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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $173.1M, roughly 1.2× VARONIS SYSTEMS INC). On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 26.9%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $49.0M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 15.2%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Varonis Systems, Inc. is a software company based in Miami, Florida with R&D offices in Herzliya, Israel. The company’s Data Security Platform analyzes data and data activity using the insights to identify data exposure risks stemming from access permissions and software-as-a-service (SaaS) app configurations, triggering automated remediation capabilities in response.
INDB vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $173.1M |
| Net Profit | $75.3M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | — | -1.7% |
| Net Margin | 35.5% | — |
| Revenue YoY | 46.9% | 26.9% |
| 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.
| Q1 26 | — | $173.1M | ||
| Q4 25 | $212.5M | $173.4M | ||
| Q3 25 | $203.3M | $161.6M | ||
| Q2 25 | $147.5M | $152.2M | ||
| Q1 25 | $145.5M | $136.4M | ||
| Q4 24 | $144.7M | $158.5M | ||
| Q3 24 | $141.7M | $148.1M | ||
| Q2 24 | $137.9M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $75.3M | $-27.8M | ||
| Q3 25 | $34.3M | $-29.9M | ||
| Q2 25 | $51.1M | $-35.8M | ||
| Q1 25 | $44.4M | $-35.8M | ||
| Q4 24 | $50.0M | $-13.0M | ||
| Q3 24 | $42.9M | $-18.3M | ||
| Q2 24 | $51.3M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | — | 78.9% | ||
| Q3 25 | — | 78.2% | ||
| Q2 25 | — | 79.5% | ||
| Q1 25 | — | 78.7% | ||
| Q4 24 | — | 83.6% | ||
| Q3 24 | — | 83.8% | ||
| Q2 24 | — | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | — | -17.5% | ||
| Q3 25 | 21.8% | -22.2% | ||
| Q2 25 | 44.6% | -24.0% | ||
| Q1 25 | 39.3% | -32.1% | ||
| Q4 24 | — | -11.1% | ||
| Q3 24 | 39.0% | -16.0% | ||
| Q2 24 | 48.1% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 35.5% | -16.0% | ||
| Q3 25 | 16.8% | -18.5% | ||
| Q2 25 | 34.6% | -23.5% | ||
| Q1 25 | 30.5% | -26.2% | ||
| Q4 24 | 34.6% | -8.2% | ||
| Q3 24 | 30.3% | -12.4% | ||
| Q2 24 | 37.2% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $1.51 | $-0.23 | ||
| Q3 25 | $0.69 | $-0.26 | ||
| Q2 25 | $1.20 | $-0.32 | ||
| Q1 25 | $1.04 | $-0.32 | ||
| Q4 24 | $1.18 | $-0.12 | ||
| Q3 24 | $1.01 | $-0.16 | ||
| Q2 24 | $1.21 | $-0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | $453.5M |
| Total Assets | $24.9B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | — | $883.7M | ||
| Q3 25 | — | $671.3M | ||
| Q2 25 | — | $770.9M | ||
| Q1 25 | — | $567.6M | ||
| Q4 24 | — | $529.0M | ||
| Q3 24 | — | $844.8M | ||
| Q2 24 | — | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $3.6B | $598.7M | ||
| Q3 25 | $3.5B | $604.8M | ||
| Q2 25 | $3.1B | $341.5M | ||
| Q1 25 | $3.0B | $367.7M | ||
| Q4 24 | $3.0B | $455.7M | ||
| Q3 24 | $3.0B | $428.6M | ||
| Q2 24 | $2.9B | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $24.9B | $1.8B | ||
| Q3 25 | $25.0B | $1.7B | ||
| Q2 25 | $20.0B | $1.6B | ||
| Q1 25 | $19.9B | $1.6B | ||
| Q4 24 | $19.4B | $1.7B | ||
| Q3 24 | $19.4B | $1.5B | ||
| Q2 24 | $19.4B | $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 | $55.0M |
| Free Cash FlowOCF − Capex | $75.5M | $49.0M |
| FCF MarginFCF / Revenue | 35.5% | 28.3% |
| Capex IntensityCapex / Revenue | 1.6% | — |
| Cash ConversionOCF / Net Profit | 1.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $78.9M | $24.7M | ||
| Q3 25 | $52.2M | $33.4M | ||
| Q2 25 | $106.7M | $21.3M | ||
| Q1 25 | $13.3M | $68.0M | ||
| Q4 24 | $42.9M | $24.3M | ||
| Q3 24 | $70.2M | $22.5M | ||
| Q2 24 | $65.6M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $75.5M | $20.7M | ||
| Q3 25 | $49.7M | $30.4M | ||
| Q2 25 | $102.5M | $18.0M | ||
| Q1 25 | $11.3M | $65.7M | ||
| Q4 24 | $36.5M | $19.9M | ||
| Q3 24 | $64.4M | $21.3M | ||
| Q2 24 | $61.9M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 35.5% | 12.0% | ||
| Q3 25 | 24.4% | 18.8% | ||
| Q2 25 | 69.5% | 11.8% | ||
| Q1 25 | 7.8% | 48.1% | ||
| Q4 24 | 25.2% | 12.6% | ||
| Q3 24 | 45.4% | 14.4% | ||
| Q2 24 | 44.9% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.6% | 2.3% | ||
| Q3 25 | 1.2% | 1.8% | ||
| Q2 25 | 2.9% | 2.2% | ||
| Q1 25 | 1.4% | 1.7% | ||
| Q4 24 | 4.4% | 2.7% | ||
| Q3 24 | 4.1% | 0.8% | ||
| Q2 24 | 2.7% | 0.6% |
| 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.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
