INDEPENDENT BANK CORP - MICH (IBCP) Fundamental Analysis & Valuation

NASDAQ:IBCP • US4538386099

Current stock price

33.43 USD
+0.13 (+0.39%)
At close:
33.43 USD
0 (0%)
After Hours:

This IBCP fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

4

1. IBCP Profitability Analysis

1.1 Basic Checks

  • In the past year IBCP was profitable.
  • In the past year IBCP had a positive cash flow from operations.
  • In the past 5 years IBCP has always been profitable.
  • IBCP had a positive operating cash flow in each of the past 5 years.
IBCP Yearly Net Income VS EBIT VS OCF VS FCFIBCP Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M 100M

1.2 Ratios

  • IBCP has a Return On Assets of 1.24%. This is in the better half of the industry: IBCP outperforms 76.60% of its industry peers.
  • With an excellent Return On Equity value of 13.63%, IBCP belongs to the best of the industry, outperforming 88.83% of the companies in the same industry.
Industry RankSector Rank
ROA 1.24%
ROE 13.63%
ROIC N/A
ROA(3y)1.21%
ROA(5y)1.24%
ROE(3y)14.31%
ROE(5y)15.39%
ROIC(3y)N/A
ROIC(5y)N/A
IBCP Yearly ROA, ROE, ROICIBCP Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5 10 15

1.3 Margins

  • IBCP has a better Profit Margin (30.37%) than 76.33% of its industry peers.
  • IBCP's Profit Margin has improved in the last couple of years.
  • The Operating Margin and Gross Margin are not available for IBCP so they could not be analyzed.
Industry RankSector Rank
OM N/A
PM (TTM) 30.37%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y0.39%
PM growth 5Y1.97%
GM growth 3YN/A
GM growth 5YN/A
IBCP Yearly Profit, Operating, Gross MarginsIBCP Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30

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4

2. IBCP Health Analysis

2.1 Basic Checks

  • IBCP does not have a ROIC to compare to the WACC, probably because it is not profitable.
  • IBCP has less shares outstanding than it did 1 year ago.
  • The number of shares outstanding for IBCP has been reduced compared to 5 years ago.
  • Compared to 1 year ago, IBCP has an improved debt to assets ratio.
IBCP Yearly Shares OutstandingIBCP Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5M 10M 15M 20M
IBCP Yearly Total Debt VS Total AssetsIBCP Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B 4B 5B

2.2 Solvency

  • IBCP has a debt to FCF ratio of 0.57. This is a very positive value and a sign of high solvency as it would only need 0.57 years to pay back of all of its debts.
  • IBCP's Debt to FCF ratio of 0.57 is fine compared to the rest of the industry. IBCP outperforms 78.46% of its industry peers.
  • A Debt/Equity ratio of 0.08 indicates that IBCP is not too dependend on debt financing.
  • The Debt to Equity ratio of IBCP (0.08) is better than 73.14% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.08
Debt/FCF 0.57
Altman-Z N/A
ROIC/WACCN/A
WACC16.88%
IBCP Yearly LT Debt VS Equity VS FCFIBCP Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M 500M

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
IBCP Yearly Current Assets VS Current LiabilitesIBCP Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M 100M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

5

3. IBCP Growth Analysis

3.1 Past

  • IBCP shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 6.69%.
  • The Earnings Per Share has been growing slightly by 5.25% on average over the past years.
  • Looking at the last year, IBCP shows a small growth in Revenue. The Revenue has grown by 1.37% in the last year.
  • Measured over the past years, IBCP shows a small growth in Revenue. The Revenue has been growing by 2.04% on average per year.
EPS 1Y (TTM)6.69%
EPS 3Y3.36%
EPS 5Y5.25%
EPS Q2Q%9.46%
Revenue 1Y (TTM)1.37%
Revenue growth 3Y2.23%
Revenue growth 5Y2.04%
Sales Q2Q%34.83%

