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Side-by-side financial comparison of JFrog Ltd (FROG) 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 $145.3M, roughly 1.5× JFrog Ltd). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs -10.5%, a 45.9% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 25.2%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $49.9M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 20.4%).
JFrog Ltd is a global DevOps technology provider that delivers end-to-end software release, artifact management, and security solutions. It serves clients across tech, finance, retail, and manufacturing sectors, helping teams streamline development and delivery workflows for cloud, on-premises, and hybrid infrastructure.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
FROG vs INDB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $145.3M | $212.5M |
| Net Profit | $-15.2M | $75.3M |
| Gross Margin | 77.9% | — |
| Operating Margin | -14.7% | — |
| Net Margin | -10.5% | 35.5% |
| Revenue YoY | 25.2% | 46.9% |
| Net Profit YoY | 34.4% | 50.6% |
| EPS (diluted) | $-0.13 | $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 | $145.3M | $212.5M | ||
| Q3 25 | $136.9M | $203.3M | ||
| Q2 25 | $127.2M | $147.5M | ||
| Q1 25 | $122.4M | $145.5M | ||
| Q4 24 | $116.1M | $144.7M | ||
| Q3 24 | $109.1M | $141.7M | ||
| Q2 24 | $103.0M | $137.9M | ||
| Q1 24 | $100.3M | $137.4M |
| Q4 25 | $-15.2M | $75.3M | ||
| Q3 25 | $-16.4M | $34.3M | ||
| Q2 25 | $-21.7M | $51.1M | ||
| Q1 25 | $-18.5M | $44.4M | ||
| Q4 24 | $-23.2M | $50.0M | ||
| Q3 24 | $-22.9M | $42.9M | ||
| Q2 24 | $-14.3M | $51.3M | ||
| Q1 24 | $-8.8M | $47.8M |
| Q4 25 | 77.9% | — | ||
| Q3 25 | 77.4% | — | ||
| Q2 25 | 76.3% | — | ||
| Q1 25 | 75.3% | — | ||
| Q4 24 | 75.4% | — | ||
| Q3 24 | 75.0% | — | ||
| Q2 24 | 78.8% | — | ||
| Q1 24 | 79.5% | — |
| Q4 25 | -14.7% | — | ||
| Q3 25 | -15.8% | 21.8% | ||
| Q2 25 | -20.4% | 44.6% | ||
| Q1 25 | -18.8% | 39.3% | ||
| Q4 24 | -21.9% | — | ||
| Q3 24 | -27.4% | 39.0% | ||
| Q2 24 | -18.6% | 48.1% | ||
| Q1 24 | -16.6% | 45.5% |
| Q4 25 | -10.5% | 35.5% | ||
| Q3 25 | -12.0% | 16.8% | ||
| Q2 25 | -17.0% | 34.6% | ||
| Q1 25 | -15.1% | 30.5% | ||
| Q4 24 | -20.0% | 34.6% | ||
| Q3 24 | -21.0% | 30.3% | ||
| Q2 24 | -13.9% | 37.2% | ||
| Q1 24 | -8.8% | 34.8% |
| Q4 25 | $-0.13 | $1.51 | ||
| Q3 25 | $-0.14 | $0.69 | ||
| Q2 25 | $-0.19 | $1.20 | ||
| Q1 25 | $-0.16 | $1.04 | ||
| Q4 24 | $-0.21 | $1.18 | ||
| Q3 24 | $-0.21 | $1.01 | ||
| Q2 24 | $-0.13 | $1.21 | ||
| Q1 24 | $-0.08 | $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 | $704.4M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $887.4M | $3.6B |
| Total Assets | $1.3B | $24.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $704.4M | — | ||
| Q3 25 | $651.1M | — | ||
| Q2 25 | $611.7M | — | ||
| Q1 25 | $563.5M | — | ||
| Q4 24 | $522.0M | — | ||
| Q3 24 | $467.8M | — | ||
| Q2 24 | $591.3M | — | ||
| Q1 24 | $579.6M | — |
| Q4 25 | $887.4M | $3.6B | ||
| Q3 25 | $859.4M | $3.5B | ||
| Q2 25 | $826.5M | $3.1B | ||
| Q1 25 | $800.0M | $3.0B | ||
| Q4 24 | $773.5M | $3.0B | ||
| Q3 24 | $756.2M | $3.0B | ||
| Q2 24 | $721.4M | $2.9B | ||
| Q1 24 | $707.8M | $2.9B |
| Q4 25 | $1.3B | $24.9B | ||
| Q3 25 | $1.3B | $25.0B | ||
| Q2 25 | $1.2B | $20.0B | ||
| Q1 25 | $1.2B | $19.9B | ||
| Q4 24 | $1.1B | $19.4B | ||
| Q3 24 | $1.1B | $19.4B | ||
| Q2 24 | $1.0B | $19.4B | ||
| Q1 24 | $997.1M | $19.3B |
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 | $50.7M | $78.9M |
| Free Cash FlowOCF − Capex | $49.9M | $75.5M |
| FCF MarginFCF / Revenue | 34.3% | 35.5% |
| Capex IntensityCapex / Revenue | 0.6% | 1.6% |
| Cash ConversionOCF / Net Profit | — | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $142.3M | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $50.7M | $78.9M | ||
| Q3 25 | $30.2M | $52.2M | ||
| Q2 25 | $36.1M | $106.7M | ||
| Q1 25 | $28.8M | $13.3M | ||
| Q4 24 | $49.1M | $42.9M | ||
| Q3 24 | $27.6M | $70.2M | ||
| Q2 24 | $16.7M | $65.6M | ||
| Q1 24 | $17.5M | $51.1M |
| Q4 25 | $49.9M | $75.5M | ||
| Q3 25 | $28.8M | $49.7M | ||
| Q2 25 | $35.5M | $102.5M | ||
| Q1 25 | $28.1M | $11.3M | ||
| Q4 24 | $48.5M | $36.5M | ||
| Q3 24 | $26.7M | $64.4M | ||
| Q2 24 | $16.0M | $61.9M | ||
| Q1 24 | $16.6M | $46.7M |
| Q4 25 | 34.3% | 35.5% | ||
| Q3 25 | 21.0% | 24.4% | ||
| Q2 25 | 27.9% | 69.5% | ||
| Q1 25 | 23.0% | 7.8% | ||
| Q4 24 | 41.8% | 25.2% | ||
| Q3 24 | 24.5% | 45.4% | ||
| Q2 24 | 15.5% | 44.9% | ||
| Q1 24 | 16.6% | 34.0% |
| Q4 25 | 0.6% | 1.6% | ||
| Q3 25 | 1.0% | 1.2% | ||
| Q2 25 | 0.5% | 2.9% | ||
| Q1 25 | 0.5% | 1.4% | ||
| Q4 24 | 0.5% | 4.4% | ||
| Q3 24 | 0.9% | 4.1% | ||
| Q2 24 | 0.7% | 2.7% | ||
| Q1 24 | 0.8% | 3.2% |
| Q4 25 | — | 1.05× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | — | 2.09× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 0.86× | ||
| Q3 24 | — | 1.64× | ||
| Q2 24 | — | 1.28× | ||
| Q1 24 | — | 1.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
