Estados financieros detallados de Independent Bank Corp. (INDB): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Independent Bank Corp. registró ingresos de $1.17B en el último ejercicio fiscal, con un CAGR de 5 años del 18.1%. El beneficio neto alcanzó $205.1M, con un CAGR a 5 años del 11.1%.
Márgenes de los últimos 12 meses: margen bruto 70.4%, margen operativo 22.7%, margen neto 21.6%. El flujo de caja libre creció a un CAGR del 35.7% en 5 años.
Al precio actual de $82.47, INDB cotiza a un P/E de 15.01 y un ROE del 7.66%. La capitalización bursátil es de $4.0B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $326.1M | $356.8M | $412.2M | $556.6M | $507.4M | $516.0M | $749.8M | $911.3M | $974.1M | $1.17B |
| Coste de Ventas | $24.9M | $21.3M | $30.3M | $59.9M | $86.8M | $31.9M | $36.1M | $212.5M | $327.3M | $374.3M |
| Beneficio Bruto | $301.2M | $335.5M | $381.9M | $496.7M | $420.6M | $484.1M | $713.7M | $698.9M | $646.9M | $792.9M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $122.2M | $129.6M | $137.2M | $162.5M | $155.0M | $176.6M | $211.7M | $234.1M | $244.5M | $297.7M |
| Gastos Operativos | $189.1M | $200.9M | $226.0M | $278.6M | $267.7M | $327.4M | $366.0M | $383.7M | $399.7M | $526.0M |
| Beneficio Operativo | $112.1M | $134.5M | $155.9M | $218.1M | $152.8M | $156.7M | $347.8M | $315.1M | $247.1M | $266.9M |
| EBITDA | $126.4M | $150.3M | $171.6M | $237.5M | $180.1M | $189.5M | $386.6M | $351.2M | $288.0M | $306.2M |
| Gastos por Intereses | $18.8M | $18.3M | $25.5M | $53.9M | $34.3M | $13.7M | $29.6M | $189.2M | $291.0M | $313.6M |
| Beneficio Antes de Impuestos | $112.1M | $134.5M | $155.9M | $218.1M | $152.8M | $156.7M | $347.8M | $315.1M | $247.1M | $262.2M |
| Impuestos | $35.4M | $47.3M | $34.3M | $52.9M | $31.7M | $35.7M | $83.9M | $75.6M | $55.0M | $57.0M |
| Beneficio Neto | $76.6M | $87.2M | $121.6M | $165.2M | $121.2M | $121.0M | $263.8M | $239.5M | $192.1M | $205.1M |
| BPA | $2.90 | $3.19 | $4.41 | $5.03 | $3.64 | $3.47 | $5.69 | $5.42 | $4.52 | $4.45 |
| BPA Diluido | $2.90 | $3.19 | $4.40 | $5.03 | $3.64 | $3.47 | $5.69 | $5.42 | $4.52 | $4.45 |
| Acciones en Circulación (Diluidas) | $26.5M | $27.4M | $27.7M | $32.9M | $33.3M | $34.9M | $46.4M | $44.2M | $42.5M | $49.5M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $335.2M | $339.0M | $290.3M | $289.3M |
| Beneficio Bruto | $205.2M | $253.9M | $212.5M | $210.9M |
| Beneficio Operativo | $44.4M | $99.6M | $69.5M | $70.7M |
| EBITDA | $57.2M | $106.6M | $72.6M | $84.3M |
| Beneficio Neto | $34.3M | $75.3M | $79.9M | $81.8M |
| BPA | $0.69 | $1.52 | $1.63 | $1.70 |
| BPA Diluido | $0.69 | $1.52 | $1.63 | $1.70 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $289.1M | $213.1M | $250.5M | $151.0M | $1.30B | $2.24B | $352.9M | $224.3M | $219.9M | $229.8M |
| Inversiones a Corto | $363.6M | $447.5M | $442.8M | $426.4M | $412.9M | $1.57B | $1.40B | $1.33B | $147.3M | $4.7M |
| Cuentas por Cobrar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $9.0M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $652.7M | $660.6M | $693.2M | $577.4M | $1.71B | $3.81B | $1.75B | $1.56B | $367.2M | $229.8M |
| Inmovilizado Material | $78.5M | $94.7M | $97.6M | $123.7M | $116.4M | $195.6M | $196.5M | $193.0M | $193.3M | $218.2M |
