IBCP
Independent Bank Corporation
IBCP's fundamentals are mixed, but it looks expensive: trading at 11x earnings, above its usual 8.5x. Analysts expect earnings growth.
IBCP Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
IBCP's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like IBCP.
IBCP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.9x | $23.36 | -36% |
| Fair | 8.4x | $28.55 | -22% |
| Forward | 9.4x | $36.58 | — |
| Expensive | 11x | $36.35 | -0.6% |
| Current | 11x | $36.58 | — |
Historical ranges are pointers, not guarantees.
IBCP's PE is in its expensive range at 11x. If earnings grow as analysts expect, today's price would be 9.4x next year's earnings, in its fair range.
IBCP Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for IBCP, with profitability holding steady.
IBCP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.88 | +14% |
| Q3 2026 | $3.40 | +4.3% |
| Q2 2026 | $3.44 | +12% |
| Q1 2026 | $3.35 | +6.7% |
| Q4 2025 | $3.28 | +3.8% |
| Q3 2025 | $3.26 | +11% |
| Q2 2025 | $3.07 | -1.6% |
| Q1 2025 | $3.14 | +6.8% |
| Q4 2024 | $3.16 | +13% |
IBCP earned $3.40 per share over the past year, up 4.3% from the year before.
IBCP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $71.1M | +24% |
| Q2 2026 | $63.2M | +13% |
| Q1 2026 | $58.9M | +8.9% |
| Q4 2025 | $58.3M | -5.9% |
| Q3 2025 | $57.3M | +12% |
| Q2 2025 | $55.9M | -1% |
| Q1 2025 | $54.1M | +2.6% |
| Q4 2024 | $62M | +26% |
IBCP's revenue is growing: $71M last quarter, up 24% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | -6.7 points |
| Q2 2026 | 36% | -1.1 points |
| Q1 2026 | 34% | -1 points |
| Q4 2025 | 35% | -1.9 points |
| Q3 2025 | 37% | +3.3 points |
| Q2 2025 | 37% | -4 points |
| Q1 2025 | 35% | -2.2 points |
| Q4 2024 | 37% | +0.3 points |
IBCP's operating margin was 30% last quarter, down 6.7 points from the same quarter a year ago, near the bottom of its range since 2019.
IBCP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $22.1M | +34% |
| Q2 2026 | $16.7M | +0.2% |
| Q1 2026 | -$13.8M | -145% |
| Q4 2025 | $6.4M | -49% |
| Q3 2025 | $16.5M | +5.3% |
| Q2 2025 | $16.7M | +139% |
| Q1 2025 | $30.6M | +52% |
| Q4 2024 | $12.4M | -19% |
IBCP's free cash flow was $31M over the past year, down 59% from the year before. Free cash flow isn't a meaningful measure for financial services companies like IBCP.
IBCP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +7.4% | +1.5M shares |
| 1 year | +7.9% | +1.6M shares |
| 3 years | +6.8% | +1.4M shares |
| 5 years | +3.9% | +831K shares |
| Available history | -2.4% | -547K shares |
IBCP has 22M diluted shares, up 7.9% from a year ago, despite $9M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $4.2M |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $4.7M |
| Q3 2025 | $413,000 |
| Q2 2025 | $7.3M |
| Q1 2025 | $33,000 |
| Q4 2024 | — |
IBCP spent $9M buying back its own shares over the past year, up 13% from the year before.
IBCP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.9x | Net Cash |
| Q2 2026 | -0.4x | Net Cash |
| Q1 2026 | -1.6x | Net Cash |
| Q4 2025 | 0.2x | Very low |
| Q3 2025 | -2.2x | Net Cash |
| Q2 2025 | -0.1x | Net Cash |
| Q1 2025 | -0.5x | Net Cash |
| Q4 2024 | 0.1x | Very low |
IBCP has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like IBCP.
IBCP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.3 | Neutral |
| Stochastic | 43.7 | Neutral |
IBCP's weekly RSI is 53 (neutral) and its Stochastic is 44 (neutral).
IBCP PE vs Financial Services Sector
| Metric | IBCP | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 13x | 17% below |
| PE % | 85 | 63 | 22 pts above |
IBCP is trading at 11x earnings, a 17% discount to the Financial Services sector's median of 13x.
IBCP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $36.2 | 1% above |
| 20 week MA | $36.7 | 0.4% below |
| 50 week MA | $35.3 | 3.8% above |
| 100 week MA | $33.7 | 8.5% above |
| 200 week MA | $29.1 | 26% above |
IBCP's trend is mixed: it's above four of its five weekly moving averages, and 26% above its 200-week average.
IBCP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $22.6 | $18.6 | -18% |
| 2021 | $18.6 | $23.3 | +25% |
| 2022 | $23.3 | $24.2 | +4% |
| 2023 | $24.2 | $26.0 | +7.4% |
| 2024 | $26.0 | $34.7 | +33% |
| 2025 | $34.7 | $33.1 | -4.5% |
| 2026 YTD | $33.1 | $36.6 | +10% |
IBCP has finished higher in four of the last six years. It's up 10% so far in 2026.