Latest Ratios: P/E Ratio 18.9x · EV/EBITDA 15.5x · ROE 6.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.1B | $3.6B | $2.7B | $2.9B | $3.9B | $2.8B | $2.4B | $2.7B | $1.9B | $1.9B | $1.9B |
| Enterprise Value | $4.7B | $4.3B | $3.2B | $3.9B | $3.7B | $756M | $1.3B | $2.9B | $2.1B | $2.0B | $1.9B |
| P/E Ratio → | 18.92 | 16.42 | 14.20 | 12.14 | 14.84 | 23.50 | 20.07 | 16.55 | 15.98 | 21.90 | 24.29 |
| P/S Ratio | 3.48 | 3.10 | 2.80 | 3.19 | 5.22 | 5.51 | 4.79 | 4.91 | 4.72 | 5.36 | 5.72 |
| P/B Ratio | 1.17 | 1.01 | 0.91 | 1.00 | 1.36 | 0.94 | 1.43 | 1.60 | 1.81 | 2.03 | 2.16 |
| P/FCF | 16.96 | 15.10 | 13.03 | 11.14 | 9.81 | 17.24 | 46.71 | 13.68 | 14.87 | 18.07 | 22.47 |
| P/OCF | 16.17 | 14.40 | 11.87 | 10.50 | 9.30 | 14.95 | 37.61 | 12.63 | 13.71 | 14.61 | 19.97 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.67 | 3.30 | 4.28 | 4.90 | 1.47 | 2.59 | 5.19 | 5.10 | 5.67 | 5.86 |
| EV / EBITDA | 15.46 | 14.00 | 11.15 | 11.11 | 9.51 | 3.99 | 7.30 | 12.16 | 12.24 | 13.46 | 15.11 |
| EV / EBIT | 17.73 | 16.06 | 12.99 | 12.38 | 10.57 | 4.83 | 8.61 | 13.24 | 13.47 | 15.03 | 17.04 |
| EV / FCF | — | 17.90 | 15.32 | 14.94 | 9.21 | 4.58 | 25.27 | 14.44 | 16.07 | 19.11 | 23.03 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.9% | 67.9% | 66.4% | 76.7% | 95.2% | 93.8% | 82.9% | 89.2% | 92.6% | 94.0% | 92.4% |
| Operating Margin | 22.9% | 22.9% | 25.4% | 34.6% | 46.4% | 30.4% | 30.1% | 39.2% | 37.8% | 37.7% | 34.4% |
| Net Profit Margin | 17.6% | 17.6% | 19.7% | 26.3% | 35.2% | 23.4% | 23.9% | 29.7% | 29.5% | 24.4% | 23.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.3% | 6.3% | 6.5% | 8.3% | 8.9% | 5.1% | 7.1% | 11.9% | 12.1% | 9.6% | 9.4% |
| ROA | 0.9% | 0.9% | 1.0% | 1.2% | 1.3% | 0.7% | 1.0% | 1.6% | 1.4% | 1.1% | 1.0% |
| ROIC | 4.9% | 4.9% | 4.7% | 6.6% | 8.5% | 4.6% | 5.9% | 9.4% | 8.5% | 8.2% | 7.3% |
| ROCE | 1.9% | 1.9% | 5.8% | 8.0% | 10.0% | 5.5% | 6.9% | 12.4% | 12.9% | 11.9% | 10.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.25 | 0.25 | 0.23 | 0.42 | 0.04 | 0.05 | 0.11 | 0.18 | 0.38 | 0.34 | 0.39 |
| Debt / EBITDA | 2.94 | 2.94 | 2.44 | 3.47 | 0.29 | 0.80 | 1.01 | 1.28 | 2.37 | 2.15 | 2.65 |
| Net Debt / Equity | — | 0.19 | 0.16 | 0.34 | -0.08 | -0.69 | -0.66 | 0.09 | 0.15 | 0.12 | 0.05 |
| Net Debt / EBITDA | 2.19 | 2.19 | 1.67 | 2.83 | -0.62 | -11.02 | -6.19 | 0.64 | 0.91 | 0.74 | 0.37 |
| Debt / FCF | — | 2.80 | 2.30 | 3.81 | -0.60 | -12.65 | -21.43 | 0.76 | 1.19 | 1.04 | 0.56 |
| Interest Coverage | 0.85 | 0.85 | 0.85 | 1.67 | 11.75 | 11.42 | 4.45 | 4.05 | 6.11 | 7.34 | 5.96 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.55 | 0.55 | 0.02 | 0.10 | 0.11 | 0.23 | 0.16 | 0.06 | 0.09 | 0.10 | 0.10 |
| Quick Ratio | 0.55 | 0.55 | 0.02 | 0.10 | 0.11 | 0.23 | 0.16 | 0.06 | 0.09 | 0.10 | 0.10 |
| Cash Ratio | 0.55 | 0.55 | 0.01 | 0.02 | 0.02 | 0.13 | 0.12 | 0.02 | 0.03 | 0.03 | 0.04 |
| Asset Turnover | — | 0.05 | 0.05 | 0.05 | 0.04 | 0.03 | 0.04 | 0.05 | 0.05 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.5% | 2.9% | 3.5% | 3.4% | 2.4% | 2.2% | 2.5% | 1.9% | 2.1% | 1.8% | 1.6% |
| Payout Ratio | 50.7% | 50.7% | 50.1% | 40.9% | 35.5% | 51.9% | 50.2% | 32.3% | 33.0% | 39.0% | 38.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.3% | 6.1% | 7.0% | 8.2% | 6.7% | 4.3% | 5.0% | 6.0% | 6.3% | 4.6% | 4.1% |
| FCF Yield | 5.9% | 6.6% | 7.7% | 9.0% | 10.2% | 5.8% | 2.1% | 7.3% | 6.7% | 5.5% | 4.5% |
| Buyback Yield | 1.5% | 1.7% | 1.2% | 6.5% | 3.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.0% | 4.6% | 4.7% | 9.9% | 6.0% | 2.2% | 2.5% | 1.9% | 2.1% | 1.8% | 1.6% |
| Shares Outstanding | — | $49M | $43M | $44M | $46M | $35M | $33M | $33M | $28M | $27M | $26M |
CRE concentration and provisioning
