Independent Bank Corp. (INDB) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Banks - Regional
EV/EBITDA
↑
15.29
↑+54% vs avg
5yr avg: 9.95
30Y Low4.0·High30.1
P/FCF
↓
16.74
↑+26% vs avg
5yr avg: 13.26
30Y Low5.8·High46.7
P/B Ratio
↑
1.12
+8% vs avg
5yr avg: 1.05
30Y Low0.9·High2.4
ROE
↑
6.3%
-11% vs avg
5yr avg: 7.0%
30Y Low5%·High15%
Debt/EBITDA
↑
2.94
↑+48% vs avg
5yr avg: 1.99
30Y Low0.3·High19.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
INDB Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Independent Bank Corp. trades at 18.2x earnings, 12% above its 5-year average of 16.2x, sitting at the 77th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.6x, the stock trades at a premium of 34%. On a free-cash-flow basis, the stock trades at 16.7x P/FCF, 26% above the 5-year average of 13.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.0B | $3.6B | $2.7B | $2.9B | $3.9B | $2.8B | $2.4B | $2.7B | $1.9B | $1.9B | $1.9B |
| Enterprise Value | $4.7B | $4.3B | $3.2B | $3.9B | $3.7B | $756M | $1.3B | $2.9B | $2.1B | $2.0B | $1.9B |
| P/E Ratio → | 18.21 | 16.42 | 14.20 | 12.14 | 14.84 | 23.50 | 20.07 | 16.55 | 15.98 | 21.90 | 24.29 |
| P/S Ratio | 3.44 | 3.10 | 2.80 | 3.19 | 5.22 | 5.51 | 4.79 | 4.91 | 4.72 | 5.36 | 5.72 |
| P/B Ratio | 1.12 | 1.01 | 0.91 | 1.00 | 1.36 | 0.94 | 1.43 | 1.60 | 1.81 | 2.03 | 2.16 |
| P/FCF | 16.74 | 15.10 | 13.03 | 11.14 | 9.81 | 17.24 | 46.71 | 13.68 | 14.87 | 18.07 | 22.47 |
| P/OCF | 15.97 | 14.40 | 11.87 | 10.50 | 9.30 | 14.95 | 37.61 | 12.63 | 13.71 | 14.61 | 19.97 |
P/E links to full P/E history page with 30-year chart
INDB EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Independent Bank Corp.'s enterprise value stands at 15.3x EBITDA, 54% above its 5-year average of 10.0x. The Financial Services sector median is 11.4x, placing the stock at a 34% premium 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 | — | 3.67 | 3.30 | 4.28 | 4.90 | 1.47 | 2.59 | 5.19 | 5.10 | 5.67 | 5.86 |
| EV / EBITDA | 15.29 | 14.00 | 11.15 | 11.11 | 9.51 | 3.99 | 7.30 | 12.16 | 12.24 | 13.46 | 15.11 |
| EV / EBIT | 17.54 | 16.06 | 12.99 | 12.38 | 10.57 | 4.83 | 8.61 | 13.24 | 13.47 | 15.03 | 17.04 |
| EV / FCF | — | 17.90 | 15.32 | 14.94 | 9.21 | 4.58 | 25.27 | 14.44 | 16.07 | 19.11 | 23.03 |
INDB Profitability
Margins and return-on-capital ratios measuring operating efficiency
Independent Bank Corp. earns an operating margin of 22.9%, above the Financial Services sector average of 20.3%. Operating margins have compressed from 34.6% to 22.9% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 6.3% is modest, trailing the sector median of 9.0%. ROIC of 4.9% represents below-average returns on invested capital versus a sector median of 5.5%.
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 | 67.9% | 67.9% | 66.4% | 76.7% | 95.2% | 93.8% | 82.9% | 89.2% | 92.6% | 94.0% | 92.4% |
| Operating Margin | 22.9% | 22.9% | 25.4% | 34.6% | 46.4% | 30.4% | 30.1% | 39.2% | 37.8% | 37.7% | 34.4% |
| Net Profit Margin | 17.6% | 17.6% | 19.7% | 26.3% | 35.2% | 23.4% | 23.9% | 29.7% | 29.5% | 24.4% | 23.5% |
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 | 6.3% | 6.3% | 6.5% | 8.3% | 8.9% | 5.1% | 7.1% | 11.9% | 12.1% | 9.6% | 9.4% |
| ROA | 0.9% | 0.9% | 1.0% | 1.2% | 1.3% | 0.7% | 1.0% | 1.6% | 1.4% | 1.1% | 1.0% |
| ROIC | 4.9% | 4.9% | 4.7% | 6.6% | 8.5% | 4.6% | 5.9% | 9.4% | 8.5% | 8.2% | 7.3% |
| ROCE | 1.9% | 1.9% | 5.8% | 8.0% | 10.0% | 5.5% | 6.9% | 12.4% | 12.9% | 11.9% | 10.2% |
INDB Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Independent Bank Corp. carries a Debt/EBITDA ratio of 2.9x, which is moderately leveraged (31% below the sector average of 4.3x). Net debt stands at $671M ($901M total debt minus $230M 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 | 0.25 | 0.25 | 0.23 | 0.42 | 0.04 | 0.05 | 0.11 | 0.18 | 0.38 | 0.34 | 0.39 |
| Debt / EBITDA | 2.94 | 2.94 | 2.44 | 3.47 | 0.29 | 0.80 | 1.01 | 1.28 | 2.37 | 2.15 | 2.65 |
| Net Debt / Equity | — | 0.19 | 0.16 | 0.34 | -0.08 | -0.69 | -0.66 | 0.09 | 0.15 | 0.12 | 0.05 |
| Net Debt / EBITDA | 2.19 | 2.19 | 1.67 | 2.83 | -0.62 | -11.02 | -6.19 | 0.64 | 0.91 | 0.74 | 0.37 |
