Independent Bank

INDB

Banks - Regional · Financial Services

Price

$84.51

-2.66 (-3.05%)

Market Cap

$4.08B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+41.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 34.9M (2021) → 49.5M (2025)

Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses primarily in Massachusetts. The company accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit. It also offers commercial and industrial, commercial real estate and construction, small business, consumer real estate, and personal loans. I

Winston Score History

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+19.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+56.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

1.1%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$223M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Independent Bank is a rare growth stock that's already generating positive cash flow while growing at 20%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

73.2%

Premium pricing power — 73.2% gross margin

Operating Margin

24.0%

Excellent — 24.0% operating margin

ROCE

1.6%

Weak — 1.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+23.8%

Fast-growing sales (23.8% YoY)

EPS YoY

+13.5%

Earnings growing (13.5% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

148%

Turns 148% of profit into real cash

FCF Margin

27.7%

Converts sales into free cash efficiently (27.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.22

Conservative — low debt load (0.22)

Interest Cover

0.86x

Dangerous — barely covers interest (0.9x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

16.8x

Fair value — P/E 16.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+5.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (16.8 → 11.5)

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Dividends

Dividend Yield

2.92%

Moderate income — 2.92% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+6.0%

Dividend growing modestly (6.0% YoY)

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