# Independent Bank Corporation (IBCP) fundamentals

Data as of 2026-09-08. NASDAQ, United States. Sector: Financial Services / Banks. Price $37.37, market value $770 million.

## Valuation
- **P/E (trailing): 10.8×** (5-yr avg 8.6×, 3-yr avg 9.6×). Independent Bank Corporation trades at 10.8× trailing earnings, well above its own five-year average of 8.6×: investors are paying up relative to the company's past. The Financial Services median in the September 2026 study was 13.1×. Forward P/E is 9.6×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 2.77**. A PEG of 2.77 means the P/E is high relative to expected earnings growth; the price already assumes a lot.
- **Price / sales: 23.6×**. Each dollar of revenue is priced at 23.6×, a level that requires very high margins or very fast growth to justify.
- **Price / book: 1.5×**. The shares trade at 1.5× book value; book value is a meaningful part of the valuation.
- **Free-cash-flow yield: 3.4%** (5-yr avg 15.3%). Free cash flow equals 3.4% of the market value, below its five-year average of 15.3%, so the shares are pricier on cash than usual.
- **Earnings yield: 9.2%**. The inverse of the P/E: 9.2% of the price is earned each year.

## Profitability
- **Net margin: 213.7%**. 213.7% of each dollar of sales reaches the bottom line.
- **Return on equity: 13.6%**. 13.6% on shareholders' equity is solid.
- **Return on assets: 1.3%**. Each dollar of assets produces 1.3% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 0.3%** (3-yr 0.5%/yr, 5-yr 5.9%/yr). Revenue grew 0.3% over the last year, against 5.9% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 3.5%** (3-yr 3.3%/yr, 5-yr 5.3%/yr). Earnings per share rose 3.5%, roughly in step with revenue.
- **Free-cash-flow growth (3 yr): -7.6%/yr**. Free cash flow has compounded at -7.6% a year over three years, lagging earnings: check whether profits are turning into cash.

## Financial health
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 3.00%** ($1.08 per share, trailing). Independent Bank Corporation yields 3.00%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 32%** (86% of free cash flow). 32% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 12**. 12 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 5.4%/yr** (1-yr 8.3%). The dividend has grown 5.4% a year over five years.

## Price and momentum
- **Total return (1 yr): 15.8%** (YTD 16.7%, 3-mo 8.1%). The shares are up 15.8% over twelve months including dividends.
- **From 52-week high: -4.8%** (25.3% above the low). Trading within 5% of its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 53**. An RSI of 53 is neutral.
- **Beta (1 yr): 0.47** (volatility 23%). Beta of 0.47 against the S&P 500: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=IBCP · Page: https://foliofundamentals.com/stocks/ibcp

Not investment advice.