| Fondo de Comercio | $221.5M | $231.8M | $256.1M | $506.2M | $506.2M | $985.1M | $985.1M | $985.1M | $985.1M | $1.09B |
| Activos Intangibles | $9.8M | $9.3M | $15.2M | $29.3M | $23.1M | $32.8M | $25.1M | $18.2M | $12.3M | $133.6M |
| Activos Totales | $7.71B | $8.08B | $8.85B | $11.40B | $13.20B | $20.42B | $19.29B | $19.35B | $19.37B | $24.91B |
| Cuentas por Pagar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deuda a Corto | $176.9M | $215.9M | $147.8M | 0 | 0 | 0 | 0 | 0 | 0 | $415.6M |
| Pasivos Corrientes | $6.59B | $6.95B | $7.57B | $9.15B | $10.99B | $16.92B | $15.88B | $14.87B | $15.31B | $415.6M |
| Deuda a Largo | $158.6M | $107.8M | $258.7M | $303.1M | $181.1M | $152.4M | $113.4M | $1.22B | $701.4M | $425.8M |
| Pasivos Totales | $6.84B | $7.14B | $7.78B | $9.69B | $11.50B | $17.40B | $16.41B | $16.45B | $16.38B | $21.35B |
| Reservas | $414.1M | $465.9M | $546.7M | $654.2M | $716.0M | $766.7M | $934.4M | $1.08B | $1.17B | $1.27B |
| Patrimonio Neto | $864.7M | $943.8M | $1.07B | $1.71B | $1.70B | $3.02B | $2.89B | $2.90B | $2.99B | $3.57B |
| Deuda Total | $335.5M | $323.7M | $406.5M | $303.1M | $181.1M | $152.4M | $113.4M | $1.22B | $701.4M | $901.3M |
| Deuda Neta | -$317.3M | -$336.9M | -$286.7M | -$274.3M | -$1.53B | -$3.66B | -$1.64B | -$340.2M | $334.2M | $666.8M |
| Capital Circulante | -$5.94B | -$6.28B | -$6.88B | -$8.57B | -$9.28B | -$13.11B | -$14.13B | -$13.31B | -$14.94B | -$185.9M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $910.8M | $229.8M | $729.0M | $252.0M |
| Activos Totales | $24.99B | $24.91B | $24.78B | $24.97B |
| Pasivos Totales | $21.45B | $21.35B | $21.24B | $21.46B |
| Patrimonio Neto | $3.55B | $3.57B | $3.54B | $3.51B |
| Deuda Total | $775.4M | $825.8M | $776.3M | $701.5M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $76.6M | $87.2M | $121.6M | $165.2M | $121.2M | $121.0M | $263.8M | $239.5M | $192.1M | $205.1M |
| Amortizaciones | $14.4M | $15.7M | $15.6M | $19.4M | $27.3M | $32.8M | $38.8M | $36.1M | $40.9M | $42.1M |
| Compensación en Acciones | $3.0M | $3.3M | $4.2M | $4.4M | $4.1M | $4.3M | $4.5M | $6.4M | $6.5M | $9.0M |
| Cambio en Capital Circulante | -$1.6M | $16.9M | $5.7M | $38.7M | -$94.0M | $65.9M | $141.7M | -$1.7M | -$10.1M | -$26.4M |
| Flujo de Caja Operativo | $93.3M | $130.9M | $141.8M | $216.5M | $64.6M | $190.2M | $421.2M | $277.0M | $229.9M | $251.2M |
| Inversiones (CapEx) | -$10.4M | -$25.1M | -$11.1M | -$16.6M | -$12.6M | -$25.2M | -$22.1M | -$15.8M | -$20.4M | -$12.1M |
| Adquisiciones | $8.7M | $6.3M | -$6.9M | -$105.3M | 0 | $787.3M | 0 | 0 | 0 | $97.8M |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | -$1.2M | -$141.0M | -$190.1M | -$31.8M | -$62.3M |
| Dividendos Pagados | -$29.7M | -$34.0M | -$40.2M | -$53.3M | -$60.8M | -$62.7M | -$93.7M | -$98.0M | -$96.2M | -$103.9M |
| Flujo de Caja Libre | $82.9M | $105.8M | $130.7M | $199.9M | $52.0M | $165.0M | $399.1M | $261.1M | $209.5M | $239.5M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $52.2M | $78.9M | $117.2M | $73.4M |
| Inversiones (CapEx) | $6.2M | -$3.4M | -$5.6M | -$6.4M |
| Flujo de Caja Libre | $58.4M | $75.5M | $111.6M | $67.0M |
