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INDEPENDENT BANK CORP/MA (INDB) Stock Fundamental Analysis

NASDAQ:INDB - Nasdaq - US4538361084 - Common Stock - Currency: USD

56.96  +2.34 (+4.28%)

After market: 56.96 0 (0%)

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to INDB. INDB was compared to 398 industry peers in the Banks industry. The financial health of INDB is average, but there are quite some concerns on its profitability. INDB has a decent growth rate and is not valued too expensively. INDB also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

INDB had positive earnings in the past year.
INDB had a positive operating cash flow in the past year.
In the past 5 years INDB has always been profitable.
In the past 5 years INDB always reported a positive cash flow from operatings.
INDB Yearly Net Income VS EBIT VS OCF VS FCFINDB Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

1.2 Ratios

INDB's Return On Assets of 0.99% is fine compared to the rest of the industry. INDB outperforms 66.83% of its industry peers.
INDB has a Return On Equity of 6.42%. This is in the lower half of the industry: INDB underperforms 66.33% of its industry peers.
Industry RankSector Rank
ROA 0.99%
ROE 6.42%
ROIC N/A
ROA(3y)1.2%
ROA(5y)1.02%
ROE(3y)7.94%
ROE(5y)6.99%
ROIC(3y)N/A
ROIC(5y)N/A
INDB Yearly ROA, ROE, ROICINDB Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2 4 6 8 10

1.3 Margins

INDB's Profit Margin of 27.85% is fine compared to the rest of the industry. INDB outperforms 77.14% of its industry peers.
INDB's Profit Margin has declined in the last couple of years.
INDB does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) 27.85%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y5.31%
PM growth 5Y-3.04%
GM growth 3YN/A
GM growth 5YN/A
INDB Yearly Profit, Operating, Gross MarginsINDB Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30

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4

2. Health

2.1 Basic Checks

INDB does not have a ROIC to compare to the WACC, probably because it is not profitable.
INDB has less shares outstanding than it did 1 year ago.
The number of shares outstanding for INDB has been increased compared to 5 years ago.
The debt/assets ratio for INDB has been reduced compared to a year ago.
INDB Yearly Shares OutstandingINDB Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M 40M
INDB Yearly Total Debt VS Total AssetsINDB Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B

2.2 Solvency

The Debt to FCF ratio of INDB is 0.30, which is an excellent value as it means it would take INDB, only 0.30 years of fcf income to pay off all of its debts.
Looking at the Debt to FCF ratio, with a value of 0.30, INDB belongs to the top of the industry, outperforming 87.44% of the companies in the same industry.
INDB has a Debt/Equity ratio of 0.02. This is a healthy value indicating a solid balance between debt and equity.
INDB has a Debt to Equity ratio of 0.02. This is amongst the best in the industry. INDB outperforms 86.43% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.02
Debt/FCF 0.3
Altman-Z N/A
ROIC/WACCN/A
WACC13.11%
INDB Yearly LT Debt VS Equity VS FCFINDB Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
INDB Yearly Current Assets VS Current LiabilitesINDB Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2019 2020 2021 2022 2023 2024 50M 100M 150M

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5

3. Growth

3.1 Past

INDB shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -13.32%.
INDB shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -4.31% yearly.
INDB shows a decrease in Revenue. In the last year, the revenue decreased by -1.52%.
INDB shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 6.29% yearly.
EPS 1Y (TTM)-13.32%
EPS 3Y-4.78%
EPS 5Y-4.31%
EPS Q2Q%-5.36%
Revenue 1Y (TTM)-1.52%
Revenue growth 3Y10.77%
Revenue growth 5Y6.29%
Sales Q2Q%6.37%

3.2 Future

Based on estimates for the next years, INDB will show a very strong growth in Earnings Per Share. The EPS will grow by 24.01% on average per year.
Based on estimates for the next years, INDB will show a very strong growth in Revenue. The Revenue will grow by 22.22% on average per year.
EPS Next Y19.37%
EPS Next 2Y24.01%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year16.74%
Revenue Next 2Y22.22%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
INDB Yearly Revenue VS EstimatesINDB Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 200M 400M 600M 800M 1B
INDB Yearly EPS VS EstimatesINDB Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2 4 6

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6

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 12.69 indicates a correct valuation of INDB.
The rest of the industry has a similar Price/Earnings ratio as INDB.
The average S&P500 Price/Earnings ratio is at 28.33. INDB is valued rather cheaply when compared to this.
Based on the Price/Forward Earnings ratio of 8.14, the valuation of INDB can be described as reasonable.
Compared to the rest of the industry, the Price/Forward Earnings ratio of INDB indicates a rather cheap valuation: INDB is cheaper than 80.65% of the companies listed in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 21.37, INDB is valued rather cheaply.
Industry RankSector Rank
PE 12.69
Fwd PE 8.14
INDB Price Earnings VS Forward Price EarningsINDB Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

INDB's Price/Free Cash Flow ratio is in line with the industry average.
Industry RankSector Rank
P/FCF 11.59
EV/EBITDA N/A
INDB Per share dataINDB EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60

4.3 Compensation for Growth

INDB's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
INDB's earnings are expected to grow with 24.01% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.65
PEG (5Y)N/A
EPS Next 2Y24.01%
EPS Next 3YN/A

