Old National Bancorp (ONB) Key Metrics
ONB valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $9.57B
- Enterprise value
- $16.79B
- P/E (TTM)
- 11.1 10-yr median 12.6
- Forward P/E
- 8.4
- PEG ratio
- 1.59
- Price / sales
- 3.6 10-yr median 3.0
- Price / book
- 1.1 10-yr median 1.0
- EV / EBITDA
- — 10-yr median 4.8
- Dividend yield
- 2.32% $0.58 a year
- Beta
- 0.86
ONB key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsONB valuation Price multiples at each fiscal year-end price.
ONB returns How much profit the business earns on the capital it uses.
ONB per-share figures Results divided by the shares outstanding at year-end.
ONB financial health Debt, liquidity and how easily interest is covered.
ONB efficiency & capital use Working capital cycle and where the cash goes.
ONB valuation history
ONB returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ONB debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ONB cash returned to shareholders
ONB price vs earnings per share
ONB key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $8.69B | $6.75B | $4.93B | $4.97B | $3.01B | $2.75B | $3.16B | $2.41B | $2.42B | $2.33B |
| Enterprise value | $13.86B | $3.48B | $2.37B | $3.06B | −$2.55B | −$1.04B | $341.2M | $463.9M | $1.51B | $1.67B |
| P/E ratio | 13.0 | 12.5 | 8.5 | 11.6 | 10.8 | 12.2 | 13.3 | 12.6 | 25.2 | 17.3 |
| Price / sales | 2.3 | 2.3 | 1.9 | 2.7 | 3.5 | 3.0 | 3.4 | 3.0 | 3.6 | 3.6 |
| Price / book | 1.0 | 1.1 | 0.9 | 1.0 | 1.0 | 0.9 | 1.1 | 0.9 | 1.1 | 1.3 |
| Price / free cash flow | 13.6 | 11.4 | 10.3 | 6.4 | 10.7 | 14.6 | 16.1 | 12.0 | 11.4 | — |
| Price / operating cash flow | 12.8 | 10.9 | 9.5 | 6.1 | 9.1 | 12.5 | 13.5 | 10.3 | 9.7 | 93.9 |
| EV / sales | 3.7 | 1.2 | 0.9 | 1.6 | -3.0 | -1.2 | 0.4 | 0.6 | 2.2 | 2.6 |
| EV / EBITDA | 13.9 | 4.7 | 2.9 | 5.0 | — | — | 1.0 | 1.9 | 7.4 | 7.2 |
| EV / free cash flow | 21.7 | 5.9 | 5.0 | 3.9 | — | — | 1.7 | 2.3 | 7.1 | — |
| Earnings yield | 7.7% | 8.0% | 11.8% | 8.6% | 9.2% | 8.2% | 7.5% | 7.9% | 4.0% | 5.8% |
| Free cash flow yield | 7.3% | 8.8% | 9.7% | 15.6% | 9.4% | 6.9% | 6.2% | 8.3% | 8.8% | −8.6% |
| Dividend yield | 2.6% | 2.8% | 3.7% | 3.6% | 3.1% | 3.4% | 2.8% | 3.4% | 3.0% | 2.9% |
| Shareholder yield (dividends + buybacks) | 3.4% | 3.0% | 4.6% | 5.0% | 3.2% | 6.4% | 6.1% | 3.5% | 3.1% | 3.0% |
| Share price at fiscal year-end | $22.31 | $21.71 | $16.89 | $17.98 | $18.12 | $16.56 | $18.29 | $15.40 | $17.45 | $18.15 |
| Per share | ||||||||||
| Revenue per share | $9.52 | $9.51 | $8.70 | $6.70 | $5.14 | $5.43 | $5.38 | $5.20 | $4.85 | $5.07 |
| Earnings per share | $1.72 | $1.73 | $1.99 | $1.55 | $1.67 | $1.36 | $1.38 | $1.22 | $0.69 | $1.05 |
| Operating cash flow per share | $1.75 | $2.00 | $1.77 | $2.94 | $1.99 | $1.32 | $1.35 | $1.50 | $1.81 | $0.19 |
| Free cash flow per share | $1.64 | $1.90 | $1.64 | $2.81 | $1.70 | $1.14 | $1.14 | $1.28 | $1.54 | −$1.56 |
| Cash per share | $5.85 | $27.93 | $27.03 | $27.11 | $49.44 | $39.47 | $32.78 | $28.37 | $25.17 | $23.79 |
| Book value per share | $21.81 | $20.39 | $19.06 | $18.54 | $18.15 | $17.89 | $16.52 | $17.18 | $15.55 | $14.14 |
| Tangible book value per share | $14.34 | $13.00 | $11.86 | $10.86 | $11.69 | $11.37 | $10.16 | $9.91 | $9.01 | $8.54 |
| Dividends per share | $0.58 | $0.61 | $0.62 | $0.64 | $0.56 | $0.56 | $0.52 | $0.52 | $0.52 | $0.53 |
| Capex per share | $0.11 | $0.10 | $0.13 | $0.14 | $0.29 | $0.19 | $0.22 | $0.21 | $0.27 | $1.75 |
| Debt per share | $19.13 | $17.40 | $18.27 | $20.19 | $15.98 | $16.63 | $16.47 | $15.93 | $18.61 | $18.66 |
