(INDB) Independent Bank - Overview
Sector: Financial Services | Industry: Banks - Regional | Exchange: NASDAQ (USA) | Market Cap: 3.808m USD | Total Return: 33.3% in 12m
Avg Turnover: 25.4M
EPS Trend: -18.0%
Qual. Beats: 0
Rev. Trend: 94.4%
Qual. Beats: 0
Warnings
Share dilution 15.1% YoY
Tailwinds
Confidence
Independent Bank Corp. (NASDAQ: INDB) is the Massachusetts-based holding company for Rockland Trust Company, established in 1907. The institution operates as a full-service regional bank catering to individuals and small-to-medium sized enterprises through a diverse portfolio of deposit products, commercial lending, and residential mortgages. Its business model relies on generating net interest income from loan spreads and non-interest income through investment management, trust services, and cash management solutions.
As a regional bank, Independent Bank Corp. is subject to the interest rate environment and credit cycles of the New England economy. Regional banks often maintain a competitive advantage by leveraging deep local market knowledge to underwrite commercial real estate and small business loans that larger national banks may overlook. The company further diversifies its revenue streams by offering insurance products and financial planning services to institutional and retail clients.
Investors should review ValueRay for deeper insights into the companys valuation metrics.
- Federal Reserve interest rate shifts impact net interest margin profitability
- Regional commercial real estate exposure influences credit loss provision levels
- Asset management and trust services growth stabilizes non-interest income streams
- Massachusetts economic conditions dictate loan demand and deposit growth rates
- Strategic acquisitions and organic expansion drive regional market share gains
| Net Income: 240.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA 0.53 > 1.0 |
| NWC/Revenue: -835.6% < 20% (prev -1.39k%; Δ 558.2% < -1%) |
| CFO/TA 0.01 > 3% & CFO 355.0m > Net Income 240.6m |
| Net Debt (553.0m) to EBITDA (311.3m): 1.78 < 3 |
| Current Ratio: 0.02 > 1.5 & < 3 |
| Outstanding Shares: last quarter (49.0m) vs 12m ago 15.10% < -2% |
| Gross Margin: 69.49% > 18% (prev 0.66%; Δ 6.88k% > 0.5%) |
| Asset Turnover: 5.44% > 50% (prev 4.93%; Δ 0.51% > 0%) |
| Interest Coverage Ratio: 0.86 > 6 (EBITDA TTM 311.3m / Interest Expense TTM 325.0m) |
| A: -0.41 (Total Current Assets 223.3m - Total Current Liabilities 10.4b) / Total Assets 24.8b |
| B: 0.05 (Retained Earnings 1.32b / Total Assets 24.8b) |
| C: 0.01 (EBIT TTM 279.3m / Avg Total Assets 22.3b) |
| D: 0.06 (Book Value of Equity 1.27b / Total Liabilities 21.2b) |
| Altman-Z'' = -2.37 = D |
As of May 24, 2026, the stock is trading at USD 78.66 with a total of 277,615 shares traded.
Over the past week, the price has changed by +3.66%,
over one month by +0.69%,
over three months by -0.60% and
over the past year by +33.32%.
Independent Bank has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy INDB.
- StrongBuy: 2
- Buy: 0
- Hold: 2
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 90.6 | 15.1% |
P/E Forward = 10.6157
P/S = 4.2665
P/B = 1.0358
P/EG = 10.9971
Revenue TTM = 1.21b USD
EBIT TTM = 279.3m USD
EBITDA TTM = 311.3m USD
Long Term Debt = 676.3m USD (from longTermDebt, last quarter)
Short Term Debt = 100.0m USD (from shortLongTermDebt, last quarter)
Debt = 776.3m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 553.0m USD (calculated: Debt 776.3m - CCE 223.3m)
Enterprise Value = 4.36b USD (3.81b + Debt 776.3m - CCE 223.3m)
Interest Coverage Ratio = 0.86 (Ebit TTM 279.3m / Interest Expense TTM 325.0m)
EV/FCF = 12.53x (Enterprise Value 4.36b / FCF TTM 348.1m)
FCF Yield = 7.98% (FCF TTM 348.1m / Enterprise Value 4.36b)
FCF Margin = 28.65% (FCF TTM 348.1m / Revenue TTM 1.21b)
Net Margin = 19.81% (Net Income TTM 240.6m / Revenue TTM 1.21b)
Gross Margin = 69.49% ((Revenue TTM 1.21b - Cost of Revenue TTM 370.7m) / Revenue TTM)
Gross Margin QoQ = 73.19% (prev 74.91%)
Tobins Q-Ratio = 0.18 (Enterprise Value 4.36b / Total Assets 24.8b)
Interest Expense / Debt = 41.86% (Interest Expense 325.0m / Debt 776.3m)
Taxrate = 23.38% (24.4m / 104.3m)
NOPAT = 214.0m (EBIT 279.3m * (1 - 23.38%))
Current Ratio = 0.02 (Total Current Assets 223.3m / Total Current Liabilities 10.4b)
Debt / Equity = 0.22 (Debt 776.3m / totalStockholderEquity, last quarter 3.54b)
Debt / EBITDA = 1.78 (Net Debt 553.0m / EBITDA 311.3m)
Debt / FCF = 1.59 (Net Debt 553.0m / FCF TTM 348.1m)
Total Stockholder Equity = 3.43b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.08% (Net Income 240.6m / Total Assets 24.8b)
RoE = 7.01% (Net Income TTM 240.6m / Total Stockholder Equity 3.43b)
RoCE = 6.80% (EBIT 279.3m / Capital Employed (Equity 3.43b + L.T.Debt 676.3m))
RoIC = 0.86% (NOPAT 214.0m / Invested Capital 24.8b)
WACC = 13.31% (E(3.81b)/V(4.58b) * Re(9.49%) + D(776.3m)/V(4.58b) * Rd(41.86%) * (1-Tc(0.23)))
Discount Rate = 9.49% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 46.67 | Cagr: 5.45%
[DCF] Terminal Value 63.63% ; FCFF base≈278.5m ; Y1≈319.2m ; Y5≈469.8m
[DCF] Fair Price = 66.18 (EV 3.75b - Net Debt 553.0m = Equity 3.19b / Shares 48.2m; r=13.31% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: -18.02 | EPS CAGR: -2.29% | SUE: 0.16 | # QB: 0
Revenue Correlation: 94.35 | Revenue CAGR: 11.72% | SUE: 0.38 | # QB: 0
EPS current Quarter (2026-06-30): EPS=1.78 | Chg30d=-0.33% | Revisions=+50% | Analysts=7
EPS next Quarter (2026-09-30): EPS=1.90 | Chg30d=+0.72% | Revisions=+43% | Analysts=5
EPS current Year (2026-12-31): EPS=7.30 | Chg30d=+0.03% | Revisions=+25% | GrowthEPS=+29.4% | GrowthRev=+22.0%
EPS next Year (2027-12-31): EPS=8.35 | Chg30d=+0.56% | Revisions=+25% | GrowthEPS=+14.4% | GrowthRev=+5.7%
[Analyst] Revisions Ratio: +50%