Last 47 quarters of trend data · Financial Services · Banks - Regional
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Independent Bank Corporation's quarterly P/E stands at 9.1x, down 8.7% year-over-year. EV/EBITDA has expanded 24.8% YoY to 9.1x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 10.25 | 9.14 | 9.22 | 10.00 | 10.40 | 10.01 | 12.83 | 7.67 | 8.34 | 10.01 | 5.52 | 6.06 | 7.28 |
| — | -8.7% | -28.1% | +30.4% | +24.7% | +0.0% | +132.2% | +26.6% | +14.5% | +18.8% | -6.3% | -23.3% | +11.2% | |
| P/S Ratio | 2.19 | 2.14 | 2.04 | 2.22 | 2.18 | 2.18 | 2.32 | 1.79 | 1.75 | 1.88 | 1.27 | 1.26 | 1.51 |
| — | -1.8% | -11.9% | +24.5% | +24.2% | +15.8% | +82.7% | +42.1% | +16.5% | -10.3% | -25.0% | -37.3% | -33.3% | |
| P/B Ratio | 1.39 | 1.35 | 1.32 | 1.45 | 1.39 | 1.62 | 1.56 | 1.32 | 1.29 | 1.35 | 1.03 | 0.96 | 1.03 |
| — | -16.7% | -15.2% | +9.3% | +8.4% | +19.5% | +50.7% | +38.0% | +24.9% | -7.5% | -15.5% | -22.5% | -22.3% | |
| P/FCF | 9.83 | 26.67 | 9.79 | 10.17 | 5.32 | 14.88 | 11.21 | 20.43 | 6.63 | 8.96 | 3.99 | 11.33 | 4.29 |
| — | +79.2% | -12.7% | -50.2% | -19.7% | +66.1% | +181.0% | +80.4% | +54.5% | — | +24.5% | +142.7% | +31.9% | |
| EV / EBITDA | 9.28 | 9.14 | 5.02 | 7.73 | 7.54 | 7.33 | 8.36 | 4.72 | 5.62 | 6.19 | 4.02 | 4.82 | 3.83 |
| — | +24.8% | -39.9% | +63.8% | +34.2% | +18.4% | +107.8% | -2.1% | +46.6% | -21.0% | -23.4% | -20.5% | -18.6% | |
| EV / EBIT | 9.28 | 9.14 | 5.68 | 8.63 | 8.46 | 8.13 | 9.57 | 5.23 | 6.33 | 7.06 | 4.49 | 5.49 | 4.42 |
| — | +12.5% | -40.7% | +65.0% | +33.7% | +15.0% | +113.1% | -4.8% | +43.2% | -20.5% | -23.8% | -23.3% | -17.0% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Independent Bank Corporation's operating margin was 25.6% in Q4 2025, down 1.1 pp QoQ and down 1.3 pp YoY. This marks the 3rd consecutive quarter of margin compression, signaling a persistent pressure on profitability that investors should monitor. Gross margin expanded 3.8% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.6% | 71.0% | 67.4% | 69.4% | 68.7% | 68.4% | 63.1% | 68.8% | 67.1% | 65.7% | 67.5% | 67.8% | 72.6% |
| — | +3.8% | +6.8% | +0.8% | +2.4% | +4.1% | -6.6% | +1.4% | -7.6% | -18.6% | -21.3% | -24.3% | -27.6% | |
| Operating Margin | 25.8% | 25.6% | 26.7% | 27.1% | 25.6% | 26.9% | 22.7% | 29.0% | 26.0% | 24.6% | 28.3% | 25.4% | 25.3% |
| — | -5.0% | +17.3% | -6.7% | -1.7% | +9.4% | -19.8% | +14.2% | +3.0% | -19.6% | -19.9% | -18.2% | -40.3% | |
| Net Margin | 21.7% | 23.4% | 22.0% | 22.1% | 20.9% | 21.8% | 18.2% | 23.2% | 21.0% | 18.9% | 23.0% | 20.7% | 20.7% |
| — | +7.1% | +21.4% | -4.8% | -0.6% | +15.8% | -20.9% | +12.4% | +1.6% | -24.1% | -20.2% | -18.8% | -40.0% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.3% | 3.7% | 3.6% | 3.6% | 3.4% | 4.1% | 3.1% | 4.4% | 3.9% | 3.5% | 4.7% | 4.0% | 3.6% |
| — | -8.2% | +16.5% | -17.7% | -13.3% | +15.4% | -33.1% | +10.0% | +7.4% | -20.5% | -10.3% | +5.1% | -23.8% | |
| ROA | 1.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.4% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% |
| — | -3.1% | +22.4% | -10.9% | -4.1% | +32.6% | -22.8% | +22.5% | +18.9% | -13.5% | -4.2% | +6.2% | -32.5% | |
| ROIC | 10.2% | 2.6% | 2.7% | 2.5% | 2.5% | 3.1% | 2.4% | 3.1% | 2.8% | 2.6% | 3.1% | 2.6% | 2.2% |
| — | -14.0% | +13.0% | -20.6% | -11.1% | +18.5% | -23.3% | +20.0% | +23.9% | -0.3% | -9.3% | -0.9% | -34.7% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Independent Bank Corporation's Debt/EBITDA ratio is 5.8x, up from 1.7x last quarter — elevated, raising questions about debt serviceability. The current ratio has improved 1187283.4% YoY to 370.62x, strengthening the short-term liquidity position.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.23 | 0.23 | 0.09 | 0.39 | 0.27 | 0.27 | 0.18 | 0.30 | 0.31 | 0.32 | 0.34 | 0.45 | 0.35 |
| — | -15.1% | -51.4% | +28.7% | -14.4% | -14.4% | -49.1% | -33.4% | -11.5% | -50.9% | -30.9% | +42.9% | +14.6% | |
| Debt / EBITDA | 1.44 | 5.75 | 1.75 | 7.86 | 5.79 | 4.93 | 4.01 | 5.04 | 5.79 | 6.31 | 5.34 | 8.16 | 7.06 |
| — | +16.8% | -56.4% | +56.0% | +0.1% | -21.9% | -25.0% | -38.3% | -18.0% | -41.2% | -23.1% | +46.4% | +61.5% | |
| Current Ratio | 370.62 | 370.62 | 0.08 | 0.07 | 0.14 | 0.03 | 0.15 | 0.17 | 0.17 | 0.18 | 0.18 | 0.19 | 0.24 |
| — | +1187283.4% | -47.4% | -58.7% | -16.1% | -83.0% | -13.3% | -8.9% | -29.3% | -15.0% | -21.6% | -17.6% | -35.5% | |
| Quick Ratio | 370.62 | 370.62 | 0.08 | 0.07 | 0.14 | 0.03 | 0.15 | 0.17 | 0.17 | 0.18 | 0.18 | 0.19 | 0.24 |
| — | +1187283.4% | -47.4% | -58.7% | -16.1% | -83.0% | -13.3% | -8.9% | -29.3% | -15.0% | -21.6% | -17.6% | -35.5% | |
| Interest Coverage | 0.91 | 0.96 | 0.88 | 0.93 | 0.85 | 0.94 | 0.65 | 0.93 | 0.80 | 0.71 | 0.94 | 0.93 | 1.02 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
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Independent Bank Corporation's current P/E is 10.3x. The average P/E over the last 4 quarters is 9.7x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Independent Bank Corporation's current operating margin is 25.8%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Independent Bank Corporation's business trajectory between earnings reports.