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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and Perion Network Ltd. (PERI). Click either name above to swap in a different company.
Perion Network Ltd. is the larger business by last-quarter revenue ($368.7M vs $212.5M, roughly 1.7× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 2.1%, a 33.4% gap on every dollar of revenue. INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $-2.9M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 16.4%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Perion Network Ltd. is a publicly traded advertising technology company that provides digital advertising technology solutions to advertisers, agencies, retailers, and publishers. Its core offerings are delivered through Perion One, a unified omnichannel advertising platform designed to support campaign planning, activation, optimisation, and measurement across channels and verticals including connected television (CTV), digital out-of-home (DOOH), display, video advertising, as well as retai...
INDB vs PERI — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $368.7M |
| Net Profit | $75.3M | $7.7M |
| Gross Margin | — | — |
| Operating Margin | — | 2.0% |
| Net Margin | 35.5% | 2.1% |
| Revenue YoY | 46.9% | — |
| Net Profit YoY | 50.6% | — |
| EPS (diluted) | $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 | $212.5M | — | ||
| Q3 25 | $203.3M | $368.7M | ||
| Q2 25 | $147.5M | $266.5M | ||
| Q1 25 | $145.5M | $157.8M | ||
| Q4 24 | $144.7M | — | ||
| Q3 24 | $141.7M | $508.9M | ||
| Q2 24 | $137.9M | $323.6M | ||
| Q1 24 | $137.4M | $145.2M |
| Q4 25 | $75.3M | — | ||
| Q3 25 | $34.3M | $7.7M | ||
| Q2 25 | $51.1M | $5.6M | ||
| Q1 25 | $44.4M | $11.8M | ||
| Q4 24 | $50.0M | — | ||
| Q3 24 | $42.9M | $78.0M | ||
| Q2 24 | $51.3M | $45.2M | ||
| Q1 24 | $47.8M | $23.8M |
| Q4 25 | — | — | ||
| Q3 25 | 21.8% | 2.0% | ||
| Q2 25 | 44.6% | -1.7% | ||
| Q1 25 | 39.3% | 5.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | 39.0% | 15.1% | ||
| Q2 24 | 48.1% | 13.7% | ||
| Q1 24 | 45.5% | 16.9% |
| Q4 25 | 35.5% | — | ||
| Q3 25 | 16.8% | 2.1% | ||
| Q2 25 | 34.6% | 2.1% | ||
| Q1 25 | 30.5% | 7.5% | ||
| Q4 24 | 34.6% | — | ||
| Q3 24 | 30.3% | 15.3% | ||
| Q2 24 | 37.2% | 14.0% | ||
| Q1 24 | 34.8% | 16.4% |
| Q4 25 | $1.51 | — | ||
| Q3 25 | $0.69 | — | ||
| Q2 25 | $1.20 | — | ||
| Q1 25 | $1.04 | — | ||
| Q4 24 | $1.18 | — | ||
| Q3 24 | $1.01 | — | ||
| Q2 24 | $1.21 | — | ||
| Q1 24 | $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 | — | $156.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | $722.9M |
| Total Assets | $24.9B | $915.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | $156.2M | ||
| Q2 25 | — | $156.2M | ||
| Q1 25 | — | $156.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $187.6M | ||
| Q2 24 | — | $187.6M | ||
| Q1 24 | — | $187.6M |
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.5B | $722.9M | ||
| Q2 25 | $3.1B | $722.9M | ||
| Q1 25 | $3.0B | $722.9M | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $3.0B | $718.1M | ||
| Q2 24 | $2.9B | $718.1M | ||
| Q1 24 | $2.9B | $718.1M |
| Q4 25 | $24.9B | — | ||
| Q3 25 | $25.0B | $915.5M | ||
| Q2 25 | $20.0B | $915.5M | ||
| Q1 25 | $19.9B | $915.5M | ||
| Q4 24 | $19.4B | — | ||
| Q3 24 | $19.4B | $1.1B | ||
| Q2 24 | $19.4B | $1.1B | ||
| Q1 24 | $19.3B | $1.1B |
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 | $2.6M |
| Free Cash FlowOCF − Capex | $75.5M | $-2.9M |
| FCF MarginFCF / Revenue | 35.5% | -0.8% |
| Capex IntensityCapex / Revenue | 1.6% | 1.5% |
| Cash ConversionOCF / Net Profit | 1.05× | 0.34× |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | — | ||
| Q3 25 | $52.2M | $2.6M | ||
| Q2 25 | $106.7M | — | ||
| Q1 25 | $13.3M | — | ||
| Q4 24 | $42.9M | — | ||
| Q3 24 | $70.2M | $105.2M | ||
| Q2 24 | $65.6M | — | ||
| Q1 24 | $51.1M | $17.8M |
| Q4 25 | $75.5M | — | ||
| Q3 25 | $49.7M | $-2.9M | ||
| Q2 25 | $102.5M | — | ||
| Q1 25 | $11.3M | — | ||
| Q4 24 | $36.5M | — | ||
| Q3 24 | $64.4M | $104.7M | ||
| Q2 24 | $61.9M | — | ||
| Q1 24 | $46.7M | $17.6M |
| Q4 25 | 35.5% | — | ||
| Q3 25 | 24.4% | -0.8% | ||
| Q2 25 | 69.5% | — | ||
| Q1 25 | 7.8% | — | ||
| Q4 24 | 25.2% | — | ||
| Q3 24 | 45.4% | 20.6% | ||
| Q2 24 | 44.9% | — | ||
| Q1 24 | 34.0% | 12.2% |
| Q4 25 | 1.6% | — | ||
| Q3 25 | 1.2% | 1.5% | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 1.4% | — | ||
| Q4 24 | 4.4% | — | ||
| Q3 24 | 4.1% | 0.1% | ||
| Q2 24 | 2.7% | — | ||
| Q1 24 | 3.2% | 0.1% |
| Q4 25 | 1.05× | — | ||
| Q3 25 | 1.52× | 0.34× | ||
| Q2 25 | 2.09× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.86× | — | ||
| Q3 24 | 1.64× | 1.35× | ||
| Q2 24 | 1.28× | — | ||
| Q1 24 | 1.07× | 0.75× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
PERI
| Advertising Solutions | $231.4M | 63% |
| Search Advertising | $137.3M | 37% |