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8

5. Dividend

5.1 Amount

INDB has a Yearly Dividend Yield of 4.23%, which is a nice return.
Compared to an average industry Dividend Yield of 3.66, INDB pays a bit more dividend than its industry peers.
INDB's Dividend Yield is rather good when compared to the S&P500 average which is at 2.51.
Industry RankSector Rank
Dividend Yield 4.23%

5.2 History

The dividend of INDB has a limited annual growth rate of 5.56%.
INDB has been paying a dividend for at least 10 years, so it has a reliable track record.
INDB has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)5.56%
Div Incr Years14
Div Non Decr Years30
INDB Yearly Dividends per shareINDB Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5 2 2.5

5.3 Sustainability

50.08% of the earnings are spent on dividend by INDB. This is a bit on the high side, but may be sustainable.
INDB's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP50.08%
EPS Next 2Y24.01%
EPS Next 3YN/A
INDB Yearly Income VS Free CF VS DividendINDB Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M
INDB Dividend Payout.INDB Dividend Payout, showing the Payout Ratio.INDB Dividend Payout.PayoutRetained Earnings

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INDEPENDENT BANK CORP/MA

NASDAQ:INDB (4/22/2025, 8:12:40 PM)

After market: 56.96 0 (0%)

56.96

+2.34 (+4.28%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)04-17 2025-04-17/amc
Earnings (Next)07-16 2025-07-16/amc
Inst Owners85.88%
Inst Owner Change-0.16%
Ins Owners0.82%
Ins Owner Change3.42%
Market Cap2.43B
Analysts80
Price Target79.82 (40.13%)
Short Float %3.43%
Short Ratio5.48
Dividend
Industry RankSector Rank
Dividend Yield 4.23%
Yearly Dividend2.25
Dividend Growth(5Y)5.56%
DP50.08%
Div Incr Years14
Div Non Decr Years30
Ex-Date03-31 2025-03-31 (0.59)
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-2.05%
Min EPS beat(2)-6.14%
Max EPS beat(2)2.05%
EPS beat(4)2
Avg EPS beat(4)-0.56%
Min EPS beat(4)-6.14%
Max EPS beat(4)6.39%
EPS beat(8)4
Avg EPS beat(8)-1.47%
EPS beat(12)7
Avg EPS beat(12)-0.37%
EPS beat(16)11
Avg EPS beat(16)4.78%
Revenue beat(2)0
Avg Revenue beat(2)-1.48%
Min Revenue beat(2)-1.67%
Max Revenue beat(2)-1.29%
Revenue beat(4)0
Avg Revenue beat(4)-1.88%
Min Revenue beat(4)-3.54%
Max Revenue beat(4)-1.01%
Revenue beat(8)0
Avg Revenue beat(8)-2.08%
Revenue beat(12)3
Avg Revenue beat(12)-1.57%
Revenue beat(16)4
Avg Revenue beat(16)-1.18%
PT rev (1m)0%
PT rev (3m)0.64%
EPS NQ rev (1m)-0.43%
EPS NQ rev (3m)-0.65%
EPS NY rev (1m)-0.19%
EPS NY rev (3m)1%
Revenue NQ rev (1m)0.01%
Revenue NQ rev (3m)1.05%
Revenue NY rev (1m)0%
Revenue NY rev (3m)7.43%
Valuation
Industry RankSector Rank
PE 12.69
Fwd PE 8.14
P/S 3.52
P/FCF 11.59
P/OCF 10.56
P/B 0.81
P/tB 1.22
EV/EBITDA N/A
EPS(TTM)4.49
EY7.88%
EPS(NY)7
Fwd EY12.28%
FCF(TTM)4.92
FCFY8.63%
OCF(TTM)5.4
OCFY9.47%
SpS16.19
BVpS70.24
TBVpS46.84
PEG (NY)0.65
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 0.99%
ROE 6.42%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 27.85%
GM N/A
FCFM 30.37%
ROA(3y)1.2%
ROA(5y)1.02%
ROE(3y)7.94%
ROE(5y)6.99%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y5.31%
PM growth 5Y-3.04%
GM growth 3YN/A
GM growth 5YN/A
F-Score5
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 0.02
Debt/FCF 0.3
Debt/EBITDA N/A
Cap/Depr 49.98%
Cap/Sales 2.96%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 109.06%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score5
WACC13.11%
ROIC/WACCN/A
Cap/Depr(3y)50.27%
Cap/Depr(5y)54.76%
Cap/Sales(3y)2.72%
Cap/Sales(5y)3.15%
Profit Quality(3y)123.13%
Profit Quality(5y)109.73%
High Growth Momentum
Growth
EPS 1Y (TTM)-13.32%
EPS 3Y-4.78%
EPS 5Y-4.31%
EPS Q2Q%-5.36%
EPS Next Y19.37%
EPS Next 2Y24.01%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-1.52%
Revenue growth 3Y10.77%
Revenue growth 5Y6.29%
Sales Q2Q%6.37%
Revenue Next Year16.74%
Revenue Next 2Y22.22%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-19.78%
FCF growth 3Y8.28%
FCF growth 5Y0.94%
OCF growth 1Y-16.99%
OCF growth 3Y6.53%
OCF growth 5Y1.21%