Independent Bank Corp. (INDB) Stock Analysis
Financial Services · Banks - Regional · NasdaqGS
Independent Bank Corp. (INDB) posted $857.52M in revenue for fiscal 2025 (up 24.3% year over year), at a 23.9% net margin, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Independent Bank Corp.
Independent Bank Corp. has grown revenue from $0 to $857.52M over the last 10 fiscal years. The most recent year was up 24.3%.
Net margin sits at 23.9%, down 3.9 points year over year. It carries about $359.35M of total debt.
At today's valuation the market is pricing in roughly 5% annual free-cash-flow growth — versus the 35.6% it actually delivered over the last five years, so the price is arguably undemanding against what it has already proven. The one thing worth a second look in the filings is net margin shrinking.
Synthesised from Independent Bank Corp.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Independent Bank Corp. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $727.92M | $731.13M | $689.74M | $857.52M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $76.65M | $87.20M | $121.62M | $165.18M | $121.17M | $120.99M | $263.81M | $239.50M | $192.08M | $205.12M |
| Net margin | — | — | — | — | — | — | 36.2% | 32.8% | 27.8% | 23.9% |
Source: Independent Bank Corp. SEC filings (10-K). 17 years of history available in the interactive view.
Independent Bank Corp.: 1 potential red flag in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Net margin shrinkingNet margin fell from 36.2% to 23.9% over ~3 years — profitability is compressing.
What growth is priced into INDB stock?
At today's market cap of $3.92B, Independent Bank Corp. is priced for free-cash-flow growth of about 5% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $239.03M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 35.6%/yr over the last five fiscal years, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 17 years of Independent Bank Corp. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Independent Bank Corp. financial history by metric
Compare Independent Bank Corp. with peers
About Independent Bank Corp.
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.
Independent Bank Corp. — frequently asked questions
What is Independent Bank Corp.'s revenue?
Independent Bank Corp. (INDB) reported revenue of $857.52M for fiscal year 2025, up 24.3% from the prior year, according to its SEC filings.
Is Independent Bank Corp. profitable?
Yes. INDB earned net income of $205.12M in fiscal 2025, a net margin of 23.9%.
What is INDB's P/E ratio?
Independent Bank Corp. trades at a price-to-earnings ratio of about 16.1 based on the latest data in our nightly-refreshed cache.
How much debt does Independent Bank Corp. have?
As of fiscal year 2025, INDB carried roughly $359.35M in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Independent Bank Corp.'s market cap?
Independent Bank Corp. (INDB) has a market capitalization of about $3.92B, based on the latest data in our nightly-refreshed cache.
When does Independent Bank Corp.'s fiscal year end?
INDB's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into INDB stock?
At today's market cap of $3.92B, Independent Bank Corp. is priced for free-cash-flow growth of about 5% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $239.03M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 35.6%/yr over the last five fiscal years, computed from its SEC filings.
Where does this data come from?
All figures are computed from Independent Bank Corp.'s official SEC filings (10-K and 10-Q), covering 17 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.