Independent Bank CorpIndependent Bank Corp
Independent Bank Corp

Independent Bank Corp

INDB
Financials·Banks

Independent Bank Corp. operates as a bank holding company. The company provides commercial banking, retail banking, and wealth management services and is engaged in the sale of retail investments and insurance products in Massachusetts. It offers deposit products, including demand deposits, interest checking, money market accounts, savings accounts, and time certificates of deposit. The company provides real estate loans, which include commercial mortgages that are secured by non-residential properties, residential mortgages that are secured primarily by owner-occupied residences, and mortgages for the construction of commercial and residential properties. Independent Bank was founded in 1985 and is headquartered in Rockland, MA.

Massachusetts; U.S.A
Market cap
No dataNo data
Revenue
$857.5M+24.3% YoY
Net income
$205.1M+6.8% YoY
Free cash flow
$239M+14.1% YoY

Market

Listed stock
INDBPriceNasdaq
Loading…Loading…1Y

Financial performance

Revenue
$857.5M+24.3% YoY
Operating income
$256.1M+12.8% YoY
Net income
$205.1M+6.8% YoY
Free cash flow
$239M+14.1% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $507.4M, 2022 $727.9M, 2023 $731.1M, 2024 $689.7M, 2025 $857.5M. Operating income: 2021 $354.3M, 2022 $589M, 2023 $403.8M, 2024 $227M, 2025 $256.1M. Net income: 2021 $121M, 2022 $263.8M, 2023 $239.5M, 2024 $192.1M, 2025 $205.1M. Free cash flow: 2021 $165M, 2022 $399.1M, 2023 $261.2M, 2024 $209.5M, 2025 $239M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
24.3%+2999 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $354.3M, 2022-12-31 $589M, 2023-12-31 $403.8M, 2024-12-31 $227M, 2025-12-31 $256.1M. Net income: 2021-12-31 $121M, 2022-12-31 $263.8M, 2023-12-31 $239.5M, 2024-12-31 $192.1M, 2025-12-31 $205.1M. Free cash flow: 2021-12-31 $165M, 2022-12-31 $399.1M, 2023-12-31 $261.2M, 2024-12-31 $209.5M, 2025-12-31 $239M

Growth heatmap

2022202320242025CAGR
Revenue
+43.5%
+0.4%
-5.7%
+24.3%
+14.0%
Gross profit
+47.6%
-5.0%
-9.8%
+16.1%
+10.1%
Operating income
+66.2%
-31.4%
-43.8%
+12.8%
-7.8%
Free cash flow
+141.9%
-34.6%
-19.8%
+14.1%
+9.7%

Earnings quality

Operating cash flow
$251.2M+9.2% YoY
Net income
$205.1M+6.8% YoY
Free cash flow
$239M+14.1% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 122%, 2024-12-31 120%, 2023-12-31 116%, 2022-12-31 160%, 2021-12-31 157%. Free cash flow: 2025-12-31 117%, 2024-12-31 109%, 2023-12-31 109%, 2022-12-31 151%, 2021-12-31 136%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
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Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
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EV / EBITDA
No data
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Free cash flow yield
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