(INDB) Independent Bank - Ratings and Ratios

Exchange: NASDAQ • Country: United States • Currency: USD • Type: Common Stock • ISIN: US4538361084

Checking, Savings, Loans, Mortgages, Investment

Stock: Regional Banks
Age 35.8y

MCap 3,796m
Avg Vol 298K (22.2M USD)

Beta 1.026
Volatility 36.47%

EPS (Earnings per Share)

EPS CAGR: -46.98%
EPS Trend: -51.8%

Last SUE: -4.00
Qual. Beats: 0

Revenue

Rev. CAGR: 56.91%
Rev. Trend: 75.2%

Last SUE: 4.00
Qual. Beats: 2

Dividends

Dividend Yield	3.52%
Yield on Cost 5y	3.55%
Yield CAGR 5y	5.29%
Payout Consistency	87.8%
Payout Ratio	46.6%

Risk via 5d forecast
Volatility	36.5%
Value at Risk 5%th	50.0%
Relative Tail Risk	-16.68%

Reward TTM
Sharpe Ratio	0.62
Alpha	6.25
CAGR/Max DD	0.11

Character TTM
Hurst Exponent	0.421
Beta	1.026
Beta Downside	1.219

Drawdowns 3y
Max DD	46.20%
Mean DD	21.77%
Median DD	20.28%

Description: INDB Independent Bank January 12, 2026

Independent Bank Corp. (NASDAQ: INDB) is the holding company for Rockland Trust, a regional bank that serves individuals and small-to-medium enterprises across the United States with a full suite of deposit, loan, and cash-management products, plus wealth-management and insurance services.

As of the most recent quarter (Q4 2024), the bank reported $12.4 billion in total assets, a 5.2% year-over-year increase in loan balances, and a net interest margin of 3.1%, reflecting the benefit of a higher-for-longer interest-rate environment. Deposits grew 4.8% YoY, while the return on equity (ROE) held at 11.4%, outpacing the average for the GICS Sub-Industry “Regional Banks.”

The company’s performance is closely tied to macro-economic factors such as Federal Reserve policy, which drives both net interest income and credit-quality risk, and regional real-estate dynamics that affect its commercial-real-estate and residential-mortgage portfolios. Additionally, low-income housing tax-credit investments provide a modest, non-core revenue stream that can be sensitive to changes in federal tax legislation.

For a deeper quantitative assessment, you may want to explore ValueRay’s detailed valuation models and scenario analyses for INDB.

Piotroski VR‑10 (Strict, 0-10) 2.0

Net Income (275.3m TTM) > 0 and > 6% of Revenue (6% = 94.4m TTM)

FCFTA 0.01 (>2.0%) and ΔFCFTA -0.30pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue -1208 % (prev -1428 %; Δ 219.7pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.01 (>3.0%) and CFO 215.1m <= Net Income 275.3m (YES >=105%, WARN >=100%)

Net Debt (-135.4m) to EBITDA (394.9m) ratio: -0.34 <= 3.0 (WARN <= 3.5)

Current Ratio 0.06 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (45.1m) change vs 12m ago 6.08% (target <= -2.0% for YES)

Gross Margin 66.47% (prev 67.27%; Δ -0.80pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 7.09% (prev 4.97%; Δ 2.12pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 0.81 (EBITDA TTM 394.9m / Interest Expense TTM 437.3m) >= 6 (WARN >= 3)

Altman Z'' -4.67

(A) -0.76 = (Total Current Assets 1.29b - Total Current Liabilities 20.30b) / Total Assets 24.99b

(B) 0.05 = Retained Earnings (Balance) 1.22b / Total Assets 24.99b

(D) 0.05 = Book Value of Equity 1.18b / Total Liabilities 21.45b

Total Rating: -4.67 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 56.03

1. Piotroski 2.0pt

2. FCF Yield 6.35%

3. FCF Margin 13.26%

4. Debt/Equity 0.22

5. Debt/Ebitda -0.34

6. ROIC - WACC (= -4.97)%

7. RoE 8.71%

8. Rev. Trend 75.20%

9. EPS Trend -51.76%

What is the price of INDB shares?

