WallStSmart

Independent Bank (INDB)vsU.S. Bancorp (USB)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

U.S. Bancorp generates 3227% more annual revenue ($26.35B vs $792.05M). USB leads profitability with a 28.7% profit margin vs 25.9%. USB appears more attractively valued with a PEG of 1.80. USB earns a higher WallStSmart Score of 75/100 (B).

INDB

Strong Buy

71

out of 100

Grade: B

Growth: 8.7Profit: 7.0Value: 7.3Quality: 3.3
Piotroski: 2/9Altman Z: -0.23

USB

Strong Buy

75

out of 100

Grade: B

Growth: 7.3Profit: 7.5Value: 10.0Quality: 5.3
Piotroski: 5/9Altman Z: 0.39
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

INDBUndervalued (+59.5%)

Margin of Safety

+59.5%

Fair Value

$207.79

Current Price

$74.95

$132.84 discount

UndervaluedFair: $207.79Overvalued
USBUndervalued (+75.8%)

Margin of Safety

+75.8%

Fair Value

$214.00

Current Price

$51.89

$162.11 discount

UndervaluedFair: $214.00Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

INDB6 strengths · Avg: 9.2/10
Price/BookValuation
1.0x10/10

Reasonable price relative to book value

Operating MarginProfitability
47.5%10/10

Strong operational efficiency at 47.5%

Revenue GrowthGrowth
47.1%10/10

Revenue surging 47.1% year-over-year

Profit MarginProfitability
25.9%9/10

Keeps 26 of every $100 in revenue as profit

P/E RatioValuation
16.9x8/10

Attractively priced relative to earnings

EPS GrowthGrowth
29.2%8/10

Earnings expanding 29.2% YoY

USB6 strengths · Avg: 9.3/10
P/E RatioValuation
11.3x10/10

Attractively priced relative to earnings

Price/BookValuation
1.4x10/10

Reasonable price relative to book value

Operating MarginProfitability
39.3%10/10

Strong operational efficiency at 39.3%

Market CapQuality
$81.01B9/10

Large-cap with strong market position

Profit MarginProfitability
28.7%9/10

Keeps 29 of every $100 in revenue as profit

EPS GrowthGrowth
24.7%8/10

Earnings expanding 24.7% YoY

Areas to Watch

INDB4 concerns · Avg: 2.5/10
Return on EquityProfitability
6.3%3/10

ROE of 6.3% — below average capital efficiency

Piotroski F-ScoreQuality
2/93/10

Weak financial health signals

PEG RatioValuation
11.002/10

Expensive relative to growth rate

Altman Z-ScoreHealth
-0.232/10

Distress zone — elevated risk

USB2 concerns · Avg: 3.0/10
PEG RatioValuation
1.804/10

Expensive relative to growth rate

Altman Z-ScoreHealth
0.392/10

Distress zone — elevated risk

Comparative Analysis Report

WallStSmart Research

Bull Case : INDB

The strongest argument for INDB centers on Price/Book, Operating Margin, Revenue Growth. Profitability is solid with margins at 25.9% and operating margin at 47.5%. Revenue growth of 47.1% demonstrates continued momentum.

Bull Case : USB

The strongest argument for USB centers on P/E Ratio, Price/Book, Operating Margin. Profitability is solid with margins at 28.7% and operating margin at 39.3%.

Bear Case : INDB

The primary concerns for INDB are Return on Equity, Piotroski F-Score, PEG Ratio.

Bear Case : USB

The primary concerns for USB are PEG Ratio, Altman Z-Score.

Key Dynamics to Monitor

INDB profiles as a growth stock while USB is a mature play — different risk/reward profiles.

USB carries more volatility with a beta of 1.04 — expect wider price swings.

INDB is growing revenue faster at 47.1% — sustainability is the question.

USB generates stronger free cash flow (2.8B), providing more financial flexibility.

Bottom Line

USB scores higher overall (75/100 vs 71/100), backed by strong 28.7% margins. INDB offers better value entry with a 59.5% margin of safety. Both earn "Strong Buy" and "Strong Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Independent Bank

FINANCIAL SERVICES · BANKS - REGIONAL · USA

Independent Bank Corp. The company is headquartered in Rockland, Massachusetts.

U.S. Bancorp

FINANCIAL SERVICES · BANKS - REGIONAL · USA

U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions.

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