Independent Bank
Financial ratios & Valuation

Forward Multiples (2025 – 2025)

2025
Price/Earnings ratio
10.65
Price/Sales ratio
3.82
Earnings per Share (EPS)
$2.94

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
16.6017.2820.4723.2812.3511.167.228.197.969.2411.6711.67
Price/Sales ratio
2.863.183.973.713.213.162.052.582.462.722.313.16
Price/Book Value ratio
1.191.371.871.791.451.481.041.291.451.341.601.45
Price/Cash Flow ratio
22.8914.3919.4312.3410.9515.266.974.675.337.2212.1310.95
Price/Free Cash Flow ratio
34.1017.5722.7013.8711.9817.857.544.935.677.8413.3511.98
Price/Earnings Growth ratio
-0.191.511.00-2.460.160.570.270.592.57-1.541.380.16
Dividend Yield
1.38%1.70%1.56%1.87%2.85%3.19%4.34%3.52%3.67%3.54%2.76%3.19%
Profitability Indicator Ratios
Gross Profit Margin
100%100%100%100%100%100%100%100%100%146.91%102.51%100%
Operating Profit Margin
31.14%32.45%33.92%37.03%43.55%35.19%35.17%38.84%47.53%45.64%36.28%35.19%
Pretax Profit Margin
24.15%27.06%28.05%29.93%32.11%35.19%35.17%38.84%38.02%36.74%24.97%35.19%
Net Profit Margin
17.26%18.43%19.41%15.94%26.04%28.29%28.42%31.60%30.96%29.45%19.81%28.29%
Effective Tax Rate
28.53%31.86%30.80%46.73%18.91%19.60%19.18%18.64%18.55%19.82%20.64%18.91%
Return on Assets
0.80%0.83%0.89%0.73%1.18%1.30%1.33%1.33%1.26%1.12%1.18%1.30%
Return On Equity
7.19%7.97%9.14%7.72%11.75%13.26%14.41%15.78%18.22%14.60%14.58%11.75%
Return on Capital Employed
1.46%1.47%2.17%1.71%1.99%1.63%2.27%2.48%1.96%3.56%2.16%1.99%
Liquidity Ratios
Current Ratio
0.310.310.300.230.021.101.42N/AN/AN/AN/A1.10
Quick Ratio
70.9974.532.57110.97283.0024.591.191.0717.600.06N/A24.59
Cash ratio
3.814.170.122.887.082.290.100.061.210.06N/A2.29
Days of Sales Outstanding
25.3024.30110.8983.9983.2095.09115.41121.29229.99N/AN/A95.09
Days of Inventory outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Operating Cycle
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Days of Payables Outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Cash Conversion Cycle
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Debt Ratios
Debt Ratio
0.020.010.010.030.010.020.020.020.040.020.010.02
Debt Equity Ratio
0.190.180.180.340.190.290.270.270.650.310.170.29
Long-term Debt to Capitalization
0.160.150.150.160.130.170.210.210.320.240.140.13
Total Debt to Capitalization
0.160.150.150.250.160.220.210.210.390.240.140.22
Interest Coverage Ratio
N/AN/AN/AN/AN/AN/A1.48N/AN/AN/A1.44N/A
Cash Flow to Debt Ratio
0.270.500.530.420.690.320.531.010.410.580.750.69
Company Equity Multiplier
8.989.5910.2310.529.8910.1710.7911.8014.3813.0111.629.89
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.120.220.200.300.290.200.290.550.460.370.190.20
Free Cash Flow / Operating Cash Flow Ratio
0.670.810.850.890.910.850.920.940.930.920.900.85
Cash Flow Coverage Ratio
0.270.500.530.420.690.320.531.010.410.580.750.69
Short Term Coverage Ratio
N/AN/AN/A1.044.491.18N/AN/A1.55N/AN/A1.18
Dividend Payout Ratio
22.91%29.45%31.95%43.76%35.27%35.64%31.37%28.86%29.30%32.72%31.93%35.64%