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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $183.8M, roughly 1.2× Wheels Up Experience Inc.). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs -15.7%, a 51.2% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs -10.2%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $-58.3M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs -3.4%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
INDB vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $183.8M |
| Net Profit | $75.3M | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | — | -0.9% |
| Net Margin | 35.5% | -15.7% |
| Revenue YoY | 46.9% | -10.2% |
| Net Profit YoY | 50.6% | 67.0% |
| 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 | $183.8M | ||
| Q3 25 | $203.3M | $185.5M | ||
| Q2 25 | $147.5M | $189.6M | ||
| Q1 25 | $145.5M | $177.5M | ||
| Q4 24 | $144.7M | $204.8M | ||
| Q3 24 | $141.7M | $193.9M | ||
| Q2 24 | $137.9M | $196.3M | ||
| Q1 24 | $137.4M | $197.1M |
| Q4 25 | $75.3M | $-28.9M | ||
| Q3 25 | $34.3M | $-83.7M | ||
| Q2 25 | $51.1M | $-82.3M | ||
| Q1 25 | $44.4M | $-99.3M | ||
| Q4 24 | $50.0M | $-87.5M | ||
| Q3 24 | $42.9M | $-57.7M | ||
| Q2 24 | $51.3M | $-97.0M | ||
| Q1 24 | $47.8M | $-97.4M |
| Q4 25 | — | 14.3% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 10.8% | ||
| Q4 24 | — | 13.9% | ||
| Q3 24 | — | 13.9% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | -0.6% |
| Q4 25 | — | -0.9% | ||
| Q3 25 | 21.8% | -33.1% | ||
| Q2 25 | 44.6% | -31.4% | ||
| Q1 25 | 39.3% | -45.5% | ||
| Q4 24 | — | -26.0% | ||
| Q3 24 | 39.0% | -21.6% | ||
| Q2 24 | 48.1% | -40.3% | ||
| Q1 24 | 45.5% | -42.9% |
| Q4 25 | 35.5% | -15.7% | ||
| Q3 25 | 16.8% | -45.1% | ||
| Q2 25 | 34.6% | -43.4% | ||
| Q1 25 | 30.5% | -55.9% | ||
| Q4 24 | 34.6% | -42.7% | ||
| Q3 24 | 30.3% | -29.8% | ||
| Q2 24 | 37.2% | -49.4% | ||
| Q1 24 | 34.8% | -49.4% |
| Q4 25 | $1.51 | $-0.04 | ||
| Q3 25 | $0.69 | $-0.12 | ||
| Q2 25 | $1.20 | $-0.12 | ||
| Q1 25 | $1.04 | $-0.14 | ||
| Q4 24 | $1.18 | $-0.13 | ||
| Q3 24 | $1.01 | $-0.08 | ||
| Q2 24 | $1.21 | $-0.14 | ||
| Q1 24 | $1.12 | $-0.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $3.6B | $-392.1M |
| Total Assets | $24.9B | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $133.9M | ||
| Q3 25 | — | $125.3M | ||
| Q2 25 | — | $107.0M | ||
| Q1 25 | — | $171.8M | ||
| Q4 24 | — | $216.4M | ||
| Q3 24 | — | $115.9M | ||
| Q2 24 | — | $141.5M | ||
| Q1 24 | — | $180.9M |
| Q4 25 | — | $671.3M | ||
| Q3 25 | — | $766.5M | ||
| Q2 25 | — | $770.5M | ||
| Q1 25 | — | $765.8M | ||
| Q4 24 | — | $761.3M | ||
| Q3 24 | — | $596.9M | ||
| Q2 24 | — | $597.4M | ||
| Q1 24 | — | $603.2M |
| Q4 25 | $3.6B | $-392.1M | ||
| Q3 25 | $3.5B | $-374.5M | ||
| Q2 25 | $3.1B | $-347.8M | ||
| Q1 25 | $3.0B | $-288.1M | ||
| Q4 24 | $3.0B | $-202.1M | ||
| Q3 24 | $3.0B | $-117.7M | ||
| Q2 24 | $2.9B | $-72.2M | ||
| Q1 24 | $2.9B | $936.0K |
| Q4 25 | $24.9B | $968.8M | ||
| Q3 25 | $25.0B | $973.0M | ||
| Q2 25 | $20.0B | $1.0B | ||
| Q1 25 | $19.9B | $1.1B | ||
| Q4 24 | $19.4B | $1.2B | ||
| Q3 24 | $19.4B | $1.0B | ||
| Q2 24 | $19.4B | $1.1B | ||
| Q1 24 | $19.3B | $1.2B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 644.43× |
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 | $-18.4M |
| Free Cash FlowOCF − Capex | $75.5M | $-58.3M |
| FCF MarginFCF / Revenue | 35.5% | -31.7% |
| Capex IntensityCapex / Revenue | 1.6% | 21.7% |
| Cash ConversionOCF / Net Profit | 1.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $-18.4M | ||
| Q3 25 | $52.2M | $-37.1M | ||
| Q2 25 | $106.7M | $-62.9M | ||
| Q1 25 | $13.3M | $-47.9M | ||
| Q4 24 | $42.9M | $37.9M | ||
| Q3 24 | $70.2M | $-16.9M | ||
| Q2 24 | $65.6M | $-25.2M | ||
| Q1 24 | $51.1M | $-73.8M |
| Q4 25 | $75.5M | $-58.3M | ||
| Q3 25 | $49.7M | $-60.4M | ||
| Q2 25 | $102.5M | $-78.6M | ||
| Q1 25 | $11.3M | $-62.6M | ||
| Q4 24 | $36.5M | $-70.2M | ||
| Q3 24 | $64.4M | $-21.9M | ||
| Q2 24 | $61.9M | $-30.8M | ||
| Q1 24 | $46.7M | $-77.8M |
| Q4 25 | 35.5% | -31.7% | ||
| Q3 25 | 24.4% | -32.6% | ||
| Q2 25 | 69.5% | -41.5% | ||
| Q1 25 | 7.8% | -35.3% | ||
| Q4 24 | 25.2% | -34.3% | ||
| Q3 24 | 45.4% | -11.3% | ||
| Q2 24 | 44.9% | -15.7% | ||
| Q1 24 | 34.0% | -39.5% |
| Q4 25 | 1.6% | 21.7% | ||
| Q3 25 | 1.2% | 12.5% | ||
| Q2 25 | 2.9% | 8.3% | ||
| Q1 25 | 1.4% | 8.3% | ||
| Q4 24 | 4.4% | 52.8% | ||
| Q3 24 | 4.1% | 2.6% | ||
| Q2 24 | 2.7% | 2.9% | ||
| Q1 24 | 3.2% | 2.0% |
| Q4 25 | 1.05× | — | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 2.09× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.86× | — | ||
| 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.
