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Horizon Bancorp, Inc. (HBNC) Financial Ratios

30 years of historical data (1996–2025) · Financial Services · Banks - Regional

View Quarterly Ratios →

P/E Ratio

↑

-6.27

↓-142% vs avg

5yr avg: 15.02

00%ile100

30Y Low4.6·High23.6

View P/E History →

EV/EBITDA

↑

N/A

—

5yr avg: 22.39

30Y Low9.9·High64.8

P/FCF

↑

24.29

↓-80% vs avg

5yr avg: 119.54

0100%ile100

30Y Low1.8·High23.3

P/B Ratio

↓

1.47

↑+39% vs avg

5yr avg: 1.06

086%ile100

30Y Low0.4·High1.9

ROE

↓

-20.7%

↑-856% vs avg

5yr avg: 2.7%

03%ile100

30Y Low-21%·High15%

Debt/EBITDA

↑

N/A

—

5yr avg: 17.48

30Y Low6.5·High38.4

Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.

HBNC Valuation Multiples

Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow

Horizon Bancorp, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 24.3x P/FCF, 80% below the 5-year average of 119.5x.

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Market Cap	$1.0B	$870M	$710M	$627M	$659M	$916M	$700M	$828M	$607M	$644M	$562M
Enterprise Value	$1.3B	$1.2B	$1.8B	$1.1B	$1.5B	$1.1B	$1.0B	$1.3B	$1.1B	$1.2B	$816M
P/E Ratio →	-6.27	—	20.14	22.36	7.05	10.53	10.23	12.42	11.43	19.51	23.63
P/S Ratio	9.81	8.43	2.00	1.96	2.37	3.72	2.75	3.41	3.13	4.11	4.12
P/B Ratio	1.47	1.26	0.93	0.87	0.97	1.27	1.01	1.26	1.23	1.41	1.65
P/FCF	24.29	20.88	552.86	7.73	7.49	8.74	9.60	4.88	8.82	13.89	23.27
P/OCF	22.16	19.05	111.47	7.05	6.98	8.62	8.88	4.75	8.40	13.13	22.01

P/E links to full P/E history page with 30-year chart

HBNC EV Ratios

Enterprise-value multiples — capital-structure-neutral measures of total business value

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
EV / Revenue	—	11.70	4.96	3.55	5.57	4.65	4.05	5.47	5.77	7.47	5.98
EV / EBITDA	—	—	44.42	22.26	13.04	9.86	11.37	14.82	15.94	21.70	21.48
EV / EBIT	—	—	64.39	29.10	14.66	11.19	13.16	16.62	17.64	24.39	24.95
EV / FCF	—	28.99	1371.63	13.98	17.60	10.93	14.15	7.82	16.29	25.22	33.77

HBNC Profitability

Margins and return-on-capital ratios measuring operating efficiency

Horizon Bancorp, Inc. earns an operating margin of -193.4%, below the Financial Services sector average of 20.2%. Operating margins have compressed from 12.2% to -193.4% over the past 3 years, signaling potential cost pressures or competitive headwinds. A negative ROE of -20.7% indicates the company is currently destroying shareholder equity.

Margins

Full margin charts and quarterly trend are on the Earnings History page

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Gross Margin	-29.5%	-29.5%	51.2%	56.5%	87.5%	93.4%	78.3%	79.6%	82.2%	88.0%	83.6%
Operating Margin	-193.4%	-193.4%	7.7%	12.2%	38.0%	41.5%	30.8%	32.9%	32.7%	30.6%	24.0%
Net Profit Margin	-145.9%	-145.9%	10.0%	8.8%	33.6%	35.3%	26.9%	27.4%	27.3%	21.1%	17.5%

Return on Capital

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
ROE	-20.7%	-20.7%	4.8%	4.0%	13.3%	12.3%	10.2%	11.6%	11.2%	8.3%	7.9%
ROA	-2.1%	-2.1%	0.5%	0.4%	1.2%	1.3%	1.2%	1.4%	1.3%	0.9%	0.8%
ROIC	-9.3%	-9.3%	1.1%	1.7%	4.9%	5.4%	4.6%	5.1%	4.5%	4.2%	3.5%
ROCE	-4.7%	-4.7%	1.3%	2.0%	6.6%	7.5%	6.5%	7.7%	7.2%	6.9%	6.5%

HBNC Leverage & Debt

Solvency and debt-coverage ratios — lower is generally safer

Net debt stands at $338M ($404M total debt minus $67M cash).

