Old National Bancorp ONB

FinancialsBanking ServicesUnited States of America

Last close 25.77 USD on Nov 2, 2026, +17.6% year to date

Quant rating

Quant rating B Rank 196 of 799 in Financials

Growth B 133 of 799
Valuation A 55 of 799
Quality B 313 of 799
Revisions C 431 of 799
Momentum C 400 of 799

Wall Street consensus Buy (2.14)Average target 28.90 USD +12.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 9.7B
Enterprise value: 11.1B
52-week range: 19.60 – 27.35
3-year range: 13.79 – 27.35
Dividend yield: 2.31%
Beta (5 years): 0.89
Shares outstanding: 378M
Next earnings: Jan 19, 2027

About the company

Old National Bancorp is the financial holding company of Old National Bank. Old National Bank is a commercial bank that provides a range of services primarily throughout the Midwest and Southeast regions of the United States. It provides commercial and consumer loan and depository services, private banking, capital markets, brokerage, wealth management, trust, investment advisory, and other traditional banking services. It also provides services in consumer and commercial banking; Old National Bank offers comprehensive wealth management and capital markets services. Each of the banking centers of Old National Bank provides a group of similar community banking services, including such products and services as commercial, real estate, and consumer loans; deposits; and private banking, capital markets, brokerage, wealth management, trust, and investment advisory services. Its lending activities include loans to individuals, and loans to commercial clients.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,270	2,602	2,207	1,454	639	–
Revenue growth	25.7%	17.9%	51.8%	127.7%	−3.7%	37.6%
EPS (basic, normalized)	2.11	1.79	2.08	1.51	1.68	–
EPS growth	17.7%	−13.8%	38.4%	−10.4%	22.8%	9.1%
Gross margin	–	–	–	–	–	–
Net margin	20.0%	20.1%	25.6%	28.5%	43.5%	27.5%
ROE	11.1%	10.1%	11.7%	13.3%	9.3%	11.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	11.5%
Long-term debt (mil)	1,172
Net debt (mil)	–
Total equity (mil)	8,295
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	3,270	+25.7%	3.4x	21.21	+8.9%	1.2x	2.21	+18.8%	11.7x
2026	2,885	−11.8%	3.9x	22.07	+4.1%	1.2x	2.57	+16.5%	10.0x
2027	3,030	+5.0%	3.7x	24.46	+10.8%	1.1x	2.81	+9.2%	9.2x
2028	3,187	+5.2%	3.5x	26.84	+9.8%	1.0x	3.11	+10.5%	8.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,885	−0.7%	−0.8%	−0.8%	2.57	−1.2%	−1.1%	−1.3%
2027	3,030	−1.0%	−1.1%	−1.1%	2.81	−3.1%	−3.1%	−3.6%
2028	3,187	−1.6%	−1.2%	+0.2%	3.11	−4.8%	−5.0%	−5.4%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	434	476	486	490	481	647	705	691	695	733
Sales mean (mil)	440	474	482	486	478	623	697	706	707	718
Surprise	−1.3%	+0.4%	+0.8%	+0.9%	+0.7%	+3.9%	+1.2%	−2.2%	−1.7%	+2.0%
EPS reported	0.45	0.46	0.46	0.49	0.45	0.53	0.59	0.62	0.61	0.65
EPS mean	0.43	0.44	0.46	0.46	0.43	0.52	0.56	0.59	0.61	0.63
Surprise	+4.8%	+3.5%	−0.3%	+6.4%	+5.4%	+2.5%	+4.6%	+4.6%	+0.6%	+3.2%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
ONB Old National Bancorp	9.7B	11.5%	20.0%	1.14x	10.0x	9.2x	1.2x	1.1x
USB U.S. Bancorp	94.2B	12.2%	23.2%	1.36x	11.4x	10.3x	1.5x	1.4x
FITB Fifth Third Bancorp	49.9B	10.8%	24.0%	1.43x	13.6x	11.0x	1.5x	1.4x
HBAN Huntington Bancshares Inc	32.3B	11.5%	20.2%	1.20x	10.6x	9.1x	1.1x	1.0x
MTB M&T Bank Corporation	32.3B	11.6%	25.7%	1.22x	11.5x	10.7x	1.2x	1.2x
CFG Citizens Financial Group Inc	27.2B	11.8%	17.5%	1.30x	12.2x	10.0x	1.2x	1.1x
Mean		11.6%	21.8%	1.28x	11.6x	10.0x	1.3x	1.2x
Median		11.6%	21.7%	1.26x	11.5x	10.1x	1.2x	1.1x

