Old National BancorpONB
NasdaqGS•Financial Services•Banks - Regional
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.
Old National Bancorp (ONB) reported trailing twelve months revenue of $2.04B as of March 2026, a 41.9% increase year-over-year. Quarterly revenue reached $537.63M, reflecting continued top-line momentum.
Old National Bancorp generated $758.27M in TTM net income, with quarterly EBITDA of $210.78M. The operating margin expanded from 24.6% to 32.2%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (32.2%) and net margin (43.5%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 40.6% a year ago, signaling stronger bottom-line efficiency.
ONB trades at a P/E of 10.9x (below the broader market average) and a P/S of 4.1x. The price-to-book ratio of 1.0x suggests the stock trades below its book value.
The company generated $193.26M in free cash flow over the trailing twelve months, a 88.7% increase year-over-year, indicating cash generation ability. The balance sheet shows $73.00B in total assets with $6.03B in long-term debt against $8.51B in stockholders equity for a debt-to-equity ratio of 0.7. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~22.5% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~8.1% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~46.0% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 8.4% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 1.0x on average — earnings are well-supported by cash generation.
D/E ratio is 0.7 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 22.3% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation