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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and Urban Edge Properties (UE). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $132.6M, roughly 1.6× Urban Edge Properties). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 17.1%, a 18.4% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 12.2%). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 11.6%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Urban Edge Properties is a publicly traded real estate investment trust (REIT) that owns, operates, and develops high-quality retail and mixed-use properties, primarily located in densely populated urban and suburban markets across the United States. Its portfolio covers grocery-anchored shopping centers, lifestyle outlets, and community-focused commercial assets.
INDB vs UE — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $132.6M |
| Net Profit | $75.3M | $22.6M |
| Gross Margin | — | — |
| Operating Margin | — | — |
| Net Margin | 35.5% | 17.1% |
| Revenue YoY | 46.9% | 12.2% |
| Net Profit YoY | 50.6% | -6.7% |
| EPS (diluted) | $1.51 | $0.18 |
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.
| Q1 26 | — | $132.6M | ||
| Q4 25 | $212.5M | $119.6M | ||
| Q3 25 | $203.3M | $120.1M | ||
| Q2 25 | $147.5M | $114.1M | ||
| Q1 25 | $145.5M | $118.2M | ||
| Q4 24 | $144.7M | $116.4M | ||
| Q3 24 | $141.7M | $112.4M | ||
| Q2 24 | $137.9M | $106.5M |
| Q1 26 | — | $22.6M | ||
| Q4 25 | $75.3M | $12.4M | ||
| Q3 25 | $34.3M | $14.9M | ||
| Q2 25 | $51.1M | $58.0M | ||
| Q1 25 | $44.4M | $8.2M | ||
| Q4 24 | $50.0M | $30.1M | ||
| Q3 24 | $42.9M | $9.1M | ||
| Q2 24 | $51.3M | $30.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 11.3% | ||
| Q3 25 | 21.8% | 13.4% | ||
| Q2 25 | 44.6% | 53.9% | ||
| Q1 25 | 39.3% | 7.6% | ||
| Q4 24 | — | 27.6% | ||
| Q3 24 | 39.0% | 8.9% | ||
| Q2 24 | 48.1% | 30.6% |
| Q1 26 | — | 17.1% | ||
| Q4 25 | 35.5% | 10.4% | ||
| Q3 25 | 16.8% | 12.4% | ||
| Q2 25 | 34.6% | 50.8% | ||
| Q1 25 | 30.5% | 6.9% | ||
| Q4 24 | 34.6% | 25.9% | ||
| Q3 24 | 30.3% | 8.1% | ||
| Q2 24 | 37.2% | 28.9% |
| Q1 26 | — | $0.18 | ||
| Q4 25 | $1.51 | $0.09 | ||
| Q3 25 | $0.69 | $0.12 | ||
| Q2 25 | $1.20 | $0.46 | ||
| Q1 25 | $1.04 | $0.07 | ||
| Q4 24 | $1.18 | $0.25 | ||
| Q3 24 | $1.01 | $0.07 | ||
| Q2 24 | $1.21 | $0.26 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $50.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | $1.4B |
| Total Assets | $24.9B | $3.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $50.0M | ||
| Q4 25 | — | $48.9M | ||
| Q3 25 | — | $77.8M | ||
| Q2 25 | — | $53.0M | ||
| Q1 25 | — | $48.0M | ||
| Q4 24 | — | $41.4M | ||
| Q3 24 | — | $67.9M | ||
| Q2 24 | — | $78.6M |
| Q1 26 | — | $1.4B | ||
| Q4 25 | $3.6B | $1.4B | ||
| Q3 25 | $3.5B | $1.4B | ||
| Q2 25 | $3.1B | $1.4B | ||
| Q1 25 | $3.0B | $1.4B | ||
| Q4 24 | $3.0B | $1.4B | ||
| Q3 24 | $3.0B | $1.3B | ||
| Q2 24 | $2.9B | $1.3B |
| Q1 26 | — | $3.4B | ||
| Q4 25 | $24.9B | $3.3B | ||
| Q3 25 | $25.0B | $3.3B | ||
| Q2 25 | $20.0B | $3.3B | ||
| Q1 25 | $19.9B | $3.3B | ||
| Q4 24 | $19.4B | $3.3B | ||
| Q3 24 | $19.4B | $3.2B | ||
| Q2 24 | $19.4B | $3.2B |
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 | $39.1M |
| Free Cash FlowOCF − Capex | $75.5M | — |
| FCF MarginFCF / Revenue | 35.5% | — |
| Capex IntensityCapex / Revenue | 1.6% | 1.5% |
| Cash ConversionOCF / Net Profit | 1.05× | 1.73× |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $39.1M | ||
| Q4 25 | $78.9M | $182.7M | ||
| Q3 25 | $52.2M | $55.7M | ||
| Q2 25 | $106.7M | $43.5M | ||
| Q1 25 | $13.3M | $32.6M | ||
| Q4 24 | $42.9M | $153.2M | ||
| Q3 24 | $70.2M | $36.6M | ||
| Q2 24 | $65.6M | $41.2M |
| Q1 26 | — | — | ||
| Q4 25 | $75.5M | $81.8M | ||
| Q3 25 | $49.7M | $26.1M | ||
| Q2 25 | $102.5M | $19.6M | ||
| Q1 25 | $11.3M | $11.9M | ||
| Q4 24 | $36.5M | $42.5M | ||
| Q3 24 | $64.4M | $12.2M | ||
| Q2 24 | $61.9M | $19.9M |
| Q1 26 | — | — | ||
| Q4 25 | 35.5% | 68.4% | ||
| Q3 25 | 24.4% | 21.7% | ||
| Q2 25 | 69.5% | 17.2% | ||
| Q1 25 | 7.8% | 10.0% | ||
| Q4 24 | 25.2% | 36.6% | ||
| Q3 24 | 45.4% | 10.8% | ||
| Q2 24 | 44.9% | 18.6% |
| Q1 26 | — | 1.5% | ||
| Q4 25 | 1.6% | 84.4% | ||
| Q3 25 | 1.2% | 24.6% | ||
| Q2 25 | 2.9% | 20.9% | ||
| Q1 25 | 1.4% | 17.5% | ||
| Q4 24 | 4.4% | 95.1% | ||
| Q3 24 | 4.1% | 21.7% | ||
| Q2 24 | 2.7% | 20.1% |
| Q1 26 | — | 1.73× | ||
| Q4 25 | 1.05× | 14.71× | ||
| Q3 25 | 1.52× | 3.73× | ||
| Q2 25 | 2.09× | 0.75× | ||
| Q1 25 | 0.30× | 3.97× | ||
| Q4 24 | 0.86× | 5.09× | ||
| Q3 24 | 1.64× | 4.03× | ||
| Q2 24 | 1.28× | 1.34× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
UE
| Rental revenue | $124.2M | 94% |
| Other | $8.4M | 6% |
