Independence Financials
This page shows Independence (IRT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Independence has an operating margin of 57.8%, meaning the company retains $58 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power.
Independence's revenue grew a modest 2.8% year-over-year to $657.7M. This slow but positive growth earns a score of 36/100.
Independence carries a low D/E ratio of 0.66, meaning only $0.66 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.
Independence generates a 1.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 7/100. This is up from 1.1% the prior year.
Independence passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Independence generates $4.99 in operating cash flow ($282.1M OCF vs $56.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Independence earns $0.0 in operating income for every $1 of interest expense ($380K vs $79.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Independence generated $657.7M in revenue in fiscal year 2025. This represents an increase of 2.8% from the prior year.
Independence's EBITDA was $623K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
Independence reported $56.6M in net income in fiscal year 2025. This represents an increase of 43.9% from the prior year.
Independence earned $0.24 per diluted share (EPS) in fiscal year 2025. This represents an increase of 41.2% from the prior year.
Independence held $23.6M in cash against $2.3B in long-term debt as of fiscal year 2025.
Independence paid $0.67 per share in dividends in fiscal year 2025. This represents an increase of 4.7% from the prior year.
Independence had 237M shares outstanding in fiscal year 2025. This represents an increase of 2.8% from the prior year.
Independence's operating margin was 57.8% in fiscal year 2025, reflecting core business profitability.
Independence's net profit margin was 8.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.5 percentage points from the prior year.
Independence's ROE was 1.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.5 percentage points from the prior year.
Independence spent $30.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
IRT Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $167.1M0.0% | $167.1M+3.1% | $162.2M+0.6% | $161.2M+0.2% | $161.0M+0.5% | $160.1M+1.1% | $158.4M-1.3% | $160.5M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | $1.9M-7.8% | $2.1M+13.7% | $1.8M |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | $4.9M-18.0% | $6.0M-28.8% | $8.4M | N/A | $4.8M-23.7% | $6.2M-25.5% | $8.4M |
| Operating Income | N/A | $2.2M+23.0% | $1.8M+33.6% | $1.3M | N/A | $1.2M-1.2% | $1.2M-90.0% | $12.3M |
| Interest Expense | N/A | $20.5M+9.0% | $18.8M-3.0% | $19.3M | N/A | $18.3M+4.9% | $17.5M-15.3% | $20.6M |
| Income Tax | N/A | $0 | $0 | $0 | N/A | $0 | $0 | $0 |
| Net Income | $33.3M+382.6% | $6.9M-14.3% | $8.0M-3.7% | $8.4M+934.6% | -$1.0M-108.1% | $12.4M+19.4% | $10.4M-41.1% | $17.6M |
| EPS (Diluted) | $0.14+366.7% | $0.030.0% | $0.03-25.0% | $0.04 | $0.00-100.0% | $0.050.0% | $0.05-37.5% | $0.08 |
IRT Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.0B-1.2% | $6.1B+2.2% | $6.0B-0.3% | $6.0B-1.2% | $6.1B+1.8% | $5.9B+0.1% | $5.9B-0.5% | $6.0B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $23.6M+1.2% | $23.3M+19.5% | $19.5M-32.9% | $29.1M+36.9% | $21.2M+20.5% | $17.6M-16.3% | $21.0M-1.1% | $21.3M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $2.4B-1.8% | $2.5B+2.7% | $2.4B+0.6% | $2.4B-3.5% | $2.5B+0.9% | $2.5B+2.2% | $2.4B-0.3% | $2.4B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $2.3B-0.6% | $2.3B+2.1% | $2.2B-0.2% | $2.3B-3.4% | $2.3B+2.1% | $2.3B+1.5% | $2.3B-1.1% | $2.3B |
| Total Equity | $3.5B-0.7% | $3.5B+1.9% | $3.4B-1.0% | $3.5B+0.4% | $3.4B+2.6% | $3.4B-1.3% | $3.4B-0.7% | $3.4B |
| Retained Earnings | -$555.3M-1.3% | -$548.3M-6.5% | -$514.6M-6.6% | -$483.0M-6.4% | -$454.1M-9.1% | -$416.2M-6.0% | -$392.6M-7.0% | -$367.0M |
IRT Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $60.2M-24.1% | $79.3M-3.5% | $82.2M+36.3% | $60.4M-4.8% | $63.4M-8.4% | $69.2M-16.6% | $83.0M+88.4% | $44.1M |
