Independent Bank (IBCP) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Independent Bank

NasdaqGS•Financial Services•Banks - Regional

$37.15+0.39(0.01%)After hours

Market Cap

$746.28M

P/E

10.4x

P/S

2.3x

P/B

1.4x

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides banking services in the United States. The company offers demand deposits, interest checking, money market accounts, savings accounts, and time certificates of deposit, including free checking accounts. It also provides consumer loans that consists of real estate loans comprising residential mortgages and home equity loans and lines, all secured by one-to-four family residential properties, as well as other consumer loans; and investment and financial services. In addition, the company offers cash management; investment management and trust services; additional services, such as estate settlement, financial planning, tax services, and other special services; sale of mutual fund shares, unit investment trust shares, third party model portfolios, general securities, and fixed and variable annuities, as well as life insurance products; debit and credit card; safe deposit box services; automatic teller machines; and internet and mobile banking services. Independent Bank Corporation was founded in 1864 and is based in Grand Rapids, Michigan.

How this company scores

GoodMetricSide Score: 69/100

Strongest: Profitability (23/25); weakest: Cash & Earnings Quality (13/25).

Profitability23/25

Growth15/25

Balance Sheet & Red Flags18/25

Cash & Earnings Quality13/25

Strengths

Strong marginsLow leverageProfit converts from growthImproving leverage

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 10.4x5y range 9.4x – 12.4x

Currently near its 20-quarter median.

P/S · 2.3x5y range 2.0x – 3.5x

Currently near its 20-quarter median.

P/B · 1.4x5y range 1.3x – 2.2x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $746.28M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $321.45M
Q. Revenue: $82.63M
TTM EBITDA: $99.50M
TTM Op. Income: $84.43M
Q. Op. Income: $22.71M
TTM Net Income: $71.75M
Q. Net Income: $18.80M
EPS: $0.91
Shares Out.: $20.60M

$321.45M in TTM revenue grew 0.9% YoY, reaching $82.63M last quarter. TTM EBITDA of $99.50M and TTM operating income of $84.43M show growth is flowing through to the bottom line. TTM net income of $71.75M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 76.5%
EBITDA Margin: 30.4%
Op. Margin: 27.5%
Net Margin: 22.8%

Op. margin of 27.5% is up 1.0% YoY — cost efficiency is improving. Net margin at 22.8% and gross margin of 76.5% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 10.4x
P/S Ratio: 2.3x
P/B Ratio: 1.4x

At 10.4x P/E, the stock trades below typical market levels. P/S of 2.3x and P/B of 1.4x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is up 0% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $5.66B
Cash: $165.45M
Long-Term Debt: $39.90M
Book Value: $528.41M
D/E Ratio: 0.1
Debt/EBITDA: 1.6

With $5.66B in assets and $39.90M in long-term debt, D/E is 0.1and book value is $528.41M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 7 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $20.28M
TTM Free Cash Flow: $25.86M
FCF Margin: 8.0%
FCF / Net Income: 0.4

TTM FCF of $25.86M on $20.28M in operating cash flow. The FCF / Net Income ratio of 0.4x means cash covers only part of net income — earnings quality needs attention. Over the past year, free cash flow is down 66% — an improving trend.