INDEPENDENT BANK CORP /MI/ IBCP

Latest FY: 2025 Financial Services Banks - Regional
Market Price $37.09
Market Cap $764.28M
P/E Ratio 11.34
Quick Peer Compare (Financial Services):
Revenue (FY 2025) ↑1.4% YoY
$225.66M
3-Yr CAGR: 2.2%
Net Income ↑2.6% YoY
$68.54M
Net Margin: 30.4%
Free Cash Flow ↑27.1% YoY
$70.17M
FCF Yield: 9.18%
EPS (Diluted) ↑3.5% YoY
$3.27
Basic: $3.30
Return on Equity Efficiency
13.6%
ROA: 1.2%

📊 Multi-Year Historical Performance & Trends

Financial Performance History Revenue, Net Income & Free Cash Flow
Margins Trend (%) Gross, Operating & Net Margins
Balance Sheet Strength Cash, Debt & Equity
Cash Flow Generation Operating Cash Flow vs CapEx vs FCF

📈 Year-over-Year (YoY) Growth History (IBCP)

All monetary values in millions ($M)
Fiscal Year Revenue Revenue YoY Gross Profit Net Income Net Inc YoY Diluted EPS EPS YoY Div / Sh Div Yield Op. Cash Flow Free Cash Flow FCF YoY
FY 2016 $121.9M $115.1M $22.8M $1.05 $0.34 1.57% $24.0M $20.5M
FY 2017 $131.7M +8.0% $122.6M $20.5M -10.1% $0.95 -9.5% $0.42 1.88% $38.6M $34.4M +67.4%
FY 2018 $158.1M +20.0% $140.6M $39.8M +94.6% $1.68 +76.8% $0.60 2.85% $44.9M $41.1M +19.5%
FY 2019 $170.3M +7.7% $144.0M $46.4M +16.6% $2.00 +19.0% $0.72 3.18% $34.0M $29.0M -29.3%
FY 2020 $204.4M +20.0% $188.1M $56.2M +20.9% $2.53 +26.5% $0.80 4.33% $58.2M $53.8M +85.2%
FY 2021 $206.4M +1.0% $198.1M $62.9M +12.0% $2.88 +13.8% $0.84 3.52% $110.2M $104.3M +93.9%
FY 2022 $211.5M +2.5% $192.0M $63.4M +0.7% $2.97 +3.1% $0.88 3.68% $94.6M $89.0M -14.7%
FY 2023 $207.0M -2.1% $123.7M $59.1M -6.8% $2.79 -6.1% $0.92 3.54% $75.6M $69.6M -21.8%
FY 2024 $222.6M +7.5% $122.1M $66.8M +13.1% $3.16 +13.3% $0.96 2.76% $63.2M $55.2M -20.6%
FY 2025 $225.7M +1.4% $135.9M $68.5M +2.6% $3.27 +3.5% $1.04 3.20% $76.7M $70.2M +27.1%
$

Valuation

Market Price $37.09
Market Cap $764.28M
Enterprise Value $625.90M
P/E Ratio 11.34
P/B Ratio 1.52
FCF Yield 9.18%
Dividend Yield 2.80%
Shares Outstanding 20,606,200
%

Profitability & Margins

Gross Margin 60.24%
Operating Margin 36.02%
Net Margin 30.37%
Return on Equity (ROE) 13.63%
Return on Assets (ROA) 1.24%
Asset Turnover 0.04x
Revenue 3-Yr CAGR 2.19%
🛡️

Financial Health & Liquidity

Current Ratio N/A
Cash Ratio N/A
Debt / Equity 0.000
Debt / Assets 0.000
Cash & Equivalents $138.39M
Total Debt N/A
Book Value / Share $24.41
💧

Cash Flow Efficiency

Operating Cash Flow $76.66M
Capital Expenditures (CapEx) $6.49M
Free Cash Flow $70.17M
OCF / Revenue 33.97%
FCF / Revenue 31.09%
FCF 3-Yr CAGR -7.60%
🏷️

Per Share Metrics

EPS (Diluted) $3.27
EPS (Basic) $3.30
Dividends / Share $1.04
Book Value / Share $24.41
EPS YoY Growth 3.48%
🏛️

Balance Sheet (FY 2025)

Total Assets $5.51B
Total Liabilities $5.00B
Stockholders' Equity $502.95M
Current Assets N/A
Current Liabilities N/A