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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and Xometry, Inc. (XMTR). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $192.4M, roughly 1.1× Xometry, Inc.). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs -4.5%, a 39.9% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 29.5%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $-5.9M). Over the past eight quarters, Xometry, Inc.'s revenue compounded faster (25.2% 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.
Xometry is an online marketplace for sourcing on-demand manufactured parts for prototyping and large-scale production.
INDB vs XMTR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $192.4M |
| Net Profit | $75.3M | $-8.6M |
| Gross Margin | — | 39.1% |
| Operating Margin | — | -4.6% |
| Net Margin | 35.5% | -4.5% |
| Revenue YoY | 46.9% | 29.5% |
| Net Profit YoY | 50.6% | 12.7% |
| 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 | $192.4M | ||
| Q3 25 | $203.3M | $180.7M | ||
| Q2 25 | $147.5M | $162.5M | ||
| Q1 25 | $145.5M | $151.0M | ||
| Q4 24 | $144.7M | $148.5M | ||
| Q3 24 | $141.7M | $141.7M | ||
| Q2 24 | $137.9M | $132.6M | ||
| Q1 24 | $137.4M | $122.7M |
| Q4 25 | $75.3M | $-8.6M | ||
| Q3 25 | $34.3M | $-11.6M | ||
| Q2 25 | $51.1M | $-26.4M | ||
| Q1 25 | $44.4M | $-15.1M | ||
| Q4 24 | $50.0M | $-9.9M | ||
| Q3 24 | $42.9M | $-10.2M | ||
| Q2 24 | $51.3M | $-13.7M | ||
| Q1 24 | $47.8M | $-16.6M |
| Q4 25 | — | 39.1% | ||
| Q3 25 | — | 39.9% | ||
| Q2 25 | — | 40.1% | ||
| Q1 25 | — | 37.3% | ||
| Q4 24 | — | 39.7% | ||
| Q3 24 | — | 39.4% | ||
| Q2 24 | — | 39.9% | ||
| Q1 24 | — | 39.0% |
| Q4 25 | — | -4.6% | ||
| Q3 25 | 21.8% | -6.1% | ||
| Q2 25 | 44.6% | -6.3% | ||
| Q1 25 | 39.3% | -10.2% | ||
| Q4 24 | — | -7.8% | ||
| Q3 24 | 39.0% | -8.1% | ||
| Q2 24 | 48.1% | -11.5% | ||
| Q1 24 | 45.5% | -14.6% |
| Q4 25 | 35.5% | -4.5% | ||
| Q3 25 | 16.8% | -6.4% | ||
| Q2 25 | 34.6% | -16.3% | ||
| Q1 25 | 30.5% | -10.0% | ||
| Q4 24 | 34.6% | -6.7% | ||
| Q3 24 | 30.3% | -7.2% | ||
| Q2 24 | 37.2% | -10.3% | ||
| Q1 24 | 34.8% | -13.5% |
| Q4 25 | $1.51 | — | ||
| Q3 25 | $0.69 | — | ||
| Q2 25 | $1.20 | — | ||
| Q1 25 | $1.04 | — | ||
| Q4 24 | $1.18 | — | ||
| Q3 24 | $1.01 | — | ||
| 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 | — | $219.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | $275.6M |
| Total Assets | $24.9B | $703.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $219.1M | ||
| Q3 25 | — | $224.5M | ||
| Q2 25 | — | $225.8M | ||
| Q1 25 | — | $231.4M | ||
| Q4 24 | — | $239.8M | ||
| Q3 24 | — | $234.0M | ||
| Q2 24 | — | $240.9M | ||
| Q1 24 | — | $253.8M |
| Q4 25 | $3.6B | $275.6M | ||
| Q3 25 | $3.5B | $272.0M | ||
| Q2 25 | $3.1B | $270.4M | ||
| Q1 25 | $3.0B | $309.9M | ||
| Q4 24 | $3.0B | $314.5M | ||
| Q3 24 | $3.0B | $315.2M | ||
| Q2 24 | $2.9B | $315.8M | ||
| Q1 24 | $2.9B | $320.4M |
| Q4 25 | $24.9B | $703.7M | ||
| Q3 25 | $25.0B | $698.9M | ||
| Q2 25 | $20.0B | $687.0M | ||
| Q1 25 | $19.9B | $690.1M | ||
| Q4 24 | $19.4B | $680.1M | ||
| Q3 24 | $19.4B | $678.2M | ||
| Q2 24 | $19.4B | $678.6M | ||
| Q1 24 | $19.3B | $692.5M |
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 | $4.4M |
| Free Cash FlowOCF − Capex | $75.5M | $-5.9M |
| FCF MarginFCF / Revenue | 35.5% | -3.0% |
| Capex IntensityCapex / Revenue | 1.6% | 5.3% |
| Cash ConversionOCF / Net Profit | 1.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $-24.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $4.4M | ||
| Q3 25 | $52.2M | $5.8M | ||
| Q2 25 | $106.7M | $-427.0K | ||
| Q1 25 | $13.3M | $-3.7M | ||
| Q4 24 | $42.9M | $9.1M | ||
| Q3 24 | $70.2M | $-3.6M | ||
| Q2 24 | $65.6M | $-9.1M | ||
| Q1 24 | $51.1M | $-11.7M |
| Q4 25 | $75.5M | $-5.9M | ||
| Q3 25 | $49.7M | $-1.7M | ||
| Q2 25 | $102.5M | $-7.4M | ||
| Q1 25 | $11.3M | $-9.2M | ||
| Q4 24 | $36.5M | $4.5M | ||
| Q3 24 | $64.4M | $-8.4M | ||
| Q2 24 | $61.9M | $-13.5M | ||
| Q1 24 | $46.7M | $-16.1M |
| Q4 25 | 35.5% | -3.0% | ||
| Q3 25 | 24.4% | -0.9% | ||
| Q2 25 | 69.5% | -4.5% | ||
| Q1 25 | 7.8% | -6.1% | ||
| Q4 24 | 25.2% | 3.1% | ||
| Q3 24 | 45.4% | -6.0% | ||
| Q2 24 | 44.9% | -10.2% | ||
| Q1 24 | 34.0% | -13.1% |
| Q4 25 | 1.6% | 5.3% | ||
| Q3 25 | 1.2% | 4.1% | ||
| Q2 25 | 2.9% | 4.3% | ||
| Q1 25 | 1.4% | 3.6% | ||
| Q4 24 | 4.4% | 3.1% | ||
| Q3 24 | 4.1% | 3.4% | ||
| Q2 24 | 2.7% | 3.3% | ||
| Q1 24 | 3.2% | 3.5% |
| 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.
XMTR
| US | $159.1M | 83% |
| Non Us | $33.3M | 17% |