| Dividendos Pagados | -$25.2M | -$29.4M | -$29.1M | -$31.1M |
| Compensación en Acciones | $2.2M | $1.9M | $2.3M | $5.6M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +9.4% | +15.5% | +35.0% | -8.8% | +1.7% | +45.3% | +21.5% | +6.9% | +19.8% |
| Crecimiento Beneficio Neto (anual) | | +13.8% | +39.5% | +35.8% | -26.6% | -0.1% | +118.0% | -9.2% | -19.8% | +6.8% |
| Crecimiento BPA (anual) | | +10.0% | +38.2% | +14.1% | -27.6% | -4.7% | +64.0% | -4.7% | -16.6% | -1.5% |
| Cambio en Acciones (anual) | | +3.5% | +1.0% | +18.8% | +1.3% | +4.8% | +33.0% | -4.7% | -3.8% | +16.4% |
| Crecimiento FCF (anual) | | +27.6% | +23.5% | +52.9% | -74.0% | +217.0% | +141.9% | -34.6% | -19.8% | +14.3% |
| Margen Bruto | 92.4% | 94.0% | 92.6% | 89.2% | 82.9% | 93.8% | 95.2% | 76.7% | 66.4% | 67.9% |
| Margen Operativo | 34.4% | 37.7% | 37.8% | 39.2% | 30.1% | 30.4% | 46.4% | 34.6% | 25.4% | 22.9% |
| Margen EBITDA | 38.8% | 42.1% | 41.6% | 42.7% | 35.5% | 36.7% | 51.6% | 38.5% | 29.6% | 26.2% |
| Margen Neto | 23.5% | 24.4% | 29.5% | 29.7% | 23.9% | 23.4% | 35.2% | 26.3% | 19.7% | 17.6% |
| Margen FCF | 25.4% | 29.7% | 31.7% | 35.9% | 10.3% | 32.0% | 53.2% | 28.7% | 21.5% | 20.5% |
| Tasa Impositiva Efectiva | 31.6% | 35.2% | 22.0% | 24.3% | 20.7% | 22.8% | 24.1% | 24.0% | 22.3% | 21.8% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $3.14 | $3.87 | $4.73 | $6.09 | $1.56 | $4.73 | $8.60 | $5.91 | $4.93 | $4.84 |
| Dividendo por Acción | $1.12 | $1.24 | $1.45 | $1.62 | $1.83 | $1.80 | $2.02 | $2.22 | $2.26 | $2.10 |
| Acciones en Circulación (Básicas) | $26.4M | $27.3M | $27.6M | $32.8M | $33.3M | $34.9M | $46.4M | $44.2M | $42.5M | $49.5M |
Qué mirar en empresas de Financial Services
- Efficiency Ratio (≤55%) — Gastos operativos / ingresos. Bancos top por debajo del 55%.
- ROA (≥1%) — Cuánto ganan por cada euro de activos. En banca el ROE engaña por el apalancamiento.
- ROTCE (≥12%) — Rentabilidad sobre Capital Tangible. Descuenta goodwill e intangibles.
- Capital / Activos (proxy Tier 1) (≥8%) — Proxy del ratio de capital. FMP no expone Tier 1 regulatorio directo.
- P/B (1,0-1,5x) — Métrica clásica bancaria. <1x puede ser oportunidad o distress.
- Rentabilidad por dividendo sostenible (≥2%, <8%) — Bancos UE pagan 5-7% sin estrés. >8% es señal de distress.
Rentabilidad
| Rentabilidad sobre capital | 7.66% |
| Rentabilidad sobre capital invertido | -1.18% |
| Rentabilidad sobre activos | 1.09% |
| Margen bruto | 70.40% |
| Margen operativo | 22.66% |
| Margen neto | 21.64% |
Salud financiera
| Deuda / Patrimonio | 0.20 |
| Ratio corriente | 0.01 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 0.25 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 24.29 | 21.90 | 15.94 | 16.55 | 20.07 | 23.50 | 14.84 | 12.14 | 14.20 | 16.42 |
| P/VC | 2.15 | 2.02 | 1.81 | 1.60 | 1.43 | 0.94 | 1.36 | 1.00 | 0.91 | 1.01 |
| P/V | 5.70 | 5.34 | 4.71 | 4.91 | 4.79 | 5.51 | 5.22 | 3.19 | 2.80 | 3.10 |
| Margen Bruto | 92.4% | 94.0% | 92.6% | 89.2% | 82.9% | 93.8% | 95.2% | 76.7% | 66.4% | 67.9% |
| Margen Operativo | 34.4% | 37.7% | 37.8% | 39.2% | 30.1% | 30.4% | 46.4% | 34.6% | 25.4% | 22.9% |
| Margen Neto | 23.5% | 24.4% | 29.5% | 29.7% | 23.9% | 23.4% | 35.2% | 26.3% | 19.7% | 17.6% |