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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and XBP Global Holdings, Inc. (XBP). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $152.4M, roughly 1.4× XBP Global Holdings, Inc.). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs -200.7%, a 236.1% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs -34.7%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $10.5M).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
INDB vs XBP — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $152.4M |
| Net Profit | $75.3M | $-305.8M |
| Gross Margin | — | 21.7% |
| Operating Margin | — | -191.7% |
| Net Margin | 35.5% | -200.7% |
| Revenue YoY | 46.9% | -34.7% |
| Net Profit YoY | 50.6% | -980.1% |
| EPS (diluted) | $1.51 | $-2.60 |
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 | — | ||
| Q3 25 | $203.3M | $152.4M | ||
| Q2 25 | $147.5M | — | ||
| Q1 25 | $145.5M | — | ||
| Q4 24 | $144.7M | — | ||
| Q3 24 | $141.7M | $233.4M | ||
| Q2 24 | $137.9M | — | ||
| Q1 24 | $137.4M | — |
| Q4 25 | $75.3M | — | ||
| Q3 25 | $34.3M | $-305.8M | ||
| Q2 25 | $51.1M | — | ||
| Q1 25 | $44.4M | — | ||
| Q4 24 | $50.0M | — | ||
| Q3 24 | $42.9M | $-28.3M | ||
| Q2 24 | $51.3M | — | ||
| Q1 24 | $47.8M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 21.7% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 18.9% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | 21.8% | -191.7% | ||
| Q2 25 | 44.6% | — | ||
| Q1 25 | 39.3% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 39.0% | 0.9% | ||
| Q2 24 | 48.1% | — | ||
| Q1 24 | 45.5% | — |
| Q4 25 | 35.5% | — | ||
| Q3 25 | 16.8% | -200.7% | ||
| Q2 25 | 34.6% | — | ||
| Q1 25 | 30.5% | — | ||
| Q4 24 | 34.6% | — | ||
| Q3 24 | 30.3% | -12.1% | ||
| Q2 24 | 37.2% | — | ||
| Q1 24 | 34.8% | — |
| Q4 25 | $1.51 | — | ||
| Q3 25 | $0.69 | $-2.60 | ||
| Q2 25 | $1.20 | — | ||
| Q1 25 | $1.04 | — | ||
| Q4 24 | $1.18 | — | ||
| Q3 24 | $1.01 | $-0.09 | ||
| Q2 24 | $1.21 | — | ||
| Q1 24 | $1.12 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $34.5M |
| Total DebtLower is stronger | — | $381.5M |
| Stockholders' EquityBook value | $3.6B | $130.5M |
| Total Assets | $24.9B | $947.9M |
| Debt / EquityLower = less leverage | — | 2.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | $34.5M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $7.8M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $381.5M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $31.5M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.5B | $130.5M | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $3.0B | $-1.3B | ||
| Q2 24 | $2.9B | — | ||
| Q1 24 | $2.9B | — |
| Q4 25 | $24.9B | — | ||
| Q3 25 | $25.0B | $947.9M | ||
| Q2 25 | $20.0B | — | ||
| Q1 25 | $19.9B | — | ||
| Q4 24 | $19.4B | — | ||
| Q3 24 | $19.4B | $99.6M | ||
| Q2 24 | $19.4B | — | ||
| Q1 24 | $19.3B | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 2.92× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $13.9M |
| Free Cash FlowOCF − Capex | $75.5M | $10.5M |
| FCF MarginFCF / Revenue | 35.5% | 6.9% |
| Capex IntensityCapex / Revenue | 1.6% | 2.2% |
| Cash ConversionOCF / Net Profit | 1.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | — | ||
| Q3 25 | $52.2M | $13.9M | ||
| Q2 25 | $106.7M | — | ||
| Q1 25 | $13.3M | — | ||
| Q4 24 | $42.9M | — | ||
| Q3 24 | $70.2M | $-1.5M | ||
| Q2 24 | $65.6M | — | ||
| Q1 24 | $51.1M | — |
| Q4 25 | $75.5M | — | ||
| Q3 25 | $49.7M | $10.5M | ||
| Q2 25 | $102.5M | — | ||
| Q1 25 | $11.3M | — | ||
| Q4 24 | $36.5M | — | ||
| Q3 24 | $64.4M | $-6.1M | ||
| Q2 24 | $61.9M | — | ||
| Q1 24 | $46.7M | — |
| Q4 25 | 35.5% | — | ||
| Q3 25 | 24.4% | 6.9% | ||
| Q2 25 | 69.5% | — | ||
| Q1 25 | 7.8% | — | ||
| Q4 24 | 25.2% | — | ||
| Q3 24 | 45.4% | -2.6% | ||
| Q2 24 | 44.9% | — | ||
| Q1 24 | 34.0% | — |
| Q4 25 | 1.6% | — | ||
| Q3 25 | 1.2% | 2.2% | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 1.4% | — | ||
| Q4 24 | 4.4% | — | ||
| Q3 24 | 4.1% | 2.0% | ||
| Q2 24 | 2.7% | — | ||
| Q1 24 | 3.2% | — |
| 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.
XBP
| Related And Non Related Party | $136.5M | 90% |
| Technology | $8.2M | 5% |
| Other | $5.7M | 4% |
| Deferred Revenue As Of July312025 | $1.9M | 1% |
