Horizon Bancorp (HBNC) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Horizon Bancorp

NasdaqGS•Financial Services•Banks - Regional

$19.780.00(0.00%)Pre-market

Market Cap

$989.98M

P/S

10.2x

P/B

1.4x

Horizon Bancorp, Inc. operates as the bank holding company for Horizon Bank that provides commercial and retail banking services to individuals and corporate clients in Indiana and Michigan in the United States. The company offers checking, savings, money market, certificates of deposit, and time deposit accounts, as well as non-interest and interest-bearing demand deposits. It also provides commercial loans, residential real estate loans, mortgage warehouse loans, and consumer loans; home equity loans and lines; auto loans; personal loans and lines; business loans and lines; SBA loans; public fund, medical practice, and franchise financing; and equipment finance solutions. In addition, the company offers corporate and individual trust and agency, investment management, and real estate investment trust services; debit and credit cards; treasury management; and remote deposit, merchant processing, online payment portal, lockbox, smart safe, ACH origination, online bill pay, wire transfer, and positive and reverse positive pay services, as well as sells various life insurance products. Further, it provides online and mobile banking; health savings accounts; wealth management, financial planning, investment management, and insurance services; retirement services, including individual retirement accounts (IRAs), business IRAs, and employee benefit plans; and estate planning and settlement services. Horizon Bancorp, Inc. was founded in 1873 and is headquartered in Michigan City, Indiana.

How this company scores

WeakMetricSide Score: 38/100

Strongest: Cash & Earnings Quality (24/25); weakest: Growth (0/25).

Profitability6/25

Growth0/25

Balance Sheet & Red Flags8/25

Cash & Earnings Quality24/25

Strengths

Rising free cash flowCash-backed earningsNet cash position

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 13.0x5y range 5.4x – 32.2x

Currently above its 16-quarter median.

P/S · 10.2x5y range 1.4x – 10.9x

Currently above its 20-quarter median.

P/B · 1.4x5y range 0.7x – 1.4x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Revenue Decline

Red Flag

TTM revenue has contracted 74.6% — significant decline indicating deteriorating demand.

Price & Volume

Market Cap $989.98M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $96.67M
Q. Revenue: $100.52M
TTM EBITDA: $-179.98M
TTM Op. Income: $-190.54M
Q. Op. Income: $30.74M
TTM Net Income: $-143.99M
Q. Net Income: $24.91M
EPS: $0.49
Shares Out.: $51.08M

$96.67M in TTM revenue declined 74.2% YoY, reaching $100.52M last quarter. TTM EBITDA of $-179.98M and TTM operating income of $-190.54M show growth is flowing through to the bottom line. However, net income is negative at $143.99M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has fallen for 2 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 75.1%
EBITDA Margin: 31.3%
Op. Margin: 30.6%
Net Margin: 24.8%

Op. margin of 30.6% is up 6.8% YoY — cost efficiency is improving. Net margin at 24.8% and gross margin of 75.1% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 28% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 10.2x
P/B Ratio: 1.4x

P/S of 10.2x and P/B of 1.4x. P/S is high, meaning growth expectations are priced in. Across the last 4 quarters, P/E has fallen for 3 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $6.57B
Cash: $217.95M
Long-Term Debt: N/A
Book Value: $726.19M
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $33.17M
TTM Free Cash Flow: $94.08M
FCF Margin: 97.3%
FCF / Net Income: -0.7

TTM FCF of $94.08M on $33.17M in operating cash flow. The FCF / Net Income ratio of -0.7x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has risen for 3 consecutive quarters — an improving trend.