ONB

Old National Bancorp

Fundamental data last updated:August 19, 2026

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company profile

SECTOR

Financial Services

industry

Banks - Regional

Exchange

NASDAQ

County of HQ

US

Next Earnings Date

Pending Announcement

Business Summary

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, letters of credit, and lease financing. The company also provides debit and automated teller machine cards, telephone access, online banking, and other electronic and mobile banking services; cash management, private banking, brokerage, trust, investment advisory, and other traditional banking services; wealth management, investment, and foreign currency services; and treasury management, merchant, health savings, and capital markets services, as well as community development lending and equity investment solutions. As of December 31, 2021, it operated a total of 162 banking centers located primarily in the states of Indiana, Kentucky, Michigan, Minnesota, and Wisconsin. Old National Bancorp was founded in 1834 and is headquartered in Evansville, Indiana.

 


VALUATION

P/E

12.22

Market Cap ($M USD)

$9.28B

Forward P/E

7.32

PEG

0.11

PRICE TO SALES

2.33

PRICE TO BOOK

1.09

EV / EBITDA

14.27

5-Year Average P/E

Free Cash Flow Yield

8.09%

DCF Value

$114.73

Graham Number

$31.23

Price to FCF

12.36

EV to FCF

20.45

Earnings Yield

8.18%

FCF Yield

8.09%

DIVIDEND

Yield

2.35%

Annual Payout

$0.57

Payout Ratio

31.19%

Consecutive Years of Dividend Growth

5-Year Dividend Growth Rate

Financial Health & Profitability

Earnings Per Share

$1.97

Next Year EPS Growth Estimate

$3.28

Next Year Revenue Growth Estimate

$3.18B

Return on Equity (ROE)

9.07%

FREE CASH FLOW

Operating Margin

24.79%

Debt-to-Equity

0.88

Piotroski F-Score

5

Altman Z-Score

-0.65

Return on Invested Capital (ROIC)

5.86%

Current Ratio

0.04

Quick Ratio

0.04

Net Debt to EBITDA

5.64

Interest Coverage

0.78

Gross Profit margin

64.47%

FCF PER SHARE

$1.94

REVENUE PER SHARE

$10.33

Gainseekers Quantitative Analysis

Summary

ONB’s valuation presents a striking opportunity for deep value investors. The market has priced it significantly below its DCF value and Graham Number, suggesting a potential mispricing. With a Forward P/E of 7.41 and an Earnings Yield of 8.09%, the stock appears undervalued relative to its earnings potential. However, the negative Altman Z-score raises red flags about financial distress, indicating potential risks. Despite these concerns, the valuation metrics suggest a compelling case for growth and profitability.

AI Exposure / Tech Reliance

Operating within the regional banking sector, ONB is moderately positioned to adapt to AI and tech shifts. While banks are increasingly leveraging AI for customer service and risk management, regional banks like ONB may face challenges in scaling these technologies. Their ability to integrate tech will be crucial for maintaining competitive advantage.

The Bull Case

For value or GARP investors, ONB offers an enticing proposition. The ROIC of 5.86% and a solid FCF Yield indicate efficient capital use and cash generation. A Piotroski F-Score of 5 suggests moderate financial health, while a robust operating margin of 24.79% underscores strong pricing power. These metrics paint a picture of a company capable of delivering shareholder value through disciplined management and strategic growth.

The Bear Case

Despite its strengths, ONB faces significant structural risks. The Altman Z-score signals potential financial distress, and the interest coverage ratio of 0.78 raises concerns about its ability to meet debt obligations. Trading near its 52-week high, the stock may be technically overextended, posing a risk of a pullback. Additionally, the low current and quick ratios highlight liquidity challenges that could impact operational flexibility.

Market Sentiment & Smart Money

Short Interest %

Analyst Consensus

Hold

Average Analyst Price Target

$27.17

Institutional Ownership %

1-Year Beta

0.85

Insider Buying % (6 Mo)

Distance to 52-Week High

8.97%

Distance to 52-Week Low

19.26%

EARNINGS SURPRISE %

1.67%

50-DAY SMA

$23.23

200-DAY SMA

$22.64

⚠️ Financial Disclaimer:
This content is for informational purposes only and is not financial advice. Information may be delayed or inaccurate. We may earn a commission from partner links.