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Independent Bank Corp.

IBCP Financial Banks Regional

Independent Bank Corp.’s revenue for fiscal 2025 (year ended December 2025) was $315.4 million, down 2.40% from fiscal 2024.

Revenue
+14.7%
EPS
−4.71%
Free cash flow
−1.00%
Total debt
−8.02%

Quarter to September 2026, against a year earlier

36.41 0.84 −2.26%
Market cap
$802.2M
P/E
10.6×
Fwd P/E
10.8×
Dividend yield
3.08%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.04
Sold, $m 0.34
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — — — — — — — —
Sell 1 — — — — 1 1 — 2 1 — —
Insider Ownership 4.86%

Capital & Financial Ratios $m

Size
Market Cap 802.22
Revenue ttm 333.35
Net income ttm 72.10
Free cash flow ttm 38.13
Net debt Q (181.81)
Valuation
P/E 10.58
Forward P/E 10.80
Price / sales 2.42
Forward P/S Powerpack
Price / FCF 21.14
Price / book 1.40
Financial health
Current ratio Q 0.00
Debt / equity Q 0.00
Interest coverage Q —
Growth
Revenue growth Q +14.65% (above 0%: growing)
Operating income growth Q +11.61% (above 0%: growing)
EPS, this year +2.64%
EPS, next year A +16.03% (at or above 15%: strong)
Revenue, next year A −34.37% (below 0%: weak)
EPS, past 5 yrs +5.27%
EPS, next 5 yrs A +8.02%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 53.94%
10-year low 10-year high
P/S against its own 10 years 58.71%
10-year low 10-year high
P/B against its own 10 years 52.04%
10-year low 10-year high

Dividends raised every year since 2018

Yield
3.08%
Annual rate
1.12
Payout ratio
32.9%
Growth, 2018–26
+8.11%/yr
  1. 0.60 ’18
  2. 0.72 ’19 +20
  3. 0.80 ’20 +11
  4. 0.84 ’21 +5
  5. 0.88 ’22 +5
  6. 0.92 ’23 +5
  7. 0.96 ’24 +4
  8. 1.04 ’25 +8
  9. 1.12 ’26 +8
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 170 120 138 182
Receivables — — — —
Inventory — — — —
Other — — — —
4,051 4,255 4,528 —
2023 2024 2025 Q'26
Payables 4,623 4,654 4,762 5,521
ST’ Debt — — — —
Other — — — —
4,730 4,759 4,886 5,642

Compound Annual Growth %

10y 5y 3y
Sales 10.06% 7.41% 10.95%
Cash Flow 12.87% 5.49% (6.78%)
Earnings 13.10% 4.07% 2.66%
Book Value 7.19% 5.24% 13.11%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.86 Actual 0.92

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.83 0.89 Beat by 0.06
Q1 FY26 0.79 0.81 Beat by 0.02
Q2 FY26 0.85 0.90 Beat by 0.05
Q3 FY26 0.86 0.92 Beat by 0.06
Q4 FY26 0.91 — Reports 28 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.81 0.90 0.80 — —
’25 0.74 0.81 0.84 0.89 3.27
’24 0.76 0.88 0.65 0.87 3.16
’23 0.61 0.70 0.83 0.65 2.79
’22 0.84 0.61 0.81 0.71 2.97
’21 1.00 0.56 0.73 0.58 2.88
’20 0.21 0.67 0.89 0.77 2.53
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 78 83 93 — —
’25 77 78 81 79 315
’24 78 82 78 86 323
’23 64 73 78 74 290
’22 54 53 62 62 231
’21 59 48 56 52 215
’20 47 54 62 58 221
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (9) 20 — — —
’25 19 19 30 8 77
’24 21 9 17 16 63
’23 23 10 26 17 76
’22 39 23 33 1 95
’21 35 32 (11) 54 110
’20 22 22 (6) 20 59
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (14) 17 — — —
’25 18 17 29 6 70
’24 20 7 16 13 56
’23 22 8 26 15 71
’22 36 22 33 (1) 91
’21 33 30 (12) 53 104
’20 22 21 (7) 20 55
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 129 141 176 197 221 215 231 290 323 315 333 +10.5% 207 233 247 (7.8%)
Gross margin, % 94.66 93.52 90.04 86.60 92.65 96.13 91.58 71.29 68.89 71.55 75.45 (23.1) pt
EBT 33 38 49 58 69 77 78 74 83 81 85 +10.6%
EBT margin, % 25.54 27.29 27.98 29.37 31.50 36.01 33.69 25.37 25.70 25.78 25.42 +0.2 pt
Net income 23 20 40 46 56 63 63 59 67 69 72 +13.0%
Per share, $
Per share, $ Revenue 6.03 6.60 7.50 8.59 10.04 9.95 10.95 13.84 15.47 15.19 15.06 +10.8%
Earnings 1.06 0.96 1.70 2.03 2.56 2.91 3.00 2.82 3.20 3.30 3.44 +13.4%
Cash flow 1.11 1.81 1.92 1.51 2.67 5.10 4.49 3.60 3.02 3.69 0.00 +14.3%
Capex (0.14) (0.20) (0.16) (0.21) (0.15) (0.27) (0.18) (0.21) (0.33) (0.31) 0.00 +9.1%
Free cash flow 0.97 1.61 1.76 1.29 2.52 4.84 4.30 3.40 2.69 3.38 0.00 +14.9%
Book value 11.65 12.42 14.48 15.30 17.72 18.46 16.48 19.28 21.76 24.23 26.08 +8.5%
Shares, m 21 21 23 23 22 22 21 21 21 21 21 (0.3%)
Valuation, ×
Valuation, × P/E 20.61 23.80 12.36 11.10 7.19 8.20 8.02 9.13 10.88 9.86 10.58 12.1
P/S 3.66 3.46 2.80 2.64 1.84 2.40 2.21 1.86 2.25 2.14 2.42 2.5
P/B 1.89 1.84 1.45 1.48 1.04 1.29 1.47 1.34 1.60 1.34 1.40 1.5
EV/Sales 3.32 3.69 2.77 2.95 1.80 2.40 2.60 1.72 2.27 2.07 — 2.6
EV/FCF 20.68 15.11 11.82 19.61 7.14 4.93 6.61 7.02 13.04 9.32 — 11.5
Cash, $m
Cash, $m Operating cash flow 24 39 45 34 59 110 95 76 63 77 49 +13.9%
Capex (3) (4) (4) (5) (3) (6) (4) (4) (7) (6) (11) +8.8%
Free cash flow 21 34 41 30 55 104 91 71 56 70 38 +14.6%
Balance, $m
Balance, $m Working capital (512) (311) (200) (207) (734) (1,074) (824) (679) (505) (358) (5,642) (3.9%)
Net debt (44) 32 (6) 62 (10) (1) 91 (41) 5 (22) (182) (7.7%)
Shareholders’ equity 249 265 339 350 390 398 348 404 455 503 577 +8.1%
Returns, %
Returns, % ROA 0.92 0.77 1.30 1.34 1.45 1.41 1.31 1.15 1.26 1.26 1.23 +0.3 pt
ROIC 10.04 8.14 9.86 8.75 11.44 12.14 11.09 12.65 11.30 10.55 0.00 +0.5 pt
ROE 9.11 7.97 13.19 13.48 15.18 15.96 16.98 15.71 15.55 14.31 13.50 +5.2 pt
People
People Employees 885 911 976 994 983 986 916 832 834 826 — (0.8%)
Revenue/emp, $m 0.15 0.15 0.18 0.20 0.22 0.22 0.25 0.35 0.39 0.38 — +11.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026

