Latest Ratios: P/E Ratio 13.8x · EV/EBITDA 15.5x · ROE 9.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.6B | $8.7B | $6.8B | $4.9B | $5.0B | $3.0B | $2.8B | $3.2B | $2.4B | $2.4B | $2.3B |
| Enterprise Value | $15.2B | $14.3B | $10.9B | $9.1B | $9.8B | $4.8B | $4.9B | $5.7B | $4.6B | $4.7B | $4.2B |
| P/E Ratio → | 13.82 | 12.46 | 12.92 | 8.71 | 11.99 | 10.85 | 12.18 | 13.25 | 12.62 | 25.29 | 17.29 |
| P/S Ratio | 3.83 | 3.48 | 3.58 | 2.68 | 2.88 | 3.71 | 3.29 | 3.93 | 3.35 | 3.94 | 3.84 |
| P/B Ratio | 1.13 | 1.02 | 1.06 | 0.89 | 0.97 | 1.00 | 0.93 | 1.11 | 0.90 | 1.12 | 1.28 |
| P/FCF | 15.00 | 13.63 | 11.40 | 10.31 | 6.41 | 10.67 | 14.56 | 16.09 | 11.99 | 11.36 | — |
| P/OCF | 14.03 | 12.75 | 10.85 | 9.55 | 6.11 | 9.10 | 12.52 | 13.51 | 10.28 | 9.66 | 93.87 |
P/E links to full P/E history page with 30-year chart
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 | — | 5.73 | 5.80 | 4.95 | 5.69 | 5.97 | 5.90 | 7.13 | 6.38 | 7.66 | 6.97 |
| EV / EBITDA | 15.53 | 14.64 | 14.66 | 11.17 | 16.20 | 12.81 | 16.50 | 17.15 | 18.58 | 23.21 | 18.41 |
| EV / EBIT | 17.37 | 16.38 | 16.07 | 12.09 | 18.05 | 14.27 | 19.27 | 19.72 | 21.98 | 27.89 | 20.92 |
| EV / FCF | — | 22.46 | 18.47 | 19.01 | 12.66 | 17.17 | 26.07 | 29.17 | 22.82 | 22.11 | — |
Margins and return-on-capital ratios measuring operating efficiency
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 | 63.6% | 63.6% | 60.0% | 70.0% | 85.4% | 98.5% | 87.8% | 85.9% | 87.5% | 90.9% | 93.0% |
| Operating Margin | 23.6% | 23.6% | 23.0% | 29.6% | 29.4% | 39.7% | 28.3% | 31.2% | 25.7% | 25.1% | 30.8% |
| Net Profit Margin | 18.0% | 18.0% | 18.2% | 22.9% | 23.1% | 32.5% | 25.1% | 25.6% | 23.5% | 14.2% | 20.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.0% | 9.0% | 9.1% | 10.9% | 10.5% | 9.3% | 7.8% | 8.6% | 7.9% | 4.8% | 8.1% |
| ROA | 1.1% | 1.1% | 1.1% | 1.2% | 1.2% | 1.2% | 1.0% | 1.2% | 1.0% | 0.6% | 1.0% |
| ROIC | 4.7% | 4.7% | 4.5% | 5.2% | 5.0% | 4.5% | 3.4% | 4.0% | 3.2% | 2.9% | 4.0% |
| ROCE | 6.0% | 6.0% | 5.9% | 7.4% | 7.3% | 6.4% | 5.0% | 6.1% | 4.9% | 4.6% | 6.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.88 | 0.88 | 0.85 | 0.96 | 1.09 | 0.88 | 0.93 | 1.00 | 0.93 | 1.20 | 1.19 |
| Debt / EBITDA | 7.62 | 7.62 | 7.25 | 6.55 | 9.20 | 7.02 | 9.25 | 8.52 | 10.10 | 12.72 | 9.38 |
| Net Debt / Equity | — | 0.66 | 0.66 | 0.75 | 0.95 | 0.61 | 0.73 | 0.90 | 0.81 | 1.06 | 1.05 |
| Net Debt / EBITDA | 5.75 | 5.75 | 5.61 | 5.11 | 8.00 | 4.85 | 7.28 | 7.69 | 8.82 | 11.29 | 8.26 |
| Debt / FCF | — | 8.83 | 7.07 | 8.70 | 6.26 | 6.49 | 11.50 | 13.08 | 10.83 | 10.75 | — |
| Interest Coverage | 0.72 | 0.72 | 0.64 | 1.07 | 4.31 | 8.02 | 3.80 | 2.30 | 2.21 | 2.90 | 4.55 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.04 | 0.04 | 0.21 | 0.20 | 0.21 | 0.43 | 0.38 | 0.37 | 0.30 | 0.26 | 0.27 |
| Quick Ratio | 0.04 | 0.04 | 0.21 | 0.20 | 0.21 | 0.43 | 0.38 | 0.37 | 0.30 | 0.26 | 0.27 |
| Cash Ratio | 0.03 | 0.03 | 0.03 | 0.03 | 0.02 | 0.04 | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 |
| Asset Turnover | — | 0.05 | 0.06 | 0.05 | 0.04 | 0.03 | 0.04 | 0.05 | 0.04 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 2.3% | 2.6% | 2.8% | 3.7% | 3.6% | 3.1% | 3.4% | 2.8% | 3.4% | 3.0% | 2.9% |
| Payout Ratio | 33.6% | 33.6% | 35.5% | 30.9% | 41.5% | 33.4% | 41.1% | 37.6% | 43.1% | 75.8% | 50.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.2% | 8.0% | 7.7% | 11.5% | 8.3% | 9.2% | 8.2% | 7.5% | 7.9% | 4.0% | 5.8% |
| FCF Yield | 6.7% | 7.3% | 8.8% | 9.7% | 15.6% | 9.4% | 6.9% | 6.2% | 8.3% | 8.8% | — |
| Buyback Yield | 0.8% | 0.8% | 0.1% | 0.9% | 1.4% | 0.1% | 3.0% | 3.2% | 0.1% | 0.1% | 0.1% |
| Total Shareholder Yield | 3.1% | 3.4% | 3.0% | 4.6% | 5.0% | 3.2% | 6.4% | 6.1% | 3.5% | 3.1% | 3.0% |
| Shares Outstanding | — | $390M | $311M | $292M | $277M | $166M | $166M | $173M | $157M | $139M | $128M |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ONB stock.
