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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and PAMT CORP (PAMT). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $141.3M, roughly 1.5× PAMT CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs -20.7%, a 56.2% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs -15.1%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $-25.0M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs -12.0%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
INDB vs PAMT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $141.3M |
| Net Profit | $75.3M | $-29.3M |
| Gross Margin | — | — |
| Operating Margin | — | -27.0% |
| Net Margin | 35.5% | -20.7% |
| Revenue YoY | 46.9% | -15.1% |
| Net Profit YoY | 50.6% | 7.4% |
| EPS (diluted) | $1.51 | $-1.38 |
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 | $212.5M | $141.3M | ||
| Q3 25 | $203.3M | $150.3M | ||
| Q2 25 | $147.5M | $151.1M | ||
| Q1 25 | $145.5M | $155.3M | ||
| Q4 24 | $144.7M | $166.5M | ||
| Q3 24 | $141.7M | $182.6M | ||
| Q2 24 | $137.9M | $182.9M | ||
| Q1 24 | $137.4M | $182.6M |
| Q4 25 | $75.3M | $-29.3M | ||
| Q3 25 | $34.3M | $-5.6M | ||
| Q2 25 | $51.1M | $-9.6M | ||
| Q1 25 | $44.4M | $-8.1M | ||
| Q4 24 | $50.0M | $-31.6M | ||
| Q3 24 | $42.9M | $2.4M | ||
| Q2 24 | $51.3M | $-2.9M | ||
| Q1 24 | $47.8M | $281.0K |
| Q4 25 | — | -27.0% | ||
| Q3 25 | 21.8% | -3.8% | ||
| Q2 25 | 44.6% | -7.3% | ||
| Q1 25 | 39.3% | -5.9% | ||
| Q4 24 | — | -22.6% | ||
| Q3 24 | 39.0% | 1.3% | ||
| Q2 24 | 48.1% | -0.4% | ||
| Q1 24 | 45.5% | -0.4% |
| Q4 25 | 35.5% | -20.7% | ||
| Q3 25 | 16.8% | -3.7% | ||
| Q2 25 | 34.6% | -6.4% | ||
| Q1 25 | 30.5% | -5.2% | ||
| Q4 24 | 34.6% | -19.0% | ||
| Q3 24 | 30.3% | 1.3% | ||
| Q2 24 | 37.2% | -1.6% | ||
| Q1 24 | 34.8% | 0.2% |
| Q4 25 | $1.51 | $-1.38 | ||
| Q3 25 | $0.69 | $-0.27 | ||
| Q2 25 | $1.20 | $-0.46 | ||
| Q1 25 | $1.04 | $-0.37 | ||
| Q4 24 | $1.18 | $-1.44 | ||
| Q3 24 | $1.01 | $0.11 | ||
| Q2 24 | $1.21 | $-0.13 | ||
| Q1 24 | $1.12 | $0.01 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $83.7M |
| Total DebtLower is stronger | — | $333.9M |
| Stockholders' EquityBook value | $3.6B | $210.5M |
| Total Assets | $24.9B | $697.9M |
| Debt / EquityLower = less leverage | — | 1.59× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $83.7M | ||
| Q3 25 | — | $115.6M | ||
| Q2 25 | — | $117.3M | ||
| Q1 25 | — | $102.7M | ||
| Q4 24 | — | $110.7M | ||
| Q3 24 | — | $92.3M | ||
| Q2 24 | — | $114.0M | ||
| Q1 24 | — | $125.8M |
| Q4 25 | — | $333.9M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $325.6M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.6B | $210.5M | ||
| Q3 25 | $3.5B | $239.5M | ||
| Q2 25 | $3.1B | $244.9M | ||
| Q1 25 | $3.0B | $269.6M | ||
| Q4 24 | $3.0B | $277.5M | ||
| Q3 24 | $3.0B | $308.9M | ||
| Q2 24 | $2.9B | $306.7M | ||
| Q1 24 | $2.9B | $314.6M |
| Q4 25 | $24.9B | $697.9M | ||
| Q3 25 | $25.0B | $715.2M | ||
| Q2 25 | $20.0B | $707.9M | ||
| Q1 25 | $19.9B | $712.6M | ||
| Q4 24 | $19.4B | $741.7M | ||
| Q3 24 | $19.4B | $756.7M | ||
| Q2 24 | $19.4B | $733.5M | ||
| Q1 24 | $19.3B | $746.4M |
| Q4 25 | — | 1.59× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.17× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-5.8M |
| Free Cash FlowOCF − Capex | $75.5M | $-25.0M |
| FCF MarginFCF / Revenue | 35.5% | -17.7% |
| Capex IntensityCapex / Revenue | 1.6% | 13.6% |
| Cash ConversionOCF / Net Profit | 1.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $-23.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $-5.8M | ||
| Q3 25 | $52.2M | $5.9M | ||
| Q2 25 | $106.7M | $12.2M | ||
| Q1 25 | $13.3M | $5.0M | ||
| Q4 24 | $42.9M | $15.2M | ||
| Q3 24 | $70.2M | $15.5M | ||
| Q2 24 | $65.6M | $18.7M | ||
| Q1 24 | $51.1M | $9.6M |
| Q4 25 | $75.5M | $-25.0M | ||
| Q3 25 | $49.7M | $2.5M | ||
| Q2 25 | $102.5M | $5.9M | ||
| Q1 25 | $11.3M | $-6.8M | ||
| Q4 24 | $36.5M | $-39.9M | ||
| Q3 24 | $64.4M | $-33.6M | ||
| Q2 24 | $61.9M | $4.1M | ||
| Q1 24 | $46.7M | $-12.2M |
| Q4 25 | 35.5% | -17.7% | ||
| Q3 25 | 24.4% | 1.7% | ||
| Q2 25 | 69.5% | 3.9% | ||
| Q1 25 | 7.8% | -4.4% | ||
| Q4 24 | 25.2% | -24.0% | ||
| Q3 24 | 45.4% | -18.4% | ||
| Q2 24 | 44.9% | 2.2% | ||
| Q1 24 | 34.0% | -6.7% |
| Q4 25 | 1.6% | 13.6% | ||
| Q3 25 | 1.2% | 2.3% | ||
| Q2 25 | 2.9% | 4.2% | ||
| Q1 25 | 1.4% | 7.6% | ||
| Q4 24 | 4.4% | 33.1% | ||
| Q3 24 | 4.1% | 26.9% | ||
| Q2 24 | 2.7% | 8.0% | ||
| Q1 24 | 3.2% | 12.0% |
| Q4 25 | 1.05× | — | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 2.09× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.86× | — | ||
| Q3 24 | 1.64× | 6.44× | ||
| Q2 24 | 1.28× | — | ||
| Q1 24 | 1.07× | 34.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
PAMT
| Freight Transportation Service | $123.1M | 87% |
| Fuel Surcharge | $18.2M | 13% |
