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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $192.7M, roughly 1.1× SPS COMMERCE INC). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 13.4%, a 22.0% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 12.7%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $38.2M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 13.5%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
INDB vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $192.7M |
| Net Profit | $75.3M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | — | 18.0% |
| Net Margin | 35.5% | 13.4% |
| Revenue YoY | 46.9% | 12.7% |
| Net Profit YoY | 50.6% | 47.2% |
| EPS (diluted) | $1.51 | $0.69 |
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 | $192.7M | ||
| Q3 25 | $203.3M | $189.9M | ||
| Q2 25 | $147.5M | $187.4M | ||
| Q1 25 | $145.5M | $181.5M | ||
| Q4 24 | $144.7M | $170.9M | ||
| Q3 24 | $141.7M | $163.7M | ||
| Q2 24 | $137.9M | $153.6M | ||
| Q1 24 | $137.4M | $149.6M |
| Q4 25 | $75.3M | $25.8M | ||
| Q3 25 | $34.3M | $25.6M | ||
| Q2 25 | $51.1M | $19.7M | ||
| Q1 25 | $44.4M | $22.2M | ||
| Q4 24 | $50.0M | $17.6M | ||
| Q3 24 | $42.9M | $23.5M | ||
| Q2 24 | $51.3M | $18.0M | ||
| Q1 24 | $47.8M | $18.0M |
| Q4 25 | — | 70.4% | ||
| Q3 25 | — | 69.5% | ||
| Q2 25 | — | 68.1% | ||
| Q1 25 | — | 68.7% | ||
| Q4 24 | — | 67.5% | ||
| Q3 24 | — | 68.5% | ||
| Q2 24 | — | 66.1% | ||
| Q1 24 | — | 65.6% |
| Q4 25 | — | 18.0% | ||
| Q3 25 | 21.8% | 16.4% | ||
| Q2 25 | 44.6% | 14.1% | ||
| Q1 25 | 39.3% | 14.3% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | 39.0% | 15.6% | ||
| Q2 24 | 48.1% | 15.1% | ||
| Q1 24 | 45.5% | 10.3% |
| Q4 25 | 35.5% | 13.4% | ||
| Q3 25 | 16.8% | 13.5% | ||
| Q2 25 | 34.6% | 10.5% | ||
| Q1 25 | 30.5% | 12.2% | ||
| Q4 24 | 34.6% | 10.3% | ||
| Q3 24 | 30.3% | 14.3% | ||
| Q2 24 | 37.2% | 11.7% | ||
| Q1 24 | 34.8% | 12.0% |
| Q4 25 | $1.51 | $0.69 | ||
| Q3 25 | $0.69 | $0.67 | ||
| Q2 25 | $1.20 | $0.52 | ||
| Q1 25 | $1.04 | $0.58 | ||
| Q4 24 | $1.18 | $0.46 | ||
| Q3 24 | $1.01 | $0.62 | ||
| Q2 24 | $1.21 | $0.48 | ||
| Q1 24 | $1.12 | $0.48 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | $973.9M |
| Total Assets | $24.9B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $151.4M | ||
| Q3 25 | — | $133.7M | ||
| Q2 25 | — | $107.6M | ||
| Q1 25 | — | $94.9M | ||
| Q4 24 | — | $241.0M | ||
| Q3 24 | — | $205.8M | ||
| Q2 24 | — | $271.8M | ||
| Q1 24 | — | $290.8M |
| Q4 25 | $3.6B | $973.9M | ||
| Q3 25 | $3.5B | $958.9M | ||
| Q2 25 | $3.1B | $949.8M | ||
| Q1 25 | $3.0B | $920.9M | ||
| Q4 24 | $3.0B | $854.7M | ||
| Q3 24 | $3.0B | $829.4M | ||
| Q2 24 | $2.9B | $703.4M | ||
| Q1 24 | $2.9B | $683.0M |
| Q4 25 | $24.9B | $1.2B | ||
| Q3 25 | $25.0B | $1.2B | ||
| Q2 25 | $20.0B | $1.1B | ||
| Q1 25 | $19.9B | $1.1B | ||
| Q4 24 | $19.4B | $1.0B | ||
| Q3 24 | $19.4B | $1.0B | ||
| Q2 24 | $19.4B | $854.5M | ||
| Q1 24 | $19.3B | $839.8M |
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 | $45.9M |
| Free Cash FlowOCF − Capex | $75.5M | $38.2M |
| FCF MarginFCF / Revenue | 35.5% | 19.8% |
| Capex IntensityCapex / Revenue | 1.6% | 4.0% |
| Cash ConversionOCF / Net Profit | 1.05× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | $45.9M | ||
| Q3 25 | $52.2M | $60.6M | ||
| Q2 25 | $106.7M | $32.3M | ||
| Q1 25 | $13.3M | $40.0M | ||
| Q4 24 | $42.9M | $40.6M | ||
| Q3 24 | $70.2M | $53.3M | ||
| Q2 24 | $65.6M | $29.4M | ||
| Q1 24 | $51.1M | $34.1M |
| Q4 25 | $75.5M | $38.2M | ||
| Q3 25 | $49.7M | $54.6M | ||
| Q2 25 | $102.5M | $25.7M | ||
| Q1 25 | $11.3M | $33.8M | ||
| Q4 24 | $36.5M | $34.3M | ||
| Q3 24 | $64.4M | $48.1M | ||
| Q2 24 | $61.9M | $24.4M | ||
| Q1 24 | $46.7M | $30.5M |
| Q4 25 | 35.5% | 19.8% | ||
| Q3 25 | 24.4% | 28.7% | ||
| Q2 25 | 69.5% | 13.7% | ||
| Q1 25 | 7.8% | 18.6% | ||
| Q4 24 | 25.2% | 20.1% | ||
| Q3 24 | 45.4% | 29.4% | ||
| Q2 24 | 44.9% | 15.9% | ||
| Q1 24 | 34.0% | 20.4% |
| Q4 25 | 1.6% | 4.0% | ||
| Q3 25 | 1.2% | 3.2% | ||
| Q2 25 | 2.9% | 3.6% | ||
| Q1 25 | 1.4% | 3.4% | ||
| Q4 24 | 4.4% | 3.6% | ||
| Q3 24 | 4.1% | 3.2% | ||
| Q2 24 | 2.7% | 3.3% | ||
| Q1 24 | 3.2% | 2.4% |
| Q4 25 | 1.05× | 1.78× | ||
| Q3 25 | 1.52× | 2.37× | ||
| Q2 25 | 2.09× | 1.64× | ||
| Q1 25 | 0.30× | 1.80× | ||
| Q4 24 | 0.86× | 2.31× | ||
| Q3 24 | 1.64× | 2.27× | ||
| Q2 24 | 1.28× | 1.63× | ||
| Q1 24 | 1.07× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