Based on recent market data, INDB trades at a P/B of 1.18, suggesting that investors are pricing the bank as a stable regional franchise rather than a high-growth entity, especially when compared to the broader peer group's valuation multiples and current ROTCE expectations.
The current P/B multiple appears to reflect a market consensus that the bank's wealth management arm provides a defensive buffer against interest rate volatility. However, the forward P/E of 11.67 warrants further investigation, as it may imply that the market is discounting the potential for earnings dilution from recent M&A integration.
As reported in financial statements, the bank's ROE has remained in a narrow range between 1.0% and 2.2% over the last ten quarters, indicating that profitability is currently constrained by a compressed net interest margin and rising non-interest expenses relative to asset growth.
The decomposition of profitability suggests that the bank's reliance on interest-earning assets is being offset by the high cost of maintaining a physical branch network. Investors should monitor whether the wealth management fee contribution can scale sufficiently to improve the overall return on tangible equity.
According to quarterly filings, the efficiency ratio has trended upward to 49.2% in 2026Q1, which may indicate that the bank is struggling to achieve operating leverage as non-interest expenses outpace the revenue generated from its expanded investment securities portfolio.
The persistent NIM compression between 0.7% and 0.9% suggests that the bank's funding costs are highly sensitive to the competitive Massachusetts deposit market. This trend implies that management may need to prioritize cost-rationalization efforts to protect the bottom line from further margin erosion.
Based on the reported equity-to-assets ratio of 0.14 to 0.15 over the last ten quarters, INDB maintains a consistent capital position that appears adequate to support its current risk profile and regulatory requirements despite the recent expansion of the total asset base.
The stability of these capital ratios suggests a disciplined approach to balance sheet management, prioritizing long-term solvency over aggressive leverage. This conservative stance may limit near-term capital return potential but provides a necessary cushion against potential credit losses in the CRE portfolio.
The P/E ratio is frequently misapplied to INDB, as it obscures the impact of volatile provision expenses under the CECL model, which can create artificial quarterly earnings swings that do not reflect the underlying cash-generating capacity of the bank's core operations.
Analysts should instead focus on P/TBV and pre-provision net revenue (PPNR) to better assess the bank's true operational performance. Relying on P/E may lead to erroneous conclusions about the bank's valuation during periods of high credit provisioning, which are accounting-driven rather than reflective of structural franchise value.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying INDB stock.
Independent Bank Corp.'s current P/E ratio is 18.9x. The historical average is 16.4x. This places it at the 80th percentile of its historical range.
Independent Bank Corp.'s current EV/EBITDA is 15.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.3x.
Independent Bank Corp.'s return on equity (ROE) is 6.3%. The historical average is 10.5%.
Based on historical data, Independent Bank Corp. is trading at a P/E of 18.9x. This is at the 80th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Independent Bank Corp.'s current dividend yield is 2.49% with a payout ratio of 50.7%.
Independent Bank Corp. has 67.9% gross margin and 22.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Independent Bank Corp.'s Debt/EBITDA ratio is 2.9x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.