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 Sep 11, 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).
Asset expansion is outpacing earnings, while cash generation remains closely aligned with reported profit.
In FY2025, assets expanded 28.6% while net income grew only6.8% , and return on assets declined from1.0% to0.8% ; the enlarged balance sheet is producing less profit per asset dollar.
Cash conversion is stronger than the income statement alone suggests: operating cash flow of
Revenue expanded 24.3% in FY2025, but net income increased only
Financial Health Signals
Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. 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 53/100 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 76/100 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, and counted as zero in the overall score.
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), neither operating efficiency signal passes.
For every $1 of reported earnings, Independent Bank Corp/MA generates $1.22 in operating cash flow ($251.2M OCF vs $205.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
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; long-term debt is not reported 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 ROE was 2.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. 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. 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-Q | 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% |
| SG&A Expenses | $79.1M+25.8% | $80.7M+30.4% | $81.6M+37.8% | $81.1M+35.0% | $62.9M+10.0% | $61.9M+8.3% | $59.2M+5.0% | $60.1M+9.7% |
| 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, 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-Q | 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% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| 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, Inventory, Accounts Receivable, 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-Q | 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 | $84.6M+676.1% | $12.7M+163.8% | -$32.9M+74.2% | $72.5M+16.0% | -$14.7M-191.1% | -$19.9M-225.1% | -$127.5M-761.8% | $62.5M+211.0% |
| Financing Cash Flow | $114.3M+23.7% | -$172.8M-134.3% | -$185.0M-54.3% | -$115.1M-419.3% | $92.4M+755.6% | $503.5M+818.6% | -$119.9M-74.9% | -$22.2M+80.4% |
| 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 | $75.0M | $63.3M | $37.5M | $23.4M | $0 | $0-100.0% | $0-100.0% | $0 |
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-Q | 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 | 6.11+0.6x | 6.00+0.4x | 0.10+0.1x | 6.05+0.5x | 5.52-0.1x | 5.56-0.1x | 0.020.0x | 5.52+5.5x |
| 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% | $3.9B | 51/100 |
| Renasant Corporation RNST | FY2025 | $985.8M | $181.3M | 18.4% | $3.7B | 59/100 |
| First BanCorp. FBP | FY2025 | $1.3B | $344.9M | 27.5% | $4.2B | 60/100 |
| Fulton Financial Corp FULT | FY2025 | $1.3B | $391.6M | 29.8% | $4.5B | 50/100 |
| Eastern Bankshares, Inc. EBC | FY2025 | $722.6M | $88.2M | 12.2% | $5.0B | 42/100 |
| 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 $205.1M in fiscal year 2025, 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, measuring the company's financial leverage by comparing total debt to shareholder 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 14.4x earnings, its market capitalization divided by net income of $271.4M net income, trailing 12 months to June 30, 2026. The market capitalization is $3.9B as of Sep 11, 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 3.9x sales, its market capitalization divided by revenue of $1.0B revenue, trailing 12 months to June 30, 2026. The market capitalization is $3.9B as of Sep 11, 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.
Are Independent Bank Corp/MA's earnings high quality?
Independent Bank Corp/MA (INDB) has an earnings quality ratio of 1.22x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Independent Bank Corp/MA?
Independent Bank Corp/MA (INDB) scores 51 out of 100 on our Financial Health Score, indicating moderate standing within its banks peer group. The score is a 0-100 composite 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. 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.