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Key financial summary
Financials in USD| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | 2026E | ||
|---|---|---|---|---|---|---|---|---|---|
| Total net revenue | $m | 198 | 199 | 205 | 200 | 216 | 226 | 241 | - |
| Operating profit | $m | 81.3 | 84.8 | ||||||
| Net profit | $m | 56.2 | 62.9 | 63.4 | 59.1 | 66.8 | 68.5 | 72.1 | 72.6 |
| EPS reported | $ | 3.27 | 3.40 | ||||||
| Operating cashflow per share | $ | 3.71 | 1.99 | ||||||
| Capex per share | $ | 0.31 | 0.57 | ||||||
| FCF per share | $ | 3.39 | 1.42 | ||||||
| Free cash flow | $m | 70.2 | 31.4 | ||||||
| Net debt | $m | -45 | -544 | ||||||
| Book value equity | $m | 503 | 577 | ||||||
| Book value per share | $ | 24.09 | 25.83 | ||||||
| Number of shares | m | 20.88 | 22.35 | ||||||
| DPS (TTM paid) | $ | 1.04 | 1.12 |
Financial summary
Financials in USD| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | 2026E | ||
|---|---|---|---|---|---|---|---|---|---|
| Value | |||||||||
| P/E TTM | x | 9.95 | 10.81 | ||||||
| P/B LTM | x | 1.34 | 1.41 | ||||||
| P/S LTM | x | 2.98 | 3.37 | ||||||
| P/FCF LTM | x | 9.58 | 25.80 | ||||||
| EV/EBITDA LTM | x | 7.14 | 2.91 | ||||||
| EV/Sales LTM | x | 2.06 | 1.11 | ||||||
| Earnings Yield LTM | % | 10.05% | 9.25% | ||||||
| FCF Yield | % | 10.44% | 3.88% | ||||||
| Quality | |||||||||
| ROE | % | 13.63% | 13.61% | ||||||
| ROIC | % | 9.21% | -1.50% | ||||||
| Operating margin | % | 25.78% | 26.25% | ||||||
| Gross margin | % | 69.61% | 71.61% | ||||||
| FCF/Sales | % | 22.25% | 9.74% | ||||||
| Growth and momentum | |||||||||
| EPS Growth YoY | % | +3.48% | +4.29% | ||||||
| Sales Growth YoY | % | +4.57% | +8.46% | ||||||
| Net Income Growth YoY | % | +2.62% | +5.37% | ||||||
| FCF Growth | % | +27.11% | -58.73% | ||||||
| Operating Profit Growth | % | -2.11% | +1.20% | ||||||
| Dividend and capital structure | |||||||||
| Dividend Yield | % | 3.21% | 3.05% | ||||||
| Dividend Growth | % | +8.33% | +7.69% | ||||||
| Payout Ratio | % | 31.64% | 32.10% | ||||||
| FCF/Debt | x | 0.60 | 0.72 | ||||||
| Net Debt/EBITDA | x | -0.24 | -0.26 | ||||||
| EBIT/Net interest | x | 0.91 | 1.04 | ||||||
| Net debt/market cap | % | -6.65% | -67.05% | ||||||
| Net debt/Equity | x | -0.09 | -0.94 | ||||||
| Gross debt/equity | x | 0.23 | 0.08 | ||||||
ETFs that hold Independent Bank
| Fund | Ticker | Position# | Weight |
|---|---|---|---|
| First Trust Dow Jones Select MicroCap Index Fund | FDM | 6 | 1.33% |
Funds with Independent Bank among their ten largest holdings, largest fund first.
Price target estimates
Based on consensus from external analysts. Not Kvantra's opinion.
Ratings
Based on consensus from external analysts. Not Kvantra's opinion.
ESG
| Metric | 2024 | 2025 | 2026 |
|---|---|---|---|
| ESG-score | |||
| Environmental score | |||
| Social score | |||
| Governance score | |||
| Risk rating |
Company overview
As the holding company for Independent Bank, Independent Bank Corporation provides diverse banking services to both individual consumers and businesses. Its comprehensive suite of offerings includes checking and savings accounts, commercial lending, direct and indirect consumer financing, and mortgage solutions, along with safe deposit boxes. Customers also benefit from accessible automatic teller machines, internet banking, and mobile banking capabilities. The company further diversifies its portfolio with title insurance, insurance brokerage, and investment services. Headquartered in Grand Rapids, Michigan, and founded in 1864, Independent Bank Corporation reaches its clientele through roughly 59 branches, two drive-through facilities, and seven loan production offices across Michigan, in addition to two loan production offices in Ohio.
Similar companies
For informational purposes only. Kvantra provides data and quantitative analysis, not investment advice. KvantraRank is a mechanical model output. Analyst price targets and ratings are sourced from third parties and are not Kvantra recommendations. Past performance does not guarantee future results; all investments carry risk.
Independent Bank Corporation (IBCP)
| Fund | Ticker | Position# | Weight |
|---|---|---|---|
| First Trust Dow Jones Select MicroCap Index Fund | FDM | 6 | 1.33% |
Funds with Independent Bank among their ten largest holdings, largest fund first.
Consensus from external analysts. Not Kvantra's opinion.
Based on consensus from external analysts. Not Kvantra's opinion.
As the holding company for Independent Bank, Independent Bank Corporation provides diverse banking services to both individual consumers and businesses. Its comprehensive suite of offerings includes checking and savings accounts, commercial lending, direct and indirect consumer financing, and mortgage solutions, along with safe deposit boxes. Customers also benefit from accessible automatic teller machines, internet banking, and mobile banking capabilities. The company further diversifies its portfolio with title insurance, insurance brokerage, and investment services. Headquartered in Grand Rapids, Michigan, and founded in 1864, Independent Bank Corporation reaches its clientele through roughly 59 branches, two drive-through facilities, and seven loan production offices across Michigan, in addition to two loan production offices in Ohio.
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