Independent Bank Corp/MA (INDB) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 26, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the INDB SEC filings page.
Independent Bank Corp/MA (INDB) reported $1.0B in revenue over the twelve months to Jun 30, 2026, up 41.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FY2025 growth expanded the balance sheet faster than earnings, leaving a liability-funded bank with weaker returns despite cash tracking reported profit.
From FY2023 to FY2025, revenue rose17.3% while net income fell14.4% , showing that more reported activity did not translate into more earnings. Interest expense rose65.7% as net profit margin fell8.8 percentage points , linking the squeeze to funding costs rather than a collapse in cash conversion.
FY2025 assets grew
FY2025 operating cash flow was
Financial Health Signals
Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 5 of 6, with the others left out rather than counted as zero. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Independent Bank Corp/MA's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Independent Bank Corp/MA earned a return on assets of 0.8% in fiscal year 2025, which is the profit it made on every dollar of assets on its books. This is down from 1.0% the prior year. Earnings ranks banks on that return over three years, and Independent Bank Corp/MA scores 58/100 among other banks.
Independent Bank Corp/MA reported revenue of $857.5M in fiscal year 2025, against $689.7M in fiscal year 2024. Growth ranks banks on the three-year path of their net revenue, which is interest income and fee income less the interest they pay out, and Independent Bank Corp/MA scores 52/100 among other banks.
Independent Bank Corp/MA funded 14.3% of its assets with shareholders' equity at the end of fiscal year 2025, holding $3.6B of equity against $24.9B of assets. Capital ranks banks on that cushion, and Independent Bank Corp/MA scores 77/100 among other banks.
Efficiency measures what a bank spends running itself against the revenue that spending brings in, so a lower ratio is the better one. Independent Bank Corp/MA scores 66/100 on it among other banks.
Not available for Independent Bank Corp/MA, so it is left out of the overall score, which averages the 5 of 6 dimensions that can be computed.
Independent Bank Corp/MA reported net income of $205.1M in fiscal year 2025, against $192.1M in fiscal year 2024. Stability ranks banks on how steady net income has been across five years, and Independent Bank Corp/MA scores 53/100 among other banks.
Independent Bank Corp/MA passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), the one computable operating efficiency signal (asset turnover improving) does not pass.
Key Financial Metrics
Earnings & Revenue
Independent Bank Corp/MA generated $253.3M in revenue in Q2 2026. This represents an increase of 39.3% from the same quarter a year earlier. Against the prior quarter it is up 0.2%.
Independent Bank Corp/MA reported $81.8M in net income in Q2 2026. This represents an increase of 60.1% from the same quarter a year earlier. Against the prior quarter it is up 2.4%.
Independent Bank Corp/MA earned $1.70 per diluted share (EPS) in Q2 2026. This represents an increase of 41.7% from the same quarter a year earlier. Against the prior quarter it is up 4.3%.
Not reported for Q2 2026.
Cash & Balance Sheet
Independent Bank Corp/MA generated $67.0M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 34.7% from the same quarter a year earlier. Against the prior quarter it is down 40.0%.
Independent Bank Corp/MA held $1.0B in cash as of Q2 2026; no long-term debt figure is on record for that period.
Independent Bank Corp/MA paid $0.64 per share in dividends in Q2 2026. This represents an increase of 8.5% from the same quarter a year earlier. It is unchanged from the prior quarter.
Margins & Returns
Independent Bank Corp/MA's net profit margin was 32.3% in Q2 2026, showing the share of revenue converted to profit. This is up 4.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.7 percentage points.
Independent Bank Corp/MA's quarterly ROE was 2.3% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.1 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Independent Bank Corp/MA spent $75.0M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is up 18.6%.
Independent Bank Corp/MA invested $6.4M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 52.5% from the same quarter a year earlier. Against the prior quarter it is up 14.8%.
Not reported for Q2 2026.
INDB Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $253.3M+39.3% | $252.7M+41.9% | $253.9M+43.6% | $243.7M+39.1% | $181.8M+6.8% | $178.0M+6.4% | $176.9M-0.2% | $175.3M-4.5% |
| Interest Expense | $78.4M+10.8% | $77.8M+17.2% | $85.0M+18.7% | $91.4M+22.2% | $70.7M-4.4% | $66.4M-5.9% | $71.7M+15.4% | $74.8M+41.0% |
| Net Income | $81.8M+60.1% | $79.9M+79.9% | $75.3M+50.6% | $34.3M-20.2% | $51.1M-0.4% | $44.4M-7.0% | $50.0M-8.7% | $42.9M-29.4% |
| EPS (Basic) | $1.70+41.7% | $1.63+56.7% | $1.56+32.2% | $0.69-31.7% | $1.20-0.8% | $1.04-7.1% | $1.18-6.3% | $1.01-26.8% |
| EPS (Diluted) | $1.70+41.7% | $1.63+56.7% | $1.56+32.2% | $0.69-31.7% | $1.20-0.8% | $1.04-7.1% | $1.18-6.3% | $1.01-26.8% |
| Diluted Shares (Avg) | 48M+12.7% | 49M+15.1% | N/A | 50M+17.6% | 43M+0.4% | 43M0.0% | N/A | 42M-3.7% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Income Tax.
