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Independent Bank Corp.

INDB Financial Banks Regional

Independent Bank Corp.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 19.4% from fiscal 2024.

Revenue
+3.14%
EPS
+175.4%
Free cash flow
−34.6%
Total debt
−19.1%

Quarter to September 2026, against a year earlier

84.62 1.80 −2.08%
Market cap
$4.0B
P/E
12.5×
Fwd P/E
11.5×
Dividend yield
2.97%
F-score
5/9
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

Sold, $m 1.37
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 — 2 — — 1 — — 2 — — —
Insider Ownership 1.31%

Capital & Financial Ratios $m

Size
Market Cap 3,960.00
Revenue ttm 1,346.87
Net income ttm 271.35
Free cash flow ttm 304.17
Net debt Q (37.12)
Valuation
P/E 12.54
Forward P/E 11.50
Price / sales 2.97
Forward P/S Powerpack
Price / FCF 13.14
Price / book 1.16
Financial health
Current ratio Q 0.93
Debt / equity Q 0.18
Interest coverage Q —
Growth
Revenue growth Q +3.14% (above 0%: growing)
Operating income growth Q +71.39% (above 0%: growing)
EPS, this year +28.97% (at or above 15%: strong)
EPS, next year A +14.75%
Revenue, next year A −11.71% (below 0%: weak)
EPS, past 5 yrs +4.05%
EPS, next 5 yrs A +18.74% (at or above 15%: strong)

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 16.28%
10-year low 10-year high
P/S against its own 10 years 20.87%
10-year low 10-year high
P/B against its own 10 years 36.93%
10-year low 10-year high

Dividends raised 6 years running

Yield
2.97%
Annual rate
2.51
Payout ratio
37.2%
Growth, 2017–25
+7.95%/yr
  1. 1.28 ’17
  2. 1.90 ’18 +48
  3. 1.76 ’19 −7
  4. 1.84 ’20 +5
  5. 1.92 ’21 +4
  6. 2.08 ’22 +8
  7. 2.20 ’23 +6
  8. 2.28 ’24 +4
  9. 2.36 ’25 +4
  10. 2.54 ’26e +8
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 229 224 777 664
Receivables — — — —
Inventory — — — —
Other — — — —
14,372 14,570 19,126 19,026
2023 2024 2025 Q'26
Payables 14,866 15,306 20,127 20,527
ST’ Debt — — — —
Other — — — —
14,866 15,306 20,127 20,527

Compound Annual Growth %

10y 5y 3y
Sales 14.16% 17.93% 15.63%
Cash Flow 10.86% 31.19% (15.83%)
Earnings 12.19% 11.10% (8.05%)
Book Value 16.54% 15.93% 7.30%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.84 Actual 1.90

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.65 1.70 Beat by 0.05
Q1 FY26 1.70 1.68 Miss by 0.02
Q2 FY26 1.77 1.70 Miss by 0.07
Q3 FY26 1.84 1.90 Beat by 0.06
Q4 FY26 1.98 — Reports 28 January 2027

