vs
Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and Bristow Group Inc. (VTOL). Click either name above to swap in a different company.
Bristow Group Inc. is the larger business by last-quarter revenue ($377.3M vs $212.5M, roughly 1.8× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 4.9%, a 30.6% 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 $47.8M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 5.8%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Bristow Helicopters Limited is a British civil helicopter operator originally based at Aberdeen Airport, Scotland, which is currently a part of the U.S.-based Bristow Group which in turn has its corporate headquarters in Houston, Texas, U.S. In 2020, Bristow Group was merged with Era Helicopters, a large U.S.-based commercial helicopter operator that was previously a division of Era Aviation, with the two companies then continuing to use the Bristow name.
INDB vs VTOL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $377.3M |
| Net Profit | $75.3M | $18.4M |
| Gross Margin | — | — |
| Operating Margin | — | 8.5% |
| Net Margin | 35.5% | 4.9% |
| Revenue YoY | 46.9% | 6.7% |
| Net Profit YoY | 50.6% | -42.1% |
| EPS (diluted) | $1.51 | $0.61 |
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 | $377.3M | ||
| Q3 25 | $203.3M | $386.3M | ||
| Q2 25 | $147.5M | $376.4M | ||
| Q1 25 | $145.5M | $350.5M | ||
| Q4 24 | $144.7M | $353.5M | ||
| Q3 24 | $141.7M | $365.1M | ||
| Q2 24 | $137.9M | $359.7M | ||
| Q1 24 | $137.4M | $337.1M |
| Q4 25 | $75.3M | $18.4M | ||
| Q3 25 | $34.3M | $51.5M | ||
| Q2 25 | $51.1M | $31.7M | ||
| Q1 25 | $44.4M | $27.4M | ||
| Q4 24 | $50.0M | $31.8M | ||
| Q3 24 | $42.9M | $28.2M | ||
| Q2 24 | $51.3M | $28.2M | ||
| Q1 24 | $47.8M | $6.6M |
| Q4 25 | — | 8.5% | ||
| Q3 25 | 21.8% | 13.1% | ||
| Q2 25 | 44.6% | 11.3% | ||
| Q1 25 | 39.3% | 9.6% | ||
| Q4 24 | — | 9.0% | ||
| Q3 24 | 39.0% | 9.1% | ||
| Q2 24 | 48.1% | 12.4% | ||
| Q1 24 | 45.5% | 6.8% |
| Q4 25 | 35.5% | 4.9% | ||
| Q3 25 | 16.8% | 13.3% | ||
| Q2 25 | 34.6% | 8.4% | ||
| Q1 25 | 30.5% | 7.8% | ||
| Q4 24 | 34.6% | 9.0% | ||
| Q3 24 | 30.3% | 7.7% | ||
| Q2 24 | 37.2% | 7.8% | ||
| Q1 24 | 34.8% | 2.0% |
| Q4 25 | $1.51 | $0.61 | ||
| Q3 25 | $0.69 | $1.72 | ||
| Q2 25 | $1.20 | $1.07 | ||
| Q1 25 | $1.04 | $0.92 | ||
| Q4 24 | $1.18 | $1.07 | ||
| Q3 24 | $1.01 | $0.95 | ||
| Q2 24 | $1.21 | $0.96 | ||
| Q1 24 | $1.12 | $0.23 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $286.2M |
| Total DebtLower is stronger | — | $671.5M |
| Stockholders' EquityBook value | $3.6B | $1.1B |
| Total Assets | $24.9B | $2.3B |
| Debt / EquityLower = less leverage | — | 0.63× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $286.2M | ||