Independent Bank Corp. vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ALRS Alerus Financial $837.6M 28.4× 10.5× +4.46% (above 0%: growing) +16.67% (above 0%: growing) +136.92% (above 0%: growing) 77.55% 0.00% Compare
RCBC River City Bank $828.4M — — — — — 51.62% 0.00% Compare
SMBK SmartFinancial, Inc. $819.7M 14.1× 12.6× +9.67% (above 0%: growing) +38.57% (above 0%: growing) +68.13% (above 0%: growing) 65.11% 0.00% Compare
PGC Peapack-Gladstone Financial Corporation $811.6M 15.6× 12.2× +10.12% (above 0%: growing) +97.78% (above 0%: growing) +388.43% (above 0%: growing) 70.34% 0.00% Compare
SPFI South Plains Financial, Inc. $807.8M 10.9× 11.3× +19.20% (above 0%: growing) +10.19% (above 0%: growing) +36.07% (above 0%: growing) 72.35% 0.00% Compare
IBCP Independent Bank Corp. $802.2M 10.6× 10.8× +14.65% (above 0%: growing) −4.71% (below 0%: shrinking) −1.00% (below 0%: shrinking) 76.31% 0.00%
SMBC Southern Missouri Bancorp, Inc. $776.7M 11.0× 10.6× +2.83% (above 0%: growing) +31.43% (above 0%: growing) −50.54% (below 0%: shrinking) 64.61% 0.00% Compare
FISI Financial Institutions, Inc. $771.3M 9.7× 9.4× +0.58% (above 0%: growing) +24.71% (above 0%: growing) +397.95% (above 0%: growing) 68.40% 0.00% Compare
AGBK AGI, Inc. $769.3M — — — — −476.07% (below 0%: shrinking) 45.30% 0.00% Compare
Median of peers $809.7M 12.5× 11.0× +7.06% +28.07% +68.13% 66.76% 0.00%

All 327 Banks Regional stocks →

Pay and ownership Proxy statement filed 6 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 1.56m 1.33m 212.57
2024 1.39m 2.13m 220.43
2023 1.12m 1.25m 159.44
2022 1.24m 1.22m 139.88
2021 1.30m 1.48m 134.19

Ownership

Directors and executive officers, together 5.91%
Black Rock, Inc.50 Hudson YardsNew York, NY 9.00%
The Vanguard Group100 Vanguard BoulevardMalvern, PA 6.40%
FMR LLC245 Summer StreetBoston, MA 5.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Independent Bank Corp. (IBCP) Latest News

29 Oct

Impact 3 · · Simply Wall St.

27 Oct

Impact 4 · · Moby
Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool transcript
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Associated Press

22 Oct

Impact 3 · · Zacks

20 Oct

Impact 3 · · GlobeNewswire
Impact 3 · · Zacks

29 Sep

Impact 3 · · GlobeNewswire

21 Sep

Impact 3 · · Zacks

4 Sep

Impact 3 ·

27 Jul

Impact 3 ·

24 Jul

Impact 3 · · The Motley Fool transcript

23 Jul

Impact 4 ·
Impact 4 · · Moby
Impact 3 · · MarketBeat transcript
Impact 3 ·
Impact 3 ·

1 Jul

Impact 4 ·

18 Jun

Impact 4 ·

12 Jun

Impact 4 ·

24 Apr

Impact 4 · · GuruFocus.com

23 Apr

Impact 4 · · Moby
Impact 4 ·
Impact 4 · · GlobeNewswire
Impact 3 · · MarketBeat
Impact 3 · · Zacks

20 Mar

Impact 4 · · MarketBeat
stockrow.com/IBCP · Data as of Nov 4, 2026 · For information only; not investment advice. · © 2026 stockrow.com