Independent Bank Corp. (INDB) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-17.6%

$70.00

vs $84.91 price

Levered DCF

$84.76

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.5

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.42×	14.2×	12.14×	14.84×	23.5×	20.07×	16.55×	15.94×
P/B	1.01×	0.91×	1×	1.36×	0.94×	1.43×	1.6×	1.81×
P/S	3.1×	2.8×	3.19×	5.22×	5.51×	4.79×	4.91×	4.71×
EV / EBITDA	13.87×	11.14×	11.11×	9.51×	3.98×	7.29×	12.14×	12.22×
Gross margin	67.9%	66.4%	76.7%	95.2%	93.8%	82.9%	89.2%	92.6%
Operating margin	22.9%	25.4%	34.6%	46.4%	30.4%	30.1%	39.2%	37.8%
Net margin	17.6%	19.7%	26.3%	35.2%	23.4%	23.9%	29.7%	29.5%
Current ratio	0.55×	0.02×	0.1×	0.11×	0.23×	0.16×	0.06×	0.09×
Debt / equity	0.25×	0.23×	0.42×	0.04×	0.05×	0.11×	0.18×	0.38×
Interest coverage	0.85×	0.85×	1.67×	11.75×	11.42×	4.45×	4.05×	6.11×
Dividend yield	2.9%	3.5%	3.4%	2.4%	2.2%	2.5%	2.0%	2.1%
Payout ratio	50.7%	50.1%	40.9%	35.5%	51.9%	50.2%	32.3%	33.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.8%	6.4%	8.3%	9.1%	4.0%	7.1%	9.7%	11.3%
Return on invested capital	0.8%	4.7%	5.3%	7.7%	3.5%	5.5%	7.3%	8.5%
Return on assets	0.8%	1.0%	1.2%	1.4%	0.6%	0.9%	1.4%	1.4%
Free cash flow yield	6.6%	7.7%	9.0%	10.2%	5.8%	2.1%	7.3%	6.7%
Earnings yield	5.7%	7.0%	8.2%	6.7%	4.3%	5.0%	6.0%	6.3%
Enterprise value	$4.3B	$3.2B	$3.9B	$3.7B	$754.8M	$1.3B	$2.9B	$2.1B
Net debt / EBITDA	2.17×	1.67×	2.83×	-0.62×	-11.02×	-6.19×	0.64×	0.91×
Cash conversion cycle (days)	3	0	0	0	0	0	0	0