INDB (Independent Bank Corp.) Stock Financials & Earnings | Market Cap Arena

INDB (Independent Bank Corp.) Stock Financials & Earnings | Market Cap Arena

INDBIndependent Bank Corp.

Mkt Cap$4B

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

Revenue (TTM)$1.2B

Net Income (TTM)$205M

EPS (TTM)$4.45

Free Cash Flow (TTM)$130M

Gross Margin67.9%

Op. Margin22.9%

Net Margin17.6%

FCF Margin11.1%

P/S Ratio (TTM)3.3x

P/E Ratio (TTM)18.7x

YoY Rev Growth+19.8%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$213M	$178M	$81M
Q2 23	$227M	$176M	$83M
Q3 23	$234M	$176M	$80M
Q4 23	$237M	$169M	$71M
Q1 24	$236M	$160M	$62M
Q2 24	$243M	$164M	$66M
Q3 24	$249M	$155M	$55M
Q4 24	$247M	$167M	$63M
Q1 25	$243M	$161M	$57M
Q2 25	$251M	$173M	$66M
Q3 25	$335M	$205M	$44M
Q4 25	$339M	$254M	$100M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	4.8x	14.1x
Q2 23	4.5x	14.0x
Q3 23	4.3x	14.6x
Q4 23	4.2x	16.0x
Q1 24	4.1x	17.0x
Q2 24	4.0x	17.9x
Q3 24	4.0x	19.5x
Q4 24	3.9x	20.0x
Q1 25	3.9x	20.3x
Q2 25	3.9x	20.3x
Q3 25	3.6x	21.3x
Q4 25	3.3x	18.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$51M	$47M
Q2 23	$91M	$88M
Q3 23	$81M	$78M
Q4 23	$54M	$47M
Q1 24	$51M	$47M
Q2 24	$66M	$62M
Q3 24	$70M	$64M
Q4 24	$43M	$37M
Q1 25	$13M	$11M
Q2 25	$107M	$103M
Q3 25	$52M	$58M
Q4 25	-$34M	-$42M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$4M
Q2 23	$2M
Q3 23	$3M
Q4 23	$6M
Q1 24	$4M
Q2 24	$4M
Q3 24	$6M
Q4 24	$6M
Q1 25	$2M
Q2 25	$4M
Q3 25	$6M
Q4 25	$8M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+29.0%	+38.7%
Q2 23	+30.5%	+57.1%
Q3 23	+19.3%	+52.2%
Q4 23	+10.6%	+45.6%
Q1 24	+10.6%	+31.4%
Q2 24	+6.8%	+22.0%
Q3 24	+6.5%	+26.1%
Q4 24	+4.1%	+10.6%
Q1 25	+3.0%	+7.1%
Q2 25	+3.3%	+4.8%
Q3 25	+34.4%	+49.8%
Q4 25	+37.5%	+30.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$2M	0.8%
Q2 23	$2M	0.8%
Q3 23	$1M	0.5%
Q4 23	$2M	0.7%
Q1 24	$1M	0.6%
Q2 24	$2M	0.9%
Q3 24	$2M	0.6%
Q4 24	$2M	0.6%
Q1 25	$2M	0.8%
Q2 25	$3M	1.2%
Q3 25	$2M	0.7%
Q4 25	-$7M	-2.1%

OpEx Breakdown

Quarter	G&A	S&M
Q1 23	$60M	—
Q2 23	$57M	$2M
Q3 23	$58M	—
Q4 23	$60M	—
Q1 24	$60M	—
Q2 24	$60M	$2M
Q3 24	$63M	—
Q4 24	$62M	—
Q1 25	$65M	—
Q2 25	$65M	$2M
Q3 25	$84M	—
Q4 25	$82M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$503M	$1.4B	$1.9B
Q2 23	$308M	$1.4B	$1.7B
Q3 23	$220M	$1.4B	$1.6B
Q4 23	$224M	$1.3B	$1.6B
Q1 24	$221M	$1.3B	$1.5B
Q2 24	$314M	$1.2B	$1.5B
Q3 24	$424M	$1.2B	$1.7B
Q4 24	$220M	$147M	$367M
Q1 25	$717M	$1.3B	$2.0B
Q2 25	$901M	$1.3B	$2.2B
Q3 25	$911M	$376M	$1.3B
Q4 25	$230M	$5M	$234M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	45M	-1.4%
Q2 23	44M	-2.0%
Q3 23	44M	+0.0%
Q4 23	43M	-1.5%
Q1 24	43M	-2.1%
Q2 24	42M	-0.2%
Q3 24	43M	+0.1%
Q4 24	43M	+0.0%
Q1 25	43M	+0.1%
Q2 25	43M	+0.2%
Q3 25	50M	+17.2%
Q4 25	49M	-1.0%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$292K	980
FY 15	$293K	1K
FY 16	$296K	1K
FY 17	$322K	1K
FY 18	$347K	1K
FY 19	$413K	1K
FY 20	$354K	1K
FY 21	$305K	2K
FY 22	$443K	2K
FY 23	$539K	2K
FY 24	$576K	2K
FY 25	$690K	2K