| Debt / FCF | — | 2.80 | 2.30 | 3.81 | -0.60 | -12.65 | -21.43 | 0.76 | 1.19 | 1.04 | 0.56 |
| Interest Coverage | 0.85 | 0.85 | 0.85 | 1.67 | 11.75 | 11.42 | 4.45 | 4.05 | 6.11 | 7.34 | 5.96 |
INDB Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.55x is below 1.0, meaning current liabilities exceed current assets. The current ratio has improved from 0.10x to 0.55x 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 | 0.55 | 0.55 | 0.02 | 0.10 | 0.11 | 0.23 | 0.16 | 0.06 | 0.09 | 0.10 | 0.10 |
| Quick Ratio | 0.55 | 0.55 | 0.02 | 0.10 | 0.11 | 0.23 | 0.16 | 0.06 | 0.09 | 0.10 | 0.10 |
| Cash Ratio | 0.55 | 0.55 | 0.01 | 0.02 | 0.02 | 0.13 | 0.12 | 0.02 | 0.03 | 0.03 | 0.04 |
| Asset Turnover | — | 0.05 | 0.05 | 0.05 | 0.04 | 0.03 | 0.04 | 0.05 | 0.05 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
INDB Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Independent Bank Corp. returns 4.1% to shareholders annually — split between a 2.6% dividend yield and 1.6% buyback yield. A payout ratio of 50.7% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 5.5% (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 | 2.6% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 50.7% | 50.7% | 50.1% | 40.9% | 35.5% | 51.9% | 50.2% | 32.3% | 33.0% | 39.0% | 38.8% |
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 | 5.5% | 6.1% | 7.0% | 8.2% | 6.7% | 4.3% | 5.0% | 6.0% | 6.3% | 4.6% | 4.1% |
| FCF Yield | 6.0% | 6.6% | 7.7% | 9.0% | 10.2% | 5.8% | 2.1% | 7.3% | 6.7% | 5.5% | 4.5% |
| Buyback Yield | 1.6% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 4.1% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $49M | $43M | $44M | $46M | $35M | $33M | $33M | $28M | $27M | $26M |
Peer Comparison
Compare INDB 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 |
|---|---|---|---|---|---|---|---|---|---|
 INDBYou | $4B | 18.2 | 15.3 | 16.7 | 67.9% | 22.9% | 6.3% | 4.9% | 2.9 |
 WSFS | $4B | 14.6 | 7.1 | 18.3 | 74.7% | 28.0% | 10.8% | 9.5% | 0.7 |
 NBTB | $2B | 14.0 | 10.7 | 11.1 | 72.1% | 25.3% | 9.9% | 7.9% | 1.4 |
 TRMK | $3B | 12.1 | 9.4 | 11.3 | 71.0% | 25.5% | 11.0% | 7.1% | 3.4 |
 CVBF | $3B | 13.7 | 13.2 | 13.0 | 79.9% | 43.8% | 9.3% | 6.8% | 3.5 |
 IBCP | $706M | 10.5 | 9.5 | 10.1 | 69.6% | 25.8% | 14.3% | 10.2% | 1.4 |
 SFNC | $3B | -7.4 | — | 7.5 | 5.8% | -84.2% | -11.4% | -9.1% | — |
 FULT | $4B | 11.0 | 10.3 | 15.5 | 67.4% | 25.7% | 11.7% | 7.5% | 2.5 |
 BOKF | $8B | 14.2 | 13.7 | 13.8 | 63.7% | 21.4% | 10.1% | 5.2% | 5.8 |
 UMBF | $10B | 14.6 | 12.2 | 10.4 | 54.4% | 20.3% | 12.6% | 7.5% | 3.6 |
 WTFC | $10B | 13.3 | 11.9 | 12.1 | 62.2% | 26.4% | 12.1% | 7.5% | 3.7 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
Consensus-Based Analysis Tools
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Check Valuation
Historical Returns
10-year return with dividends reinvested.
Calculate
DCA Calculator
See how regular investing compounds over time.
Run Numbers
Peer Comparison
Compare growth, multiples, and margins vs sector.
Compare
INDB — Frequently Asked Questions
Quick answers to the most common questions about buying INDB stock.
What is Independent Bank Corp.'s P/E ratio?
Independent Bank Corp.'s current P/E ratio is 18.2x. The historical average is 16.4x. This places it at the 77th percentile of its historical range.
What is Independent Bank Corp.'s EV/EBITDA?
Independent Bank Corp.'s current EV/EBITDA is 15.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.3x.
What is Independent Bank Corp.'s ROE?
Independent Bank Corp.'s return on equity (ROE) is 6.3%. The historical average is 10.5%.
Is INDB stock overvalued?
Based on historical data, Independent Bank Corp. is trading at a P/E of 18.2x. This is at the 77th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Independent Bank Corp.'s dividend yield?
Independent Bank Corp.'s current dividend yield is 2.59% with a payout ratio of 50.7%.
What are Independent Bank Corp.'s profit margins?
Independent Bank Corp. has 67.9% gross margin and 22.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Independent Bank Corp. have?
Independent Bank Corp.'s Debt/EBITDA ratio is 2.9x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.