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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and CPI Card Group Inc. (PMTS). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $153.1M, roughly 1.4× CPI Card Group Inc.). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 4.8%, a 30.7% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 22.3%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $35.2M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 16.9%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
CPI Card Group Inc. is a leading provider of payment card production and associated solutions, including contactless and contact credit/debit cards, prepaid cards, and card personalization services. It primarily serves financial institutions, fintech firms, and retail brands across its core North American market.
INDB vs PMTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $153.1M |
| Net Profit | $75.3M | $7.3M |
| Gross Margin | — | 31.5% |
| Operating Margin | — | 12.0% |
| Net Margin | 35.5% | 4.8% |
| Revenue YoY | 46.9% | 22.3% |
| Net Profit YoY | 50.6% | 8.5% |
| EPS (diluted) | $1.51 | $0.62 |
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 | $153.1M | ||
| Q3 25 | $203.3M | $138.0M | ||
| Q2 25 | $147.5M | $129.8M | ||
| Q1 25 | $145.5M | $122.8M | ||
| Q4 24 | $144.7M | $125.1M | ||
| Q3 24 | $141.7M | $124.8M | ||
| Q2 24 | $137.9M | $118.8M | ||
| Q1 24 | $137.4M | $111.9M |
| Q4 25 | $75.3M | $7.3M | ||
| Q3 25 | $34.3M | $2.3M | ||
| Q2 25 | $51.1M | $518.0K | ||
| Q1 25 | $44.4M | $4.8M | ||
| Q4 24 | $50.0M | $6.8M | ||
| Q3 24 | $42.9M | $1.3M | ||
| Q2 24 | $51.3M | $6.0M | ||
| Q1 24 | $47.8M | $5.5M |
| Q4 25 | — | 31.5% | ||
| Q3 25 | — | 29.7% | ||
| Q2 25 | — | 30.9% | ||
| Q1 25 | — | 33.2% | ||
| Q4 24 | — | 34.1% | ||
| Q3 24 | — | 35.8% | ||
| Q2 24 | — | 35.7% | ||
| Q1 24 | — | 37.1% |
| Q4 25 | — | 12.0% | ||
| Q3 25 | 21.8% | 9.4% | ||
| Q2 25 | 44.6% | 7.3% | ||
| Q1 25 | 39.3% | 11.5% | ||
| Q4 24 | — | 12.7% | ||
| Q3 24 | 39.0% | 14.3% | ||
| Q2 24 | 48.1% | 12.5% | ||
| Q1 24 | 45.5% | 12.6% |
| Q4 25 | 35.5% | 4.8% | ||
| Q3 25 | 16.8% | 1.7% | ||
| Q2 25 | 34.6% | 0.4% | ||
| Q1 25 | 30.5% | 3.9% | ||
| Q4 24 | 34.6% | 5.4% | ||
| Q3 24 | 30.3% | 1.0% | ||
| Q2 24 | 37.2% | 5.1% | ||
| Q1 24 | 34.8% | 4.9% |
| Q4 25 | $1.51 | $0.62 | ||
| Q3 25 | $0.69 | $0.19 | ||
| Q2 25 | $1.20 | $0.04 | ||
| Q1 25 | $1.04 | $0.40 | ||
| Q4 24 | $1.18 | $0.56 | ||
| Q3 24 | $1.01 | $0.11 | ||
| Q2 24 | $1.21 | $0.51 | ||
| Q1 24 | $1.12 | $0.46 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $21.7M |
| Total DebtLower is stronger | — | $286.7M |
