Old National Bancorp (ONB) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Banks - Regional
EV/EBITDA
↑
15.46
+11% vs avg
5yr avg: 13.89
30Y Low11.2·High38.4
P/FCF
↑
14.90
↑+42% vs avg
5yr avg: 10.49
30Y Low6.4·High55.2
P/B Ratio
↑
1.13
+14% vs avg
5yr avg: 0.99
30Y Low0.9·High3.2
ROE
↓
9.0%
-7% vs avg
5yr avg: 9.8%
30Y Low2%·High18%
Debt/EBITDA
↑
7.62
+1% vs avg
5yr avg: 7.53
30Y Low5.6·High20.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ONB Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Old National Bancorp trades at 13.7x earnings, 21% above its 5-year average of 11.4x, sitting at the 40th percentile of its historical range. This is roughly in line with the Financial Services sector median P/E of 13.4x. On a free-cash-flow basis, the stock trades at 14.9x P/FCF, 42% above the 5-year average of 10.5x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.5B | $8.7B | $6.8B | $4.9B | $5.0B | $3.0B | $2.8B | $3.2B | $2.4B | $2.4B | $2.3B |
| Enterprise Value | $15.1B | $14.3B | $10.9B | $9.1B | $9.8B | $4.8B | $4.9B | $5.7B | $4.6B | $4.7B | $4.2B |
| P/E Ratio → | 13.73 | 12.46 | 12.92 | 8.71 | 11.99 | 10.85 | 12.18 | 13.25 | 12.62 | 25.29 | 17.29 |
| P/S Ratio | 2.56 | 2.34 | 2.28 | 1.94 | 2.68 | 3.53 | 3.05 | 3.40 | 2.96 | 3.60 | 3.58 |
| 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 | 14.90 | 13.63 | 11.40 | 10.31 | 6.41 | 10.67 | 14.56 | 16.09 | 11.99 | 11.36 | — |
| P/OCF | 13.93 | 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
ONB EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Old National Bancorp's enterprise value stands at 15.5x EBITDA, 11% above its 5-year average of 13.9x. The Financial Services sector median is 11.4x, placing the stock at a 35% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.86 | 3.70 | 3.58 | 5.30 | 5.67 | 5.46 | 6.16 | 5.64 | 7.00 | 6.50 |
| EV / EBITDA | 15.46 | 14.64 | 14.66 | 11.17 | 16.20 | 12.81 | 16.50 | 17.15 | 18.58 | 23.21 | 18.41 |
| EV / EBIT | 17.30 | 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 | — |
ONB Profitability
Margins and return-on-capital ratios measuring operating efficiency
Old National Bancorp earns an operating margin of 23.6%, above the Financial Services sector average of 21.2%. Operating margins have compressed from 29.6% to 23.6% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 9.0% is modest, trailing the sector median of 9.4%. ROIC of 4.7% represents below-average returns on invested capital versus a sector median of 5.7%.
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 | 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% |
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 | 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% |
ONB Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Old National Bancorp carries a Debt/EBITDA ratio of 7.6x, which is highly leveraged (84% above the sector average of 4.1x). Net debt stands at $5.6B ($7.5B total debt minus $1.8B cash). Interest coverage of just 0.7x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| 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 |
ONB Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.04x is below 1.0, meaning current liabilities exceed current assets — though the company's $1.8B cash position helps mitigate short-term liquidity concerns. The current ratio has declined from 0.20x to 0.04x 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 | 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 | — | — | — | — | — | — | — | — | — | — | — |
ONB Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Old National Bancorp returns 3.1% to shareholders annually — split between a 2.4% dividend yield and 0.8% buyback yield. The payout ratio of 33.6% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 7.3% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
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 | 2.4% | 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% |
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 | 7.3% | 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 |
Peer Comparison
Compare ONB 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 |
|---|---|---|---|---|---|---|---|---|---|
 ONBYou | $9B | 13.7 | 15.5 | 14.9 | 63.6% | 23.6% | 9.0% | 4.7% | 7.6 |
 WTFC | $10B | 13.3 | 11.8 | 11.3 | 62.2% | 26.4% | 12.1% | 7.5% | 3.7 |
 IBCP | $696M | 10.3 | 9.4 | 9.9 | 69.6% | 25.8% | 14.3% | 10.2% | 1.4 |
 FFIN | $5B | 20.9 | 14.3 | 15.8 | 70.8% | 36.8% | 14.4% | 11.0% | 0.7 |
 HBAN | $26B | 12.0 | 16.0 | 11.6 | 61.7% | 21.5% | 10.0% | 5.1% | 6.9 |
 FNB | $6B | 11.7 | 11.8 | — | 62.3% | 24.8% | 8.7% | 4.7% | 5.9 |
 UMBF | $10B | 14.7 | 12.3 | 10.4 | 54.4% | 20.3% | 12.6% | 7.5% | 3.6 |
 BOKF | $10B | 16.7 | 17.4 | 7.3 | 57.1% | 19.8% | 9.8% | 4.1% | 5.8 |
 CFG | $28B | 21.7 | 12.4 | 15.1 | 57.6% | 15.3% | 6.2% | 3.8% | 5.2 |
 FITB | $34B | 16.2 | 14.7 | 14.1 | 59.2% | 22.3% | 11.9% | 5.7% | 5.6 |
 RF | $24B | 12.3 | 6.6 | 11.2 | 74.6% | 28.5% | 11.7% | 8.5% | 1.7 |
| Financial Services Median | — | 13.4 | 11.4 | 10.6 | 63.4% | 21.2% | 9.4% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonONB — Frequently Asked Questions
Quick answers to the most common questions about buying ONB stock.
What is Old National Bancorp's P/E ratio?
Old National Bancorp's current P/E ratio is 13.7x. The historical average is 19.5x. This places it at the 40th percentile of its historical range.
What is Old National Bancorp's EV/EBITDA?
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.
What is Old National Bancorp's ROE?
Old National Bancorp's return on equity (ROE) is 9.0%. The historical average is 9.6%.
Is ONB stock overvalued?
Based on historical data, Old National Bancorp is trading at a P/E of 13.7x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Old National Bancorp's dividend yield?
Old National Bancorp's current dividend yield is 2.35% with a payout ratio of 33.6%.
What are Old National Bancorp's profit margins?
Old National Bancorp has 63.6% gross margin and 23.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Old National Bancorp have?
Old National Bancorp's Debt/EBITDA ratio is 7.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.