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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and PagerDuty, Inc. (PD). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $124.5M, roughly 1.7× PagerDuty, Inc.). PagerDuty, Inc. runs the higher net margin — 129.7% vs 35.5%, a 94.3% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 4.7%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $24.1M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 5.9%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
PagerDuty, Inc. is an American cloud computing company specializing in a SaaS incident management platform for IT operations departments.
INDB vs PD — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $124.5M |
| Net Profit | $75.3M | $161.6M |
| Gross Margin | — | 85.3% |
| Operating Margin | — | 6.5% |
| Net Margin | 35.5% | 129.7% |
| Revenue YoY | 46.9% | 4.7% |
| Net Profit YoY | 50.6% | 2827.7% |
| EPS (diluted) | $1.51 | $1.69 |
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 | $124.5M | ||
| Q3 25 | $203.3M | $123.4M | ||
| Q2 25 | $147.5M | $119.8M | ||
| Q1 25 | $145.5M | $121.4M | ||
| Q4 24 | $144.7M | $118.9M | ||
| Q3 24 | $141.7M | $115.9M | ||
| Q2 24 | $137.9M | $111.2M | ||
| Q1 24 | $137.4M | $111.1M |
| Q4 25 | $75.3M | $161.6M | ||
| Q3 25 | $34.3M | $9.6M | ||
| Q2 25 | $51.1M | $-7.2M | ||
| Q1 25 | $44.4M | $-8.8M | ||
| Q4 24 | $50.0M | $-5.9M | ||
| Q3 24 | $42.9M | $-10.9M | ||
| Q2 24 | $51.3M | $-17.1M | ||
| Q1 24 | $47.8M | $-28.2M |
| Q4 25 | — | 85.3% | ||
| Q3 25 | — | 84.6% | ||
| Q2 25 | — | 84.0% | ||
| Q1 25 | — | 83.6% | ||
| Q4 24 | — | 83.0% | ||
| Q3 24 | — | 82.7% | ||
| Q2 24 | — | 82.6% | ||
| Q1 24 | — | 81.7% |
| Q4 25 | — | 6.5% | ||
| Q3 25 | 21.8% | 2.9% | ||
| Q2 25 | 44.6% | -8.6% | ||
| Q1 25 | 39.3% | -9.6% | ||
| Q4 24 | — | -8.7% | ||
| Q3 24 | 39.0% | -13.8% | ||
| Q2 24 | 48.1% | -19.5% | ||
| Q1 24 | 45.5% | -30.1% |
| Q4 25 | 35.5% | 129.7% | ||
| Q3 25 | 16.8% | 7.8% | ||
| Q2 25 | 34.6% | -6.0% | ||
| Q1 25 | 30.5% | -7.2% | ||
| Q4 24 | 34.6% | -5.0% | ||
| Q3 24 | 30.3% | -9.4% | ||
| Q2 24 | 37.2% | -15.4% | ||
| Q1 24 | 34.8% | -25.3% |
| Q4 25 | $1.51 | $1.69 | ||
| Q3 25 | $0.69 | $0.10 | ||
| Q2 25 | $1.20 | $-0.07 | ||
| Q1 25 | $1.04 | $-0.12 | ||
| Q4 24 | $1.18 | $-0.07 | ||
| Q3 24 | $1.01 | $-0.14 | ||
| Q2 24 | $1.21 | $-0.26 | ||
| Q1 24 | $1.12 | $-0.34 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $547.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | $320.5M |
| Total Assets | $24.9B | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $547.8M | ||
| Q3 25 | — | $567.9M | ||
| Q2 25 | — | $597.1M | ||
| Q1 25 | — | $570.8M | ||
| Q4 24 | — | $542.2M | ||
| Q3 24 | — | $599.3M | ||
| Q2 24 | — | $592.8M | ||
| Q1 24 | — | $571.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $484.5M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $489.5M |
| Q4 25 | $3.6B | $320.5M | ||
| Q3 25 | $3.5B | $180.7M | ||
| Q2 25 | $3.1B | $145.7M | ||
| Q1 25 | $3.0B | $129.8M | ||
| Q4 24 | $3.0B | $111.6M | ||
| Q3 24 | $3.0B | $164.7M | ||
| Q2 24 | $2.9B | $174.0M | ||
| Q1 24 | $2.9B | $171.6M |
| Q4 25 | $24.9B | $1.0B | ||
| Q3 25 | $25.0B | $891.5M | ||
| Q2 25 | $20.0B | $926.8M | ||
| Q1 25 | $19.9B | $927.3M | ||
| Q4 24 | $19.4B | $866.8M | ||
| Q3 24 | $19.4B | $916.0M | ||
| Q2 24 | $19.4B | $924.0M | ||
| Q1 24 | $19.3B | $925.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.73× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 2.85× |
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 | $24.8M |
| Free Cash FlowOCF − Capex | $75.5M | $24.1M |
| FCF MarginFCF / Revenue | 35.5% | 19.3% |
| Capex IntensityCapex / Revenue | 1.6% | 0.6% |
| Cash ConversionOCF / Net Profit | 1.05× | 0.15× |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $117.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $24.8M | ||
| Q3 25 | $52.2M | $34.0M | ||
| Q2 25 | $106.7M | $30.7M | ||
| Q1 25 | $13.3M | $31.4M | ||
| Q4 24 | $42.9M | $22.1M | ||
| Q3 24 | $70.2M | $35.8M | ||
| Q2 24 | $65.6M | $28.6M | ||
| Q1 24 | $51.1M | $22.2M |
| Q4 25 | $75.5M | $24.1M | ||
| Q3 25 | $49.7M | $33.1M | ||
| Q2 25 | $102.5M | $30.2M | ||
| Q1 25 | $11.3M | $30.3M | ||
| Q4 24 | $36.5M | $21.5M | ||
| Q3 24 | $64.4M | $35.1M | ||
| Q2 24 | $61.9M | $28.2M | ||
| Q1 24 | $46.7M | $21.2M |
| Q4 25 | 35.5% | 19.3% | ||
| Q3 25 | 24.4% | 26.8% | ||
| Q2 25 | 69.5% | 25.2% | ||
| Q1 25 | 7.8% | 24.9% | ||
| Q4 24 | 25.2% | 18.1% | ||
| Q3 24 | 45.4% | 30.3% | ||
| Q2 24 | 44.9% | 25.4% | ||
| Q1 24 | 34.0% | 19.1% |
| Q4 25 | 1.6% | 0.6% | ||
| Q3 25 | 1.2% | 0.7% | ||
| Q2 25 | 2.9% | 0.4% | ||
| Q1 25 | 1.4% | 0.9% | ||
| Q4 24 | 4.4% | 0.5% | ||
| Q3 24 | 4.1% | 0.5% | ||
| Q2 24 | 2.7% | 0.4% | ||
| Q1 24 | 3.2% | 0.9% |
| Q4 25 | 1.05× | 0.15× | ||
| Q3 25 | 1.52× | 3.55× | ||
| 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.
PD
| US | $88.8M | 71% |
| Non Us | $35.7M | 29% |
