Saturday 17 October 2026 Export INDB’s income statement to Excel — free account

Independent Bank Corp.

Independent Bank Corp.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 19.4% from fiscal 2024. In the quarter to June 2026, revenue grew 31.4%, EPS grew 41.7%, free cash flow fell 34.6% and total debt fell 7.63%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years, revenue growth for five.

79.88 2.80 +3.63%

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Market cap: $3.7B
P/E: 14.4×
Fwd P/E: 10.9×
Dividend yield: 3.14%
F-score: 5/9
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 sells 15.31

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	3	2	—	2	—	—	1	—	—	2	—	—

Insider Ownership 3.00%

Capital & Financial Ratios $m

Market Cap 3,650.00

Revenue 1,336.34

Net Income 271.35

Free Cash Flow 304.17

Net Debt (304.60)

Current Ratio 0.94

Debt/Equity 0.20

P/E ratio 14.42

Fwd P/E 10.90

P/S ratio 2.87

P/B ratio 1.09

Past 5Y EPS Growth 4.05%

This Y EPS Growth 26.96%

Next Y EPS Growth 15.06%

Next Y revenue growth (11.79%)

Next 5Y EPS Growth 17.91%

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

Valuation vs history

P/E against its own 10 years 24.70%

10-year low 10-year high

P/S against its own 10 years 17.21%

10-year low 10-year high

P/B against its own 10 years 33.14%

10-year low 10-year high

Dividends

Payout Ratio 0.45

Annual Dividend Rate 2.51

Annual Dividend Yield 3.14%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	2.54	0.64 0.64 0.64
2025	2.36	0.59 0.59 0.59 0.59
2024	2.28	0.57 0.57 0.57 0.57
2023	2.20	0.55 0.55 0.55 0.55
2022	2.08	0.51 0.51 0.51 0.55
2021	1.92	0.48 0.48 0.48 0.48
2020	1.84	0.46 0.46 0.46 0.46
2019	1.76	0.44 0.44 0.44 0.44
2018	1.90	0.38 0.38 0.38 0.38 0.38
2017	1.28	0.32 0.32 0.32 0.32
2016	1.16	0.29 0.29 0.29 0.29

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	229	224	777	1,006
Receivables	—	—	—	—
Inventory	—	—	—	—
Other	—	—	—	—
	14,372	14,570	19,126	19,226

	2023	2024	2025	Q'26
Payables	14,866	15,306	20,127	20,392
ST’ Debt	—	—	—	—
Other	—	—	—	—
	14,866	15,306	20,127	20,392

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	331	332	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.63	1.70	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	39.58	57.20	66.12	62.33	49.25	68.14	74.28	43.28	45.11	52.15	Analyst estimates 2026–2028 Powerpack
	High	71.95	76.30	95.00	87.64	83.90	99.85	91.65	85.12	77.23	78.17
People
People	Employees	1,103	1,108	1,188	1,348	1,432	1,691	1,739	1,787	1,837	2,294
	Revenue/emp, $m	0.30	0.33	0.35	0.42	0.36	0.31	0.44	0.52	0.53	0.51
Income, $m
Income, $m	Revenue	329	360	412	562	514	521	758	920	981	1,171
	Gross margin, %	94.29	94.91	93.81	90.42	93.31	97.37	96.09	79.44	70.33	73.22
	EBT	112	135	156	218	153	157	348	315	247	262
	EBT margin, %	34.06	37.35	37.83	38.79	29.76	30.06	45.91	34.24	25.20	22.39
	Net income	77	87	122	165	121	121	264	240	192	205
	Depreciation	14	16	16	19	27	33	39	36	41	42
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
	Earnings	2.90	3.19	4.41	5.03	3.64	3.47	5.69	5.42	4.52	4.44
	Cash flow	3.52	4.80	5.14	6.60	1.94	5.45	9.08	6.27	5.41	5.44
	Capex	(0.38)	(0.69)	(0.32)	(0.39)	(0.20)	(0.72)	(0.40)	(0.36)	(0.48)	(0.26)
	Free cash flow	3.14	4.11	4.82	6.21	1.75	4.74	8.68	5.91	4.93	5.18
	Book value	32.75	34.58	38.91	52.06	51.19	86.56	62.25	65.53	70.43	77.23
	Shares, m	26	27	28	33	33	35	46	44	42	46
Valuation, ×
Valuation, ×	P/E	24.26	21.79	15.94	16.55	20.01	22.34	14.48	12.04	14.20	16.42
	P/S	5.64	5.27	4.71	4.86	4.73	5.46	5.05	3.13	2.78	2.88
	P/B	2.15	2.01	1.81	1.60	1.43	0.94	1.33	1.00	0.91	0.95
	EV/Sales	5.25	5.12	4.72	5.12	2.55	1.44	4.73	4.21	3.27	2.92
	EV/FCF	20.84	16.44	14.65	14.14	22.54	4.55	8.90	14.82	15.29	14.30
Cash, $m
Cash, $m	Operating cash flow	93	131	142	217	65	190	421	277	230	251
	Capex	(10)	(19)	(9)	(13)	(6)	(25)	(19)	(16)	(20)	(12)
	Free cash flow	83	112	133	204	58	165	402	261	210	239
Balance, $m
Balance, $m	Working capital	(355)	(378)	(327)	(155)	(356)	(1,208)	(1,743)	(494)	(736)	(1,000)
	Total debt	159	161	259	303	181	152	113	1,218	701	826
	Net debt	(131)	(53)	7	150	(1,118)	(2,092)	(243)	989	477	49
	Shareholders’ equity	865	944	1,073	1,708	1,703	3,018	2,887	2,895	2,993	3,566
Returns, %
Returns, %	ROA	1.03	1.10	1.44	1.63	0.99	0.72	1.33	1.24	0.99	0.93
	ROIC	10.02	9.68	9.67	8.23	16.79	13.33	8.39	5.07	4.48	5.22
	ROE	9.37	9.64	12.06	11.88	7.10	5.13	8.94	8.28	6.52	6.25

