Independent Bank Corp. (INDB) vs WSFS Financial Corporation (WSFS)

Independent Bank Corp. and WSFS Financial Corporation are both Banks Regional companies. Independent Bank Corp. and WSFS Financial Corporation are of similar size ($4.0B and $3.8B). WSFS Financial Corporation trades at the lower P/E: 13.0× against 14.7×. Independent Bank Corp. grew revenue faster over the last twelve months: 34.2% against −0.75%. WSFS Financial Corporation has the higher net margin (23.3% vs 20.3%) and the higher return on invested capital (59.6% vs 7.59%). Both pay a dividend; Independent Bank Corp. yields more (4.27% vs 1.48%). Across the 20 metrics below, WSFS Financial Corporation leads on 11 and Independent Bank Corp. on 9.

Valuation

Metric INDB WSFS Banks Regional median
P/E 14.68 13.04 12.15
P/S 2.92 2.94 2.37
P/B 1.11 1.49 1.21
Price to free cash flow 12.85 16.61 10.80
EV/EBITDA n/m n/m —
EV/Sales 2.70 1.29 2.27
Earnings yield 6.81% 7.67% 8.11%
Free cash flow yield 7.78% 6.02% 8.98%

Profitability

Metric INDB WSFS Banks Regional median
Gross margin 75.11% 80.14% 69.57%
Operating margin 0.00% 0.00% 0.00%
Net margin 20.31% 23.34% 18.66%
Free cash flow margin 22.76% 17.71% 21.18%
Return on equity 8.24% 11.90% 10.64%
Return on assets 1.21% 1.48% 1.13%
Return on invested capital 7.59% 59.61% 8.33%

Growth

Metric INDB WSFS Banks Regional median
Revenue growth (TTM) 34.23% (0.75%) 6.61%
EPS growth (last fiscal year) (1.77%) 15.42% —
Revenue growth, 5-year CAGR 17.93% 13.70% 12.30%
Net income growth, 5-year CAGR 11.10% 20.15% 9.71%

Health

Metric INDB WSFS Banks Regional median
Debt to equity 0.20 0.11 0.22
Current ratio 0.94 0.84 0.94
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric INDB WSFS Banks Regional median
Dividend yield 4.27% 1.48% 3.75%
Payout ratio 0.36 0.13 0.27

Size

Metric INDB WSFS Banks Regional median
Market cap 3.80b 3.95b 921.07m

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