| Q3 25 | — | $245.5M | ||
| Q2 25 | — | $251.8M | ||
| Q1 25 | — | $191.1M | ||
| Q4 24 | — | $247.5M | ||
| Q3 24 | — | $200.3M | ||
| Q2 24 | — | $178.6M | ||
| Q1 24 | — | $140.6M |
| Q4 25 | — | $671.5M | ||
| Q3 25 | — | $675.0M | ||
| Q2 25 | — | $705.2M | ||
| Q1 25 | — | $701.9M | ||
| Q4 24 | — | $689.8M | ||
| Q3 24 | — | $629.1M | ||
| Q2 24 | — | $594.2M | ||
| Q1 24 | — | $544.1M |
| Q4 25 | $3.6B | $1.1B | ||
| Q3 25 | $3.5B | $1.0B | ||
| Q2 25 | $3.1B | $984.4M | ||
| Q1 25 | $3.0B | $931.7M | ||
| Q4 24 | $3.0B | $891.7M | ||
| Q3 24 | $3.0B | $899.2M | ||
| Q2 24 | $2.9B | $849.1M | ||
| Q1 24 | $2.9B | $820.7M |
| Q4 25 | $24.9B | $2.3B | ||
| Q3 25 | $25.0B | $2.3B | ||
| Q2 25 | $20.0B | $2.3B | ||
| Q1 25 | $19.9B | $2.2B | ||
| Q4 24 | $19.4B | $2.1B | ||
| Q3 24 | $19.4B | $2.1B | ||
| Q2 24 | $19.4B | $2.0B | ||
| Q1 24 | $19.3B | $1.9B |
| Q4 25 | — | 0.63× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | 0.77× | ||
| Q3 24 | — | 0.70× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | — | 0.66× |
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 | $76.9M |
| Free Cash FlowOCF − Capex | $75.5M | $47.8M |
| FCF MarginFCF / Revenue | 35.5% | 12.7% |
| Capex IntensityCapex / Revenue | 1.6% | 7.7% |
| Cash ConversionOCF / Net Profit | 1.05× | 4.17× |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $56.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $76.9M | ||
| Q3 25 | $52.2M | $23.1M | ||
| Q2 25 | $106.7M | $99.0M | ||
| Q1 25 | $13.3M | $-603.0K | ||
| Q4 24 | $42.9M | $51.1M | ||
| Q3 24 | $70.2M | $66.0M | ||
| Q2 24 | $65.6M | $33.7M | ||
| Q1 24 | $51.1M | $26.7M |
| Q4 25 | $75.5M | $47.8M | ||
| Q3 25 | $49.7M | $-6.2M | ||
| Q2 25 | $102.5M | $67.4M | ||
| Q1 25 | $11.3M | $-52.7M | ||
| Q4 24 | $36.5M | $-32.4M | ||
| Q3 24 | $64.4M | $9.0M | ||
| Q2 24 | $61.9M | $-16.7M | ||
| Q1 24 | $46.7M | $-37.9M |
| Q4 25 | 35.5% | 12.7% | ||
| Q3 25 | 24.4% | -1.6% | ||
| Q2 25 | 69.5% | 17.9% | ||
| Q1 25 | 7.8% | -15.0% | ||
| Q4 24 | 25.2% | -9.2% | ||
| Q3 24 | 45.4% | 2.5% | ||
| Q2 24 | 44.9% | -4.6% | ||
| Q1 24 | 34.0% | -11.2% |
| Q4 25 | 1.6% | 7.7% | ||
| Q3 25 | 1.2% | 7.6% | ||
| Q2 25 | 2.9% | 8.4% | ||
| Q1 25 | 1.4% | 14.9% | ||
| Q4 24 | 4.4% | 23.6% | ||
| Q3 24 | 4.1% | 15.6% | ||
| Q2 24 | 2.7% | 14.0% | ||
| Q1 24 | 3.2% | 19.2% |
| Q4 25 | 1.05× | 4.17× | ||
| Q3 25 | 1.52× | 0.45× | ||
| Q2 25 | 2.09× | 3.12× | ||
| Q1 25 | 0.30× | -0.02× | ||
| Q4 24 | 0.86× | 1.61× | ||
| Q3 24 | 1.64× | 2.34× | ||
| Q2 24 | 1.28× | 1.20× | ||
| Q1 24 | 1.07× | 4.04× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
VTOL
| Offshore Energy Services | $247.5M | 66% |
| Government Services | $100.1M | 27% |
| Other | $21.9M | 6% |
| Related Party | $7.8M | 2% |
