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.

Independence Financials

IRT

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

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

Financial Profile 22/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Independence's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Independence's revenue grew a modest 2.8% year-over-year to $657.7M. This slow but positive growth earns a score of 33/100.

Leverage

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 89/100, indicating a strong balance sheet with room for future borrowing.

Returns

Independence generates a 1.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 13/100. This is up from 1.1% the prior year.

Piotroski F-Score Neutral

6/9

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.

Earnings Quality Cash-Backed

4.99x

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.

Key Financial Metrics

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Earnings & Revenue

Revenue

$657.7M

YoY+2.8%

5Y CAGR+25.4%

10Y CAGR+19.6%

Independence generated $657.7M in revenue in fiscal year 2025. This represents an increase of 2.8% from the prior year.

EBITDA

N/A

Net Income

$56.6M

YoY+43.9%

5Y CAGR+30.8%

10Y CAGR+6.5%

Independence reported $56.6M in net income in fiscal year 2025. This represents an increase of 43.9% from the prior year.

EPS (Diluted)

$0.24

YoY+41.2%

5Y CAGR+8.4%

10Y CAGR-11.1%

Independence earned $0.24 per diluted share (EPS) in fiscal year 2025. This represents an increase of 41.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$23.6M

YoY+11.0%

5Y CAGR+21.9%

10Y CAGR-4.7%

Independence held $23.6M in cash against $2.3B in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.67

YoY+4.7%

5Y CAGR+4.4%

Independence paid $0.67 per share in dividends in fiscal year 2025. This represents an increase of 4.7% from the prior year.

Shares Outstanding

237M

YoY+2.8%

5Y CAGR+18.4%

10Y CAGR+17.6%

Independence had 237M shares outstanding in fiscal year 2025. This represents an increase of 2.8% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

8.6%

YoY+2.5pp

5Y CAGR+1.6pp

10Y CAGR-18.9pp

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.

Return on Equity

1.6%

YoY+0.5pp

5Y CAGR-0.5pp

10Y CAGR-6.7pp

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.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$30.0M

Independence spent $30.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

IRT Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$657.7M+2.8%	$640.0M-3.2%	$661.0M+5.2%	$628.5M+151.2%	$250.3M+18.1%	$211.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	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
SG&A Expenses	$24.0M-1.2%	$24.2M+6.5%	$22.8M-13.3%	$26.3M+41.1%	$18.6M+23.3%	$15.1M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$79.0M+3.8%	$76.1M-15.3%	$89.9M+3.4%	$87.0M+138.9%	$36.4M-0.2%	$36.5M
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	$56.6M+43.9%	$39.3M+328.1%	-$17.2M-114.7%	$117.2M+163.0%	$44.6M+201.9%	$14.8M
EPS (Diluted)	$0.24+41.2%	$0.17+312.5%	$-0.08-115.1%	$0.53+29.3%	$0.41+156.2%	$0.16

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	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$6.0B-0.6%	$6.1B-3.5%	$6.3B-3.9%	$6.5B+0.4%	$6.5B+275.0%	$1.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$23.6M+11.0%	$21.2M-7.1%	$22.9M+42.1%	$16.1M-55.3%	$36.0M+311.1%	$8.8M
Inventory	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
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.4B-2.0%	$2.5B-8.5%	$2.7B-2.9%	$2.8B-2.5%	$2.9B+180.3%	$1.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$2.3B-2.2%	$2.3B-8.5%	$2.5B-3.1%	$2.6B-2.7%	$2.7B+186.1%	$945.7M
Total Equity	$3.5B+0.5%	$3.4B+0.3%	$3.4B-4.6%	$3.6B+3.3%	$3.5B+391.6%	$708.1M
Retained Earnings	-$555.3M-22.3%	-$454.1M-30.3%	-$348.4M-81.7%	-$191.7M-1.8%	-$188.4M-5.4%	-$178.8M

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	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$282.1M+8.6%	$259.8M-0.9%	$262.2M+5.1%	$249.5M+377.5%	$52.3M-30.3%	$75.0M
Capital Expenditures	N/A	N/A	N/A	N/A	$177K+110.7%	$84K
Free Cash Flow	N/A	N/A	N/A	N/A	$52.1M-30.4%	$74.9M
Investing Cash Flow	-$142.9M-593.6%	-$20.6M-1103.6%	-$1.7M+98.7%	-$135.8M+37.2%	-$216.1M-73.5%	-$124.5M
Financing Cash Flow	-$135.1M+45.2%	-$246.4M+2.9%	-$253.7M-87.4%	-$135.4M-162.7%	$215.9M+342.8%	$48.8M
Dividends Paid	$154.4M+7.2%	$144.0M+6.8%	$134.9M+27.4%	$105.8M+112.4%	$49.8M-11.2%	$56.1M
Share Buybacks	$30.0M	$0	$0	N/A	N/A	N/A

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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	8.6%+2.5pp	6.1%+8.8pp	-2.6%-21.3pp	18.6%+0.8pp	17.8%+10.8pp	7.0%
Return on Equity	1.6%+0.5pp	1.1%+1.6pp	-0.5%-3.8pp	3.3%+2.0pp	1.3%-0.8pp	2.1%
Return on Assets	0.9%+0.3pp	0.7%+0.9pp	-0.3%-2.1pp	1.8%+1.1pp	0.7%-0.2pp	0.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.66-0.0	0.68-0.1	0.74+0.0	0.73-0.0	0.78-0.6	1.34
FCF Margin	N/A	N/A	N/A	N/A	20.8%-14.5pp	35.3%

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	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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%+0.3pp	-0.0%-0.4pp	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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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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%.

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 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 to 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.

How financially healthy is Independence?

Independence (IRT) scores 22 out of 100 on our Financial Profile, indicating weak 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.