INDBNasdaqState Commercial BanksFiscal year ends December 31
INDEPENDENT BANK CORP
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$79.46−0.42 (-0.53%)
Close on Oct 19, 2026
- Market cap
- $3.82B
- P/E (TTM)
- 14.3
- Dividend yield
- 2.97%
Margins
Share of revenue, fiscal years 2011 to 2025
Net margin
23.9%−1.4 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 | +24.3% | +5.6% | +12.3% | +11.4% | |
| Net income | +6.8% | -8.0% | +11.1% | +12.2% | |
| EPS, diluted | -1.8% | -7.9% | +4.1% | +5.9% | |
| Free cash flow | +14.1% | -15.7% | +35.6% | +11.7% | |
| Dividend per share | +3.5% | +4.3% | – | +8.5% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 9.4% | 7.1% | 6.3% | |
| Return on assets | 1.0% | 1.0% | 0.9% | |
| Debt to equity | 0.12 | 0.09 | 0.10 | |
| Capex to revenue | 3.4% | 2.6% | 1.4% | |
| Diluted shares | 26M | 33M | 46M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Independent Bank generated $1.37B from operations and spent $970.96M on capital expenditure, dividends and share buybacks. 10% of that went back into the business.
Generated
$1.37B
Used
$970.96M
Capital expenditure$95.69M10%Dividends$454.58M47%Share buybacks$420.69M43%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin23.9%
×Asset turnover0.04×
×Equity multiplier6.75×
=Return on equity, FY20256.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 23.9% | 0.04× | 6.75× | 6.3% |
| FY2024 | 27.8% | 0.04× | 6.58× | 6.5% |
| FY2023 | 32.8% | 0.04× | 6.68× | 8.3% |
| FY2022 | 36.2% | 0.04× | 6.73× | 8.9% |
| FY2021 | 23.8% | 0.03× | 7.12× | 5.1% |
| FY2020 | 25.3% | 0.04× | 7.21× | 7.1% |
| FY2019 | 32.5% | 0.05× | 7.28× | 11.9% |
| FY2018 | 31.5% | 0.05× | 8.39× | 12.1% |
| FY2017 | 25.5% | 0.04× | 8.73× | 9.6% |
| FY2016 | 24.7% | 0.04× | 9.12× | 9.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$205.12M
- Cash generatingOperating cash flow above zero$251.16M
- Return on assets improvedROA up on the prior year1.0% → 1.1%
- Earnings backed by cashOperating cash flow above net income$251.16M vs $205.12M
- Less leverageLong-term debt to assets fell0.3% → 1.4%
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise43M → 46M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.04 → 0.04