Old National Bancorp's current P/E ratio is 13.8x. The historical average is 19.5x. This places it at the 40th percentile of its historical range.
Old National Bancorp's current EV/EBITDA is 15.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.9x.
Old National Bancorp's return on equity (ROE) is 9.0%. The historical average is 9.6%.
Based on historical data, Old National Bancorp is trading at a P/E of 13.8x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Old National Bancorp's current dividend yield is 2.34% with a payout ratio of 33.6%.
Old National Bancorp has 63.6% gross margin and 23.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Old National Bancorp's Debt/EBITDA ratio is 7.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Chicago CRE concentration
Metrics are mathematically derived from official filings.
Premium Priced for Consolidation
ONB trades at 1.18x tangible book, a premium to peers like FNB (0.99x) but below WTFC (1.42x), implying market recognition of its deposit franchise, per recent market data.
The P/B of 1.18x sits between the discount of FNB and the premium of WTFC, suggesting investors price ONB as a steady consolidator rather than a high-growth franchise. The forward P/E of 9.91x versus TTM 14.43x implies expected earnings growth, likely from merger synergies and fee income expansion. However, the PEG of 2.55x indicates the market may be pricing in modest growth, leaving limited upside if execution falters.
ROE Recovery Masked by Accretion
ROE improved to 3.0% in 2026Q2 from 1.7% a year earlier, but purchase accounting accretion may inflate reported earnings, per ONB's financial statements, warranting a core-earnings adjustment.
The DuPont decomposition shows ROE driven by a thin NIM of 0.8% and low leverage (equity-to-assets at 12%), with fee income contributing only 11% of revenue. The efficiency ratio at 33.9% is exceptionally low, suggesting strong cost control, but this may be flattered by revenue accretion. Adjusted for PAA, core ROE likely remains below 2%, indicating the reported profitability is not yet sustainable without continued merger benefits.
NIM Stability Belies Deposit Pressure
NIM held at 0.8% for four consecutive quarters through 2026Q2, but rising deposit costs and PAA may be masking underlying spread compression, based on ONB's quarterly data.
The stable NIM suggests the low-cost rural deposit base is protecting margins, but the efficiency ratio's drop to 33.9% from 40.2% a year ago indicates strong revenue growth outpacing expenses. However, with fee income volatile and provisions rising, the efficiency improvement may not be sustainable. Investors should monitor deposit beta, as a higher pass-through of rate cuts could compress NIM in coming quarters.
Capital Ratios Stable, Room for Return
Equity-to-assets held at 12% in 2026Q2, with tangible book value per share rising to $14.83 from $11.98 in 2024Q1, per ONB's balance sheet data, indicating solid capital accumulation.
The stable equity ratio and growing tangible book value suggest ONB is retaining earnings to support organic growth and potential acquisitions. The 69% payout ratio in 2026Q2, including dividends and buybacks, appears manageable given the capital build. However, the Chicago CRE concentration may require higher capital buffers, potentially limiting future capital return if credit quality deteriorates.
Provision Spike Signals Caution
Loan loss provisions swung from zero in 2025Q3-Q4 to $24.4 million in 2026Q2, while net charge-offs remained low, per ONB's quarterly data, indicating proactive reserve building.
The provision increase, despite low charge-offs, suggests management is preparing for potential credit deterioration, particularly in the Chicago CRE portfolio. This cautious stance may be prudent given the concentration risk, but it also pressures near-term earnings. The adequacy of reserves depends on whether the provisions reflect forward-looking CECL models or actual stress; investors should monitor NPL trends for confirmation.
P/E Distorted by Accretion
The P/E ratio of 14.43x is misleading for ONB because purchase accounting accretion inflates net income, per financial disclosures, obscuring the true earnings power of the combined entity.
Investors should use P/TBV or adjusted P/E that excludes PAA to value ONB, as the reported earnings include non-cash accretion from the First Midwest merger. The forward P/E of 9.91x may also be overstated if core earnings are lower than reported. A more accurate valuation would adjust for PAA and merger costs, potentially revealing a higher multiple and lower implied growth.