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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and Westrock Coffee Co (WEST). Click either name above to swap in a different company.
Westrock Coffee Co is the larger business by last-quarter revenue ($339.5M vs $212.5M, roughly 1.6× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs -6.6%, a 42.1% gap on every dollar of revenue. On growth, Westrock Coffee Co posted the faster year-over-year revenue change (48.3% vs 46.9%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $27.8M). Over the past eight quarters, Westrock Coffee Co's revenue compounded faster (32.8% CAGR vs 24.3%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Westrock Coffee Co is a global integrated coffee, tea and functional beverage solutions provider. It sources, roasts, manufactures and distributes coffee products, ready-to-drink beverages and custom formulations for retail, foodservice and commercial clients across North America and other key markets.
INDB vs WEST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $339.5M |
| Net Profit | $75.3M | $-22.6M |
| Gross Margin | — | 11.5% |
| Operating Margin | — | -2.6% |
| Net Margin | 35.5% | -6.6% |
| Revenue YoY | 46.9% | 48.3% |
| Net Profit YoY | 50.6% | 8.3% |
| EPS (diluted) | $1.51 | $-0.22 |
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 | $339.5M | ||
| Q3 25 | $203.3M | $354.8M | ||
| Q2 25 | $147.5M | $280.9M | ||
| Q1 25 | $145.5M | $213.8M | ||
| Q4 24 | $144.7M | $229.0M | ||
| Q3 24 | $141.7M | $220.9M | ||
| Q2 24 | $137.9M | $208.4M | ||
| Q1 24 | $137.4M | $192.5M |
| Q4 25 | $75.3M | $-22.6M | ||
| Q3 25 | $34.3M | $-19.1M | ||
| Q2 25 | $51.1M | $-21.6M | ||
| Q1 25 | $44.4M | $-27.2M | ||
| Q4 24 | $50.0M | $-24.6M | ||
| Q3 24 | $42.9M | $-14.3M | ||
| Q2 24 | $51.3M | $-17.8M | ||
| Q1 24 | $47.8M | $-23.7M |
| Q4 25 | — | 11.5% | ||
| Q3 25 | — | 11.7% | ||
| Q2 25 | — | 14.7% | ||
| Q1 25 | — | 13.6% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | — | 16.8% | ||
| Q2 24 | — | 19.9% | ||
| Q1 24 | — | 19.4% |
| Q4 25 | — | -2.6% | ||
| Q3 25 | 21.8% | -2.4% | ||
| Q2 25 | 44.6% | -5.3% | ||
| Q1 25 | 39.3% | -6.1% | ||
| Q4 24 | — | -4.3% | ||
| Q3 24 | 39.0% | -5.8% | ||
| Q2 24 | 48.1% | -7.9% | ||
| Q1 24 | 45.5% | -5.3% |
| Q4 25 | 35.5% | -6.6% | ||
| Q3 25 | 16.8% | -5.4% | ||
| Q2 25 | 34.6% | -7.7% | ||
| Q1 25 | 30.5% | -12.7% | ||
| Q4 24 | 34.6% | -10.7% | ||
| Q3 24 | 30.3% | -6.5% | ||
| Q2 24 | 37.2% | -8.5% | ||
| Q1 24 | 34.8% | -12.3% |
| Q4 25 | $1.51 | $-0.22 | ||
| Q3 25 | $0.69 | $-0.20 | ||
| Q2 25 | $1.20 | $-0.23 | ||
| Q1 25 | $1.04 | $-0.29 | ||
| Q4 24 | $1.18 | $-0.26 | ||
| Q3 24 | $1.01 | $-0.16 | ||
| Q2 24 | $1.21 | $-0.20 | ||
| Q1 24 | $1.12 | $-0.27 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $49.9M |
| Total DebtLower is stronger | — | $444.1M |
| Stockholders' EquityBook value | $3.6B | $-1.9M |
| Total Assets | $24.9B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $49.9M | ||
| Q3 25 | — | $34.0M | ||
| Q2 25 | — | $44.0M | ||
| Q1 25 | — | $33.1M | ||
| Q4 24 | — | $26.2M | ||
| Q3 24 | — | $22.4M | ||
| Q2 24 | — | $24.3M | ||
| Q1 24 | — | $12.6M |
| Q4 25 | — | $444.1M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $393.1M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.6B | $-1.9M | ||
| Q3 25 | $3.5B | $11.4M | ||
| Q2 25 | $3.1B | $18.2M | ||
| Q1 25 | $3.0B | $71.4M | ||
| Q4 24 | $3.0B | $97.5M | ||
| Q3 24 | $3.0B | $110.3M | ||
| Q2 24 | $2.9B | $81.5M | ||
| Q1 24 | $2.9B | $91.7M |
| Q4 25 | $24.9B | $1.2B | ||
| Q3 25 | $25.0B | $1.2B | ||
| Q2 25 | $20.0B | $1.2B | ||
| Q1 25 | $19.9B | $1.1B | ||
| Q4 24 | $19.4B | $1.1B | ||
| Q3 24 | $19.4B | $1.1B | ||
| Q2 24 | $19.4B | $1.1B | ||
| Q1 24 | $19.3B | $983.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.03× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $36.7M |
| Free Cash FlowOCF − Capex | $75.5M | $27.8M |
| FCF MarginFCF / Revenue | 35.5% | 8.2% |
| Capex IntensityCapex / Revenue | 1.6% | 2.6% |
| Cash ConversionOCF / Net Profit | 1.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $-107.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $36.7M | ||
| Q3 25 | $52.2M | $-26.6M | ||
| Q2 25 | $106.7M | $-7.0M | ||
| Q1 25 | $13.3M | $-22.1M | ||
| Q4 24 | $42.9M | $2.8M | ||
| Q3 24 | $70.2M | $-332.0K | ||
| Q2 24 | $65.6M | $-23.7M | ||
| Q1 24 | $51.1M | $8.0M |
| Q4 25 | $75.5M | $27.8M | ||
| Q3 25 | $49.7M | $-44.7M | ||
| Q2 25 | $102.5M | $-27.5M | ||
| Q1 25 | $11.3M | $-63.4M | ||
| Q4 24 | $36.5M | $-15.4M | ||
| Q3 24 | $64.4M | $-36.7M | ||
| Q2 24 | $61.9M | $-59.9M | ||
| Q1 24 | $46.7M | $-60.9M |
| Q4 25 | 35.5% | 8.2% | ||
| Q3 25 | 24.4% | -12.6% | ||
| Q2 25 | 69.5% | -9.8% | ||
| Q1 25 | 7.8% | -29.7% | ||
| Q4 24 | 25.2% | -6.7% | ||
| Q3 24 | 45.4% | -16.6% | ||
| Q2 24 | 44.9% | -28.7% | ||
| Q1 24 | 34.0% | -31.7% |
| Q4 25 | 1.6% | 2.6% | ||
| Q3 25 | 1.2% | 5.1% | ||
| Q2 25 | 2.9% | 7.3% | ||
| Q1 25 | 1.4% | 19.3% | ||
| Q4 24 | 4.4% | 7.9% | ||
| Q3 24 | 4.1% | 16.5% | ||
| Q2 24 | 2.7% | 17.4% | ||
| Q1 24 | 3.2% | 35.8% |
| 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.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
WEST
| Coffee And Tea | $202.6M | 60% |
| Flavors Extracts And Ingredients | $69.6M | 21% |
| Sustainable Sourcing And Traceability Segments | $66.9M | 20% |