Technical analysis

1M+3.2%
3M−2.7%
1Y+29.2%
3Y+98.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Old National Bancorp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	3,270	2,602	2,207	1,454	639	663
Total interest expense	1,212	1,071	704	126	42.2	67.2
Net interest income	2,058	1,531	1,503	1,328	596	596
Loan loss provision	198	111	58.9	145	−29.6	38.4
Net interest income after loan loss provision	1,860	1,420	1,444	1,183	626	558
Non-interest income	467	355	334	400	215	239
Non-interest expense	−1,486	−1,095	−1,027	−1,038	−502	−541
Net income before taxes	841	680	751	545	339	256
Provision for taxes	172	141	169	116	61.3	29.1
Minority interest & equity in affiliates	–	–	–	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	669	539	582	428	278	226
Extraordinary items	–	–	–	–	–	–
Net income	669	539	582	428	278	226
Basic weighted average shares (mil)	364	309	291	275	165	166
Diluted weighted average shares (mil)	365	311	292	277	166	166
Basic EPS excluding extraordinary items	1.80	1.69	1.95	1.51	1.68	1.37
Basic EPS, normalized	2.11	1.79	2.08	1.51	1.68	1.37

Balance sheet in millions of USD, fiscal years

Balance sheet, Old National Bancorp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	592	394	431	453	173	268
Other earning assets	16,190	11,752	10,949	10,516	8,249	6,527
Net loans	48,195	35,893	32,684	30,820	13,495	13,655
Property, plant & equipment	900	771	751	747	546	541
Goodwill	2,426	2,175	1,999	1,999	1,037	1,037
Intangibles	482	121	102	126	34.7	46.0
Long-term investments	–	–	–	–	–	–
Other long-term assets	473	456	423	436	32.9	9.2
Other assets	2,895	1,989	1,751	1,666	887	878
Total assets	72,152	53,552	49,090	46,763	24,454	22,961
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,118	977	961	1,048	297	274
Total deposits	55,088	40,824	37,235	35,001	18,569	17,037
Other bearing liabilities	6,230	4,475	4,301	3,851	1,903	1,999
Short-term borrowings	362	269	286	1,014	393	432
Current portion of long-term debt	170	133	275	90.3	–	–
Long-term debt	683	556	490	653	297	253
Minority interest	–	–	–	–	–	–
Other liabilities	7.2	−22.7	−19.8	−21.7	−16.6	−7.7
Total liabilities	63,657	47,212	43,527	41,635	21,442	19,988
Shareholders' equity
Preferred stock	230	230	230	230	0	0
Common stock	390	319	293	293	166	165
Additional paid-in capital	5,945	4,571	4,160	4,174	1,881	1,876
Retained earnings (accumulated deficit)	2,409	1,966	1,619	1,217	968	784
Treasury stock	–	–	–	–	–	–
Other equity	−479	−746	−739	−786	−2.4	148
Total equity	8,495	6,340	5,563	5,129	3,012	2,973
Total liabilities & shareholders' equity	72,152	53,552	49,090	46,763	24,454	22,961

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Old National Bancorp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	669	539	582	428	278	226
Depreciation, depletion & amortization	124	65.6	62.3	62.3	38.6	43.0
Deferred taxes	–	–	–	–	–	–
Non-cash items	−72.2	25.6	27.6	−53.5	73.6	43.8
Changes in working capital	−39.2	−8.1	−156	377	−59.4	−93.4
Cash from operations	681	622	516	814	330	220
Investing activities
Capital expenditures	−44.1	−30.3	−38.4	−37.9	−48.7	−30.9
Other investing cash flows	−1,791	−1,342	−1,781	−1,648	−1,383	−2,111
Cash from investing	−1,835	−1,372	−1,819	−1,686	−1,432	−2,141
Financing activities
Financing cash flow items	1,651	1,112	1,956	848	1,393	2,406
Cash dividends paid	−225	−191	−180	−178	−92.8	−92.9
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	325	−118	−26.3	107	33.0	−77.6
Cash from financing	1,752	803	1,749	777	1,334	2,235
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	598	52.9	447	−93.6	232	313
Free cash flow	637	592	478	777	282	189

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.