Independent Bank Corporation (IBCP) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Banks - Regional
EV/EBITDA
↑
9.28
↑+27% vs avg
5yr avg: 7.30
30Y Low5.1·High42.3
P/FCF
↑
9.83
+18% vs avg
5yr avg: 8.33
30Y Low2.8·High123.8
P/B Ratio
↑
1.39
-2% vs avg
5yr avg: 1.42
30Y Low0.2·High3.9
ROE
↓
14.3%
-9% vs avg
5yr avg: 15.7%
30Y Low-59%·High42%
Debt/EBITDA
↑
1.44
↓-11% vs avg
5yr avg: 1.62
30Y Low1.2·High24.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
IBCP Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Independent Bank Corporation trades at 10.3x earnings, 10% above its 5-year average of 9.3x, sitting at the 28th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.3x, the stock trades at a discount of 23%. On a free-cash-flow basis, the stock trades at 9.8x P/FCF, 18% above the 5-year average of 8.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $690M | $679M | $736M | $551M | $510M | $521M | $410M | $526M | $498M | $482M | $470M |
| Enterprise Value | $755M | $744M | $741M | $510M | $662M | $521M | $400M | $588M | $493M | $514M | $427M |
| P/E Ratio → | 10.25 | 9.95 | 11.02 | 9.33 | 8.05 | 8.29 | 7.30 | 11.32 | 12.51 | 23.53 | 20.67 |
| P/S Ratio | 2.19 | 2.15 | 2.33 | 1.94 | 2.28 | 2.52 | 1.91 | 2.76 | 2.92 | 3.49 | 3.79 |
| P/B Ratio | 1.39 | 1.35 | 1.62 | 1.36 | 1.47 | 1.31 | 1.05 | 1.50 | 1.47 | 1.82 | 1.89 |
| P/FCF | 9.83 | 9.68 | 13.34 | 7.92 | 5.74 | 5.00 | 7.55 | 17.79 | 12.14 | 14.02 | 23.24 |
| P/OCF | 9.00 | 8.86 | 11.66 | 7.29 | 5.39 | 4.73 | 6.99 | 15.25 | 11.10 | 12.48 | 19.85 |
P/E links to full P/E history page with 30-year chart
IBCP EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Independent Bank Corporation's enterprise value stands at 9.3x EBITDA, 27% above its 5-year average of 7.3x. The Financial Services sector median is 11.4x, placing the stock at a 19% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.36 | 2.34 | 1.80 | 2.95 | 2.51 | 1.87 | 3.08 | 2.88 | 3.73 | 3.44 |
| EV / EBITDA | 9.28 | 9.15 | 7.96 | 6.10 | 7.47 | 5.82 | 5.09 | 9.22 | 8.93 | 11.33 | 11.19 |
| EV / EBIT | 9.28 | 9.15 | 8.92 | 6.93 | 8.51 | 6.74 | 5.76 | 10.19 | 10.03 | 13.38 | 12.97 |
| EV / FCF | — | 10.60 | 13.42 | 7.34 | 7.44 | 4.99 | 7.37 | 19.91 | 12.00 | 14.97 | 21.08 |
IBCP Profitability
Margins and return-on-capital ratios measuring operating efficiency
Independent Bank Corporation earns an operating margin of 25.8%, above the Financial Services sector average of 21.4%. ROE of 14.3% is modest. ROIC of 10.2% represents solid returns on invested capital versus a sector median of 5.7%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.6% | 69.6% | 66.9% | 68.3% | 88.7% | 96.3% | 86.5% | 85.6% | 88.9% | 92.5% | 95.5% |
| Operating Margin | 25.8% | 25.8% | 26.3% | 26.0% | 34.7% | 37.3% | 32.4% | 30.3% | 28.8% | 27.8% | 26.5% |
| Net Profit Margin | 21.7% | 21.7% | 21.1% | 20.8% | 28.3% | 30.4% | 26.2% | 24.3% | 23.3% | 14.8% | 18.3% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.3% | 14.3% | 15.5% | 15.7% | 17.0% | 16.0% | 15.2% | 13.5% | 13.2% | 8.0% | 9.1% |
| ROA | 1.3% | 1.3% | 1.3% | 1.2% | 1.3% | 1.4% | 1.4% | 1.3% | 1.3% | 0.8% | 0.9% |
| ROIC | 10.2% | 10.2% | 11.2% | 10.0% | 10.8% | 11.5% | 10.7% | 9.8% | 9.7% | 8.9% | 8.3% |
| ROCE | 2.6% | 2.6% | 12.5% | 13.5% | 16.2% | 15.4% | 15.1% | 14.1% | 13.6% | 12.4% | 11.1% |
IBCP Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Independent Bank Corporation carries a Debt/EBITDA ratio of 1.4x, which is manageable (65% below the sector average of 4.1x). Net debt stands at $65M ($117M total debt minus $52M cash). Interest coverage of just 0.9x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.23 | 0.23 | 0.27 | 0.32 | 0.65 | 0.27 | 0.28 | 0.37 | 0.19 | 0.34 | 0.18 |
| Debt / EBITDA | 1.44 | 1.44 | 1.34 | 1.54 | 2.55 | 1.22 | 1.38 | 2.01 | 1.18 | 1.99 | 1.18 |
| Net Debt / Equity | — | 0.13 | 0.01 | -0.10 | 0.44 | -0.00 | -0.03 | 0.18 | -0.02 | 0.12 | -0.18 |
| Net Debt / EBITDA | 0.80 | 0.80 | 0.05 | -0.48 | 1.71 | -0.01 | -0.13 | 0.98 | -0.10 | 0.72 | -1.15 |
