INDB Stock Analysis: Independent Bank | NASDAQ
Banks - Regional | NASDAQ, USA | Market Cap: 4.053m USD | 12M Return: 32.9% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 34.0M
EPS Trend: -34.4%
Qual. Beats: 0
Rev. Trend: 94.4%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Independent Bank Corp. (INDB) is a Massachusetts-based bank holding company that conducts its operations through its subsidiary, Rockland Trust Company. Founded in 1907 and headquartered in Rockland, MA, the company provides commercial banking products and services primarily to individuals and small-to-medium sized businesses in the United States.
The companys deposit offerings include interest checking, money market, savings accounts, demand deposits, and time certificates of deposit. Its lending activities span commercial real estate and construction loans, commercial and industrial loans, small business lending, consumer real estate loans, residential mortgages, home equity loans and lines, term loans, and revolving lines of credit, as well as overdraft protection and letters of credit.
Beyond traditional banking, Independent Bank provides cash management services (including ACH processing, positive pay, and remote deposit), investment management, trust and estate settlement services, financial planning, and tax services. The company also distributes investment products such as mutual funds, fixed and variable annuities, life insurance, and general securities through advisory platforms. Bank holding companies like INDB operate under a corporate structure that allows the parent company to own and oversee the bank and its non-banking subsidiaries, which is subject to regulation by the Federal Reserve.
Additional operations include equity investments in low-income housing tax credit projects, management and disposition of foreclosed properties, and acting as an investment advisor. Revenue is generated through net interest income (the spread between loan/deposit yields and funding costs), service charges, interchange and ATM fees, wealth management fees, and investment product commissions.
- Net interest margin compresses as the Fed cuts rates
- Commercial real estate loan portfolio faces credit and refinancing risk
- Deposit costs rise amid competition for New England funding
| Net Income: 271.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA 0.53 > 1.0 |
| NWC/Revenue: -1.63k% < 20% (prev -1.39k%; Δ -248.0% < -1%) |
| CFO/TA 0.01 > 3% & CFO 355.0m > Net Income 271.4m |
| Net Debt (865.6m) to EBITDA (320.7m): 2.70 < 3 |
| Current Ratio: 0.01 > 1.5 & < 3 |
| Outstanding Shares: last quarter (48.1m) vs 12m ago 12.69% < -2% |
| Gross Margin: 70.40% > 18% (prev 66.35%; Δ 4.04% > 0.5%) |
| Asset Turnover: 5.57% > 50% (prev 4.93%; Δ 0.64% > 0%) |
| Interest Coverage Ratio: 0.85 > 6 (EBIT TTM 284.1m / Interest Expense TTM 332.6m) |
| A: -0.82 (Total Current Assets 252.0m - Total Current Liabilities 20.7b) / Total Assets 25.0b |
| B: 0.05 (Retained Earnings 1.37b / Total Assets 25.0b) |
| C: 0.01 (EBIT TTM 284.1m / Avg Total Assets 22.5b) |
| D: 0.16 (Book Value of Equity 3.51b / Total Liabilities 21.5b) |
| Altman-Z'' = -4.94 = D |
As of July 28, 2026, the stock is trading at USD 84.72 with a total of 233,021 shares traded. Over the past week, the price has changed by -0.11%, over one month by +1.57%, over three months by +9.30% and over the past year by +32.86%.
Current recommended Stop Loss: 81.40 (which is 3.9% or 1.7 ATR below the current price).
Independent Bank has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy INDB.
- StrongBuy: 2
- Buy: 0
- Hold: 2
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 91.9 | 8.4% |
P/E Trailing = 15.3369
P/E Forward = 11.8483
P/S = 4.2725
P/B = 1.1495
P/EG = 10.9971
Revenue TTM = 1.25b USD
EBIT TTM = 284.1m USD
EBITDA TTM = 320.7m USD
Long Term Debt = 775.9m USD (from longTermDebt, last fiscal year)
Short Term Debt = 341.7m USD (from shortTermDebt, last quarter)
Debt = 1.12b USD (corrected: LT Debt 775.9m + ST Debt 341.7m)
Net Debt = 865.6m USD (calculated: Debt 1.12b - CCE 252.0m)
Enterprise Value = 4.92b USD (4.05b + Debt 1.12b - CCE 252.0m)
Interest Coverage Ratio = 0.85 (Ebit TTM 284.1m / Interest Expense TTM 332.6m)
EV/FCF = 14.13x (Enterprise Value 4.92b / FCF TTM 348.1m)
FCF Yield = 7.08% (FCF TTM 348.1m / Enterprise Value 4.92b)
FCF Margin = 27.76% (FCF TTM 348.1m / Revenue TTM 1.25b)
Net Margin = 21.64% (Net Income TTM 271.4m / Revenue TTM 1.25b)
Gross Margin = 70.40% ((Revenue TTM 1.25b - Cost of Revenue TTM 371.1m) / Revenue TTM)
Gross Margin QoQ = 72.91% (prev 73.19%)
Tobins Q-Ratio = 0.20 (Enterprise Value 4.92b / Total Assets 25.0b)
Interest Expense / Debt = 29.76% (Interest Expense 332.6m / Debt 1.12b)
Taxrate = 22.54% (78.9m / 350.3m)
NOPAT = 220.1m (EBIT 284.1m * (1 - 22.54%))
Current Ratio = 0.01 (Total Current Assets 252.0m / Total Current Liabilities 20.7b)
Debt / Equity = 0.32 (Debt 1.12b / totalStockholderEquity, last quarter 3.51b)
Debt / EBITDA = 2.70 (Net Debt 865.6m / EBITDA 320.7m)
Debt / FCF = 2.49 (Net Debt 865.6m / FCF TTM 348.1m)
Total Stockholder Equity = 3.54b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.21% (Net Income 271.4m / Total Assets 25.0b)
RoE = 7.66% (Net Income TTM 271.4m / Total Stockholder Equity 3.54b)
RoCE = 6.58% (EBIT 284.1m / Capital Employed (Equity 3.54b + L.T.Debt 775.9m))
RoIC = 4.87% (NOPAT 220.1m / Invested Capital 4.52b)
WACC = 12.48% (E(4.05b)/V(5.17b) * Re(9.57%) + D(1.12b)/V(5.17b) * Rd(29.76%) * (1-Tc(0.23)))
Discount Rate = 9.57% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 80.65 | Cagr: 5.01%
[DCF] Terminal Value 65.80% ; FCFF base≈278.5m ; Y1≈319.2m ; Y5≈469.8m
[DCF] Fair Price = 67.30 (EV 4.07b - Net Debt 865.6m = Equity 3.20b / Shares 47.6m; r=12.48% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: -34.43 | EPS CAGR: -3.87% | SUE: -0.84 | # QB: 0
Revenue Correlation: 94.40 | Revenue CAGR: 12.84% | SUE: 0.28 | # QB: 0
EPS current Quarter (2026-09-30): EPS=1.85 | Chg30d=-2.13% | Revisions=-40% | Analysts=6
EPS current Year (2026-12-31): EPS=7.17 | Chg30d=-1.76% | Revisions=-40% | GrowthEPS=+27.2% | GrowthRev=+20.6%
EPS next Year (2027-12-31): EPS=8.30 | Chg30d=-0.67% | Revisions=+0% | GrowthEPS=+15.7% | GrowthRev=+5.0%
[Analyst] Revisions Ratio: -44% (up=1, down=5)