Latest Ratios: P/E Ratio 14.8x · EV/EBITDA 16.2x · 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 | $10.2B | $8.7B | $6.8B | $4.9B | $5.0B | $3.0B | $2.8B | $3.2B | $2.4B | $2.4B | $2.3B |
| Enterprise Value | $15.8B | $14.3B | $10.9B | $9.1B | $9.8B | $4.8B | $4.9B | $5.7B | $4.6B | $4.7B | $4.2B |
| P/E Ratio → | 14.77 | 12.46 | 12.92 | 8.71 | 11.99 | 10.85 | 12.18 | 13.25 | 12.62 | 25.29 | 17.29 |
| P/S Ratio | 2.75 | 2.34 | 2.28 | 1.94 | 2.68 | 3.53 | 3.05 | 3.40 | 2.96 | 3.60 | 3.58 |
| P/B Ratio | 1.21 | 1.02 | 1.06 | 0.89 | 0.97 | 1.00 | 0.93 | 1.11 | 0.90 | 1.12 | 1.28 |
| P/FCF | 16.02 | 13.63 | 11.40 | 10.31 | 6.41 | 10.67 | 14.56 | 16.09 | 11.99 | 11.36 | — |
| P/OCF | 14.98 | 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 | — | 3.86 | 3.70 | 3.58 | 5.30 | 5.67 | 5.46 | 6.16 | 5.64 | 7.00 | 6.50 |
| EV / EBITDA | 16.19 | 14.64 | 14.66 | 11.17 | 16.20 | 12.81 | 16.50 | 17.15 | 18.58 | 23.21 | 18.41 |
| EV / EBIT | 18.12 | 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 | 2.2% | 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 | 6.8% | 8.0% | 7.7% | 11.5% | 8.3% | 9.2% | 8.2% | 7.5% | 7.9% | 4.0% | 5.8% |
| FCF Yield | 6.2% | 7.3% | 8.8% | 9.7% | 15.6% | 9.4% | 6.9% | 6.2% | 8.3% | 8.8% | — |
| Buyback Yield | 0.7% | 0.8% | 0.1% | 0.9% | 1.4% | 0.1% | 3.0% | 3.2% | 0.1% | 0.1% | 0.1% |
| Total Shareholder Yield | 2.9% | 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 |
Commercial Real Estate Concentration
Based on recent market data, Old National Bancorp trades at a P/B of 1.19, which appears to reflect a valuation discount relative to peers like Wintrust Financial, suggesting the market remains cautious about the bank's ability to fully monetize its expanded commercial footprint in the Midwest.
The current P/B multiple suggests that investors are pricing ONB as a steady regional consolidator rather than a high-growth franchise. This valuation implies a modest return on tangible equity expectation, as the market likely discounts the bank's reliance on interest-rate-sensitive revenue streams compared to peers with higher fee-income contributions.
According to quarterly financial data, the bank's ROE has remained in a narrow range between 1.7% and 2.7% over the last ten quarters, indicating that profitability is currently constrained by a low NIM environment and a heavy reliance on traditional interest-based revenue streams.
The DuPont decomposition suggests that while the bank maintains a stable equity-to-assets ratio, the lack of significant non-interest income contribution limits the quality of earnings. Investors should monitor whether the expansion of the 1834 Wealth Management brand can eventually improve the fee-income mix and provide a more durable ROE profile.
As reported in financial statements, the efficiency ratio improved to 36.5% in 2026Q1 from a peak of 43.7% in 2025Q3, suggesting that management is successfully capturing post-merger synergies and normalizing the cost structure despite ongoing pressures from rising deposit costs across the regional banking sector.
The trend in the efficiency ratio indicates that the bank is beginning to realize the operational leverage expected from the First Midwest integration. However, the sustainability of this improvement depends on the bank's ability to manage its high fixed-cost branch network while simultaneously scaling its digital capabilities to defend against deposit flight.
Based on the provided quarterly data, Old National Bancorp has maintained a consistent equity-to-assets ratio of approximately 0.12, which appears to provide a stable capital buffer that supports ongoing commercial lending expansion while allowing for disciplined capital returns to shareholders through dividends and buybacks.
The bank's capital position appears adequate to support its current growth trajectory in the Chicago and Minneapolis markets. This capital stability suggests that management is well-positioned to navigate potential regulatory shifts, provided that credit quality remains resilient within the commercial real estate portfolio.
The P/E ratio is frequently misapplied to Old National Bancorp, as it obscures the volatility introduced by CECL-driven provision expenses and merger-related accounting adjustments that do not reflect the bank's underlying cash-generating capacity or its core operational performance in the Midwest commercial lending market.
Investors should prioritize P/TBV and core earnings metrics over P/E, as the latter is heavily distorted by non-cash accounting marks and periodic provisioning swings. Relying on P/E may lead to an inaccurate assessment of the bank's valuation, as it fails to account for the structural stability provided by the bank's granular deposit base.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ONB stock.
Old National Bancorp's current P/E ratio is 14.8x. 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 16.2x. 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 14.8x. 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 2.19% 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.