# Old National Bancorp (ONB) — Stock CV

Old National Bancorp 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.

> 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.

## Identity

- **Ticker**: ONB
- **Sector**: Financial Services
- **Industry**: National Commercial Banks
- **Headquarters**: EVANSVILLE, IN
- **Employees**: 4 914
- **Website**: https://www.oldnational.com
- **Market cap**: $9.40B
- **Last price**: $24.58
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $4.10B
- **Net income**: $886M
- **Free cash flow**: $940M
- **P/E**: 10.6
- **Revenue growth (YoY)**: 27.7%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 75 |
| Growth | 82 |
| Profitability | 74 |
| Health | 25 |
| Quality | 72 |
| Moat | 43 |

## Qualifications (beginner checklist) — 8 of 10 passed

- [x] Revenue growing — +27.7% YoY
- [x] Profitable — $886M TTM
- [x] Profit growing — +5.8% YoY
- [x] Generates cash — $940M TTM
- [x] Established company — $9.40B market cap
- [ ] Not printing shares — +119.9% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 25/100
- [x] Pays a dividend — yield 2.52%
- [x] Valuation not extreme — P/E 10.6

## Experience (career milestones)

- **FY2025** — Best year on record: $669M net income
- **FY2022** — Revenue crossed $1B: $1.85B for the year
- **2021** — Old National merged with First Midwest Bancorp, combining the companies' assets, retaining the Old National…
- **2018** — KleinBank, based in Chaska, Minnesota, announced its 21 locations were being acquired by Old National,…
- **FY2017** — Positive free cash flow every year since: 9-year streak
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **2016** — AnchorBank, the third-largest bank based in Wisconsin, was bought by Old National for approximately…
- **2014** — Old National acquired four banks: Tower Bank in Fort Wayne, Indiana, United Bank in Ann Arbor, Michigan,…
- **2012** — Old National acquired 24 retail bank branches of Bank of America in Indiana and Michigan
- **2011** — Old National acquired Bloomington-based Monroe Bancorp with its Monroe Bank subsidiary for $90…
- **2009** — Charter One's Indiana bank branches became Old National Bank after Old National Bank bought Charter One's…
- **1995** — Old National acquired the Greencastle-based First United Savings Bank for $18 million in stock

## 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

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $853M | $278M | $282M |
| FY2022 | $1.85B | $428M | $777M |
| FY2023 | $2.54B | $582M | $478M |
| FY2024 | $2.96B | $539M | $592M |
| FY2025 | $3.74B | $669M | $637M |

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Source: https://stockcv.com/ONB — derived from company filings; may be delayed or incomplete. Information, not investment advice.