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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and PROCORE TECHNOLOGIES, INC. (PCOR). Click either name above to swap in a different company.
PROCORE TECHNOLOGIES, INC. is the larger business by last-quarter revenue ($349.1M vs $212.5M, roughly 1.6× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs -10.8%, a 46.2% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 15.6%). PROCORE TECHNOLOGIES, INC. produced more free cash flow last quarter ($109.2M vs $75.5M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 13.8%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Procore Technologies is an American construction management software as a service company founded in 2002, with headquarters in Carpinteria, California. Procore hosts a platform to connect those involved in the construction industry on a global platform. The software allows for the creation of simplified workflows and displays a consolidated view of construction products that includes the tracking of tasks, management of project workflows, and scheduling.
INDB vs PCOR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $349.1M |
| Net Profit | $75.3M | $-37.6M |
| Gross Margin | — | 80.1% |
| Operating Margin | — | -12.3% |
| Net Margin | 35.5% | -10.8% |
| Revenue YoY | 46.9% | 15.6% |
| Net Profit YoY | 50.6% | 39.6% |
| EPS (diluted) | $1.51 | $-0.25 |
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 | $349.1M | ||
| Q3 25 | $203.3M | $338.9M | ||
| Q2 25 | $147.5M | $323.9M | ||
| Q1 25 | $145.5M | $310.6M | ||
| Q4 24 | $144.7M | $302.0M | ||
| Q3 24 | $141.7M | $295.9M | ||
| Q2 24 | $137.9M | $284.3M | ||
| Q1 24 | $137.4M | $269.4M |
| Q4 25 | $75.3M | $-37.6M | ||
| Q3 25 | $34.3M | $-9.1M | ||
| Q2 25 | $51.1M | $-21.1M | ||
| Q1 25 | $44.4M | $-33.0M | ||
| Q4 24 | $50.0M | $-62.3M | ||
| Q3 24 | $42.9M | $-26.4M | ||
| Q2 24 | $51.3M | $-6.3M | ||
| Q1 24 | $47.8M | $-11.0M |
| Q4 25 | — | 80.1% | ||
| Q3 25 | — | 79.7% | ||
| Q2 25 | — | 79.1% | ||
| Q1 25 | — | 79.1% | ||
| Q4 24 | — | 81.2% | ||
| Q3 24 | — | 81.4% | ||
| Q2 24 | — | 83.1% | ||
| Q1 24 | — | 83.0% |
| Q4 25 | — | -12.3% | ||
| Q3 25 | 21.8% | -4.4% | ||
| Q2 25 | 44.6% | -9.3% | ||
| Q1 25 | 39.3% | -11.7% | ||
| Q4 24 | — | -21.9% | ||
| Q3 24 | 39.0% | -12.3% | ||
| Q2 24 | 48.1% | -5.2% | ||
| Q1 24 | 45.5% | -7.0% |
| Q4 25 | 35.5% | -10.8% | ||
| Q3 25 | 16.8% | -2.7% | ||
| Q2 25 | 34.6% | -6.5% | ||
| Q1 25 | 30.5% | -10.6% | ||
| Q4 24 | 34.6% | -20.6% | ||
| Q3 24 | 30.3% | -8.9% | ||
| Q2 24 | 37.2% | -2.2% | ||
| Q1 24 | 34.8% | -4.1% |
| Q4 25 | $1.51 | $-0.25 | ||
| Q3 25 | $0.69 | $-0.06 | ||
| Q2 25 | $1.20 | $-0.14 | ||
| Q1 25 | $1.04 | $-0.22 | ||
| Q4 24 | $1.18 | $-0.42 | ||
| Q3 24 | $1.01 | $-0.18 | ||
| Q2 24 | $1.21 | $-0.04 | ||
| Q1 24 | $1.12 | $-0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $768.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | $1.3B |
| Total Assets | $24.9B | $2.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $768.5M | ||
| Q3 25 | — | $684.0M | ||
| Q2 25 | — | $620.9M | ||
| Q1 25 | — | $566.7M | ||
| Q4 24 | — | $775.4M | ||
| Q3 24 | — | $756.9M | ||
| Q2 24 | — | $735.4M | ||
| Q1 24 | — | $744.6M |
| Q4 25 | $3.6B | $1.3B | ||
| Q3 25 | $3.5B | $1.2B | ||
| Q2 25 | $3.1B | $1.2B | ||
| Q1 25 | $3.0B | $1.2B | ||
| Q4 24 | $3.0B | $1.3B | ||
| Q3 24 | $3.0B | $1.3B | ||
| Q2 24 | $2.9B | $1.3B | ||
| Q1 24 | $2.9B | $1.2B |
| Q4 25 | $24.9B | $2.2B | ||
| Q3 25 | $25.0B | $2.1B | ||
| Q2 25 | $20.0B | $2.0B | ||
| Q1 25 | $19.9B | $1.9B | ||
| Q4 24 | $19.4B | $2.1B | ||
| Q3 24 | $19.4B | $2.0B | ||
| Q2 24 | $19.4B | $2.0B | ||
| Q1 24 | $19.3B | $1.9B |
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 | $114.9M |
| Free Cash FlowOCF − Capex | $75.5M | $109.2M |
| FCF MarginFCF / Revenue | 35.5% | 31.3% |
| Capex IntensityCapex / Revenue | 1.6% | 1.6% |
| Cash ConversionOCF / Net Profit | 1.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $282.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $114.9M | ||
| Q3 25 | $52.2M | $88.5M | ||
| Q2 25 | $106.7M | $30.8M | ||
| Q1 25 | $13.3M | $66.0M | ||
| Q4 24 | $42.9M | $29.1M | ||
| Q3 24 | $70.2M | $39.3M | ||
| Q2 24 | $65.6M | $58.7M | ||
| Q1 24 | $51.1M | $69.1M |
| Q4 25 | $75.5M | $109.2M | ||
| Q3 25 | $49.7M | $83.1M | ||
| Q2 25 | $102.5M | $27.9M | ||
| Q1 25 | $11.3M | $62.0M | ||
| Q4 24 | $36.5M | $17.4M | ||
| Q3 24 | $64.4M | $35.7M | ||
| Q2 24 | $61.9M | $56.8M | ||
| Q1 24 | $46.7M | $67.1M |
| Q4 25 | 35.5% | 31.3% | ||
| Q3 25 | 24.4% | 24.5% | ||
| Q2 25 | 69.5% | 8.6% | ||
| Q1 25 | 7.8% | 20.0% | ||
| Q4 24 | 25.2% | 5.8% | ||
| Q3 24 | 45.4% | 12.1% | ||
| Q2 24 | 44.9% | 20.0% | ||
| Q1 24 | 34.0% | 24.9% |
| Q4 25 | 1.6% | 1.6% | ||
| Q3 25 | 1.2% | 1.6% | ||
| Q2 25 | 2.9% | 0.9% | ||
| Q1 25 | 1.4% | 1.3% | ||
| Q4 24 | 4.4% | 3.9% | ||
| Q3 24 | 4.1% | 1.2% | ||
| Q2 24 | 2.7% | 0.7% | ||
| Q1 24 | 3.2% | 0.8% |
| 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.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
PCOR
| US | $298.3M | 85% |
| Non Us | $50.9M | 15% |