INDB Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $25.0B+24.6% | $24.8B+24.6% | $24.9B+28.6% | $25.0B+28.8% | $20.0B+3.3% | $19.9B+2.9% | $19.4B+0.1% | $19.4B+0.2% |
| Cash & Equivalents | $1.0B+11.1% | $729.0M+1.7% | $771.9M+251.0% | $910.8M+114.6% | $901.2M+187.1% | $716.8M+223.9% | $219.9M-2.0% | $424.5M+92.8% |
| Goodwill | $1.1B+10.7% | $1.1B+10.7% | $1.1B+10.7% | $1.1B+10.0% | $985.1M0.0% | $985.1M0.0% | $985.1M0.0% | $985.1M0.0% |
| Total Liabilities | $21.5B+26.4% | $21.2B+26.0% | $21.3B+30.3% | $21.4B+30.5% | $17.0B+2.9% | $16.9B+2.5% | $16.4B-0.4% | $16.4B-0.3% |
| Long-Term Debt | N/A | N/A | $359.3M+471.7% | N/A | N/A | N/A | $62.9M-44.3% | N/A |
| Total Equity | $3.5B+14.2% | $3.5B+16.8% | $3.6B+19.1% | $3.5B+19.1% | $3.1B+5.3% | $3.0B+5.2% | $3.0B+3.4% | $3.0B+3.2% |
| Retained Earnings | $1.4B+12.4% | $1.3B+10.6% | $1.3B+8.2% | $1.2B+6.6% | $1.2B+8.0% | $1.2B+8.3% | $1.2B+8.8% | $1.1B+9.6% |
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Current Liabilities, Non-Current Liabilities.
INDB Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $73.4M-31.2% | $117.2M+778.6% | $78.9M+84.0% | $52.2M-25.7% | $106.7M+62.6% | $13.3M-73.9% | $42.9M-19.8% | $70.2M-13.6% |
| Depreciation & Amortization | $10.2M+11.1% | $10.2M-0.8% | $9.9M+5.3% | $12.8M+24.1% | $9.2M-15.9% | $10.3M0.0% | $9.4M+10.1% | $10.3M+12.2% |
| Stock-Based Compensation | N/A | $2.3M+22.1% | N/A | N/A | N/A | $1.9M+45.8% | N/A | N/A |
| Capital Expenditures | $6.4M+52.5% | $5.6M+175.8% | $3.4M-46.7% | $2.5M-57.6% | $4.2M+13.0% | $2.0M-54.5% | $6.4M+1.3% | $5.9M+102.2% |
| Free Cash Flow | $67.0M-34.7% | $111.6M+886.9% | $75.5M+106.9% | $49.7M-22.8% | $102.5M+65.5% | $11.3M-75.8% | $36.5M-22.7% | $64.4M-17.8% |
| Investing Cash Flow | $84.6Mn/m | $12.7Mn/m | -$32.9Mn/m | $72.5M+16.0% | -$14.7M-191.1% | -$19.9M-225.1% | -$127.5M-761.8% | $62.5Mn/m |
| Financing Cash Flow | $114.3M+23.7% | -$172.8M-134.3% | -$185.0Mn/m | -$115.1Mn/m | $92.4M+755.6% | $503.5Mn/m | -$119.9Mn/m | -$22.2Mn/m |
| Dividends Paid | $31.1M+23.7% | $29.1M+19.9% | $29.4M+21.4% | $25.2M+3.9% | $25.1M+3.9% | $24.2M+2.7% | $24.2M-0.3% | $24.2M-0.3% |
| Share Buybacks | $75.0Mn/m | $63.3Mn/m | $37.5Mn/m | $23.4Mn/m | $0n/m | $0-100.0% | $0-100.0% | $0n/m |
INDB Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Net Margin | 32.3%+4.2pp | 31.6%+6.7pp | 29.7%+1.4pp | 14.1%-10.5pp | 28.1%-2.0pp | 24.9%-3.6pp | 28.3%-2.6pp | 24.5%-8.6pp |
| Return on Equity | 2.3%+0.7pp | 2.3%+0.8pp | 2.1%+0.4pp | 1.0%-0.5pp | 1.7%-0.1pp | 1.5%-0.2pp | 1.7%-0.2pp | 1.4%-0.7pp |
| Return on Assets | 0.3%+0.1pp | 0.3%+0.1pp | 0.3%0.0pp | 0.1%-0.1pp | 0.3%0.0pp | 0.2%0.0pp | 0.3%0.0pp | 0.2%-0.1pp |
| Debt-to-Equity | N/A | N/A | 0.10+0.1x | N/A | N/A | N/A | 0.020.0x | N/A |
| Liabilities-to-Equity | 6.11+0.6x | 6.00+0.4x | 5.99+0.5x | 6.05+0.5x | 5.52-0.1x | 5.56-0.1x | 5.47-0.2x | 5.52-0.2x |
| Asset Turnover | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x |
| FCF Margin | 26.4%-29.9pp | 44.2%+37.8pp | 29.7%+9.1pp | 20.4%-16.4pp | 56.4%+20.0pp | 6.3%-21.5pp | 20.6%-6.0pp | 36.7%-6.0pp |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Independent Bank Corp/MA INDB | FY2025 | $857.5M | $205.1M | 23.9% | $4.0B | 61/100 |
| Renasant Corporation RNST | FY2025 | $985.8M | $181.3M | 18.4% | $3.8B | 59/100 |
| First BanCorp. FBP | FY2025 | $1.3B | $344.9M | 27.5% | $4.1B | 61/100 |
| Fulton Financial Corp FULT | FY2025 | $1.3B | $391.6M | 29.8% | $4.5B | 60/100 |
| Eastern Bankshares, Inc. EBC | FY2025 | $722.6M | $88.2M | 12.2% | $5.1B | 50/100 |
| First Interstate BancSystem, Inc. FIBK | FY2025 | $1.1B | $302.1M | 28.5% | $3.5B | 55/100 |
