IBCP (Independent Bank Corporation) Stock Financials & Earnings | Market Cap Arena

IBCP (Independent Bank Corporation) Stock Financials & Earnings | Market Cap Arena

IBCPIndependent Bank Corporation

Mkt Cap$704M

Financial Services·Banks - Regional·🇺🇸 United States·NASDAQ

Revenue (TTM)$310M

Net Income (TTM)$69M

EPS (TTM)$3.28

Free Cash Flow (TTM)$70M

Gross Margin69.1%

Op. Margin26.2%

Net Margin22.1%

FCF Margin22.6%

P/S Ratio (TTM)2.3x

P/E Ratio (TTM)10.3x

YoY Rev Growth-2.1%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$63M	$46M	$16M
Q2 23	$72M	$49M	$18M
Q3 23	$76M	$52M	$22M
Q4 23	$73M	$48M	$18M
Q1 24	$76M	$51M	$20M
Q2 24	$80M	$55M	$23M
Q3 24	$76M	$48M	$17M
Q4 24	$85M	$58M	$23M
Q1 25	$75M	$51M	$19M
Q2 25	$76M	$53M	$21M
Q3 25	$79M	$53M	$21M
Q4 25	$79M	$56M	$20M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	3.0x	12.1x
Q2 23	2.8x	11.7x
Q3 23	2.6x	11.7x
Q4 23	2.5x	11.9x
Q1 24	2.4x	11.3x
Q2 24	2.3x	10.7x
Q3 24	2.3x	11.3x
Q4 24	2.2x	10.5x
Q1 25	2.2x	10.6x
Q2 25	2.3x	10.9x
Q3 25	2.2x	10.3x
Q4 25	2.3x	10.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$23M	$22M
Q2 23	$10M	$8M
Q3 23	$26M	$24M
Q4 23	$17M	$15M
Q1 24	$21M	$20M
Q2 24	$9M	$7M
Q3 24	$17M	$16M
Q4 24	$16M	$12M
Q1 25	$32M	$31M
Q2 25	$19M	$17M
Q3 25	$18M	$17M
Q4 25	$8M	$6M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$1M
Q2 23	$2M
Q3 23	$1M
Q4 23	$2M
Q1 24	$676K
Q2 24	$2M
Q3 24	$1M
Q4 24	$4M
Q1 25	$1M
Q2 25	$2M
Q3 25	$2M
Q4 25	$1M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+20.6%	+56.3%
Q2 23	+40.1%	+51.6%
Q3 23	+27.2%	+41.0%
Q4 23	+20.0%	+30.4%
Q1 24	+21.2%	+19.9%
Q2 24	+11.4%	+6.0%
Q3 24	-0.5%	+7.3%
Q4 24	+16.0%	+12.4%
Q1 25	-1.9%	-1.3%
Q2 25	-4.3%	-1.6%
Q3 25	+4.4%	-0.9%
Q4 25	-6.1%	-4.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$569K	0.9%
Q2 23	$477K	0.7%
Q3 23	$624K	0.8%
Q4 23	$559K	0.8%
Q1 24	$591K	0.8%
Q2 24	$579K	0.7%
Q3 24	$574K	0.8%
Q4 24	$588K	0.7%
Q1 25	$758K	1.0%
Q2 25	$639K	0.8%
Q3 25	$571K	0.7%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 23	$20M	$495K
Q2 23	$21M	$431K
Q3 23	$21M	$360K
Q4 23	$20M	$879K
Q1 24	$22M	$491K
Q2 24	$22M	$788K
Q3 24	$21M	$581K
Q4 24	$25M	$1M
Q1 25	$21M	$861K
Q2 25	$22M	$833K
Q3 25	$22M	$526K
Q4 25	$26M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$227M	$768M	$995M
Q2 23	$129M	$732M	$861M
Q3 23	$127M	$685M	$812M
Q4 23	$170M	$679M	$849M
Q1 24	$162M	$614M	$775M
Q2 24	$214M	$592M	$806M
Q3 24	$122M	$589M	$711M
Q4 24	$120M	$25M	$145M
Q1 25	$128M	$530M	$658M
Q2 25	$146M	$190M	$336M
Q3 25	$209M	$184M	$393M
Q4 25	$52M	$496M	$548M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	21M	+0.1%
Q2 23	21M	-0.3%
Q3 23	21M	-0.5%
Q4 23	21M	-0.3%
Q1 24	21M	+0.1%
Q2 24	21M	+0.1%
Q3 24	21M	+0.0%
Q4 24	21M	+0.0%
Q1 25	21M	+0.1%
Q2 25	21M	-1.0%
Q3 25	21M	-0.2%
Q4 25	21M	-0.3%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$160K	700
FY 15	$170K	674
FY 16	$168K	737
FY 17	$183K	756
FY 18	$206K	830
FY 19	$225K	848
FY 20	$251K	854
FY 21	$239K	866
FY 22	$279K	803
FY 23	$383K	741
FY 24	$432K	732
FY 25	$429K	735