EPS $

Mar Jun Sep Dec Year
’26 1.63 1.70 1.90 — —
’25 1.04 1.20 0.69 1.52 4.44
’24 1.12 1.21 1.01 1.18 4.52
’23 1.36 1.42 1.38 1.26 5.42
’22 1.12 1.32 1.57 1.69 5.69
’21 1.26 1.14 1.21 0.04 3.47
’20 0.78 0.76 1.06 1.05 3.64
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 331 332 346 — —
’25 244 253 335 339 1,171
’24 238 244 250 249 981
’23 215 229 236 239 920
’22 167 176 198 216 758
’21 125 122 119 155 521
’20 134 128 127 124 514
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 117 73 — — —
’25 13 107 52 79 251
’24 51 66 70 43 230
’23 51 91 81 54 277
’22 76 97 133 115 421
’21 67 50 39 33 190
’20 (10) (3) 24 54 65
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 112 67 — — —
’25 11 103 50 76 239
’24 47 62 64 37 210
’23 47 88 78 47 261
’22 67 89 133 113 402
’21 65 46 30 24 165
’20 (12) (6) 21 55 58
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
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 329 360 412 562 514 521 758 920 981 1,171 1,347 +15.1% 1,034 1,083 1,130 (1.2%)
Gross margin, % 94.29 94.91 93.81 90.42 93.31 97.37 96.09 79.44 70.33 73.22 75.87 (21.1) pt
EBT 112 135 156 218 153 157 348 315 247 262 423 +9.9%
EBT margin, % 34.06 37.35 37.83 38.79 29.76 30.06 45.91 34.24 25.20 22.39 31.40 (11.7) pt
Net income 77 87 122 165 121 121 264 240 192 205 271 +11.6%
Per share, $
Per share, $ Revenue 12.46 13.20 14.94 17.14 15.44 14.94 16.34 20.83 23.08 25.36 28.52 +8.2%
Earnings 2.90 3.19 4.41 5.03 3.64 3.47 5.69 5.42 4.52 4.44 6.75 +4.8%
Cash flow 3.52 4.80 5.14 6.60 1.94 5.45 9.08 6.27 5.41 5.44 0.00 +5.0%
Capex (0.38) (0.69) (0.32) (0.39) (0.20) (0.72) (0.40) (0.36) (0.48) (0.26) 0.00 (4.3%)
Free cash flow 3.14 4.11 4.82 6.21 1.75 4.74 8.68 5.91 4.93 5.18 0.00 +5.7%
Book value 32.75 34.58 38.91 52.06 51.19 86.56 62.25 65.53 70.43 77.23 73.10 +10.0%
Shares, m 26 27 28 33 33 35 46 44 42 46 48 +6.4%
Valuation, ×
Valuation, × P/E 24.26 21.79 15.94 16.55 20.01 22.34 14.48 12.04 14.20 16.42 12.54 17.8
P/S 5.64 5.27 4.71 4.86 4.73 5.46 5.05 3.13 2.78 2.88 2.97 4.5
P/B 2.15 2.01 1.81 1.60 1.43 0.94 1.33 1.00 0.91 0.95 1.16 1.4
EV/Sales 5.25 5.12 4.72 5.12 2.55 1.44 4.73 4.21 3.27 2.92 — 3.9
EV/FCF 20.84 16.44 14.65 14.14 22.54 4.55 8.90 14.82 15.29 14.30 — 14.6
Cash, $m
Cash, $m Operating cash flow 93 131 142 217 65 190 421 277 230 251 322 +11.7%
Capex (10) (19) (9) (13) (6) (25) (19) (16) (20) (12) (18) +1.8%
Free cash flow 83 112 133 204 58 165 402 261 210 239 304 +12.5%
Balance, $m
Balance, $m Working capital (355) (378) (327) (155) (356) (1,208) (1,743) (494) (736) (1,000) (1,501) +12.2%
Net debt (131) (53) 7 150 (1,118) (2,092) (243) 989 477 49 (37) n/m
Shareholders’ equity 865 944 1,073 1,708 1,703 3,018 2,887 2,895 2,993 3,566 3,452 +17.0%
Returns, %
Returns, % ROA 1.03 1.10 1.44 1.63 0.99 0.72 1.33 1.24 0.99 0.93 1.31 (0.1) pt
ROIC 10.02 9.68 9.67 8.23 16.79 13.33 8.39 5.07 4.48 5.22 8.02 (4.8) pt
ROE 9.37 9.64 12.06 11.88 7.10 5.13 8.94 8.28 6.52 6.25 9.34 (3.1) pt
People
People Employees 1,103 1,108 1,188 1,348 1,432 1,691 1,739 1,787 1,837 2,294 — +8.5%
Revenue/emp, $m 0.30 0.33 0.35 0.42 0.36 0.31 0.44 0.52 0.53 0.51 — +6.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 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
IBOC International Bancshares Corporation $4.3B 10.1× 10.5× +2.82% (above 0%: growing) +5.75% (above 0%: growing) +9.70% (above 0%: growing) 81.66% 0.00% Compare
FLG Flagstar Bank, National Association $4.3B 70.7× 91.9× −9.46% (below 0%: shrinking) n/m −42.53% (below 0%: shrinking) 48.98% 0.00% Compare
CATY Cathay General Bancorp $4.2B 11.8× 11.5× +9.21% (above 0%: growing) +26.55% (above 0%: growing) +272.48% (above 0%: growing) 65.64% 0.00% Compare
CVBF CVB Financial Corporation $4.0B 15.2× 14.0× +45.38% (above 0%: growing) +15.79% (above 0%: growing) +641.25% (above 0%: growing) 82.47% 0.00% Compare
WSFS WSFS Financial Corporation $4.0B 12.4× 11.7× +2.90% (above 0%: growing) +27.74% (above 0%: growing) +35.81% (above 0%: growing) 81.03% 0.00% Compare
INDB Independent Bank Corp. $4.0B 12.5× 11.5× +3.14% (above 0%: growing) +175.36% (above 0%: growing) −34.59% (below 0%: shrinking) 75.78% 0.00%
GGAL Grupo Financiero Galicia S.A. $4.0B 15.2× — −91.05% (below 0%: shrinking) −72.04% (below 0%: shrinking) −347.48% (below 0%: shrinking) 100.00% 0.00% Compare
FBP First BanCorp. $3.9B 10.8× 10.9× +3.16% (above 0%: growing) +1.59% (above 0%: growing) −5.21% (below 0%: shrinking) 80.42% 0.00% Compare
BANF BancFirst Corporation $3.9B 15.0× 14.3× −78.96% (below 0%: shrinking) +6.38% (above 0%: growing) +13.82% (above 0%: growing) 100.00% 0.00% Compare
Median of peers $4.0B 13.7× 11.7× +2.86% +6.38% +11.76% 81.35% 0.00%

All 327 Banks Regional stocks →

Pay and ownership Proxy statement filed 26 March 2026

Ownership

Directors and executive officers, together 1.60%
BlackRock, Inc. 14.30%
The Vanguard Group, Inc. 12.02%
Dimensional Fund Advisors LP 5.40%
State Street Corporation 5.00%
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. (INDB) Latest News

27 Oct

Impact 4 · · Moby
Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool transcript

22 Oct

Impact 3 · · StockStory

18 Oct

Impact 4 · · The Motley Fool

16 Oct

Impact 4 · · MarketBeat
Impact 4 · · Moby
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · StockStory
Impact 3 · · The Motley Fool transcript
Impact 3 · · StockStory

15 Oct

Impact 3 · · Investing.com
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Associated Press
Impact 3 · · Zacks

13 Oct

Impact 3 · · StockStory

12 Oct

Impact 3 · · Zacks

8 Oct

Impact 3 · · Zacks

2 Oct

Impact 3 · · StockStory

29 Sep

Impact 4 · · GlobeNewswire

20 Sep

Impact 3 ·

14 Aug

Impact 3 ·

24 Jul

Impact 3 · · The Motley Fool transcript

23 Jul

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

19 Jul

Impact 3 ·

17 Jul

Impact 4 ·
Impact 3 ·

INDB metrics, ten years each

stockrow.com/INDB · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com