ONB
OLD NATIONAL BANCORP /IN/
Next earnings Jul 20, 2026 · consensus $0.64 EPS, $726M rev
Last earnings +1.1% on 2026-04-22
$26.00
▲ +0.78%$26.00▲ +25.46%
over 1Y
L $19.12H $26.00
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+0.8%
1W+0.5%
1M+9.7%
3M+18.6%
YTD+17.4%
1Y+25.5%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 14 analysts
Buy
Regional bank growing earnings 24% and scaling to $72B assets via M&A, at a reasonable 13.9x but with dilution offsetting EPS.
Net income $669M · FY2025
The read
Middling fundamentals offset by an attractive price (~103% below fair value) — worth a look on the value angle.
Old National Bancorp is a regional commercial bank that grew meaningfully in FY2025. Net income rose 24.1% to $669M, continuing a multi-year climb (from $278M in FY2021), and total assets expanded 34.7% to $72.2B with equity up 34.0% to $8.49B. That magnitude of balance-sheet growth, combined with a 22.2% jump in shares outstanding to 390M, points to a sizable acquisition during the year — adding scale but diluting per-share metrics, which is why diluted EPS grew only 6.5% to $1.79 despite the 24.1% net-income gain.
The valuation is reasonable for a regional bank: 13.9x earnings at $24.80. Capital return is supportive, with dividends up 17.8% to $225M and buybacks ramped sharply to $71.8M. The balance sheet shows the normal banking leverage (liabilities 7.49x equity) and a healthy liquidity build (cash up 48.7% to $1.83B). Retained earnings grew 22.5% to $2.41B, evidence of solid internal capital generation.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 4:49 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $126M | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $278M | $428M | $582M | $539M | $669M |
| Diluted EPS | $1.67 | $1.50 | $1.94 | $1.68 | $1.79 |
| Net margin | 220.9% | — | — | — | — |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF15.8
PEG (trailing)0.60
Earnings yield6.7%
FCF yield6.3%
Quality & risk
ROIC (est.)—
Free cash flow$637M
Total debt$877M
Net cash$949M
Piotroski F-Score4/7
Capital returns
Buyback yield0.7%
Dividend yield (est.)2.2%
Shareholder yield3.0%
Shares Δ YoY+22.2%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
Recent filings
all on EDGAR ↗S-8Filing2026-05-28open ↗S-3ASRFiling2026-05-28open ↗8-KPeriod ending 2026-05-132026-05-18open ↗8-KPeriod ending 2026-05-132026-05-13open ↗8-KPeriod ending 2026-05-062026-05-06open ↗10-QPeriod ending 2026-03-312026-04-29open ↗8-KPeriod ending 2026-04-222026-04-22open ↗13F-HRPeriod ending 2026-03-312026-04-21open ↗4Period ending 2026-03-312026-04-10open ↗4Period ending 2026-03-312026-04-10open ↗4Period ending 2026-03-312026-04-10open ↗4Period ending 2026-04-062026-04-07open ↗
Frequently asked
- Is OLD NATIONAL BANCORP /IN/ (ONB) a buy?
- ONB currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Regional bank growing earnings 24% and scaling to $72B assets via M&A, at a reasonable 13.9x but with dilution offsetting EPS.
- What is ONB's fair value?
- A Modified-Graham model based on ONB's SEC fundamentals estimates a fair value of about $52.68. It is an estimate from reported earnings, not a price target.
- Is ONB overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, ONB currently appears undervalued relative to its SEC-grounded earnings power.
- What is OLD NATIONAL BANCORP /IN/'s quality score?
- ONB scores 74.52647324452472/100 (grade B) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000707179, latest 10-Q filed 2026-04-29) · EODHD · Proprietary analysis · as of 6/21/2026, 8:49:54 PM.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.