Old National Bancorp

National Commercial Banks

ONBStrained8 of 10 basics passed

$24.58

-0.61%

Market cap $9.40B

$24.58

-0.61%

Market cap $9.40B

Old National Bancorp is a provider of lending and deposit services. The bank offers comprehensive wealth management, trust, investment advisory, brokerage, and foreign currency services.

It is a $9.40B financial services company. Revenue grew 27.7% over the last year, and it keeps 22¢ of every dollar of sales as profit. It trades at 10.6× earnings — around the middle of its own history.

Website: oldnational.com
Location: Evansville, IN
Employees: 4 914
Sector: Financial Services

Share price · 3 years

$14.56 → $24.58+68.8%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $4.10B
Profit: keeps 22¢ of every $1 sold; $886M
Free cash flow: cash left after running the business; $940M
P/E: years of profit in the price; 10.6
EPS: earnings per share, TTM; $2.43
Dividend: pays out 27% of profit · 25% of FCF; 2.52%
Shares: up 185% since 2016 — dilution; 365.5M
Volatility: beta vs the market — under 1 swings less; 0.91

Revenue, last 10 years

52-week range

Low $19.60$24.58High $27.29

Today's price is 65% of the way from the year's low to its high.

P/E vs its history5y

10.7×median 11.8×

Higher than 36% of past days — around the middle of its own history.

Valuation vs own history

P/E

10.7×

64%

P/S

2.8×

35%

EV/EBITDA

19.7×

77%

P/B

1.1×

12%

FCF yield

10.0%

44%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Insider activity · 90 days

-$844Knet selling

Purchases$0

Sales$844K

Insiders trading, last 14d0 buy · 0 sell

Standing in Financial Services

Size$9.40Btop 90%
Revenue growth+26%top 14%
Net margin34%top 13%
Return on equity10%top 66%
P/E10.6×top 24%
Dividend yield2.52%top 36%

Ranked against 129 Financial Services companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation and growth; Health and Moat lag behind.

Valuation75

P/E vs own history36th pct · 20/25
FCF yield10.0% · 25/25
P/S2.2x · 20/25
EV/EBITDAn/a · 10/25

Growth82

Revenue CAGR44.7% · 25/25
Net income CAGR24.6% · 25/25
EPS CAGR ~5Y6.1% · 12/25
Fwd implied growth19.2% · 20/25

Profitability74

ROIC10.0% · 12/25
ROE10.5% · 12/25
Net margin21.6% · 25/25
Operating margin43.8% · 25/25

Health25

Altman Zn/a · 0/25
Current ration/a · 0/25
Interest coverageno interest expense · 25/25
Net cash / debtn/a · 0/25

Quality72

Piotroski F5/9 · 15/25
Beneish M-2.24 · 20/25
FCF conversion106% · 25/25
Margin stabilityσ 9.3% · 12/25

Moat43

ROIC >12% years2/10 yrs · 0/25
Median gross marginn/a · 0/25
FCF-positive years9/10 yrs · 18/25
Worst-year net marginworst 14.1% · 25/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$669M net income
FY2022Financial
Revenue crossed $1B
$1.85B for the year
2021Acquisition
Old National merged with First Midwest Bancorp, combining the companies' assets, retaining the Old National…
2018Acquisition
KleinBank, based in Chaska, Minnesota, announced its 21 locations were being acquired by Old National,…
FY2017Financial
Positive free cash flow every year since
9-year streak
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
2016Acquisition
AnchorBank, the third-largest bank based in Wisconsin, was bought by Old National for approximately…
2014Acquisition
Old National acquired four banks: Tower Bank in Fort Wayne, Indiana, United Bank in Ann Arbor, Michigan,…
2012Acquisition
Old National acquired 24 retail bank branches of Bank of America in Indiana and Michigan
2011Acquisition
Old National acquired Bloomington-based Monroe Bancorp with its Monroe Bank subsidiary for $90…
2009Acquisition
Charter One's Indiana bank branches became Old National Bank after Old National Bank bought Charter One's…
1995Acquisition
Old National acquired the Greencastle-based First United Savings Bank for $18 million in stock

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$14 341 today — price return only

$3.7B revenue in FY2025

Revenue up 27.7% year over year

Profitable 10 years in a row

Positive free cash flow 9 years in a row

4 914 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Strongly profitable — 21.6% net margin
Revenue growing 27.7% year over year
Strong cash conversion — FCF is 22.9% of revenue

Watch-outs

Nothing stands out as a concern in the available data.

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 10 checks passed

Revenue growing — the company sells more than a year ago+27.7% YoY
Profitable — makes more than it spends$886M TTM
Profit growing — earnings are higher than last year+5.8% YoY
Generates cash — cash left after running and investing$940M TTM
Debt under control — could handle its obligationsno data
Established company — not a micro-cap — lower blow-up risk$9.40B market cap
Not printing shares — share count not ballooning — you keep your slice+119.9% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 25/100
Pays a dividend — returns cash to shareholdersyield 2.52%
Valuation not extreme — price not wildly above earningsP/E 10.6

Peer comparisonOld National Bancorp vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
ONB this company	$9.4B	10.6	+27.7%	21.6%	Strained
BRK.A Berkshire Hathaway Inc.	$1.1T	11.6	+3.9%	22.3%	Mixed
BRK.B Berkshire Hathaway	$1.1T	11.6	+0.0%	18.0%	Strong
JPM JPMorgan Chase & Co.	$886.2B	13.6	+13.5%	32.6%	Strained
V VISA Inc.	$723.9B	31.9	+14.4%	50.8%	Solid
MA Mastercard Incorporated	$516.4B	31.7	+16.0%	46.3%	Mixed
BAC Bank of America Corporation	$380.4B	11.3	+15.9%	27.8%	Mixed

Head-to-head: ONB vs BRK.A · ONB vs BRK.B · ONB vs JPM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 2Buy 8Hold 5

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $4.10B · net income $886M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$4.10B

YoY 27.7%

Net income (TTM)

$886M

Margin 21.6%

Operating margin

43.8%

P/E ratio

10.6

Dividend yield

2.52%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	0.9	0.9	1.9	2.5	3.0	3.7
Gross profit	—	—	—	—	—	—
Operating income (EBIT)	0.3	0.3	0.5	0.8	0.7	0.8
Net income	0.2	0.3	0.4	0.6	0.5	0.7
EPS (diluted)	1.36	1.67	1.55	1.99	1.73	1.83

Cash flowFree cash flow $940M · operating cash flow $987M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$940M

Margin 22.9%

Operating cash flow (TTM)

$987M

FCF margin

22.9%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.2	0.3	0.8	0.5	0.6	0.7
Capital expenditure	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Free cash flow	0.2	0.3	0.8	0.5	0.6	0.6
FCF margin	20.9%	33.0%	41.9%	18.8%	20.0%	17.1%

Balance sheetAssets $72.2B · debt n/a (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $72.2B of assets is financed

88%

Liabilities $63.7B — borrowed moneyEquity $8.49B — owners' stake

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

ROE

10.5%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.6	0.8	0.7	1.2	1.2	1.8
Total assets	23.0	24.5	46.8	49.1	53.6	72.2
Total liabilities	20.0	21.4	41.6	43.5	47.2	63.7
Total debt	—	—	—	—	—	—
Equity	3.0	3.0	5.1	5.6	6.3	8.5
Net debt	—	—	—	—	—	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of ONB on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $24.58 · market cap $9.40B.