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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and Tecnoglass Inc. (TGLS). Click either name above to swap in a different company.
Tecnoglass Inc. is the larger business by last-quarter revenue ($245.3M vs $212.5M, roughly 1.2× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 10.6%, a 24.8% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 2.4%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $11.4M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 12.8%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Tecnoglass Inc. is a leading manufacturer of high-performance architectural glass, aluminum windows, doors, and associated building components. It primarily caters to residential and commercial construction sectors across North America and Latin America, offering custom, energy-efficient solutions for new construction and renovation projects.
INDB vs TGLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $245.3M |
| Net Profit | $75.3M | $26.1M |
| Gross Margin | — | 40.0% |
| Operating Margin | — | 18.3% |
| Net Margin | 35.5% | 10.6% |
| Revenue YoY | 46.9% | 2.4% |
| Net Profit YoY | 50.6% | -44.5% |
| EPS (diluted) | $1.51 | $0.57 |
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 | $245.3M | ||
| Q3 25 | $203.3M | $260.5M | ||
| Q2 25 | $147.5M | $255.5M | ||
| Q1 25 | $145.5M | $222.3M | ||
| Q4 24 | $144.7M | $239.6M | ||
| Q3 24 | $141.7M | $238.3M | ||
| Q2 24 | $137.9M | $219.7M | ||
| Q1 24 | $137.4M | $192.6M |
| Q4 25 | $75.3M | $26.1M | ||
| Q3 25 | $34.3M | $47.2M | ||
| Q2 25 | $51.1M | $44.1M | ||
| Q1 25 | $44.4M | $42.2M | ||
| Q4 24 | $50.0M | $47.0M | ||
| Q3 24 | $42.9M | $49.5M | ||
| Q2 24 | $51.3M | $35.0M | ||
| Q1 24 | $47.8M | $29.7M |
| Q4 25 | — | 40.0% | ||
| Q3 25 | — | 42.7% | ||
| Q2 25 | — | 44.7% | ||
| Q1 25 | — | 43.9% | ||
| Q4 24 | — | 44.5% | ||
| Q3 24 | — | 45.8% | ||
| Q2 24 | — | 40.8% | ||
| Q1 24 | — | 38.8% |
| Q4 25 | — | 18.3% | ||
| Q3 25 | 21.8% | 25.1% | ||
| Q2 25 | 44.6% | 24.0% | ||
| Q1 25 | 39.3% | 26.7% | ||
| Q4 24 | — | 28.0% | ||
| Q3 24 | 39.0% | 28.4% | ||
| Q2 24 | 48.1% | 23.3% | ||
| Q1 24 | 45.5% | 21.3% |
| Q4 25 | 35.5% | 10.6% | ||
| Q3 25 | 16.8% | 18.1% | ||
| Q2 25 | 34.6% | 17.3% | ||
| Q1 25 | 30.5% | 19.0% | ||
| Q4 24 | 34.6% | 19.6% | ||
| Q3 24 | 30.3% | 20.8% | ||
| Q2 24 | 37.2% | 15.9% | ||
| Q1 24 | 34.8% | 15.4% |
| Q4 25 | $1.51 | $0.57 | ||
| Q3 25 | $0.69 | $1.01 | ||
| Q2 25 | $1.20 | $0.94 | ||
| Q1 25 | $1.04 | $0.90 | ||
| Q4 24 | $1.18 | $1.00 | ||
| Q3 24 | $1.01 | $1.05 | ||
| Q2 24 | $1.21 | $0.75 | ||
| Q1 24 | $1.12 | $0.63 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $104.1M |
| Total DebtLower is stronger | — | $174.4M |
| Stockholders' EquityBook value | $3.6B | $713.1M |
