Old National Bancorp (ONB) Stock Fundamentals, Analysis & Risk Signals

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

Old National Bancorp

NasdaqGS•Financial Services•Banks - Regional

$25.66+0.06(<0.01%)Market closed

Market Cap

$9.65B

P/E

10.9x

P/S

4.4x

P/B

1.1x

Old National Bancorp operates as the bank holding company for Old National Bank that provides consumer and commercial banking services in the United States. It accepts deposit accounts, such as noninterest-bearing demand, interest-bearing checking and negotiable order of withdrawal, savings and money market, and time deposits. The company also offers loans, including home equity lines of credit, residential real estate loans, and consumer loans, as well as loans to commercial clients comprising commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing. In addition, it offers debit and automated teller machine cards, telephone access and online banking, and other electronic and mobile banking services. Further, the company offers private banking, wealth management, trust, investment advisory, brokerage, and foreign currency services; treasury management, merchant, and capital markets services for businesses; and community development lending and equity investment solutions. Old National Bancorp was founded in 1834 and is headquartered in Evansville, Indiana.

How this company scores

WeakMetricSide Score: 76/100

Grade capped at D — Interest coverage below 1× (0.5x) — earnings cannot cover interest. Strongest: Cash & Earnings Quality (23/25); weakest: Balance Sheet & Red Flags (11/25).

Profitability20/25

Growth22/25

Balance Sheet & Red Flags11/25

Cash & Earnings Quality23/25

Strengths

Growing revenueRising free cash flowStrong marginsRising earnings

Grade capped at D

Interest coverage below 1× (0.5x) — earnings cannot cover interest.

Valuation vs. 5-year range

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

P/E · 10.9x5y range 6.3x – 23.3x

Currently near its 20-quarter median.

P/S · 4.4x5y range 2.8x – 6.5x

Currently near its 20-quarter median.

P/B · 1.1x5y range 0.7x – 1.1x

Watch items

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

High Risk

Share Dilution

Red Flag

Shares outstanding increased 21.0% — significant dilution, likely from stock compensation or capital raises.

Price & Volume

Market Cap $9.65B

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $2.18B
Q. Revenue: $542.78M
TTM EBITDA: $756.89M
TTM Op. Income: $607.45M
Q. Op. Income: $170.62M
TTM Net Income: $886.28M
Q. Net Income: $253.41M
EPS: $0.65
Shares Out.: $381.86M

$2.18B in TTM revenue grew 45.6% YoY, reaching $542.78M last quarter. TTM EBITDA of $756.89M and TTM operating income of $607.45M show growth is flowing through to the bottom line. TTM net income of $886.28M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 41.9%
EBITDA Margin: 35.9%
Op. Margin: 31.4%
Net Margin: 46.7%

Op. margin of 31.4% is up 25.8% YoY — cost efficiency is improving. Net margin at 46.7% and gross margin of 41.9% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 453% — a weakening trend.

Price Ratios

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

P/E Ratio: 10.9x
P/S Ratio: 4.4x
P/B Ratio: 1.1x

At 10.9x P/E, the stock trades below typical market levels. P/S of 4.4x and P/B of 1.1x provide additional context. P/E sits below typical market levels while revenue is growing. Across the last 8 quarters, P/E has fallen for 3 consecutive quarters — an improving trend.

Assets & Liabilities

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

Total Assets: $74.19B
Cash: $1.77B
Long-Term Debt: $6.52B
Book Value: $8.58B
D/E Ratio: 0.8
Debt/EBITDA: 33.5

With $74.19B in assets and $6.52B in long-term debt, D/E is 0.8and book value is $8.58B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 6% — a weakening trend.

Cash Flow

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

Op. Cash Flow: $280.23M
TTM Free Cash Flow: $940.03M
FCF Margin: 43.2%
FCF / Net Income: 1.1

TTM FCF of $940.03M on $280.23M in operating cash flow. The FCF / Net Income ratio of 1.1x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.