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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and WORKIVA INC (WK). Click either name above to swap in a different company.
WORKIVA INC is the larger business by last-quarter revenue ($247.3M vs $212.5M, roughly 1.2× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 7.7%, a 27.8% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 19.9%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $25.7M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 18.0%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Workiva, Inc. is a global software-as-a-service (SaaS) company. It provides a cloud-based connected and reporting compliance platform that enables the use of connected data and automation of reporting across finance, accounting, risk, and compliance.
INDB vs WK — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $247.3M |
| Net Profit | $75.3M | $19.0M |
| Gross Margin | — | 80.4% |
| Operating Margin | — | 25.8% |
| Net Margin | 35.5% | 7.7% |
| Revenue YoY | 46.9% | 19.9% |
| Net Profit YoY | 50.6% | — |
| EPS (diluted) | $1.51 | $0.33 |
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 | — | $247.3M | ||
| Q4 25 | $212.5M | $238.9M | ||
| Q3 25 | $203.3M | $224.2M | ||
| Q2 25 | $147.5M | $215.2M | ||
| Q1 25 | $145.5M | $206.3M | ||
| Q4 24 | $144.7M | $199.9M | ||
| Q3 24 | $141.7M | $185.6M | ||
| Q2 24 | $137.9M | $177.5M |
| Q1 26 | — | $19.0M | ||
| Q4 25 | $75.3M | $11.8M | ||
| Q3 25 | $34.3M | $2.8M | ||
| Q2 25 | $51.1M | $-19.4M | ||
| Q1 25 | $44.4M | $-21.4M | ||
| Q4 24 | $50.0M | $-8.8M | ||
| Q3 24 | $42.9M | $-17.0M | ||
| Q2 24 | $51.3M | $-17.5M |
| Q1 26 | — | 80.4% | ||
| Q4 25 | — | 80.7% | ||
| Q3 25 | — | 79.3% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | 76.6% | ||
| Q4 24 | — | 77.1% | ||
| Q3 24 | — | 76.5% | ||
| Q2 24 | — | 76.8% |
| Q1 26 | — | 25.8% | ||
| Q4 25 | — | 3.3% | ||
| Q3 25 | 21.8% | -1.5% | ||
| Q2 25 | 44.6% | -10.3% | ||
| Q1 25 | 39.3% | -12.0% | ||
| Q4 24 | — | -6.7% | ||
| Q3 24 | 39.0% | -11.7% | ||
| Q2 24 | 48.1% | -13.0% |
| Q1 26 | — | 7.7% | ||
| Q4 25 | 35.5% | 4.9% | ||
| Q3 25 | 16.8% | 1.2% | ||
| Q2 25 | 34.6% | -9.0% | ||
| Q1 25 | 30.5% | -10.4% | ||
| Q4 24 | 34.6% | -4.4% | ||
| Q3 24 | 30.3% | -9.2% | ||
| Q2 24 | 37.2% | -9.9% |
| Q1 26 | — | $0.33 | ||
| Q4 25 | $1.51 | $0.21 | ||
| Q3 25 | $0.69 | $0.05 | ||
| Q2 25 | $1.20 | $-0.35 | ||
| Q1 25 | $1.04 | $-0.38 | ||
| Q4 24 | $1.18 | $-0.15 | ||
| Q3 24 | $1.01 | $-0.31 | ||
| Q2 24 | $1.21 | $-0.32 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $334.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | — |
| Total Assets | $24.9B | $1.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $334.3M | ||
| Q4 25 | — | $338.8M | ||
| Q3 25 | — | $315.9M | ||
| Q2 25 | — | $284.3M | ||
| Q1 25 | — | $242.0M | ||
| Q4 24 | — | $301.8M | ||
| Q3 24 | — | $248.2M | ||
| Q2 24 | — | $267.9M |
| Q1 26 | — | — | ||
| Q4 25 | $3.6B | $-5.4M | ||
| Q3 25 | $3.5B | $-36.9M | ||
| Q2 25 | $3.1B | $-66.5M | ||
| Q1 25 | $3.0B | $-75.7M | ||
| Q4 24 | $3.0B | $-41.7M | ||
| Q3 24 | $3.0B | $-50.8M | ||
| Q2 24 | $2.9B | $-77.7M |
| Q1 26 | — | $1.4B | ||
| Q4 25 | $24.9B | $1.5B | ||
| Q3 25 | $25.0B | $1.4B | ||
| Q2 25 | $20.0B | $1.3B | ||
| Q1 25 | $19.9B | $1.3B | ||
| Q4 24 | $19.4B | $1.4B | ||
| Q3 24 | $19.4B | $1.3B | ||
| Q2 24 | $19.4B | $1.2B |
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 | $25.7M |
| FCF MarginFCF / Revenue | 35.5% | 10.4% |
| Capex IntensityCapex / Revenue | 1.6% | — |
| Cash ConversionOCF / Net Profit | 1.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $171.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $78.9M | $51.0M | ||
| Q3 25 | $52.2M | $46.2M | ||
| Q2 25 | $106.7M | $50.3M | ||
| Q1 25 | $13.3M | $-7.4M | ||
| Q4 24 | $42.9M | $44.0M | ||
| Q3 24 | $70.2M | $18.9M | ||
| Q2 24 | $65.6M | $-14.0K |
| Q1 26 | — | $25.7M | ||
| Q4 25 | $75.5M | $50.7M | ||
| Q3 25 | $49.7M | $46.1M | ||
| Q2 25 | $102.5M | $49.3M | ||
| Q1 25 | $11.3M | $-8.1M | ||
| Q4 24 | $36.5M | $43.2M | ||
| Q3 24 | $64.4M | $18.7M | ||
| Q2 24 | $61.9M | $-122.0K |
| Q1 26 | — | 10.4% | ||
| Q4 25 | 35.5% | 21.2% | ||
| Q3 25 | 24.4% | 20.5% | ||
| Q2 25 | 69.5% | 22.9% | ||
| Q1 25 | 7.8% | -3.9% | ||
| Q4 24 | 25.2% | 21.6% | ||
| Q3 24 | 45.4% | 10.1% | ||
| Q2 24 | 44.9% | -0.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.6% | 0.1% | ||
| Q3 25 | 1.2% | 0.0% | ||
| Q2 25 | 2.9% | 0.5% | ||
| Q1 25 | 1.4% | 0.4% | ||
| Q4 24 | 4.4% | 0.4% | ||
| Q3 24 | 4.1% | 0.1% | ||
| Q2 24 | 2.7% | 0.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.05× | 4.31× | ||
| Q3 25 | 1.52× | 16.57× | ||
| 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.
WK
| Subscription and support | $225.4M | 91% |
| Other | $22.0M | 9% |