| Total Assets | $24.9B | $1.3B |
| Debt / EquityLower = less leverage | — | 0.24× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $104.1M | ||
| Q3 25 | — | $127.1M | ||
| Q2 25 | — | $140.9M | ||
| Q1 25 | — | $160.2M | ||
| Q4 24 | — | $137.5M | ||
| Q3 24 | — | $124.8M | ||
| Q2 24 | — | $129.5M | ||
| Q1 24 | — | $138.8M |
| Q4 25 | — | $174.4M | ||
| Q3 25 | — | $114.7M | ||
| Q2 25 | — | $110.6M | ||
| Q1 25 | — | $110.6M | ||
| Q4 24 | — | $111.1M | ||
| Q3 24 | — | $126.8M | ||
| Q2 24 | — | $144.7M | ||
| Q1 24 | — | $160.9M |
| Q4 25 | $3.6B | $713.1M | ||
| Q3 25 | $3.5B | $764.0M | ||
| Q2 25 | $3.1B | $736.0M | ||
| Q1 25 | $3.0B | $685.1M | ||
| Q4 24 | $3.0B | $631.2M | ||
| Q3 24 | $3.0B | $613.3M | ||
| Q2 24 | $2.9B | $574.8M | ||
| Q1 24 | $2.9B | $573.6M |
| Q4 25 | $24.9B | $1.3B | ||
| Q3 25 | $25.0B | $1.2B | ||
| Q2 25 | $20.0B | $1.2B | ||
| Q1 25 | $19.9B | $1.1B | ||
| Q4 24 | $19.4B | $1.0B | ||
| Q3 24 | $19.4B | $996.3M | ||
| Q2 24 | $19.4B | $942.5M | ||
| Q1 24 | $19.3B | $981.6M |
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 0.16× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.25× | ||
| Q1 24 | — | 0.28× |
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 | $31.0M |
| Free Cash FlowOCF − Capex | $75.5M | $11.4M |
| FCF MarginFCF / Revenue | 35.5% | 4.7% |
| Capex IntensityCapex / Revenue | 1.6% | 8.0% |
| Cash ConversionOCF / Net Profit | 1.05× | 1.19× |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $31.0M | ||
| Q3 25 | $52.2M | $40.0M | ||
| Q2 25 | $106.7M | $17.9M | ||
| Q1 25 | $13.3M | $46.9M | ||
| Q4 24 | $42.9M | $61.1M | ||
| Q3 24 | $70.2M | $41.5M | ||
| Q2 24 | $65.6M | $34.5M | ||
| Q1 24 | $51.1M | $33.4M |
| Q4 25 | $75.5M | $11.4M | ||
| Q3 25 | $49.7M | $21.2M | ||
| Q2 25 | $102.5M | $-14.7M | ||
| Q1 25 | $11.3M | $16.5M | ||
| Q4 24 | $36.5M | $35.4M | ||
| Q3 24 | $64.4M | $17.8M | ||
| Q2 24 | $61.9M | $14.2M | ||
| Q1 24 | $46.7M | $23.6M |
| Q4 25 | 35.5% | 4.7% | ||
| Q3 25 | 24.4% | 8.2% | ||
| Q2 25 | 69.5% | -5.7% | ||
| Q1 25 | 7.8% | 7.4% | ||
| Q4 24 | 25.2% | 14.8% | ||
| Q3 24 | 45.4% | 7.5% | ||
| Q2 24 | 44.9% | 6.5% | ||
| Q1 24 | 34.0% | 12.2% |
| Q4 25 | 1.6% | 8.0% | ||
| Q3 25 | 1.2% | 7.2% | ||
| Q2 25 | 2.9% | 12.7% | ||
| Q1 25 | 1.4% | 13.7% | ||
| Q4 24 | 4.4% | 10.7% | ||
| Q3 24 | 4.1% | 9.9% | ||
| Q2 24 | 2.7% | 9.2% | ||
| Q1 24 | 3.2% | 5.1% |
| Q4 25 | 1.05× | 1.19× | ||
| Q3 25 | 1.52× | 0.85× | ||
| Q2 25 | 2.09× | 0.41× | ||
| Q1 25 | 0.30× | 1.11× | ||
| Q4 24 | 0.86× | 1.30× | ||
| Q3 24 | 1.64× | 0.84× | ||
| Q2 24 | 1.28× | 0.98× | ||
| Q1 24 | 1.07× | 1.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
TGLS
| Product Sales | $164.2M | 67% |
| Fixed Price Contracts | $81.1M | 33% |
| Related Party | $692.0K | 0% |