As of January 22, 2026, the stock is trading at USD 79.38 with a total of 307,611 shares traded.
Over the past week, the price has changed by +6.11%, over one month by +3.65%, over three months by +16.07% and over the past year by +20.52%.

Is INDB a buy, sell or hold?

Independent Bank has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy INDB.

Strong Buy: 2
Buy: 0
Hold: 2
Sell: 0
Strong Sell: 0

What are the forecasts/targets for the INDB price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	83.4	5.1%
Analysts Target Price	83.4	5.1%
ValueRay Target Price	89.6	12.9%

INDB Fundamental Data Overview January 18, 2026

P/E Trailing = 18.8301
P/E Forward = 10.3413
P/S = 5.3303
P/B = 1.0686
P/EG = 10.9971
Revenue TTM = 1.57b USD
EBIT TTM = 353.3m USD
EBITDA TTM = 394.9m USD
Long Term Debt = 775.4m USD (from longTermDebt, last quarter)
Short Term Debt = 651.9m USD (from shortTermDebt, last fiscal year)
Debt = 775.4m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -135.4m USD (from netDebt column, last quarter)
Enterprise Value = 3.28b USD (3.80b + Debt 775.4m - CCE 1.29b)
Interest Coverage Ratio = 0.81 (Ebit TTM 353.3m / Interest Expense TTM 437.3m)
EV/FCF = 15.74x (Enterprise Value 3.28b / FCF TTM 208.7m)
FCF Yield = 6.35% (FCF TTM 208.7m / Enterprise Value 3.28b)
FCF Margin = 13.26% (FCF TTM 208.7m / Revenue TTM 1.57b)
Net Margin = 17.50% (Net Income TTM 275.3m / Revenue TTM 1.57b)
Gross Margin = 66.47% ((Revenue TTM 1.57b - Cost of Revenue TTM 527.7m) / Revenue TTM)
Gross Margin QoQ = 65.24% (prev 69.15%)
Tobins Q-Ratio = 0.13 (Enterprise Value 3.28b / Total Assets 24.99b)
Interest Expense / Debt = 29.47% (Interest Expense 228.5m / Debt 775.4m)
Taxrate = 22.45% (37.6m / 167.4m)
NOPAT = 274.0m (EBIT 353.3m * (1 - 22.45%))
Current Ratio = 0.06 (Total Current Assets 1.29b / Total Current Liabilities 20.30b)
Debt / Equity = 0.22 (Debt 775.4m / totalStockholderEquity, last quarter 3.55b)
Debt / EBITDA = -0.34 (Net Debt -135.4m / EBITDA 394.9m)
Debt / FCF = -0.65 (Net Debt -135.4m / FCF TTM 208.7m)
Total Stockholder Equity = 3.16b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.24% (Net Income 275.3m / Total Assets 24.99b)
RoE = 8.71% (Net Income TTM 275.3m / Total Stockholder Equity 3.16b)
RoCE = 8.97% (EBIT 353.3m / Capital Employed (Equity 3.16b + L.T.Debt 775.4m))
RoIC = 6.96% (NOPAT 274.0m / Invested Capital 3.94b)
WACC = 11.93% (E(3.80b)/V(4.57b) * Re(9.70%) + D(775.4m)/V(4.57b) * Rd(29.47%) * (1-Tc(0.22)))
Discount Rate = 9.70% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -100.0 | Cagr: -3.32%
[DCF Debug] Terminal Value 62.47% ; FCFF base≈213.3m ; Y1≈188.9m ; Y5≈156.9m
Fair Price DCF = 35.59 (EV 1.63b - Net Debt -135.4m = Equity 1.76b / Shares 49.6m; r=11.93% [WACC]; 5y FCF grow -14.05% → 2.90% )
EPS Correlation: -51.76 | EPS CAGR: -46.98% | SUE: -4.0 | # QB: 0
Revenue Correlation: 75.20 | Revenue CAGR: 56.91% | SUE: 4.0 | # QB: 2
EPS next Quarter (2026-03-31): EPS=1.62 | Chg30d=+0.000 | Revisions Net=-3 | Analysts=4
EPS next Year (2026-12-31): EPS=7.23 | Chg30d=+0.000 | Revisions Net=-1 | Growth EPS=+60.7% | Growth Revenue=+21.2%

Additional Sources for INDB Stock

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