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INDEPENDENT BANK CORP INDB

Nasdaq · stock · State Commercial Banks · website · IPO 1974-09-16 · LEI

INDEPENDENT BANK CORP statistics & valuation

Market cap$4.1B
P / E20.0×
P / B1.2×
P / FCF17.2×
Dividend yield2.53%
Return on equity5.8%
Net debt$359.3M
Enterprise value USD$4.5B
Graham number -0.3%$85.05

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 ($85.05); a green figure means the price is below it.

Profitability & efficiency

Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
2016201720182019202020212022202320242025
Return on equity (%)
8.90% 9.20% 11.30% 9.70% 7.10% 4.00% 9.10% 8.30% 6.40% 5.80% 2016201720182019202020212022202320242025
Shares outstanding
26.5M 27.4M 28.1M 34.4M 33.3M 47.3M 46.4M 44.2M 42.5M 49.2M 2016201720182019202020212022202320242025
Net debt ($)
$107.7M $108.2M $110.9M $187.4M $145.3M $126.7M $112.7M $112.8M $62.9M $359.3M 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
1.00% 1.10% 1.40% 1.40% 0.90% 0.60% 1.40% 1.20% 1.00% 0.80% 2016201720182019202020212022202320242025
Free cash flow margin (%)
2016201720182019202020212022202320242025
Debt / equity (×)
0.12× 0.11× 0.10× 0.11× 0.09× 0.04× 0.04× 0.04× 0.02× 0.10× 2016201720182019202020212022202320242025
EPS ($)
$2.90 $3.19 $4.40 $5.03 $3.64 $3.47 $5.69 $5.42 $4.52 $4.44 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 trades at about 19.2× earnings — near its 10-year norm (10-year range 10.3×–24.3×, median 18.2×).

10.3× 24.3×

Shaded band = 10-year range (10.3×–24.3×); dot = today's 19.2×.

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
Return on assets0.8%1.0%1.2%1.4%0.6%0.9%1.4%1.4%1.1%1.0%
Return on equity5.8%6.4%8.3%9.1%4.0%7.1%9.7%11.3%9.2%8.9%
Debt / equity0.10×0.02×0.04×0.04×0.04×0.09×0.11×0.10×0.11×0.12×

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