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Side-by-side financial comparison of APPFOLIO INC (APPF) and INDEPENDENT BANK CORP (INDB). Click either name above to swap in a different company.
APPFOLIO INC is the larger business by last-quarter revenue ($262.2M vs $212.5M, roughly 1.2× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 16.2%, a 19.3% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 20.4%). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 15.3%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
APPF vs INDB — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $212.5M |
| Net Profit | $42.4M | $75.3M |
| Gross Margin | — | — |
| Operating Margin | 19.4% | — |
| Net Margin | 16.2% | 35.5% |
| Revenue YoY | 20.4% | 46.9% |
| Net Profit YoY | 35.2% | 50.6% |
| EPS (diluted) | $1.18 | $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.
| Q1 26 | $262.2M | — | ||
| Q4 25 | $248.2M | $212.5M | ||
| Q3 25 | $249.4M | $203.3M | ||
| Q2 25 | $235.6M | $147.5M | ||
| Q1 25 | $217.7M | $145.5M | ||
| Q4 24 | $203.7M | $144.7M | ||
| Q3 24 | $205.7M | $141.7M | ||
| Q2 24 | $197.4M | $137.9M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $75.3M | ||
| Q3 25 | $33.6M | $34.3M | ||
| Q2 25 | $36.0M | $51.1M | ||
| Q1 25 | $31.4M | $44.4M | ||
| Q4 24 | $102.7M | $50.0M | ||
| Q3 24 | $33.0M | $42.9M | ||
| Q2 24 | $29.7M | $51.3M |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | — | ||
| Q3 25 | 14.1% | 21.8% | ||
| Q2 25 | 17.2% | 44.6% | ||
| Q1 25 | 15.5% | 39.3% | ||
| Q4 24 | 11.3% | — | ||
| Q3 24 | 20.7% | 39.0% | ||
| Q2 24 | 18.3% | 48.1% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | 35.5% | ||
| Q3 25 | 13.5% | 16.8% | ||
| Q2 25 | 15.3% | 34.6% | ||
| Q1 25 | 14.4% | 30.5% | ||
| Q4 24 | 50.4% | 34.6% | ||
| Q3 24 | 16.0% | 30.3% | ||
| Q2 24 | 15.0% | 37.2% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $1.51 | ||
| Q3 25 | $0.93 | $0.69 | ||
| Q2 25 | $0.99 | $1.20 | ||
| Q1 25 | $0.86 | $1.04 | ||
| Q4 24 | $2.79 | $1.18 | ||
| Q3 24 | $0.90 | $1.01 | ||
| Q2 24 | $0.81 | $1.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $147.4M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $470.2M | $3.6B |
| Total Assets | $580.6M | $24.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | — | ||
| Q3 25 | $76.1M | — | ||
| Q2 25 | $73.5M | — | ||
| Q1 25 | $56.9M | — | ||
| Q4 24 | $42.5M | — | ||
| Q3 24 | $62.4M | — | ||
| Q2 24 | $59.6M | — |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $3.6B | ||
| Q3 25 | $498.9M | $3.5B | ||
| Q2 25 | $455.6M | $3.1B | ||
| Q1 25 | $462.1M | $3.0B | ||
| Q4 24 | $519.3M | $3.0B | ||
| Q3 24 | $412.8M | $3.0B | ||
| Q2 24 | $371.4M | $2.9B |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $24.9B | ||
| Q3 25 | $640.5M | $25.0B | ||
| Q2 25 | $567.4M | $20.0B | ||
| Q1 25 | $564.7M | $19.9B | ||
| Q4 24 | $626.7M | $19.4B | ||
| Q3 24 | $523.3M | $19.4B | ||
| Q2 24 | $479.3M | $19.4B |
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 | $34.3M | $78.9M |
| Free Cash FlowOCF − Capex | — | $75.5M |
| FCF MarginFCF / Revenue | — | 35.5% |
| Capex IntensityCapex / Revenue | — | 1.6% |
| Cash ConversionOCF / Net Profit | 0.81× | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | — | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $78.9M | ||
| Q3 25 | $86.0M | $52.2M | ||
| Q2 25 | $52.6M | $106.7M | ||
| Q1 25 | $38.5M | $13.3M | ||
| Q4 24 | $36.6M | $42.9M | ||
| Q3 24 | $57.8M | $70.2M | ||
| Q2 24 | $50.9M | $65.6M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $75.5M | ||
| Q3 25 | $84.7M | $49.7M | ||
| Q2 25 | $52.4M | $102.5M | ||
| Q1 25 | $38.2M | $11.3M | ||
| Q4 24 | $36.4M | $36.5M | ||
| Q3 24 | $57.4M | $64.4M | ||
| Q2 24 | $50.8M | $61.9M |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | 35.5% | ||
| Q3 25 | 34.0% | 24.4% | ||
| Q2 25 | 22.2% | 69.5% | ||
| Q1 25 | 17.6% | 7.8% | ||
| Q4 24 | 17.9% | 25.2% | ||
| Q3 24 | 27.9% | 45.4% | ||
| Q2 24 | 25.8% | 44.9% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 1.6% | ||
| Q3 25 | 0.5% | 1.2% | ||
| Q2 25 | 0.1% | 2.9% | ||
| Q1 25 | 0.1% | 1.4% | ||
| Q4 24 | 0.1% | 4.4% | ||
| Q3 24 | 0.2% | 4.1% | ||
| Q2 24 | 0.0% | 2.7% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | 1.05× | ||
| Q3 25 | 2.56× | 1.52× | ||
| Q2 25 | 1.46× | 2.09× | ||
| Q1 25 | 1.23× | 0.30× | ||
| Q4 24 | 0.36× | 0.86× | ||
| Q3 24 | 1.75× | 1.64× | ||
| Q2 24 | 1.71× | 1.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APPF
| Value Added Services | $201.4M | 77% |
| Subscription Services | $58.2M | 22% |
INDB
Segment breakdown not available.