3.2 Future

  • Based on estimates for the next years, IBCP will show a quite strong growth in Earnings Per Share. The EPS will grow by 8.41% on average per year.
  • IBCP is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 13.56% yearly.
EPS Next Y8.65%
EPS Next 2Y8.41%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year18.34%
Revenue Next 2Y13.56%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
IBCP Yearly Revenue VS EstimatesIBCP Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 50M 100M 150M 200M
IBCP Yearly EPS VS EstimatesIBCP Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1 2 3

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6

4. IBCP Valuation Analysis

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 9.98 indicates a reasonable valuation of IBCP.
  • 81.65% of the companies in the same industry are more expensive than IBCP, based on the Price/Earnings ratio.
  • IBCP's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 27.42.
  • The Price/Forward Earnings ratio is 8.67, which indicates a very decent valuation of IBCP.
  • Based on the Price/Forward Earnings ratio, IBCP is valued a bit cheaper than 78.99% of the companies in the same industry.
  • IBCP's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 22.24.
Industry RankSector Rank
PE 9.98
Fwd PE 8.67
IBCP Price Earnings VS Forward Price EarningsIBCP Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • Based on the Price/Free Cash Flow ratio, IBCP is valued a bit cheaper than the industry average as 73.67% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 9.81
EV/EBITDA N/A
IBCP Per share dataIBCP EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20

4.3 Compensation for Growth

  • The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
PEG (NY)1.15
PEG (5Y)1.9
EPS Next 2Y8.41%
EPS Next 3YN/A

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

8

5. IBCP Dividend Analysis

5.1 Amount

  • IBCP has a Yearly Dividend Yield of 3.33%. Purely for dividend investing, there may be better candidates out there.
  • Compared to an average industry Dividend Yield of 2.56, IBCP pays a bit more dividend than its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.81, IBCP pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.33%

5.2 History

  • The dividend of IBCP has a limited annual growth rate of 5.63%.
  • IBCP has been paying a dividend for at least 10 years, so it has a reliable track record.
  • IBCP has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)5.63%
Div Incr Years11
Div Non Decr Years11
IBCP Yearly Dividends per shareIBCP Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.2 0.4 0.6 0.8 1

5.3 Sustainability

  • IBCP pays out 31.51% of its income as dividend. This is a sustainable payout ratio.
  • IBCP's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP31.51%
EPS Next 2Y8.41%
EPS Next 3YN/A
IBCP Yearly Income VS Free CF VS DividendIBCP Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M 100M
IBCP Dividend Payout.IBCP Dividend Payout, showing the Payout Ratio.IBCP Dividend Payout.PayoutRetained Earnings

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IBCP Fundamentals: All Metrics, Ratios and Statistics

INDEPENDENT BANK CORP - MICH

NASDAQ:IBCP (4/24/2026, 8:00:02 PM)

After market: 33.43 0 (0%)

