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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and Piedmont Realty Trust, Inc. (PDM). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $143.3M, roughly 1.5× Piedmont Realty Trust, Inc.). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs -31.4%, a 66.9% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 0.4%). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 0.0%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
INDB vs PDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $143.3M |
| Net Profit | $75.3M | $-45.0M |
| Gross Margin | — | — |
| Operating Margin | — | — |
| Net Margin | 35.5% | -31.4% |
| Revenue YoY | 46.9% | 0.4% |
| Net Profit YoY | 50.6% | -27.9% |
| EPS (diluted) | $1.51 | $-0.10 |
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.
| Q1 26 | — | $143.3M | ||
| Q4 25 | $212.5M | $142.9M | ||
| Q3 25 | $203.3M | $139.2M | ||
| Q2 25 | $147.5M | $140.3M | ||
| Q1 25 | $145.5M | $142.7M | ||
| Q4 24 | $144.7M | $143.2M | ||
| Q3 24 | $141.7M | $139.3M | ||
| Q2 24 | $137.9M | $143.3M |
| Q1 26 | — | $-45.0M | ||
| Q4 25 | $75.3M | $-43.2M | ||
| Q3 25 | $34.3M | $-13.5M | ||
| Q2 25 | $51.1M | $-16.8M | ||
| Q1 25 | $44.4M | $-10.1M | ||
| Q4 24 | $50.0M | $-30.0M | ||
| Q3 24 | $42.9M | $-11.5M | ||
| Q2 24 | $51.3M | $-9.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 21.8% | — | ||
| Q2 25 | 44.6% | — | ||
| Q1 25 | 39.3% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 39.0% | — | ||
| Q2 24 | 48.1% | — |
| Q1 26 | — | -31.4% | ||
| Q4 25 | 35.5% | -30.3% | ||
| Q3 25 | 16.8% | -9.7% | ||
| Q2 25 | 34.6% | -12.0% | ||
| Q1 25 | 30.5% | -7.1% | ||
| Q4 24 | 34.6% | -20.9% | ||
| Q3 24 | 30.3% | -8.3% | ||
| Q2 24 | 37.2% | -6.8% |
| Q1 26 | — | $-0.10 | ||
| Q4 25 | $1.51 | $-0.34 | ||
| Q3 25 | $0.69 | $-0.11 | ||
| Q2 25 | $1.20 | $-0.14 | ||
| Q1 25 | $1.04 | $-0.08 | ||
| Q4 24 | $1.18 | $-0.25 | ||
| Q3 24 | $1.01 | $-0.09 | ||
| Q2 24 | $1.21 | $-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 | — | $2.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | $1.5B |
| Total Assets | $24.9B | $4.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $2.3M | ||
| Q4 25 | — | $731.0K | ||
| Q3 25 | — | $3.0M | ||
| Q2 25 | — | $3.3M | ||
| Q1 25 | — | $2.9M | ||
| Q4 24 | — | $109.6M | ||
| Q3 24 | — | $133.6M | ||
| Q2 24 | — | $138.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B |
| Q1 26 | — | $1.5B | ||
| Q4 25 | $3.6B | $1.5B | ||
| Q3 25 | $3.5B | $1.5B | ||
| Q2 25 | $3.1B | $1.5B | ||
| Q1 25 | $3.0B | $1.6B | ||
| Q4 24 | $3.0B | $1.6B | ||
| Q3 24 | $3.0B | $1.6B | ||
| Q2 24 | $2.9B | $1.7B |
| Q1 26 | — | $4.0B | ||
| Q4 25 | $24.9B | $4.0B | ||
| Q3 25 | $25.0B | $4.0B | ||
| Q2 25 | $20.0B | $4.0B | ||
| Q1 25 | $19.9B | $4.0B | ||
| Q4 24 | $19.4B | $4.1B | ||
| Q3 24 | $19.4B | $4.1B | ||
| Q2 24 | $19.4B | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.49× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | 1.41× | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 1.34× |
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 | — |
| Free Cash FlowOCF − Capex | $75.5M | — |
| FCF MarginFCF / Revenue | 35.5% | — |
| Capex IntensityCapex / Revenue | 1.6% | 110.3% |
| Cash ConversionOCF / Net Profit | 1.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $78.9M | $140.6M | ||
| Q3 25 | $52.2M | $35.8M | ||
| Q2 25 | $106.7M | $50.1M | ||
| Q1 25 | $13.3M | $3.7M | ||
| Q4 24 | $42.9M | $198.1M | ||
| Q3 24 | $70.2M | $42.9M | ||
| Q2 24 | $65.6M | $66.8M |
| Q1 26 | — | — | ||
| Q4 25 | $75.5M | — | ||
| Q3 25 | $49.7M | — | ||
| Q2 25 | $102.5M | — | ||
| Q1 25 | $11.3M | — | ||
| Q4 24 | $36.5M | — | ||
| Q3 24 | $64.4M | — | ||
| Q2 24 | $61.9M | — |
| Q1 26 | — | — | ||
| Q4 25 | 35.5% | — | ||
| Q3 25 | 24.4% | — | ||
| Q2 25 | 69.5% | — | ||
| Q1 25 | 7.8% | — | ||
| Q4 24 | 25.2% | — | ||
| Q3 24 | 45.4% | — | ||
| Q2 24 | 44.9% | — |
| Q1 26 | — | 110.3% | ||
| Q4 25 | 1.6% | — | ||
| Q3 25 | 1.2% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 1.4% | — | ||
| Q4 24 | 4.4% | — | ||
| Q3 24 | 4.1% | — | ||
| Q2 24 | 2.7% | — |
| Q1 26 | — | — | ||
| 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× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