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Debt / Equity	0.59	0.59	1.76	1.44	1.50	1.15	0.85	0.92	1.20	1.32	0.95
Debt / EBITDA	—	—	33.93	20.32	8.55	7.12	6.51	6.77	8.36	11.17	8.54
Net Debt / Equity	—	0.49	1.38	0.71	1.31	0.32	0.48	0.76	1.04	1.15	0.74
Net Debt / EBITDA	—	—	26.51	9.95	7.49	1.98	3.65	5.57	7.30	9.75	6.68
Debt / FCF	—	8.11	818.77	6.25	10.10	2.19	4.55	2.94	7.47	11.33	10.50
Interest Coverage	-1.50	-1.50	0.16	0.29	2.89	5.60	2.28	1.68	2.01	2.93	1.59

HBNC Liquidity & Efficiency

Short-term solvency ratios and asset-utilisation metrics

A current ratio of 1.14x means Horizon Bancorp, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 0.19x to 1.14x over the past 3 years.

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Current Ratio	1.14	1.14	0.10	0.19	0.19	0.30	0.30	0.24	0.21	0.19	0.20
Quick Ratio	1.14	1.14	0.10	0.19	0.19	0.30	0.30	0.24	0.21	0.19	0.20
Cash Ratio	0.76	0.76	0.05	0.09	0.02	0.10	0.06	0.03	0.02	0.02	0.03
Asset Turnover	—	0.02	0.05	0.04	0.04	0.03	0.04	0.05	0.05	0.04	0.04
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—
Days Sales Outstanding	—	—	—	—	—	—	—	—	—	—	—

HBNC Shareholder Yields

Earnings, FCF, buyback, and dividend yields — total returns to shareholders

Horizon Bancorp, Inc. returns 2.1% to shareholders annually primarily through dividends.

Dividends

Full dividend history and growth charts are on the Dividend History page

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Dividend Yield	2.1%	—	—	—	—	—	—	—	—	—	—
Payout Ratio	—	—	80.0%	101.2%	29.7%	28.4%	30.9%	31.3%	29.0%	35.4%	35.1%

Total Shareholder Return Metrics

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Earnings Yield	—	—	5.0%	4.5%	14.2%	9.5%	9.8%	8.1%	8.7%	5.1%	4.2%
FCF Yield	4.1%	4.8%	0.2%	12.9%	13.3%	11.4%	10.4%	20.5%	11.3%	7.2%	4.3%
Buyback Yield	0.0%	—	—	—	—	—	—	—	—	—	—
Total Shareholder Yield	2.1%	—	—	—	—	—	—	—	—	—	—
Shares Outstanding	—	$51M	$44M	$44M	$44M	$44M	$44M	$44M	$38M	$35M	$30M

Peer Comparison

Compare HBNC with 10 similar companies in its peer group

Company	Market Cap	P/E	EV/EBITDA	P/FCF	Gross Margin	Op Margin	ROE	ROIC	Debt/EBITDA
HBNCYou	$1B	-6.3	—	24.3	-29.5%	-193.4%	-20.7%	-9.3%	—
MOFG	$1B	-13.9	—	16.7	29.4%	-40.8%	-11.1%	-9.4%	—
FFIN	$5B	19.0	11.8	15.7	71.8%	37.5%	14.4%	12.4%	0.1
MBWM	$954M	10.1	12.3	85.1	64.0%	27.5%	13.6%	5.5%	7.8
CZWI	$207M	14.7	15.7	19.9	54.7%	7.0%	7.9%	2.0%	5.8
HFWA	$987M	14.8	12.3	11.5	72.4%	23.2%	7.6%	5.2%	0.5
NBTB	$3B	14.5	11.0	11.5	72.1%	25.3%	9.9%	7.9%	1.4
SBCF	$3B	20.3	23.0	17.5	61.6%	21.4%	5.5%	3.9%	7.2
BANR	$2B	11.9	9.8	9.2	79.0%	29.5%	10.5%	7.7%	1.5
FIS	$20B	52.3	6.5	7.2	36.9%	16.5%	2.6%	6.0%	1.1
FISV	$29B	8.5	6.4	6.6	59.4%	26.9%	13.0%	8.1%	3.3
Financial Services Median	—	13.9	11.5	11.2	64.1%	20.2%	9.0%	5.4%	4.3

Peer selection based on competitive and market overlap. Compare multiple stocks →

Download Financial Ratios Data

Includes 30+ ratios · 30 years · Updated daily

HBNC — Frequently Asked Questions

Quick answers to the most common questions about buying HBNC stock.

What is Horizon Bancorp, Inc.'s P/E ratio?

Horizon Bancorp, Inc.'s current P/E ratio is -6.3x. The historical average is 12.3x.

What is Horizon Bancorp, Inc.'s ROE?

Horizon Bancorp, Inc.'s return on equity (ROE) is -20.7%. The historical average is 9.2%.

Is HBNC stock overvalued?

Based on historical data, Horizon Bancorp, Inc. is trading at a P/E of -6.3x. Compare with industry peers and growth rates for a complete picture.

What is Horizon Bancorp, Inc.'s dividend yield?

Horizon Bancorp, Inc.'s current dividend yield is 2.10%.

What are Horizon Bancorp, Inc.'s profit margins?

Horizon Bancorp, Inc. has -29.5% gross margin and -193.4% operating margin.