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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. In the quarter to June 2026, revenue grew 5.66%, EPS grew 12.4%, free cash flow fell 1.00% and total debt fell 8.02%, each against the same quarter a year earlier. Dividend growth for ten consecutive years; insiders bought in the last twelve months.

35.60 0.31 +0.88%
Market cap
$783.4M
P/E
10.2×
Fwd P/E
10.0×
Dividend yield
3.09%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.06
Total sells 0.36
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy 1 — — 1 — — — — — — — —
Sell 1 1 — — — — 1 1 — 2 1 —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 783.42
Revenue 321.46
Net Income 71.75
Free Cash Flow 38.13
Net Debt 1.45
Current Ratio 0.95
Debt/Equity 0.32
P/E ratio 10.23
Fwd P/E 10.00
P/S ratio 2.28
P/B ratio 1.39
Past 5Y EPS Growth 5.27%
This Y EPS Growth 7.03%
Next Y EPS Growth 8.81%
Next Y revenue growth (35.03%) (below 0%: weak)
Next 5Y EPS Growth 6.30%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 49.80%
10-year low 10-year high
P/S against its own 10 years 50.79%
10-year low 10-year high
P/B against its own 10 years 50.90%
10-year low 10-year high

Dividends

Payout Ratio 0.32
Annual Dividend Rate 1.10
Annual Dividend Yield 3.09%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 1.12
0.28
0.28
0.28
2025 1.04
0.26
0.26
0.26
0.26
2024 0.96
0.24
0.24
0.24
0.24
2023 0.92
0.23
0.23
0.23
0.23
2022 0.88
0.22
0.22
0.22
0.22
2021 0.84
0.21
0.21
0.21
0.21
2020 0.80
0.20
0.20
0.20
0.20
2019 0.72
0.18
0.18
0.18
0.18
2018 0.60
0.15
0.15
0.15
0.15
2017 0.42
0.10
0.10
0.10
0.12
2016 0.34
0.08
0.08
0.08
0.10
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 170 120 138 165
Receivables — — — —
Inventory — — — —
Other — — — —
4,051 4,255 4,528 4,700
2023 2024 2025 Q'26
Payables 4,623 4,654 4,762 4,862
ST’ Debt — — — —
Other — — — —
4,730 4,759 4,886 4,969

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%

Revenue $m

Mar Jun Sep Dec Year
’26 78 83 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.81 0.90 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 13.42 18.50 20.18 18.94 9.19 18.18 17.87 14.90 22.53 26.75

