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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and XPLR Infrastructure, LP (XIFR). Click either name above to swap in a different company.
XPLR Infrastructure, LP is the larger business by last-quarter revenue ($249.0M vs $212.5M, roughly 1.2× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 11.2%, a 24.2% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs -15.3%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $-88.0M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs -1.6%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
XPLR Infrastructure is a publicly traded subsidiary of NextEra Energy, is a Juno Beach, Florida-based renewable energy company.
INDB vs XIFR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $249.0M |
| Net Profit | $75.3M | $28.0M |
| Gross Margin | — | — |
| Operating Margin | — | -19.3% |
| Net Margin | 35.5% | 11.2% |
| Revenue YoY | 46.9% | -15.3% |
| Net Profit YoY | 50.6% | 124.3% |
| EPS (diluted) | $1.51 | — |
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 | $249.0M | ||
| Q3 25 | $203.3M | $315.0M | ||
| Q2 25 | $147.5M | $342.0M | ||
| Q1 25 | $145.5M | $282.0M | ||
| Q4 24 | $144.7M | $294.0M | ||
| Q3 24 | $141.7M | $319.0M | ||
| Q2 24 | $137.9M | $360.0M | ||
| Q1 24 | $137.4M | $257.0M |
| Q4 25 | $75.3M | $28.0M | ||
| Q3 25 | $34.3M | $-37.0M | ||
| Q2 25 | $51.1M | $79.0M | ||
| Q1 25 | $44.4M | $-98.0M | ||
| Q4 24 | $50.0M | $-115.0M | ||
| Q3 24 | $42.9M | $-40.0M | ||
| Q2 24 | $51.3M | $62.0M | ||
| Q1 24 | $47.8M | $70.0M |
| Q4 25 | — | -19.3% | ||
| Q3 25 | 21.8% | 1.6% | ||
| Q2 25 | 44.6% | 26.3% | ||
| Q1 25 | 39.3% | -82.6% | ||
| Q4 24 | — | -188.1% | ||
| Q3 24 | 39.0% | 15.4% | ||
| Q2 24 | 48.1% | 18.3% | ||
| Q1 24 | 45.5% | -8.2% |
| Q4 25 | 35.5% | 11.2% | ||
| Q3 25 | 16.8% | -11.7% | ||
| Q2 25 | 34.6% | 23.1% | ||
| Q1 25 | 30.5% | -34.8% | ||
| Q4 24 | 34.6% | -39.1% | ||
| Q3 24 | 30.3% | -12.5% | ||
| Q2 24 | 37.2% | 17.2% | ||
| Q1 24 | 34.8% | 27.2% |
| Q4 25 | $1.51 | — | ||
| Q3 25 | $0.69 | $-0.40 | ||
| Q2 25 | $1.20 | $0.84 | ||
| Q1 25 | $1.04 | $-1.05 | ||
| Q4 24 | $1.18 | — | ||
| Q3 24 | $1.01 | $-0.43 | ||
| Q2 24 | $1.21 | $0.66 | ||
| Q1 24 | $1.12 | $0.75 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $960.0M |
| Total DebtLower is stronger | — | $6.2B |
| Stockholders' EquityBook value | $3.6B | $10.9B |
| Total Assets | $24.9B | $19.6B |
| Debt / EquityLower = less leverage | — | 0.57× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $960.0M | ||
| Q3 25 | — | $711.0M | ||
| Q2 25 | — | $880.0M | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $283.0M | ||
| Q3 24 | — | $290.0M | ||
| Q2 24 | — | $281.0M | ||
| Q1 24 | — | $245.0M |
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $5.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.6B | $10.9B | ||
| Q3 25 | $3.5B | $11.0B | ||
| Q2 25 | $3.1B | $11.3B | ||
| Q1 25 | $3.0B | $12.6B | ||
| Q4 24 | $3.0B | $12.9B | ||
| Q3 24 | $3.0B | $13.6B | ||
| Q2 24 | $2.9B | $13.9B | ||
| Q1 24 | $2.9B | $14.0B |
| Q4 25 | $24.9B | $19.6B | ||
| Q3 25 | $25.0B | $19.1B | ||
| Q2 25 | $20.0B | $20.5B | ||
| Q1 25 | $19.9B | $21.4B | ||
| Q4 24 | $19.4B | $20.3B | ||
| Q3 24 | $19.4B | $20.9B | ||
| Q2 24 | $19.4B | $21.7B | ||
| Q1 24 | $19.3B | $22.3B |
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.41× | ||
| 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 | $186.0M |
| Free Cash FlowOCF − Capex | $75.5M | $-88.0M |
| FCF MarginFCF / Revenue | 35.5% | -35.3% |
| Capex IntensityCapex / Revenue | 1.6% | 110.0% |
| Cash ConversionOCF / Net Profit | 1.05× | 6.64× |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $-219.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $186.0M | ||
| Q3 25 | $52.2M | $231.0M | ||
| Q2 25 | $106.7M | $232.0M | ||
| Q1 25 | $13.3M | $90.0M | ||
| Q4 24 | $42.9M | $283.0M | ||
| Q3 24 | $70.2M | $208.0M | ||
| Q2 24 | $65.6M | $231.0M | ||
| Q1 24 | $51.1M | $78.0M |
| Q4 25 | $75.5M | $-88.0M | ||
| Q3 25 | $49.7M | $-283.0M | ||
| Q2 25 | $102.5M | $151.0M | ||
| Q1 25 | $11.3M | $1.0M | ||
| Q4 24 | $36.5M | $231.0M | ||
| Q3 24 | $64.4M | $152.0M | ||
| Q2 24 | $61.9M | $162.0M | ||
| Q1 24 | $46.7M | $14.0M |
| Q4 25 | 35.5% | -35.3% | ||
| Q3 25 | 24.4% | -89.8% | ||
| Q2 25 | 69.5% | 44.2% | ||
| Q1 25 | 7.8% | 0.4% | ||
| Q4 24 | 25.2% | 78.6% | ||
| Q3 24 | 45.4% | 47.6% | ||
| Q2 24 | 44.9% | 45.0% | ||
| Q1 24 | 34.0% | 5.4% |
| Q4 25 | 1.6% | 110.0% | ||
| Q3 25 | 1.2% | 163.2% | ||
| Q2 25 | 2.9% | 23.7% | ||
| Q1 25 | 1.4% | 31.6% | ||
| Q4 24 | 4.4% | 17.7% | ||
| Q3 24 | 4.1% | 17.6% | ||
| Q2 24 | 2.7% | 19.2% | ||
| Q1 24 | 3.2% | 24.9% |
| Q4 25 | 1.05× | 6.64× | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 2.09× | 2.94× | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.86× | — | ||
| Q3 24 | 1.64× | — | ||
| Q2 24 | 1.28× | 3.73× | ||
| Q1 24 | 1.07× | 1.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
XIFR
| Renewable Energy Sales | $238.0M | 96% |
| Related Party | $8.0M | 3% |