33.43

+0.13 (+0.39%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)04-23
Earnings (Next)N/A
Inst Owners85.75%
Inst Owner Change-0.02%
Ins Owners2.21%
Ins Owner Change1.91%
Market Cap688.32M
Revenue(TTM)225.66M
Net Income(TTM)68.54M
Analysts50
Price Target37.74 (12.89%)
Short Float %3.3%
Short Ratio3.36
Dividend
Industry RankSector Rank
Dividend Yield 3.33%
Yearly Dividend1.04
Dividend Growth(5Y)5.63%
DP31.51%
Div Incr Years11
Div Non Decr Years11
Ex-Date02-03
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)0.8%
Min EPS beat(2)-1.94%
Max EPS beat(2)3.53%
EPS beat(4)3
Avg EPS beat(4)1.35%
Min EPS beat(4)-1.94%
Max EPS beat(4)3.64%
EPS beat(8)6
Avg EPS beat(8)4.93%
EPS beat(12)8
Avg EPS beat(12)6.43%
EPS beat(16)11
Avg EPS beat(16)10.95%
Revenue beat(2)0
Avg Revenue beat(2)-3.04%
Min Revenue beat(2)-3.51%
Max Revenue beat(2)-2.57%
Revenue beat(4)0
Avg Revenue beat(4)-2.4%
Min Revenue beat(4)-3.51%
Max Revenue beat(4)-1.31%
Revenue beat(8)0
Avg Revenue beat(8)-2.25%
Revenue beat(12)1
Avg Revenue beat(12)-0.38%
Revenue beat(16)5
Avg Revenue beat(16)9.83%
PT rev (1m)-1.6%
PT rev (3m)3.93%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-1.05%
EPS NY rev (1m)0.69%
EPS NY rev (3m)2.78%
Revenue NQ rev (1m)-0.04%
Revenue NQ rev (3m)8.39%
Revenue NY rev (1m)3.45%
Revenue NY rev (3m)12.53%
Valuation
Industry RankSector Rank
PE 9.98
Fwd PE 8.67
P/S 3.05
P/FCF 9.81
P/OCF 8.98
P/B 1.37
P/tB 1.56
EV/EBITDA N/A
EPS(TTM)3.35
EY10.02%
EPS(NY)3.85
Fwd EY11.53%
FCF(TTM)3.41
FCFY10.19%
OCF(TTM)3.72
OCFY11.14%
SpS10.96
BVpS24.43
TBVpS21.47
PEG (NY)1.15
PEG (5Y)1.9
Graham Number42.909 (28.35%)
Profitability
Industry RankSector Rank
ROA 1.24%
ROE 13.63%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 30.37%
GM N/A
FCFM 31.09%
ROA(3y)1.21%
ROA(5y)1.24%
ROE(3y)14.31%
ROE(5y)15.39%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y0.39%
PM growth 5Y1.97%
GM growth 3YN/A
GM growth 5YN/A
F-Score7
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 0.08
Debt/FCF 0.57
Debt/EBITDA N/A
Cap/Depr 65.56%
Cap/Sales 2.88%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 102.37%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score7
WACC16.88%
ROIC/WACCN/A
Cap/Depr(3y)68.38%
Cap/Depr(5y)61.17%
Cap/Sales(3y)3.12%
Cap/Sales(5y)2.98%
Profit Quality(3y)100.93%
Profit Quality(5y)121.8%
High Growth Momentum
Growth
EPS 1Y (TTM)6.69%
EPS 3Y3.36%
EPS 5Y5.25%
EPS Q2Q%9.46%
EPS Next Y8.65%
EPS Next 2Y8.41%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)1.37%
Revenue growth 3Y2.23%
Revenue growth 5Y2.04%
Sales Q2Q%34.83%
Revenue Next Year18.34%
Revenue Next 2Y13.56%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y27.11%
FCF growth 3Y-7.58%
FCF growth 5Y5.26%
OCF growth 1Y21.39%
OCF growth 3Y-6.77%
OCF growth 5Y5.48%

INDEPENDENT BANK CORP - MICH / IBCP Fundamental Analysis FAQ

What is the ChartMill fundamental rating of INDEPENDENT BANK CORP - MICH (IBCP) stock?

ChartMill assigns a fundamental rating of 5 / 10 to IBCP.


Can you provide the valuation status for INDEPENDENT BANK CORP - MICH?

ChartMill assigns a valuation rating of 6 / 10 to INDEPENDENT BANK CORP - MICH (IBCP). This can be considered as Fairly Valued.


Can you provide the profitability details for INDEPENDENT BANK CORP - MICH?

INDEPENDENT BANK CORP - MICH (IBCP) has a profitability rating of 4 / 10.


What is the earnings growth outlook for INDEPENDENT BANK CORP - MICH?

The Earnings per Share (EPS) of INDEPENDENT BANK CORP - MICH (IBCP) is expected to grow by 8.65% in the next year.


Can you provide the dividend sustainability for IBCP stock?

The dividend rating of INDEPENDENT BANK CORP - MICH (IBCP) is 8 / 10 and the dividend payout ratio is 31.51%.