IBCPNasdaqState Commercial BanksFiscal year ends December 31
INDEPENDENT BANK CORP /MI/
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$35.61+0.01 (+0.03%)
Close on Oct 19, 2026
- Market cap
- $740.94M
- P/E (TTM)
- 10.4
- Dividend yield
- 2.92%
Margins
Share of revenue, fiscal years 2011 to 2025
Net margin
213.7%−20.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +0.3% | +0.5% | +5.9% | -12.0% | |
| Net income | +2.6% | +2.7% | +4.1% | +13.1% | |
| EPS, diluted | +3.5% | +3.3% | +5.3% | +14.3% | |
| Free cash flow | +27.1% | -7.6% | +5.3% | +14.3% | |
| Dividend per share | +8.3% | +5.7% | +5.4% | +14.9% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 9.1% | 15.2% | 14.3% | |
| Return on assets | 0.9% | 1.4% | 1.3% | |
| Capex to revenue | 2.8% | 18.2% | 20.2% | |
| Diluted shares | 21M | 22M | 21M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Independent Bank generated $420.19M from operations and spent $168.55M on capital expenditure, dividends and share buybacks. 19% of that went back into the business.
Generated
$420.19M
Used
$168.55M
Capital expenditure$31.98M19%Dividends$97.69M58%Share buybacks$38.87M23%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin213.7%
×Asset turnover0.01×
×Equity multiplier11.32×
=Return on equity, FY202514.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 213.7% | 0.01× | 11.32× | 14.3% |
| FY2024 | 208.9% | 0.01× | 12.34× | 15.5% |
| FY2023 | 179.5% | 0.01× | 13.65× | 15.7% |
| FY2022 | 200.2% | 0.01× | 13.01× | 17.0% |
| FY2021 | 216.1% | 0.01× | 11.31× | 16.0% |
| FY2020 | 233.7% | 0.01× | 10.50× | 15.2% |
| FY2019 | 178.9% | 0.01× | 10.04× | 13.5% |
| FY2018 | 146.9% | 0.01× | 10.17× | 13.2% |
| FY2017 | 15.5% | 0.05× | 10.38× | 8.0% |
| FY2016 | 18.7% | 0.05× | 9.88× | 9.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$68.54M
- Cash generatingOperating cash flow above zero$76.66M
- Return on assets improvedROA up on the prior year1.3% → 1.3%
- Earnings backed by cashOperating cash flow above net income$76.66M vs $68.54M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise21M → 21M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.01 → 0.01