| Debt / FCF | — | 0.92 | 0.08 | -0.58 | 1.71 | -0.00 | -0.18 | 2.11 | -0.14 | 0.95 | -2.16 |
| Interest Coverage | 0.91 | 0.91 | 0.83 | 0.88 | 4.00 | 9.30 | 4.28 | 2.19 | 2.81 | 4.21 | 4.78 |
IBCP Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Independent Bank Corporation's current ratio of 370.62x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 0.18x to 370.62x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 370.62 | 370.62 | 0.03 | 0.18 | 0.22 | 0.38 | 0.34 | 0.20 | 0.18 | 0.25 | 0.32 |
| Quick Ratio | 370.62 | 370.62 | 0.03 | 0.18 | 0.22 | 0.38 | 0.34 | 0.20 | 0.18 | 0.25 | 0.32 |
| Cash Ratio | 35.32 | 35.32 | 0.03 | 0.04 | 0.02 | 0.03 | 0.03 | 0.02 | 0.02 | 0.02 | 0.04 |
| Asset Turnover | — | 0.06 | 0.06 | 0.05 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
IBCP Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Independent Bank Corporation returns 4.9% to shareholders annually — split between a 3.1% dividend yield and 1.8% buyback yield. The payout ratio of 31.5% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 9.8% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.1% | 3.2% | 2.7% | 3.5% | 3.6% | 3.5% | 4.3% | 3.1% | 2.8% | 1.9% | 1.5% |
| Payout Ratio | 31.5% | 31.5% | 30.0% | 32.7% | 29.3% | 28.9% | 31.4% | 35.6% | 35.3% | 43.8% | 32.0% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.8% | 10.1% | 9.1% | 10.7% | 12.4% | 12.1% | 13.7% | 8.8% | 8.0% | 4.3% | 4.8% |
| FCF Yield | 10.2% | 10.3% | 7.5% | 12.6% | 17.4% | 20.0% | 13.2% | 5.6% | 8.2% | 7.1% | 4.3% |
| Buyback Yield | 1.8% | 1.8% | 0.0% | 0.9% | 0.8% | 3.3% | 3.5% | 5.0% | 2.5% | 0.0% | 3.6% |
| Total Shareholder Yield | 4.9% | 5.0% | 2.7% | 4.4% | 4.4% | 6.8% | 7.8% | 8.1% | 5.4% | 1.9% | 5.1% |
| Shares Outstanding | — | $21M | $21M | $21M | $21M | $22M | $22M | $23M | $24M | $22M | $22M |
Peer Comparison
Compare IBCP with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 IBCPYou | $690M | 10.3 | 9.3 | 9.8 | 69.6% | 25.8% | 14.3% | 10.2% | 1.4 |
 MBWM | $898M | 9.5 | 11.7 | 80.1 | 64.0% | 27.5% | 13.6% | 5.5% | 7.8 |
 CZWI | $204M | 14.5 | 15.3 | 19.6 | 54.7% | 7.0% | 7.9% | 2.0% | 5.8 |
 UVSP | $1B | 12.3 | 7.5 | 11.4 | 61.0% | 21.9% | 9.9% | 6.5% | 2.9 |
 LKFN | $2B | 15.5 | 13.4 | 15.6 | 61.0% | 29.8% | 14.3% | 11.6% | 1.4 |
 FFIN | $5B | 20.7 | 14.1 | 15.7 | 70.8% | 36.8% | 14.4% | 11.0% | 0.7 |
 HBAN | $26B | 11.8 | 15.9 | 11.4 | 61.7% | 21.5% | 10.0% | 5.1% | 6.9 |
 FITB | $34B | 16.0 | 14.6 | 14.0 | 59.2% | 22.3% | 11.9% | 5.7% | 5.6 |
 CBSH | $8B | 12.8 | 12.8 | 12.9 | 80.0% | 34.2% | 15.8% | 8.4% | 3.9 |
 TOWN | $3B | 15.8 | 13.3 | 12.6 | 69.6% | 20.9% | 7.4% | 6.0% | 1.8 |
 NBTB | $2B | 13.4 | 10.3 | 10.7 | 72.1% | 25.3% | 9.9% | 7.9% | 1.4 |
| Financial Services Median | — | 13.3 | 11.4 | 10.6 | 62.9% | 21.4% | 9.5% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonIBCP — Frequently Asked Questions
Quick answers to the most common questions about buying IBCP stock.
What is Independent Bank Corporation's P/E ratio?
Independent Bank Corporation's current P/E ratio is 10.3x. The historical average is 14.2x. This places it at the 28th percentile of its historical range.
What is Independent Bank Corporation's EV/EBITDA?
Independent Bank Corporation's current EV/EBITDA is 9.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.7x.
What is Independent Bank Corporation's ROE?
Independent Bank Corporation's return on equity (ROE) is 14.3%. The historical average is 8.7%.
Is IBCP stock overvalued?
Based on historical data, Independent Bank Corporation is trading at a P/E of 10.3x. This is at the 28th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Independent Bank Corporation's dividend yield?
Independent Bank Corporation's current dividend yield is 3.09% with a payout ratio of 31.5%.
What are Independent Bank Corporation's profit margins?
Independent Bank Corporation has 69.6% gross margin and 25.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Independent Bank Corporation have?
Independent Bank Corporation's Debt/EBITDA ratio is 1.4x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.