Latest Ratios: P/E Ratio 12.2x · EV/EBITDA 11.9x · ROE 6.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.1B | $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 → | 12.16 | 16.42 | 14.20 | 12.14 | 14.84 | 23.50 | 20.07 | 16.55 | 15.98 | 21.90 | 24.29 |
| P/S Ratio | 4.32 | 4.24 | 3.99 | 4.03 | 5.44 | 5.66 | 5.14 | 5.44 | 5.03 | 5.65 | 6.07 |
| P/B Ratio | 1.17 | 1.01 | 0.91 | 1.00 | 1.36 | 0.94 | 1.43 | 1.60 | 1.81 | 2.03 | 2.16 |
| P/FCF | 15.97 | 15.10 | 13.03 | 11.14 | 9.81 | 17.24 | 46.71 | 13.68 | 14.87 | 18.07 | 22.47 |
| P/OCF | 16.16 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.02 | 4.70 | 5.40 | 5.11 | 1.51 | 2.78 | 5.74 | 5.43 | 5.98 | 6.22 |
| EV / EBITDA | 11.90 | 13.87 | 11.15 | 11.11 | 9.51 | 3.99 | 7.30 | 12.16 | 12.24 | 13.46 | 15.11 |
| EV / EBIT | 17.72 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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 | 92.9% | 92.9% | 94.7% | 96.8% | 99.1% | 96.4% | 88.9% | 98.8% | 98.8% | 99.1% | 98.0% |
| Operating Margin | 31.3% | 31.3% | 36.2% | 43.6% | 48.3% | 31.2% | 32.3% | 43.4% | 40.3% | 39.8% | 36.5% |
| Net Profit Margin | 24.0% | 24.0% | 28.1% | 33.2% | 36.6% | 24.1% | 25.6% | 32.9% | 31.5% | 25.8% | 24.9% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | 2.92 | 2.92 | 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 | 2.17 | 2.17 | 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | 0.03 | 0.04 | 0.04 | 0.04 | 0.02 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 2.5% | 2.9% | 3.5% | 3.4% | 2.4% | 2.2% | 2.5% | 1.9% | 2.1% | 1.8% | 1.6% |
| Payout Ratio | 50.7% | 50.7% | 50.1% | 40.9% | 35.5% | 51.9% | 50.2% | 32.3% | 33.0% | 39.0% | 38.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.2% | 6.1% | 7.0% | 8.2% | 6.7% | 4.3% | 5.0% | 6.0% | 6.3% | 4.6% | 4.1% |
| FCF Yield | 6.3% | 6.6% | 7.7% | 9.0% | 10.2% | 5.8% | 2.1% | 7.3% | 6.7% | 5.5% | 4.5% |
| Buyback Yield | 1.5% | 1.7% | 1.2% | 6.5% | 3.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.0% | 4.6% | 4.7% | 9.9% | 6.0% | 2.2% | 2.5% | 1.9% | 2.1% | 1.8% | 1.6% |
| Shares Outstanding | — | $49M | $43M | $44M | $46M | $35M | $33M | $33M | $28M | $27M | $26M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying INDB stock.
Independent Bank Corp.'s current P/E ratio is 12.2x. The historical average is 16.4x. This places it at the 10th percentile of its historical range.
Independent Bank Corp.'s current EV/EBITDA is 11.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.3x.
Independent Bank Corp.'s return on equity (ROE) is 6.3%. The historical average is 10.5%.
Based on historical data, Independent Bank Corp. is trading at a P/E of 12.2x. This is at the 10th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Independent Bank Corp.'s current dividend yield is 2.50% with a payout ratio of 50.7%.
Independent Bank Corp. has 92.9% gross margin and 31.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Independent Bank Corp.'s Debt/EBITDA ratio is 2.9x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Credit cost and margin compression
Metrics are mathematically derived from official filings.
Premium P/B Unsupported by Returns
Based on reported figures, INDB trades near 1.17x book with a forward P/E of 11.61, a multiple that appears undemanding against a trailing ROE that has only recently recovered to 2.6%.
The 1.17x price-to-book multiple sits well below the 1.25x to 1.58x range shown by peers such as WSFS and Fulton, which suggests the market is not paying for a premium franchise. The gap is largely explained by ROE that has ranged from roughly 1.0% to 2.6% over the ten quarters, far below the 11% to 13% that peers earn. Investors should monitor whether sustained earnings recovery can justify a re-rating toward peer multiples, since the current valuation appears to price in a commodity-like balance sheet.
ROE Recovery Driven by Thin Margins
As reported in quarterly data, INDB's ROE improved from 1.0% in 2025Q3 to 2.6% in 2026Q3, yet ROA of 0.4% and NIM near 0.9% indicate the gain rests on a thin asset spread.
A DuPont read shows the bank's ROE of 2.6% is produced by a very low ROA multiplied by leverage that is not unusual for a regional lender, so the return is not driven by pricing power or fee dominance. Fee income of roughly 16% of revenue provides some diversification, but it has drifted down from 18.9% in 2024Q3, reducing one of the offsets to margin weakness. The trajectory suggests profitability quality is improving from a low base, though sustainability remains uncertain given the volatility in quarterly results.
Efficiency Gains Reversed in 2026
According to the reported figures, the efficiency ratio fell to 52.8% in 2026Q3 from 67.3% in 2026Q1, a swing that may reflect timing of expenses or revenue rather than durable cost discipline.
The net interest margin has stayed in a narrow 0.7% to 0.9% band, which indicates funding cost pressure has offset loan repricing across much of the period. The efficiency ratio's volatility, ranging from 52.8% to 67.3%, suggests operating leverage is inconsistent and sensitive to quarterly provisioning and expense timing. Warrants further investigation into whether the Q3 improvement reflects structural scaling after the Meridian integration or a temporary favorable quarter.
Thin Equity Buffer Supports Buybacks
Based on reported figures, the equity-to-assets ratio of about 0.14 sits at the low end of the range, while buybacks of $75.1M in 2026Q2 exceeded dividends by more than twofold.
An equity-to-assets ratio near 14% is not a direct regulatory capital measure, but its stability over the period suggests the buffer has not expanded despite earnings retention. Heavy buyback activity alongside modest earnings growth may limit the capital cushion available to absorb a credit cycle. Investors should monitor CET1 and total capital disclosures against regulatory minimums before inferring capacity for further capital return.
Provision Volatility Obscures Credit Trend
As reported in quarterly income data, provisions swung from zero in recent quarters to $38.5M in 2025Q3, an amount that exceeded that quarter's net income of $34.3M.
Such a large provision relative to earnings indicates credit cost sensitivity under CECL, where management's forward-looking assumptions can drive sharp swings in reported profit. The absence of provisions in recent quarters may reflect reserve releases rather than a fully normalized loss outlook, which warrants further investigation. Reserve adequacy cannot be confirmed from the supplied ratios alone, so investors should review allowance coverage and charge-off data directly.
P/E Misleads Given Provision Swings
The trailing P/E of 18.90 is most commonly misapplied to INDB, because provision timing under CECL can swing earnings enough to make the multiple look inflated or compressed.
Using trailing P/E obscures the underlying earnings base because the $38.5M provision quarter and the subsequent zero-provision quarters distort reported net income in opposite directions. Price-to-tangible book combined with normalized ROTCE, adjusted for provision volatility over a full cycle, provides a more reliable valuation anchor. Analysts should treat the forward P/E of 11.61 as dependent on management's loss assumptions rather than as a clean earnings estimate.