Where Independent Bank Corp/MA Ranks
Frequently Asked Questions
What is Independent Bank Corp/MA's annual revenue?
Independent Bank Corp/MA (INDB) reported $857.5M in total revenue for fiscal year 2025. This represents a 24.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Independent Bank Corp/MA's revenue growing?
Independent Bank Corp/MA (INDB) revenue grew by 24.3% year-over-year, from $689.7M to $857.5M in fiscal year 2025.
Is Independent Bank Corp/MA profitable?
Yes, Independent Bank Corp/MA (INDB) reported a net income of $271.4M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net income of $205.1M, with a net profit margin of 23.9%.
How much debt does Independent Bank Corp/MA have?
As of fiscal year 2025, Independent Bank Corp/MA (INDB) had $771.9M in cash and equivalents against $359.3M in long-term debt.
What is Independent Bank Corp/MA's net profit margin?
Independent Bank Corp/MA (INDB) had a net profit margin of 23.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Independent Bank Corp/MA pay dividends?
Yes, Independent Bank Corp/MA (INDB) paid $2.36 per share in dividends during fiscal year 2025.
What is Independent Bank Corp/MA's return on equity (ROE)?
Independent Bank Corp/MA (INDB) has a return on equity of 5.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Independent Bank Corp/MA's free cash flow?
Independent Bank Corp/MA (INDB) generated $239.0M in free cash flow during fiscal year 2025. This represents a 14.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Independent Bank Corp/MA's operating cash flow?
Independent Bank Corp/MA (INDB) generated $251.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Independent Bank Corp/MA's total assets?
Independent Bank Corp/MA (INDB) had $24.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Independent Bank Corp/MA's capital expenditures?
Independent Bank Corp/MA (INDB) invested $12.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Independent Bank Corp/MA's debt-to-equity ratio?
Independent Bank Corp/MA (INDB) had a debt-to-equity ratio of 0.10 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is Independent Bank Corp/MA's liabilities-to-equity ratio?
Independent Bank Corp/MA (INDB) had a liabilities-to-equity ratio of 5.99 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
What is Independent Bank Corp/MA's return on assets (ROA)?
Independent Bank Corp/MA (INDB) had a return on assets of 0.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Independent Bank Corp/MA's P/E ratio?
Independent Bank Corp/MA (INDB) trades at 14.6x earnings, its market capitalization divided by $271.4M net income, trailing 12 months to June 30, 2026. The market capitalization is $4.0B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Independent Bank Corp/MA's price-to-sales ratio?
Independent Bank Corp/MA (INDB) trades at 4.0x sales, its market capitalization divided by $1.0B revenue, trailing 12 months to June 30, 2026. The market capitalization is $4.0B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Independent Bank Corp/MA's Piotroski F-Score?
Independent Bank Corp/MA (INDB) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
How financially healthy is Independent Bank Corp/MA?
Independent Bank Corp/MA (INDB) scores 61 out of 100 on our Financial Health Score, indicating moderate standing within its banks peer group. The score is the average of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. For Independent Bank Corp/MA it averages the 5 of 6 dimensions that can be computed; the others are left out rather than counted as zero. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.