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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and SMITH & WESSON BRANDS, INC. (SWBI). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $124.7M, roughly 1.7× SMITH & WESSON BRANDS, INC.). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 1.5%, a 33.9% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs -3.9%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $16.3M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs -4.8%).
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 SWBI — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $124.7M |
| Net Profit | $75.3M | $1.9M |
| Gross Margin | — | 24.3% |
| Operating Margin | — | 3.3% |
| Net Margin | 35.5% | 1.5% |
| Revenue YoY | 46.9% | -3.9% |
| Net Profit YoY | 50.6% | -53.6% |
| EPS (diluted) | $1.51 | $0.04 |
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 | $124.7M | ||
| Q3 25 | $203.3M | $85.1M | ||
| Q2 25 | $147.5M | $140.8M | ||
| Q1 25 | $145.5M | $115.9M | ||
| Q4 24 | $144.7M | $129.7M | ||
| Q3 24 | $141.7M | $88.3M | ||
| Q2 24 | $137.9M | $159.1M | ||
| Q1 24 | $137.4M | $137.5M |
| Q4 25 | $75.3M | $1.9M | ||
| Q3 25 | $34.3M | $-3.4M | ||
| Q2 25 | $51.1M | $8.6M | ||
| Q1 25 | $44.4M | $2.1M | ||
| Q4 24 | $50.0M | $4.5M | ||
| Q3 24 | $42.9M | $-1.9M | ||
| Q2 24 | $51.3M | $27.9M | ||
| Q1 24 | $47.8M | $7.9M |
| Q4 25 | — | 24.3% | ||
| Q3 25 | — | 25.9% | ||
| Q2 25 | — | 28.8% | ||
| Q1 25 | — | 24.1% | ||
| Q4 24 | — | 26.6% | ||
| Q3 24 | — | 27.4% | ||
| Q2 24 | — | 35.5% | ||
| Q1 24 | — | 28.7% |
| Q4 25 | — | 3.3% | ||
| Q3 25 | 21.8% | -3.5% | ||
| Q2 25 | 44.6% | 9.3% | ||
| Q1 25 | 39.3% | 4.1% | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | 39.0% | -1.7% | ||
| Q2 24 | 48.1% | 17.4% | ||
| Q1 24 | 45.5% | 8.2% |
| Q4 25 | 35.5% | 1.5% | ||
| Q3 25 | 16.8% | -4.0% | ||
| Q2 25 | 34.6% | 6.1% | ||
| Q1 25 | 30.5% | 1.8% | ||
| Q4 24 | 34.6% | 3.5% | ||
| Q3 24 | 30.3% | -2.1% | ||
| Q2 24 | 37.2% | 17.5% | ||
| Q1 24 | 34.8% | 5.7% |
| Q4 25 | $1.51 | $0.04 | ||
| Q3 25 | $0.69 | $-0.08 | ||
| Q2 25 | $1.20 | $0.19 | ||
| Q1 25 | $1.04 | $0.05 | ||
| Q4 24 | $1.18 | $0.10 | ||
| Q3 24 | $1.01 | $-0.04 | ||
| Q2 24 | $1.21 | $0.60 | ||
| Q1 24 | $1.12 | $0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $22.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | $363.2M |
| Total Assets | $24.9B | $548.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $22.4M | ||
| Q3 25 | — | $18.0M | ||
| Q2 25 | — | $25.2M | ||
| Q1 25 | — | $26.7M | ||
| Q4 24 | — | $39.1M | ||
| Q3 24 | — | $35.5M | ||
| Q2 24 | — | $60.8M | ||
| Q1 24 | — | $47.4M |
| Q4 25 | $3.6B | $363.2M | ||
| Q3 25 | $3.5B | $364.4M | ||
| Q2 25 | $3.1B | $372.5M | ||
| Q1 25 | $3.0B | $366.9M | ||
| Q4 24 | $3.0B | $371.5M | ||
| Q3 24 | $3.0B | $380.0M | ||
| Q2 24 | $2.9B | $399.9M | ||
| Q1 24 | $2.9B | $376.4M |
| Q4 25 | $24.9B | $548.6M | ||
| Q3 25 | $25.0B | $554.6M | ||
| Q2 25 | $20.0B | $559.6M | ||
| Q1 25 | $19.9B | $578.9M | ||
| Q4 24 | $19.4B | $587.4M | ||
| Q3 24 | $19.4B | $571.3M | ||
| Q2 24 | $19.4B | $577.4M | ||
| Q1 24 | $19.3B | $570.6M |
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 | $27.3M |
| Free Cash FlowOCF − Capex | $75.5M | $16.3M |
| FCF MarginFCF / Revenue | 35.5% | 13.1% |
| Capex IntensityCapex / Revenue | 1.6% | 8.8% |
| Cash ConversionOCF / Net Profit | 1.05× | 14.22× |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $21.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $27.3M | ||
| Q3 25 | $52.2M | $-8.1M | ||
| Q2 25 | $106.7M | $40.8M | ||
| Q1 25 | $13.3M | $-9.8M | ||
| Q4 24 | $42.9M | $-7.4M | ||
| Q3 24 | $70.2M | $-30.8M | ||
| Q2 24 | $65.6M | $43.7M | ||
| Q1 24 | $51.1M | $25.2M |
| Q4 25 | $75.5M | $16.3M | ||
| Q3 25 | $49.7M | $-12.4M | ||
| Q2 25 | $102.5M | $33.5M | ||
| Q1 25 | $11.3M | $-16.1M | ||
| Q4 24 | $36.5M | $-10.7M | ||
| Q3 24 | $64.4M | $-35.5M | ||
| Q2 24 | $61.9M | $38.2M | ||
| Q1 24 | $46.7M | $7.0M |
| Q4 25 | 35.5% | 13.1% | ||
| Q3 25 | 24.4% | -14.6% | ||
| Q2 25 | 69.5% | 23.8% | ||
| Q1 25 | 7.8% | -13.9% | ||
| Q4 24 | 25.2% | -8.3% | ||
| Q3 24 | 45.4% | -40.2% | ||
| Q2 24 | 44.9% | 24.0% | ||
| Q1 24 | 34.0% | 5.1% |
| Q4 25 | 1.6% | 8.8% | ||
| Q3 25 | 1.2% | 5.0% | ||
| Q2 25 | 2.9% | 5.2% | ||
| Q1 25 | 1.4% | 5.4% | ||
| Q4 24 | 4.4% | 2.5% | ||
| Q3 24 | 4.1% | 5.3% | ||
| Q2 24 | 2.7% | 3.5% | ||
| Q1 24 | 3.2% | 13.2% |
| Q4 25 | 1.05× | 14.22× | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 2.09× | 4.73× | ||
| Q1 25 | 0.30× | -4.68× | ||
| Q4 24 | 0.86× | -1.63× | ||
| Q3 24 | 1.64× | — | ||
| Q2 24 | 1.28× | 1.57× | ||
| Q1 24 | 1.07× | 3.20× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
