Latest Ratios: P/E Ratio -6.3x · EV/EBITDA N/A · ROE -20.7%. (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 | $1.0B | $870M | $710M | $627M | $659M | $916M | $700M | $828M | $607M | $644M | $562M |
| Enterprise Value | $1.4B | $1.2B | $1.8B | $1.1B | $1.5B | $1.1B | $1.0B | $1.3B | $1.1B | $1.2B | $816M |
| P/E Ratio → | -6.33 | — | 20.14 | 22.36 | 7.05 | 10.53 | 10.23 | 12.42 | 11.43 | 19.51 | 23.63 |
| P/S Ratio | 9.90 | 8.43 | 2.00 | 1.96 | 2.37 | 3.72 | 2.75 | 3.41 | 3.13 | 4.11 | 4.12 |
| P/B Ratio | 1.49 | 1.26 | 0.93 | 0.87 | 0.97 | 1.27 | 1.01 | 1.26 | 1.23 | 1.41 | 1.65 |
| P/FCF | 24.53 | 20.88 | 552.86 | 7.73 | 7.49 | 8.74 | 9.60 | 4.88 | 8.82 | 13.89 | 23.27 |
| P/OCF | 22.37 | 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
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 |
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 | -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% |
| 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% |
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 | 0.59 | 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 |
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 | 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 | — | — | — | — | — | — | — | — | — | — | — |
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 | 2.1% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | 80.0% | 101.2% | 29.7% | 28.4% | 30.9% | 31.3% | 29.0% | 35.4% | 35.1% |
| 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 |
Securities portfolio duration mismatch
According to recent market data, Horizon Bancorp trades at a P/B of 1.51, which appears to reflect significant investor skepticism regarding the bank's ability to restore historical return on tangible equity levels following the recent balance sheet restructuring and associated earnings volatility observed in 2025.
The current valuation suggests that the market is pricing HBNC as a distressed asset rather than a normalized regional franchise. Investors should monitor whether the forward P/E of 9.66 proves to be an attractive entry point or a value trap, contingent on the bank's ability to demonstrate sustained earnings power in the coming quarters.
As reported in financial statements, the bank's ROE has fluctuated wildly, reaching a low of -30.6% in 2025Q3, which highlights the extreme sensitivity of profitability to non-interest income volatility and the ongoing challenges in maintaining a stable net interest margin within the current interest rate environment.
The decomposition of profitability indicates that the bank's reliance on non-interest income has become a liability rather than a driver of quality earnings. The recent recovery to a 2.0% ROE in 2026Q1 suggests a stabilization of the core lending engine, though the lack of consistent asset utilization remains a primary concern for long-term profitability.
Based on quarterly filings, the net interest margin has remained suppressed between 0.5% and 1.0% over the last ten quarters, indicating that the bank's funding costs have largely offset the yield benefits from its loan portfolio, thereby constraining the institution's overall operating efficiency and profitability.
The efficiency ratio's volatility, peaking at 69.2% in 2024Q4, underscores the difficulty of managing a fixed-cost base when revenue streams are subject to significant external shocks. Future margin expansion appears dependent on the bank's ability to reprice its deposit base more effectively while navigating the competitive landscape of the Indiana and Michigan corridors.
According to the provided quarterly data, the equity-to-assets ratio improved significantly to 0.29 in 2026Q1 from 0.10 in 2025Q4, suggesting that management has successfully prioritized capital preservation and balance sheet fortification following the substantial asset liquidations executed throughout the previous fiscal year.
This strengthening of the capital base provides a necessary buffer against potential credit deterioration in the regional manufacturing sector. Investors should monitor whether this improved capital position allows for a resumption of more aggressive lending or if it remains a defensive posture intended to mitigate ongoing balance sheet risks.
Data from recent financial reports indicates that the P/E ratio is a highly misleading metric for Horizon Bancorp, as it is heavily distorted by non-recurring losses from securities sales that do not reflect the bank's underlying operational capacity to generate net interest income.
Using P/E to evaluate HBNC ignores the massive one-time accounting hits that have artificially depressed earnings in recent periods. Analysts should instead focus on Pre-Provision Net Revenue (PPNR) and tangible book value trends to gain a more accurate assessment of the bank's true economic value and recovery trajectory.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying HBNC stock.
Horizon Bancorp, Inc.'s current P/E ratio is -6.3x. The historical average is 12.3x.
Horizon Bancorp, Inc.'s return on equity (ROE) is -20.7%. The historical average is 9.2%.
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.
Horizon Bancorp, Inc.'s current dividend yield is 2.08%.
Horizon Bancorp, Inc. has -29.5% gross margin and -193.4% operating margin.