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

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

Independent Bank

NasdaqGS•Financial Services•Banks - Regional

$82.48-1.17(-0.01%)Pre-market

Market Cap

$3.95B

P/E

14.6x

P/S

3.0x

P/B

1.1x

Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses in the United States. It provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit. The company also offers commercial real estate and construction, commercial and industrial, small business, secured and unsecured commercial, and consumer real estate loans; term loans and revolving/nonrevolving lines of credit; overdraft protection and letters of credit; and residential mortgages and home equity loans and lines. In addition, it provides cash management services, such as ACH transaction processing, positive pay, and remote deposit services; investment management and trust services to individuals, institutions, small businesses, and charitable institutions; interchange fees; ATM fees; mobile, online, and telephone banking; estate settlement, financial planning, tax services, and other services; debit and credit cards; and mutual fund and unit investment trust shares, third party model portfolios, general securities, fixed and variable annuities, and life insurance products, as well as advisory platforms. Further, the company invests in low-income housing tax credit projects; holds, maintains, and disposes foreclosed properties; and operates as an investment advisor. The company was founded in 1907 and is headquartered in Rockland, Massachusetts.

How this company scores

ExcellentMetricSide Score: 85/100

Strongest: Cash & Earnings Quality (25/25); weakest: Balance Sheet & Red Flags (18/25).

Profitability21/25

Growth21/25

Balance Sheet & Red Flags18/25

Cash & Earnings Quality25/25

Strengths

Growing revenueRising free cash flowStrong marginsRising earnings

Valuation vs. 5-year range

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

P/E · 14.6x5y range 7.4x – 29.8x

Currently near its 20-quarter median.

P/S · 3.0x5y range 1.8x – 7.0x

Currently near its 20-quarter median.

P/B · 1.1x5y range 0.7x – 1.5x

Watch items

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

High Risk

Share Dilution

Red Flag

Shares outstanding increased 13.1% — significant dilution, likely from stock compensation or capital raises.

Price & Volume

Market Cap $3.95B

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $1.34B
Q. Revenue: $331.68M
TTM EBITDA: $397.95M
TTM Op. Income: $350.30M
Q. Op. Income: $106.80M
TTM Net Income: $271.35M
Q. Net Income: $81.84M
EPS: $1.7
Shares Out.: $48.05M

$1.34B in TTM revenue grew 34.2% YoY, reaching $331.68M last quarter. TTM EBITDA of $397.95M and TTM operating income of $350.30M show growth is flowing through to the bottom line. TTM net income of $271.35M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 6 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 76.4%
EBITDA Margin: 34.2%
Op. Margin: 32.2%
Net Margin: 24.7%

Op. margin of 32.2% is up 6.1% YoY — cost efficiency is improving. Net margin at 24.7% and gross margin of 76.4% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 3 consecutive quarters — an improving trend.

Price Ratios

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

P/E Ratio: 14.6x
P/S Ratio: 3.0x
P/B Ratio: 1.1x

At 14.6x P/E, the stock trades below typical market levels. P/S of 3.0x and P/B of 1.1x provide additional context. P/E sits below typical market levels while revenue is growing. Across the last 8 quarters, P/E has fallen for 3 consecutive quarters — an improving trend.

Assets & Liabilities

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

Total Assets: $24.97B
Cash: $1.00B
Long-Term Debt: $296.90M
Book Value: $3.51B
D/E Ratio: 0.1
Debt/EBITDA: 2.6

With $24.97B in assets and $296.90M in long-term debt, D/E is 0.1and book value is $3.51B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is down 12% — a weakening trend.

Cash Flow

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

Op. Cash Flow: $73.40M
TTM Free Cash Flow: $303.80M
FCF Margin: 22.7%
FCF / Net Income: 1.1

TTM FCF of $303.80M on $73.40M in operating cash flow. The FCF / Net Income ratio of 1.1x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 41% — a weakening trend.