| Stockholders' EquityBook value | $3.6B | $-17.3M |
| Total Assets | $24.9B | $403.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $21.7M | ||
| Q3 25 | — | $16.0M | ||
| Q2 25 | — | $17.1M | ||
| Q1 25 | — | $31.5M | ||
| Q4 24 | — | $33.5M | ||
| Q3 24 | — | $14.7M | ||
| Q2 24 | — | $7.5M | ||
| Q1 24 | — | $17.1M |
| Q4 25 | — | $286.7M | ||
| Q3 25 | — | $308.4M | ||
| Q2 25 | — | $310.9M | ||
| Q1 25 | — | $280.7M | ||
| Q4 24 | — | $280.4M | ||
| Q3 24 | — | $280.2M | ||
| Q2 24 | — | $269.7M | ||
| Q1 24 | — | $265.3M |
| Q4 25 | $3.6B | $-17.3M | ||
| Q3 25 | $3.5B | $-25.7M | ||
| Q2 25 | $3.1B | $-29.0M | ||
| Q1 25 | $3.0B | $-29.7M | ||
| Q4 24 | $3.0B | $-35.6M | ||
| Q3 24 | $3.0B | $-42.8M | ||
| Q2 24 | $2.9B | $-44.6M | ||
| Q1 24 | $2.9B | $-48.5M |
| Q4 25 | $24.9B | $403.2M | ||
| Q3 25 | $25.0B | $407.1M | ||
| Q2 25 | $20.0B | $399.8M | ||
| Q1 25 | $19.9B | $351.9M | ||
| Q4 24 | $19.4B | $349.7M | ||
| Q3 24 | $19.4B | $342.3M | ||
| Q2 24 | $19.4B | $321.4M | ||
| Q1 24 | $19.3B | $319.8M |
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 | $39.6M |
| Free Cash FlowOCF − Capex | $75.5M | $35.2M |
| FCF MarginFCF / Revenue | 35.5% | 23.0% |
| Capex IntensityCapex / Revenue | 1.6% | 2.9% |
| Cash ConversionOCF / Net Profit | 1.05× | 5.39× |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $41.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $39.6M | ||
| Q3 25 | $52.2M | $10.0M | ||
| Q2 25 | $106.7M | $4.3M | ||
| Q1 25 | $13.3M | $5.6M | ||
| Q4 24 | $42.9M | $26.7M | ||
| Q3 24 | $70.2M | $12.5M | ||
| Q2 24 | $65.6M | $-4.8M | ||
| Q1 24 | $51.1M | $8.9M |
| Q4 25 | $75.5M | $35.2M | ||
| Q3 25 | $49.7M | $5.3M | ||
| Q2 25 | $102.5M | $533.0K | ||
| Q1 25 | $11.3M | $292.0K | ||
| Q4 24 | $36.5M | $21.6M | ||
| Q3 24 | $64.4M | $11.1M | ||
| Q2 24 | $61.9M | $-6.0M | ||
| Q1 24 | $46.7M | $7.4M |
| Q4 25 | 35.5% | 23.0% | ||
| Q3 25 | 24.4% | 3.8% | ||
| Q2 25 | 69.5% | 0.4% | ||
| Q1 25 | 7.8% | 0.2% | ||
| Q4 24 | 25.2% | 17.3% | ||
| Q3 24 | 45.4% | 8.9% | ||
| Q2 24 | 44.9% | -5.0% | ||
| Q1 24 | 34.0% | 6.6% |
| Q4 25 | 1.6% | 2.9% | ||
| Q3 25 | 1.2% | 3.4% | ||
| Q2 25 | 2.9% | 2.9% | ||
| Q1 25 | 1.4% | 4.3% | ||
| Q4 24 | 4.4% | 4.0% | ||
| Q3 24 | 4.1% | 1.2% | ||
| Q2 24 | 2.7% | 1.0% | ||
| Q1 24 | 3.2% | 1.3% |
| Q4 25 | 1.05× | 5.39× | ||
| Q3 25 | 1.52× | 4.32× | ||
| Q2 25 | 2.09× | 8.39× | ||
| Q1 25 | 0.30× | 1.17× | ||
| Q4 24 | 0.86× | 3.94× | ||
| Q3 24 | 1.64× | 9.70× | ||
| Q2 24 | 1.28× | -0.79× | ||
| Q1 24 | 1.07× | 1.63× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
PMTS
| US Debit And Credit | $128.9M | 84% |
| US Prepaid Debit | $24.4M | 16% |
