Independent Bank Group Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Independent Bank Group Inc (IBTX) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Independent Bank Group Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 467M vs 859,850M combined for tracked competitors (0.1% combined share).
- Trending: Latest-quarter revenue run-rate is holding steady (-0.9% annualized vs trailing 12 months), vs decelerating (-12.2%) for its tracked peer group.
- Growth: Independent Bank Group Inc generated -5.5% revenue growth year over year in Q3 2024, vs 1.0% for its tracked competitors combined.
- Profitability: Its 17.7% net margin compares with 24.5% for the peer group.
- Peer revenue share: Independent Bank Group Inc accounted for 0.1% of combined revenue among its tracked peer group, down from 0.1% a year earlier.
- Peer differentiation: Revenue per employee of $0.36M compares with $0.51M for the peer group (0.7x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
IBTX Sales vs. its Competitors, Q3 2024
Independent Bank Group Inc reported revenue contraction of 5.52 % year on year in Q3 2024, below its competitors' combined revenue growth of 1.00 %.
With a net margin of 17.68 %, Independent Bank Group Inc reported lower profitability than its competitors (24.49 %).
Independent Bank Group Inc generated 0.06 % of the combined sales of its peer group, down from 0.07 % a year earlier.
Independent Bank Group Inc vs. its Competitors, Q3 2024
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Independent Bank Group Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Independent Bank Group Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (1) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Independent Bank Group Inc's competitor groups requires a Commercial License.
For context: the Regional Banks industry grew revenue 7.8% year over year, combined, vs -5.5% for Independent Bank Group Inc. Independent Bank Group Inc's share of combined industry revenue moved from 0.08% to 0.07%, a loss of 0.01 percentage points.
Independent Bank Group Inc's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Independent Bank Group Inc | No | No | No | Yes |
| Competitors combined (195) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 87.50 % (7 of 8) | 62.50 % (5 of 8) | 12.50 % (1 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
IBTX Stock Performance relative to its Competitors
IBTX Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Old Point Financial Corp | 282.9% | Outperformed |
| 2 | Optimumbank Holdings Inc | 282.9% | Outperformed |
| 3 | Community Ban corp | 282.9% | Outperformed |
| 4 | The Bank Of New York Mellon Corporation | 282.9% | Outperformed |
| 5 | Bank Of The James Financial Group Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Independent Bank Group Inc's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Independent Bank Group Inc's Comment on Competition and Industry Peers
The Company competes in the commercial banking industry solely through Independent Bank and firmly believes that Independent Bank’s long-standing presence in the community and personal service philosophy enhance the Company’s ability to attract and retain customers. This industry is highly competitive, and Independent Bank faces strong direct competition for deposits, loans and other financial-related services. The Company competes with other commercial banks, thrifts and credit unions. Although some of these competitors are situated locally, others have statewide or nationwide presence. In addition, the Company competes with large banks in major financial centers and other financial intermediaries, such as consumer finance companies, brokerage firms, mortgage banking companies, insurance companies, securities firms, mutual funds and certain government agencies as well as major retailers, all actively engaged in providing various types of loans and other financial services. The Company believes that its banking professionals, the range and quality of products that the Company offers and its emphasis on building long-lasting relationships distinguishes Independent Bank from its competitors.
Publicly Traded Peers of Independent Bank Group Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Independent Bank Group Inc | 2,489.95 | 466.72 |
| Jpmorgan Chase and Co | 891,322.19 | 186,328.00 |
| Bank Of America Corporation | 397,023.31 | 121,098.00 |
| Wells Fargo and Company | 246,306.21 | 83,940.00 |
| Citigroup inc | 230,045.28 | 88,262.00 |
| Capital one financial corp | 119,915.78 | 51,099.00 |
| SUBTOTAL | 2,810,792.69 | 861,053.85 |
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Sources: Independent Bank Group Inc's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Independent Bank Group Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Independent Bank Group Inc's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Merchants Bancorp | Named by the company | 85% |
| Columbia Banking System Inc | Named by the company | 85% |
| Wesbanco Inc | Named by the company | 85% |
| First Horizon Corp | Named by the company | 85% |
| Wintrust Financial Corp | Named by the company | 85% |
| Zions Bancorporation National Association | Named by the company | 85% |
| Hilltop Holdings Inc | Named by the company | 85% |
| Veritex Holdings inc | Named by the company | 85% |
| Huntington Bancshares Incorporated | Named by the company | 85% |
| The First Bancshares Inc | Named by the company | 85% |
| Capital one financial corp | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Independent Bank Group Inc's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Independent Bank Group Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Citigroup inc | Markets 29.42 % |
| D r Horton Inc | HomeBuildingOps 94.14 % |
| First Citizens Bancshares Inc | Commercial Bank 46.42 % |
