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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and INDEPENDENT BANK CORP (INDB). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $212.5M, roughly 2.0× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs -0.6%, a 36.1% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 14.4%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $75.5M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 13.3%).
BILL Holdings, Inc. is an American company based in San Jose, California, that provides automated, cloud-based software for financial operations for small businesses in the United States. A white-labeled, end-to-end payments automation platform, Bill.com Connect is offered to financial institutions as part of their single sign-on online business banking ecosystem.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
BILL vs INDB — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $212.5M |
| Net Profit | $-2.6M | $75.3M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | — |
| Net Margin | -0.6% | 35.5% |
| Revenue YoY | 14.4% | 46.9% |
| Net Profit YoY | -107.7% | 50.6% |
| EPS (diluted) | $-0.03 | $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 | $414.7M | $212.5M | ||
| Q3 25 | $395.7M | $203.3M | ||
| Q2 25 | $383.3M | $147.5M | ||
| Q1 25 | $358.2M | $145.5M | ||
| Q4 24 | $362.6M | $144.7M | ||
| Q3 24 | $358.4M | $141.7M | ||
| Q2 24 | $343.7M | $137.9M | ||
| Q1 24 | $323.0M | $137.4M |
| Q4 25 | $-2.6M | $75.3M | ||
| Q3 25 | $-3.0M | $34.3M | ||
| Q2 25 | $-7.1M | $51.1M | ||
| Q1 25 | $-11.6M | $44.4M | ||
| Q4 24 | $33.5M | $50.0M | ||
| Q3 24 | $8.9M | $42.9M | ||
| Q2 24 | $7.6M | $51.3M | ||
| Q1 24 | $31.8M | $47.8M |
| Q4 25 | 79.8% | — | ||
| Q3 25 | 80.5% | — | ||
| Q2 25 | 80.8% | — | ||
| Q1 25 | 81.2% | — | ||
| Q4 24 | 81.6% | — | ||
| Q3 24 | 82.0% | — | ||
| Q2 24 | 81.0% | — | ||
| Q1 24 | 83.0% | — |
| Q4 25 | -4.4% | — | ||
| Q3 25 | -5.2% | 21.8% | ||
| Q2 25 | -5.8% | 44.6% | ||
| Q1 25 | -8.1% | 39.3% | ||
| Q4 24 | -6.0% | — | ||
| Q3 24 | -2.1% | 39.0% | ||
| Q2 24 | -6.5% | 48.1% | ||
| Q1 24 | -8.6% | 45.5% |
| Q4 25 | -0.6% | 35.5% | ||
| Q3 25 | -0.7% | 16.8% | ||
| Q2 25 | -1.8% | 34.6% | ||
| Q1 25 | -3.2% | 30.5% | ||
| Q4 24 | 9.3% | 34.6% | ||
| Q3 24 | 2.5% | 30.3% | ||
| Q2 24 | 2.2% | 37.2% | ||
| Q1 24 | 9.8% | 34.8% |
| Q4 25 | $-0.03 | $1.51 | ||
| Q3 25 | $-0.03 | $0.69 | ||
| Q2 25 | $0.02 | $1.20 | ||
| Q1 25 | $-0.11 | $1.04 | ||
| Q4 24 | $-0.06 | $1.18 | ||
| Q3 24 | $0.08 | $1.01 | ||
| Q2 24 | $0.37 | $1.21 | ||
| Q1 24 | $0.00 | $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 | $1.1B | — |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $3.6B |
| Total Assets | $10.1B | $24.9B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $1.0B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $853.5M | — | ||
| Q2 24 | $985.9M | — | ||
| Q1 24 | $952.5M | — |
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $914.8M | — | ||
| Q2 24 | $914.0M | — | ||
| Q1 24 | $1.1B | — |
| Q4 25 | $3.8B | $3.6B | ||
| Q3 25 | $3.9B | $3.5B | ||
| Q2 25 | $3.9B | $3.1B | ||
| Q1 25 | $3.9B | $3.0B | ||
| Q4 24 | $3.8B | $3.0B | ||
| Q3 24 | $4.0B | $3.0B | ||
| Q2 24 | $4.1B | $2.9B | ||
| Q1 24 | $4.1B | $2.9B |
| Q4 25 | $10.1B | $24.9B | ||
| Q3 25 | $10.2B | $25.0B | ||
| Q2 25 | $10.1B | $20.0B | ||
| Q1 25 | $9.6B | $19.9B | ||
| Q4 24 | $9.7B | $19.4B | ||
| Q3 24 | $9.0B | $19.4B | ||
| Q2 24 | $9.2B | $19.4B | ||
| Q1 24 | $9.1B | $19.3B |
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | 0.43× | — | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.23× | — | ||
| Q2 24 | 0.22× | — | ||
| Q1 24 | 0.28× | — |
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 | $105.3M | $78.9M |
| Free Cash FlowOCF − Capex | $103.8M | $75.5M |
| FCF MarginFCF / Revenue | 25.0% | 35.5% |
| Capex IntensityCapex / Revenue | 0.4% | 1.6% |
| Cash ConversionOCF / Net Profit | — | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $78.9M | ||
| Q3 25 | $96.9M | $52.2M | ||
| Q2 25 | $83.8M | $106.7M | ||
| Q1 25 | $99.5M | $13.3M | ||
| Q4 24 | $78.7M | $42.9M | ||
| Q3 24 | $88.6M | $70.2M | ||
| Q2 24 | $78.6M | $65.6M | ||
| Q1 24 | $66.8M | $51.1M |
| Q4 25 | $103.8M | $75.5M | ||
| Q3 25 | $95.6M | $49.7M | ||
| Q2 25 | $81.0M | $102.5M | ||
| Q1 25 | $98.4M | $11.3M | ||
| Q4 24 | $78.3M | $36.5M | ||
| Q3 24 | $88.6M | $64.4M | ||
| Q2 24 | $78.4M | $61.9M | ||
| Q1 24 | $66.8M | $46.7M |
| Q4 25 | 25.0% | 35.5% | ||
| Q3 25 | 24.1% | 24.4% | ||
| Q2 25 | 21.1% | 69.5% | ||
| Q1 25 | 27.5% | 7.8% | ||
| Q4 24 | 21.6% | 25.2% | ||
| Q3 24 | 24.7% | 45.4% | ||
| Q2 24 | 22.8% | 44.9% | ||
| Q1 24 | 20.7% | 34.0% |
| Q4 25 | 0.4% | 1.6% | ||
| Q3 25 | 0.3% | 1.2% | ||
| Q2 25 | 0.7% | 2.9% | ||
| Q1 25 | 0.3% | 1.4% | ||
| Q4 24 | 0.1% | 4.4% | ||
| Q3 24 | 0.0% | 4.1% | ||
| Q2 24 | 0.1% | 2.7% | ||
| Q1 24 | 0.0% | 3.2% |
| Q4 25 | — | 1.05× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | — | 2.09× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | 2.35× | 0.86× | ||
| Q3 24 | 9.94× | 1.64× | ||
| Q2 24 | 10.35× | 1.28× | ||
| Q1 24 | 2.10× | 1.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BILL
| Accounts Payable And Accounts Receivable Solutions | $185.9M | 45% |
| Spend And Expense Interchange Revenue | $166.5M | 40% |
| Interest On Funds Held For Customers | $39.5M | 10% |
| Embedded And Other Solutions | $22.8M | 5% |
INDB
Segment breakdown not available.
