Independent Bank Corp.
Financial ratios & Valuation

Forward Multiples (2025 – 2025)

2025
Price/Earnings ratio
13.54
Price/Sales ratio
4.42
Earnings per Share (EPS)
$4.88

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
17.0918.5424.2621.8615.9516.5320.0423.4914.8412.1414.0316.53
Price/Sales ratio
3.864.155.995.575.015.375.085.605.373.652.945.37
Price/Book Value ratio
1.591.562.152.011.801.591.420.941.351.000.921.59
Price/Cash Flow ratio
12.0713.4519.9214.5613.6712.6137.5814.949.2910.4911.1412.61
Price/Free Cash Flow ratio
13.2715.2322.4218.0114.8313.6646.6717.229.8011.1312.1113.66
Price/Earnings Growth ratio
1.1646.351.562.180.411.17-0.72-5.030.23-2.55-2.761.17
Dividend Yield
2.19%2.17%1.59%1.78%2.07%1.95%2.50%2.20%2.39%3.37%2.63%2.07%
Profitability Indicator Ratios
Gross Profit Margin
100%100%100%100%99.11%100%100%100%100%100%93.23%100%
Operating Profit Margin
39.32%38.94%42.18%44.72%46.92%42.89%32.01%30.87%46.50%39.60%27.97%42.89%
Pretax Profit Margin
31.61%31.83%36.12%39.35%40.32%42.89%32.01%30.87%47.77%39.60%27.21%42.89%
Net Profit Margin
22.59%22.43%24.70%25.51%31.45%32.48%25.37%23.84%36.24%30.09%21.00%32.48%
Effective Tax Rate
28.53%29.52%31.61%35.18%22.00%24.26%20.72%22.77%24.13%23.99%22.83%22.00%
Return on Assets
0.94%0.90%0.99%1.07%1.37%1.44%0.91%0.59%1.36%1.23%1.01%1.44%
Return On Equity
9.34%8.42%8.86%9.23%11.32%9.66%7.11%4.00%9.13%8.27%6.74%9.66%
Return on Capital Employed
1.67%1.59%1.73%3.44%2.08%3.85%2.39%1.54%3.54%3.58%2.20%2.08%
Liquidity Ratios
Current Ratio
0.02N/AN/AN/AN/AN/A0.00N/AN/AN/A0.02N/A
Quick Ratio
36.4945.3637.011.8650.110.100.250.370.170.020.020.10
Cash ratio
1.202.051.630.051.690.020.180.210.030.020.020.02
Days of Sales Outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
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
0.03N/AN/AN/A0.020.020.010.000.000.060.030.02
Debt Equity Ratio
0.32N/AN/AN/A0.240.170.100.050.040.420.220.22
Long-term Debt to Capitalization
0.24N/AN/AN/A0.190.150.090.040.030.030.180.18
Total Debt to Capitalization
0.24N/AN/AN/A0.190.150.090.040.040.290.180.18
Interest Coverage Ratio
N/AN/AN/AN/AN/AN/A4.45N/AN/AN/A0.93N/A
Cash Flow to Debt Ratio
0.40N/AN/AN/A0.540.710.351.243.310.220.370.71
Company Equity Multiplier
9.939.348.918.568.246.677.756.766.686.686.516.67
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.310.300.300.380.360.420.130.370.570.340.260.42
Free Cash Flow / Operating Cash Flow Ratio
0.900.880.880.800.920.920.800.860.940.940.910.92
Cash Flow Coverage Ratio
0.40N/AN/AN/A0.540.710.351.243.310.220.370.71
Short Term Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/A30.710.24N/AN/A
Dividend Payout Ratio
37.50%40.28%38.76%39.04%33.02%32.25%50.21%51.85%35.53%40.92%48.90%33.02%