| Capital Expenditures | $1.6M | N/A | N/A | N/A | $56K-47.7% | $107K+101.2% | -$8.6M-199.0% | $8.7M |
| Free Cash Flow | $3.6M | N/A | N/A | N/A | $15.6M-32.7% | $23.1M+74.1% | $13.3M+141.0% | $5.5M |
| Investing Cash Flow | $10.1M+108.5% | -$118.6M-164.9% | -$44.8M-528.9% | $10.4M+105.5% | -$191.5M-183.3% | -$67.6M-301.2% | -$16.9M-106.6% | $255.4M |
| Financing Cash Flow | -$73.6M-254.2% | $47.7M+210.2% | -$43.3M+34.4% | -$65.9M-153.5% | $123.3M+15830.0% | -$784K+98.7% | -$60.7M+80.3% | -$308.3M |
| Dividends Paid | $40.6M+2.3% | $39.7M+7.5% | $36.9M-0.7% | $37.2M+3.4% | $36.0M0.0% | $36.0M0.0% | $36.0M-0.5% | $36.1M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
IRT Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | 17.0%+1.5pp | 15.5%-1.1pp | 16.6% | N/A | 25.2%-0.8pp | 26.0%+1.2pp | 24.8% |
| Net Margin | 19.9%+15.8pp | 4.1%-0.8pp | 5.0%-0.2pp | 5.2%+5.8pp | -0.6%-8.3pp | 7.7%+1.2pp | 6.5%-4.4pp | 10.9% |
| Return on Equity | 1.0%+0.8pp | 0.2%-0.0pp | 0.2%0.0pp | 0.2%-3.6pp | 3.9%+3.5pp | 0.4%+0.1pp | 0.3%-0.2pp | 0.5% |
| Return on Assets | 0.5%+0.4pp | 0.1%-0.0pp | 0.1%-0.0pp | 0.1%+0.2pp | -0.0%-0.2pp | 0.2%+0.0pp | 0.2%-0.1pp | 0.3% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.660.0 | 0.660.0 | 0.660.0 | 0.65-0.0 | 0.680.0 | 0.68+0.0 | 0.660.0 | 0.67 |
| FCF Margin | 22.0% | N/A | N/A | N/A | 30.3%-14.8pp | 45.1%+19.0pp | 26.1%+15.0pp | 11.1% |
Similar Companies
Frequently Asked Questions
What is Independence's annual revenue?
Independence (IRT) reported $657.7M in total revenue for fiscal year 2025. This represents a 2.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Independence's revenue growing?
Independence (IRT) revenue grew by 2.8% year-over-year, from $640.0M to $657.7M in fiscal year 2025.
Is Independence profitable?
Yes, Independence (IRT) reported a net income of $56.6M in fiscal year 2025, with a net profit margin of 8.6%.
What is Independence's earnings per share (EPS)?
Independence (IRT) reported diluted earnings per share of $0.24 for fiscal year 2025. This represents a 41.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Independence's EBITDA?
Independence (IRT) had EBITDA of $623K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Independence have?
As of fiscal year 2025, Independence (IRT) had $23.6M in cash and equivalents against $2.3B in long-term debt.
What is Independence's operating margin?
Independence (IRT) had an operating margin of 57.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Independence's net profit margin?
Independence (IRT) had a net profit margin of 8.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Independence pay dividends?
Yes, Independence (IRT) paid $0.67 per share in dividends during fiscal year 2025.
What is Independence's return on equity (ROE)?
Independence (IRT) has a return on equity of 1.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Independence's operating cash flow?
Independence (IRT) generated $282.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Independence's total assets?
Independence (IRT) had $6.0B in total assets as of fiscal year 2025, including both current and long-term assets.
Does Independence buy back shares?
Yes, Independence (IRT) spent $30.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Independence have outstanding?
Independence (IRT) had 237M shares outstanding as of fiscal year 2025.
What is Independence's debt-to-equity ratio?
Independence (IRT) had a debt-to-equity ratio of 0.66 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Independence's return on assets (ROA)?
Independence (IRT) had a return on assets of 0.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Independence's Piotroski F-Score?
Independence (IRT) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Independence's earnings high quality?
Independence (IRT) has an earnings quality ratio of 4.99x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Independence cover its interest payments?
Independence (IRT) has an interest coverage ratio of 0.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Independence?
Independence (IRT) scores 57 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.