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
CATY Cathay General Bancorp	$4.0B	11.6×	10.6×	+3.12% (above 0%: growing)	+24.32% (above 0%: growing)	+272.48% (above 0%: growing)	63.72%	0.00%	Compare
TCBI Texas Capital Bancshares, Inc.	$3.9B	11.7×	13.4×	+4.34% (above 0%: growing)	+16.35% (above 0%: growing)	+62.74% (above 0%: growing)	65.14%	0.00%	Compare
WSFS WSFS Financial Corporation	$3.9B	12.8×	11.6×	+1.64% (above 0%: growing)	+28.35% (above 0%: growing)	−141.58% (below 0%: shrinking)	81.45%	0.00%	Compare
CVBF CVB Financial Corporation	$3.8B	15.1×	14.9×	+37.86% (above 0%: growing)	−19.44% (below 0%: shrinking)	+641.25% (above 0%: growing)	81.88%	0.00%	Compare
INDB Independent Bank Corp.	$3.7B	14.4×	10.9×	+31.36% (above 0%: growing)	+41.67% (above 0%: growing)	−34.59% (below 0%: shrinking)	76.37%	0.00%
RNST Renasant Corporation	$3.6B	11.9×	10.9×	−0.15% (below 0%: shrinking)	+9,400.00% (above 0%: growing)	+505.64% (above 0%: growing)	69.95%	0.00%	Compare
BANF BancFirst Corporation	$3.6B	14.5×	15.1×	+5.44% (above 0%: growing)	+5.88% (above 0%: growing)	+13.82% (above 0%: growing)	75.20%	0.00%	Compare
WSBC WesBanco, Inc.	$3.6B	10.8×	9.7×	+1.67% (above 0%: growing)	+61.40% (above 0%: growing)	−26.05% (below 0%: shrinking)	71.32%	0.00%	Compare
NIC Nicolet Bankshares Inc.	$3.5B	18.2×	14.1×	+71.53% (above 0%: growing)	+11.67% (above 0%: growing)	+139.43% (above 0%: growing)	74.94%	0.00%	Compare
Median of peers	$3.7B	12.3×	12.5×	+3.73%	+20.34%	+101.09%	73.13%	0.00%

All 323 Banks Regional stocks →

Independent Bank Corp. (INDB) key facts

Strength: Independent Bank Corp.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 19.4% from fiscal 2024.
Strength: Net income was $205.1 million, or $4.44 per share (basic), a net margin of 17.5%.
Independent Bank Corp. (INDB) is a Banks Regional company in the Financial sector, listed on Nasdaq.
As of October 16, 2026, INDB traded at $79.88, a market capitalization of $3.7 billion.
At that price the stock trades at 14.4× trailing-twelve-month earnings and 2.9× sales; its P/E is higher than 25% of its own readings over the past ten years.
Independent Bank Corp. pays an annual dividend of $2.51 per share, a yield of 3.14%, with a payout ratio of 45.3%.
Return on equity was 6.25% and debt-to-equity 0.20.
Its Piotroski F-score is 5 out of 9 for fiscal 2025.