Analyst estimates 2026–2028

Powerpack
High 22.25 23.65 27.10 23.93 22.98 24.73 26.00 26.99 40.32 37.13
People
People Employees 885 911 976 994 983 986 916 832 834 826
Revenue/emp, $m 0.15 0.15 0.18 0.20 0.22 0.22 0.25 0.35 0.39 0.38
Income, $m
Income, $m Revenue 129 141 176 197 221 215 231 290 323 315
Gross margin, % 94.66 93.52 90.04 86.60 92.65 96.13 91.58 71.29 68.89 71.55
EBT 33 38 49 58 69 77 78 74 83 81
EBT margin, % 25.54 27.29 27.98 29.37 31.50 36.01 33.69 25.37 25.70 25.78
Net income 23 20 40 46 56 63 63 59 67 69
Depreciation 5 7 6 6 9 12 11 10 10 10
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
Earnings 1.06 0.96 1.70 2.03 2.56 2.91 3.00 2.82 3.20 3.30
Cash flow 1.11 1.81 1.92 1.51 2.67 5.10 4.49 3.60 3.02 3.69
Capex (0.14) (0.20) (0.16) (0.21) (0.15) (0.27) (0.18) (0.21) (0.33) (0.31)
Free cash flow 0.97 1.61 1.76 1.29 2.52 4.84 4.30 3.40 2.69 3.38
Book value 11.65 12.42 14.48 15.30 17.72 18.46 16.48 19.28 21.76 24.23
Shares, m 21 21 23 23 22 22 21 21 21 21
Valuation, ×
Valuation, × P/E 20.61 23.80 12.36 11.10 7.19 8.20 8.02 9.13 10.88 9.86
P/S 3.66 3.46 2.80 2.64 1.84 2.40 2.21 1.86 2.25 2.14
P/B 1.89 1.84 1.45 1.48 1.04 1.29 1.47 1.34 1.60 1.34
EV/Sales 3.32 3.69 2.77 2.95 1.80 2.40 2.60 1.72 2.27 2.07
EV/FCF 20.68 15.11 11.82 19.61 7.14 4.93 6.61 7.02 13.04 9.32
Cash, $m
Cash, $m Operating cash flow 24 39 45 34 59 110 95 76 63 77
Capex (3) (4) (4) (5) (3) (6) (4) (4) (7) (6)
Free cash flow 21 34 41 30 55 104 91 71 56 70
Balance, $m
Balance, $m Working capital (512) (311) (200) (207) (734) (1,074) (824) (679) (505) (358)
Total debt 45 90 65 128 109 109 165 129 124 117
Net debt (44) 32 (6) 62 (10) (1) 91 (41) 5 (22)
Shareholders’ equity 249 265 339 350 390 398 348 404 455 503
Returns, %
Returns, % ROA 0.92 0.77 1.30 1.34 1.45 1.41 1.31 1.15 1.26 1.26
ROIC 10.04 8.14 9.86 8.75 11.44 12.14 11.09 12.65 11.30 10.55
ROE 9.11 7.97 13.19 13.48 15.18 15.96 16.98 15.71 15.55 14.31
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
ORRF Orrstown Financial Services Inc $816.1M 9.3× 8.8× +0.90% (above 0%: growing) +8.91% (above 0%: growing) −5.50% (below 0%: shrinking) 70.78% 0.00% Compare
SPFI South Plains Financial, Inc. $809.1M 11.4× 11.7× +16.84% (above 0%: growing) +10.00% (above 0%: growing) +104.00% (above 0%: growing) 72.34% 0.00% Compare
IBCP Independent Bank Corp. $783.4M 10.2× 10.0× +5.66% (above 0%: growing) +12.35% (above 0%: growing) −1.00% (below 0%: shrinking) 76.53% 0.00%
HTB HomeTrust Bancshares, Inc. $776.1M 12.2× 12.9× −4.58% (below 0%: shrinking) −5.94% (below 0%: shrinking) +417.30% (above 0%: growing) 77.45% 0.00% Compare
FISI Financial Institutions, Inc. $773.9M 9.6× 9.2× +0.58% (above 0%: growing) +24.71% (above 0%: growing) +397.95% (above 0%: growing) 68.40% 0.00% Compare
PGC Peapack-Gladstone Financial Corporation $769.9M 14.8× 11.9× +10.12% (above 0%: growing) +97.78% (above 0%: growing) +388.43% (above 0%: growing) 70.34% 0.00% Compare
SMBC Southern Missouri Bancorp, Inc. $769.7M 10.9× 10.3× +2.83% (above 0%: growing) +31.43% (above 0%: growing) −50.54% (below 0%: shrinking) 64.61% 0.00% Compare
ALRS Alerus Financial $765.5M 29.0× 9.7× +1.35% (above 0%: growing) +3.80% (above 0%: growing) +136.92% (above 0%: growing) 77.88% 0.00% Compare
SHBI Shore Bancshares Inc $752.2M 11.4× 10.1× +0.40% (above 0%: growing) +21.74% (above 0%: growing) +185.78% (above 0%: growing) 71.57% 0.00% Compare
Median of peers $771.9M 11.4× 10.2× +1.13% +15.87% +161.35% 71.18% 0.00%

All 323 Banks Regional stocks →

Independent Bank Corp. (IBCP) key facts

  • Concern: Independent Bank Corp.’s revenue for fiscal 2025 (year ended December 2025) was $315.4 million, down 2.40% from fiscal 2024.
  • Strength: Net income was $68.5 million, or $3.30 per share (basic), a net margin of 21.7%.
  • Independent Bank Corp. (IBCP) is a Banks Regional company in the Financial sector, listed on Nasdaq.
  • As of October 16, 2026, IBCP traded at $35.60, a market capitalization of $783.4 million.
  • At that price the stock trades at 10.2× trailing-twelve-month earnings and 2.3× sales; its P/E is higher than 50% of its own readings over the past ten years.
  • Independent Bank Corp. pays an annual dividend of $1.10 per share, a yield of 3.09%, with a payout ratio of 32.0%.
  • Return on equity was 14.3% and debt-to-equity 0.32.
  • Its Piotroski F-score is 8 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Independent Bank Corp. (IBCP) Latest News

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stockrow.com/IBCP · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com