This letter describes a hybrid plug/compartment (HyPC) kinetic model to fit dynamic indocyanine green fluorescence data acquired in a porcine model of long bone traumatic fracture. Parametric images of periosteal blood flow, endosteal blood flow, total bone blood flow and fraction of endosteal‐to‐periosteal flow were obtained by applying the HyPC model on a pixel‐by‐pixel basis. Intraoperative discrimination between healthy and damaged bone could facilitate debridement reducing post‐operative complications from non‐union and infection. The ability to quantify periosteal and endosteal blood flow could inform nail vs. plate‐and‐screw decisions to avoid further compromising cortical blood supply.