vs
Side-by-side financial comparison of Bandwidth Inc. (BAND) and INDEPENDENT BANK CORP (INDB). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $208.8M, roughly 1.0× Bandwidth Inc.). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 1.9%, a 33.5% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 20.1%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $-1.0M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 9.7%).
Bandwidth Inc. is a communications platform as a service company. It sells software application programming interfaces for voice, text messaging and emergency services, using its own global IP voice network.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
BAND vs INDB — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $208.8M | $212.5M |
| Net Profit | $4.0M | $75.3M |
| Gross Margin | 37.3% | — |
| Operating Margin | 60.5% | — |
| Net Margin | 1.9% | 35.5% |
| Revenue YoY | 20.1% | 46.9% |
| Net Profit YoY | 200.0% | 50.6% |
| EPS (diluted) | $-0.08 | $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 | $208.8M | — | ||
| Q4 25 | $207.7M | $212.5M | ||
| Q3 25 | $191.9M | $203.3M | ||
| Q2 25 | $180.0M | $147.5M | ||
| Q1 25 | $174.2M | $145.5M | ||
| Q4 24 | $210.0M | $144.7M | ||
| Q3 24 | $193.9M | $141.7M | ||
| Q2 24 | $173.6M | $137.9M |
| Q1 26 | $4.0M | — | ||
| Q4 25 | — | $75.3M | ||
| Q3 25 | $-1.2M | $34.3M | ||
| Q2 25 | $-4.9M | $51.1M | ||
| Q1 25 | $-3.7M | $44.4M | ||
| Q4 24 | — | $50.0M | ||
| Q3 24 | $413.0K | $42.9M | ||
| Q2 24 | $4.1M | $51.3M |
| Q1 26 | 37.3% | — | ||
| Q4 25 | 37.6% | — | ||
| Q3 25 | 38.5% | — | ||
| Q2 25 | 39.8% | — | ||
| Q1 25 | 41.0% | — | ||
| Q4 24 | 36.4% | — | ||
| Q3 24 | 37.7% | — | ||
| Q2 24 | 37.3% | — |
| Q1 26 | 60.5% | — | ||
| Q4 25 | -1.9% | — | ||
| Q3 25 | -1.0% | 21.8% | ||
| Q2 25 | -2.1% | 44.6% | ||
| Q1 25 | -2.7% | 39.3% | ||
| Q4 24 | -1.3% | — | ||
| Q3 24 | -0.5% | 39.0% | ||
| Q2 24 | -3.5% | 48.1% |
| Q1 26 | 1.9% | — | ||
| Q4 25 | — | 35.5% | ||
| Q3 25 | -0.6% | 16.8% | ||
| Q2 25 | -2.7% | 34.6% | ||
| Q1 25 | -2.1% | 30.5% | ||
| Q4 24 | — | 34.6% | ||
| Q3 24 | 0.2% | 30.3% | ||
| Q2 24 | 2.3% | 37.2% |
| Q1 26 | $-0.08 | — | ||
| Q4 25 | $-0.10 | $1.51 | ||
| Q3 25 | $-0.04 | $0.69 | ||
| Q2 25 | $-0.16 | $1.20 | ||
| Q1 25 | $-0.13 | $1.04 | ||
| Q4 24 | $0.27 | $1.18 | ||
| Q3 24 | $0.01 | $1.01 | ||
| Q2 24 | $-0.17 | $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 | $47.3M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $405.7M | $3.6B |
| Total Assets | $984.2M | $24.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $47.3M | — | ||
| Q4 25 | $111.3M | — | ||
| Q3 25 | $80.4M | — | ||
| Q2 25 | $68.1M | — | ||
| Q1 25 | $41.7M | — | ||
| Q4 24 | $83.8M | — | ||
| Q3 24 | $79.9M | — | ||
| Q2 24 | $76.4M | — |
| Q1 26 | $405.7M | — | ||
| Q4 25 | $400.0M | $3.6B | ||
| Q3 25 | $392.7M | $3.5B | ||
| Q2 25 | $384.5M | $3.1B | ||
| Q1 25 | $345.4M | $3.0B | ||
| Q4 24 | $312.5M | $3.0B | ||
| Q3 24 | $336.6M | $3.0B | ||
| Q2 24 | $307.4M | $2.9B |
| Q1 26 | $984.2M | — | ||
| Q4 25 | $1.1B | $24.9B | ||
| Q3 25 | $1.0B | $25.0B | ||
| Q2 25 | $1.0B | $20.0B | ||
| Q1 25 | $964.4M | $19.9B | ||
| Q4 24 | $989.2M | $19.4B | ||
| Q3 24 | $1.0B | $19.4B | ||
| Q2 24 | $1.0B | $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 | — | $78.9M |
| Free Cash FlowOCF − Capex | $-1.0M | $75.5M |
| FCF MarginFCF / Revenue | -0.5% | 35.5% |
| Capex IntensityCapex / Revenue | — | 1.6% |
| Cash ConversionOCF / Net Profit | — | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | — | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $38.6M | $78.9M | ||
| Q3 25 | $22.2M | $52.2M | ||
| Q2 25 | $31.7M | $106.7M | ||
| Q1 25 | $-3.1M | $13.3M | ||
| Q4 24 | $36.5M | $42.9M | ||
| Q3 24 | $20.5M | $70.2M | ||
| Q2 24 | $24.4M | $65.6M |
| Q1 26 | $-1.0M | — | ||
| Q4 25 | — | $75.5M | ||
| Q3 25 | — | $49.7M | ||
| Q2 25 | — | $102.5M | ||
| Q1 25 | — | $11.3M | ||
| Q4 24 | — | $36.5M | ||
| Q3 24 | — | $64.4M | ||
| Q2 24 | — | $61.9M |
| Q1 26 | -0.5% | — | ||
| Q4 25 | — | 35.5% | ||
| Q3 25 | — | 24.4% | ||
| Q2 25 | — | 69.5% | ||
| Q1 25 | — | 7.8% | ||
| Q4 24 | — | 25.2% | ||
| Q3 24 | — | 45.4% | ||
| Q2 24 | — | 44.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | 1.2% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 1.4% | ||
| Q4 24 | — | 4.4% | ||
| Q3 24 | — | 4.1% | ||
| Q2 24 | — | 2.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.05× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | — | 2.09× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 0.86× | ||
| Q3 24 | 49.55× | 1.64× | ||
| Q2 24 | 6.03× | 1.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
