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INDEPENDENT BANK CORP /MI/ IBCP

Nasdaq · stock · State Commercial Banks · website · IPO 1984-01-16

INDEPENDENT BANK CORP /MI/ statistics & valuation

Market cap$746.6M
P / E10.9×
P / S23.3×
P / B1.5×
P / FCF10.6×
Dividend yield2.89%
Net margin213.7%
Return on equity13.6%
FCF margin218.8%
Graham number +10.3%$42.22

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($42.22); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
146.90% 178.90% 233.70% 216.10% 200.20% 179.50% 208.90% 213.70% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
2016201720182019202020212022202320242025
Return on equity (%)
9.10% 7.70% 11.80% 13.30% 14.40% 15.80% 18.20% 14.60% 14.70% 13.60% 2016201720182019202020212022202320242025
Shares outstanding
21.4M 21.3M 23.6M 22.9M 22.0M 21.6M 21.1M 21.0M 20.9M 20.8M 2016201720182019202020212022202320242025
Net debt ($)
2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
0.90% 0.70% 1.20% 1.30% 1.30% 1.30% 1.30% 1.10% 1.30% 1.20% 2016201720182019202020212022202320242025
Free cash flow margin (%)
151.40% 113.90% 226.00% 358.50% 281.10% 211.40% 172.60% 218.80% 2016201720182019202020212022202320242025
Debt / equity (×)
2016201720182019202020212022202320242025
EPS ($)
$1.05 $0.95 $1.68 $2.00 $2.53 $2.88 $2.97 $2.79 $3.16 $3.27 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

INDEPENDENT BANK CORP /MI/ trades at about 11.7× earnings — near its 10-year norm (10-year range 7.3×–24.3×, median 10.7×).

7.3× 24.3×

Shaded band = 10-year range (7.3×–24.3×); dot = today's 11.7×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Net margin213.7%208.9%179.5%200.2%216.1%233.7%178.9%146.9%——
FCF margin218.8%172.6%211.4%281.1%358.5%226.0%113.9%151.4%——
Return on assets1.2%1.3%1.1%1.3%1.3%1.3%1.3%1.2%0.7%0.9%
Return on equity13.6%14.7%14.6%18.2%15.8%14.4%13.3%11.8%7.7%9.1%

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.