Old National Bancorp (ONB) Stock Analysis
Financial Services · Banks - Regional · NasdaqGS
Old National Bancorp (ONB) posted $2.55B in revenue for fiscal 2025 (up 33.7% year over year), at a 25.6% net margin, and has compounded revenue about 84.8%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Old National Bancorp
Old National Bancorp has grown revenue from $137.29M to $2.55B over the last 10 fiscal years, compounding about 84.8% a year. The most recent year was up 33.7%, so growth has cooled from its longer-run pace.
Net margin sits at 25.6%, down 1.8 points year over year.
At today's valuation the market is pricing in roughly 3.6% annual free-cash-flow growth — versus the 27.5% it actually delivered over the last five years, so the price is arguably undemanding against what it has already proven. The one thing worth a second look in the filings is share count rising (dilution).
Synthesised from Old National Bancorp's SEC filings — descriptive, not advice. Ask the analyst your own question →
Old National Bancorp revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $137.29M | $122.42M | $127.36M | $130.80M | $118.43M | $125.62M | $1.75B | $1.86B | $1.91B | $2.55B |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $134.26M | $95.72M | $190.83M | $238.21M | $226.41M | $277.54M | $414.17M | $565.86M | $523.05M | $653.12M |
| Net margin | 97.8% | 78.2% | 149.8% | 182.1% | 191.2% | 220.9% | 23.7% | 30.4% | 27.4% | 25.6% |
Source: Old National Bancorp SEC filings (10-K). 18 years of history available in the interactive view.
Old National Bancorp: 1 potential red flag in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Share count rising (dilution)Shares outstanding grew 135.0% over 4 years (165.8M → 389.7M) — existing holders' stakes are being diluted.
What growth is priced into ONB stock?
At today's market cap of $9.42B, Old National Bancorp is priced for free-cash-flow growth of about 3.6% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $637.41M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 27.5%/yr over the last five fiscal years and revenue 84.8%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 18 years of Old National Bancorp financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Old National Bancorp financial history by metric
Compare Old National Bancorp with peers
About Old National Bancorp
Old National Bancorp operates as the bank holding company for Old National Bank that provides consumer and commercial banking services in the United States. It accepts deposit accounts, such as noninterest-bearing demand, interest-bearing checking and negotiable order of withdrawal, savings and money market, and time deposits. The company also offers loans, including home equity lines of credit, residential real estate loans, and consumer loans, as well as loans to commercial clients comprising commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing. In addition, it offers debit and automated teller machine cards, telephone access and online banking, and other electronic and mobile banking services. Further, the company offers private banking, wealth management, trust, investment advisory, brokerage, and foreign currency services; treasury management, merchant, and capital markets services for businesses; and community development lending and equity investment solutions. Old National Bancorp was founded in 1834 and is headquartered in Evansville, Indiana.
Old National Bancorp — frequently asked questions
What is Old National Bancorp's revenue?
Old National Bancorp (ONB) reported revenue of $2.55B for fiscal year 2025, up 33.7% from the prior year, according to its SEC filings.
Is Old National Bancorp profitable?
Yes. ONB earned net income of $653.12M in fiscal 2025, a net margin of 25.6%.
What is ONB's P/E ratio?
Old National Bancorp trades at a price-to-earnings ratio of about 12.6 based on the latest data in our nightly-refreshed cache.
How fast is Old National Bancorp growing?
ONB's revenue grew at roughly 84.8% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Old National Bancorp have?
As of fiscal year 2025, ONB carried roughly $0 in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Old National Bancorp's market cap?
Old National Bancorp (ONB) has a market capitalization of about $9.42B, based on the latest data in our nightly-refreshed cache.
When does Old National Bancorp's fiscal year end?
ONB's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into ONB stock?
At today's market cap of $9.42B, Old National Bancorp is priced for free-cash-flow growth of about 3.6% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $637.41M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 27.5%/yr over the last five fiscal years and revenue 84.8%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Old National Bancorp's official SEC filings (10-K and 10-Q), covering 18 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.