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Macro Bank Inc. (BMA) vs Independent Bank Corp. (INDB)

Macro Bank Inc. and Independent Bank Corp. are both Banks Regional companies. Macro Bank Inc. and Independent Bank Corp. are of similar size ($4.0B and $3.6B). Macro Bank Inc. trades at the lower P/E: 12.2× against 12.5×. Independent Bank Corp. grew revenue faster over the last twelve months: 24.6% against 13.9%. Independent Bank Corp. has the higher net margin (24.3% vs 6.18%) and the lower return on invested capital (8.02% vs 8.33%). Both pay a dividend; Macro Bank Inc. yields more (6.57% vs 2.97%). Across the 18 metrics below, Macro Bank Inc. leads on 10 and Independent Bank Corp. on 8.

Valuation

Metric BMA INDB Banks Regional median
P/E 12.17 12.54 12.02
P/S 0.77 2.97 2.36
P/B 0.85 1.16 1.23
Price to free cash flow 3.26 13.14 10.60
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 8.22% 7.98% 8.21%
Free cash flow yield 30.65% 7.61% 9.23%

Profitability

Metric BMA INDB Banks Regional median
Gross margin 67.78% 75.87% 69.81%
Operating margin 0.00% 0.00% 0.00%
Net margin 6.18% 24.27% 18.82%
Free cash flow margin 0.00% 0.00% 17.97%
Return on equity 7.08% 9.34% 10.28%
Return on assets 1.73% 1.31% 1.13%
Return on invested capital 8.33% 8.02% 8.45%

Growth

Metric BMA INDB Banks Regional median
Revenue growth (TTM) 13.93% 24.64% 6.37%
EPS growth (last fiscal year) (35.21%) (1.77%) 18.85%
Revenue growth, 5-year CAGR 10.36% 17.93% 12.65%
Net income growth, 5-year CAGR (9.01%) 11.10% 9.81%

Health

Metric BMA INDB Banks Regional median
Debt to equity 0.26 0.18 0.17
Current ratio 1.10 0.93 0.93
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric BMA INDB Banks Regional median
Dividend yield 6.57% 2.97% 2.49%
Payout ratio 0.80 0.37 0.29

Size

Metric BMA INDB Banks Regional median
Market cap 3.64b 3.96b 934.85m

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