The business behind the dividend
| Measure | INDB | Median | Formula |
|---|---|---|---|
| Return on equity | 5.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $235.13m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $239.03m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | 20.1% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -0.2% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio, Debt to equity, Long-term debt to working capital, Interest cover, Operating margin, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 5.8% | 6.4% | 8.3% | 9.1% | 4.0% | 7.1% | 9.7% | 11.3% | 9.2% | 8.9% | 8.3% |
| Net margin | 20.1% | 22.5% | 30.1% | 41.0% | 29.1% | 30.1% | 37.0% | 37.6% | 31.5% | 31.1% | 30.1% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, Independent Bank pays out less than 63 of them. The median for that group is 30.6%, against this company’s 53.2%.
Closest on GAAP earnings
- CVB Financial (CVBF) 52.6%
- Equity Bancshares (EQBK) 53.7%
- Keycorp (KEY) 53.9%
- LCNB (LCNB) 54.0%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →