
| Q3 24 | 45.4% | 0.1% | ||
| Q2 24 | 44.9% | -13.3% | ||
| Q1 24 | 34.0% | -6.4% |
| Q4 25 | 1.6% | 6.5% | ||
| Q3 25 | 1.2% | 6.7% | ||
| Q2 25 | 2.9% | 8.6% | ||
| Q1 25 | 1.4% | 6.8% | ||
| Q4 24 | 4.4% | 8.0% | ||
| Q3 24 | 4.1% | 9.7% | ||
| Q2 24 | 2.7% | 11.1% | ||
| Q1 24 | 3.2% | 18.6% |
| Q4 25 | 1.05× | — | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 2.09× | — | ||
| Q1 25 | 0.30× | 8.76× | ||
| Q4 24 | 0.86× | 12.54× | ||
| Q3 24 | 1.64× | — | ||
| Q2 24 | 1.28× | — | ||
| 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.
STKS
| Benihanas | $111.3M | 54% |
| Steakhouse Restaurant | $59.2M | 29% |
| Grill Concepts | $32.3M | 16% |
| Other | $4.2M | 2% |