| Pultegroup Inc | Florida 26.99 % |
| Lennar Corp | Homebuilding West 34.85 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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Independent Bank Group Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Independent Bank Group Inc | 2,490 | 359,015 | -333,853 |
| Jpmorgan Chase and Co | 891,322 | 584,995 | 200,752 |
| Bank Of America Corporation | 397,023 | 568,535 | 158,005 |
| Wells Fargo and Company | 246,306 | 351,213 | 95,100 |
| Citigroup inc | 230,045 | 390,540 | 72,049 |
| Capital one financial corp | 119,916 | 669,712 | 137,615 |
| PEERS TOTAL | 2,808,303 | 507,752 | 133,627 |
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Independent Bank Group Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Lionsgate Studios Corp | UNITED STATES 64.70 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Independent Bank Group Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Regional Banks industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (130 companies). See the full Regional Banks industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 98.47 % | 64.14 % (avg) | +34.3 pp |
| Operating Margin | 435.69 % | industry median | +403.3 pp |
| EBITDA Margin | -26.54 % | 49.90 % (avg) | -76.4 pp |
| Capital Intensity (Capex / Revenue) | 3.06 % | 3.18 % (avg) | -0.1 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Independent Bank Group Inc's Valuation vs Competitive Position
Valuation multiples vs the Regional Banks industry average (130 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Regional Banks industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 15.6x | - |
| EV / EBITDA | - | 6.2x | - |
| P/B | 1.1x | 1.3x | -0.2x |
| Return on Equity | -20.07 % | industry aggregate | -27.92 % |
| Return on Invested Capital | 9.74 % | 3.20 % (avg) | 6.54 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Independent Bank Group Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 21.59 % | 27.69 % | 48.95 % | 20.14 % | 58.42 % | 7.51 % | 1.57 % | -16.74 % |
| Operating Margin | 35.90 % | 41.87 % | 40.77 % | 44.62 % | 43.35 % | 47.37 % | 40.70 % | 184.68 % |
| Return on Invested Capital | 4.58 % | 6.03 % | 4.96 % | 4.95 % | 5.01 % | 5.01 % | 1.90 % | 4.40 % |
| P/E | 13.5x | 20.1x | 22.8x | 12.3x | 12.6x | 14.1x | 13.2x | 43.3x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Independent Bank Group Inc's Strategic Group Map
Every company in Independent Bank Group Inc's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Independent Bank Group Inc is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Independent Bank Group Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Barriers to Entry | Moderate, in line with the industry | Capital intensity (capex / revenue) of 3.06 % vs industry average 3.18 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Independent Bank Group Inc's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Independent Bank Group Inc's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Independent Bank Group Inc's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Independent Bank Group Inc falls in the High attractiveness / Low strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Independent Bank Group Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 403.3 points above the industry median.
Weaknesses
- Return on equity 27.9 points below the industry aggregate.
- Piotroski F-Score of 2 or below, the standard financial-distress signal.
Opportunities
- Industry revenue growing at a healthy 12.3% median pace.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-12.2% annualized).
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Independent Bank Group Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Independent Bank Group Inc | 0.00 | 0.12 | 0.22 |
| Jpmorgan Chase and Co | 0.17 | 0.42 | 1.40 |
| Bank Of America Corporation | 0.09 | 0.52 | 1.25 |
| Wells Fargo and Company | 0.11 | 0.80 | 1.41 |
| Citigroup inc | 0.01 | 0.40 | 1.75 |
| Capital one financial corp | 0.03 | 1.03 | 0.39 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Independent Bank Group Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Independent Bank Group Inc | Q3 2024 | -5.5 % | -37.6 % |
| Jpmorgan Chase and Co | Q2 2026 | +30.4 % | +44.0 % |
| Bank Of America Corporation | Q2 2026 | +15.0 % | +27.5 % |
| Wells Fargo and Company | Q2 2026 | +14.2 % | +21.6 % |
| Citigroup inc | Q1 2026 | +14.1 % | +44.6 % |
| Capital one financial corp | Q2 2026 | +1,392.5 % | - |
| PEERS TOTAL | +23.8 % | +46.4 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Independent Bank Group Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Independent Bank Group Inc | Q3 2024 | +1,282.4 % | -35.8 % |
| Jpmorgan Chase and Co | Q2 2026 | -6.4 % | - |
| Bank Of America Corporation | Q2 2026 | - | - |
| Wells Fargo and Company | Q2 2026 | -16.2 % | - |
| Citigroup inc | Q1 2026 | - | -6.7 % |
| Capital one financial corp | Q2 2026 | -73.8 % | -8.0 % |
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Independent Bank Group Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Independent Bank Group Inc | - | - | - |
| Jpmorgan Chase and Co | 1.35% | 3.71% | 17.50% |
| Bank Of America Corporation | 0.97% | 2.76% | 11.13% |
| Wells Fargo and Company | 1.05% | 2.94% | 12.48% |
| Citigroup inc | 0.61% | 0.63% | 7.62% |
| Capital one financial corp | 1.56% | 3.24% | 9.26% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Independent Bank Group Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Independent Bank Group Inc | - | 5.33 |
| Jpmorgan Chase and Co | 13.93 | 4.78 |
| Bank Of America Corporation | 12.54 | 3.28 |
| Wells Fargo and Company | 11.71 | 2.93 |
| Citigroup inc | 16.11 | 2.61 |
| Capital one financial corp | 11.49 | 2.35 |
| PEERS AVERAGE | 12.43 | 3.26 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.