| Shares outstanding | 389.6M | 311.0M | 291.9M | 276.7M | 165.9M | 166.2M | 172.7M | 156.5M | 138.5M | 128.3M |
| Change in shares outstanding | +25.3% | +6.6% | +5.5% | +66.8% | −0.1% | −3.8% | +10.3% | +13.0% | +8.0% | +10.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 9.0% | 9.1% | 10.9% | 10.5% | 9.3% | 7.8% | 8.6% | 7.9% | 4.8% | 8.1% |
| Return on invested capital (ROIC) | 8.3% | 17.8% | 18.7% | 127.4% | — | — | 61.2% | 19.2% | 8.0% | 13.6% |
| Return on assets (ROA) | 1.1% | 1.1% | 1.2% | 1.2% | 1.2% | 1.0% | 1.2% | 1.0% | 0.6% | 1.0% |
| Return on tangible assets | 1.0% | 1.1% | 1.2% | 1.0% | 1.2% | 1.0% | 1.2% | 1.0% | 0.6% | 0.9% |
| Free cash flow margin | 17.2% | 20.0% | 18.8% | 41.9% | 33.0% | 20.9% | 21.1% | 24.7% | 31.7% | −30.7% |
| Income quality (OCF / net income) | 1.02 | 1.15 | 0.89 | 1.90 | 1.19 | 0.97 | 0.98 | 1.23 | 2.61 | 0.18 |
| Financial health | ||||||||||
| Total debt | $7.45B | $5.41B | $5.33B | $5.59B | $2.65B | $2.76B | $2.84B | $2.49B | $2.58B | $2.39B |
| Cash & short-term investments | $2.28B | $8.69B | $7.89B | $7.50B | $8.20B | $6.56B | $5.66B | $4.44B | $3.49B | $3.05B |
| Net debt | $5.17B | −$3.27B | −$2.56B | −$1.92B | −$5.55B | −$3.80B | −$2.82B | −$1.95B | −$908.4M | −$658.1M |
| Debt / equity | 0.88 | 0.85 | 0.96 | 1.09 | 0.88 | 0.93 | 1.00 | 0.93 | 1.20 | 1.32 |
| Debt / assets | 0.10 | 0.10 | 0.11 | 0.12 | 0.11 | 0.12 | 0.14 | 0.13 | 0.15 | 0.16 |
| Net debt / EBITDA | 5.18 | −4.39 | −3.13 | −3.16 | −14.71 | −12.72 | −8.44 | −7.89 | −4.48 | −2.85 |
| Current ratio | 0.04 | 0.21 | 0.20 | 0.21 | 0.43 | 0.38 | 0.37 | 0.30 | 0.26 | 0.79 |
| Quick ratio | 0.04 | 0.21 | 0.20 | 0.21 | 0.48 | 0.41 | 0.40 | 0.30 | 0.26 | 0.79 |
| Interest coverage | 0.7 | 0.6 | 1.1 | 4.3 | 8.0 | 3.8 | 2.3 | 2.2 | 2.9 | 4.5 |
| Working capital | −$53.17B | −$32.41B | −$30.59B | −$29.37B | −$10.89B | −$11.01B | −$9.65B | −$10.65B | −$9.93B | −$2.67B |
| Invested capital | $13.67B | $3.07B | $3.01B | $3.21B | −$2.54B | −$824.0M | $35.3M | $742.8M | $1.25B | $1.16B |
| Tangible asset value | $5.59B | $4.04B | $3.46B | $3.00B | $1.94B | $1.89B | $1.76B | $1.55B | $1.25B | $1.10B |
| Net current asset value | −$61.38B | −$38.53B | −$35.64B | −$33.94B | −$13.15B | −$13.34B | −$11.81B | −$12.51B | −$11.79B | −$2.88B |
| Graham number | $29.03 | $28.20 | $29.24 | $25.41 | $26.14 | $23.42 | $22.64 | $21.71 | $15.55 | $18.25 |
| Graham net-net per share | −$64.77 | −$123.88 | −$122.11 | −$122.83 | −$82.13 | −$82.46 | −$69.58 | −$80.04 | −$85.24 | −$77.34 |
| Capital allocation | ||||||||||
| Dividends paid | $225.1M | $191.2M | $180.0M | $177.6M | $92.8M | $92.9M | $89.5M | $82.2M | $72.6M | $67.5M |
| Share buybacks (net) | $71.8M | $8.9M | $44.3M | $71.2M | $3.7M | $82.4M | $102.4M | $1.8M | $2.8M | $2.0M |
| Dividend payout ratio | 33.6% | 35.5% | 30.9% | 41.5% | 33.4% | 41.1% | 37.6% | 43.1% | 75.8% | 50.3% |
| Dividends + buybacks / free cash flow | 46.6% | 33.8% | 46.9% | 32.0% | 34.3% | 92.8% | 97.7% | 41.8% | 35.4% | — |
| Capex / revenue | 1.2% | 1.0% | 1.5% | 2.0% | 5.7% | 3.4% | 4.0% | 4.1% | 5.6% | 34.5% |
| Capex / operating cash flow | 6.5% | 4.9% | 7.4% | 4.7% | 14.7% | 14.0% | 16.0% | 14.2% | 14.9% | 905.6% |
| Capex / depreciation | 0.36 | 0.46 | 0.62 | 0.61 | 1.26 | 0.72 | 0.86 | 0.87 | 1.10 | 7.74 |
| Stock-based compensation / revenue | 1.0% | 1.1% | 1.1% | 1.5% | 0.9% | 0.9% | 0.9% | 1.0% | 0.9% | 1.1% |
| SG&A / revenue | 29.6% | 23.5% | 25.3% | 33.8% | 35.5% | 35.6% | 38.7% | 43.6% | 46.3% | 49.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 4,742.0 | — | — | 27.0 | 36.3 | 34.5 | 34.3 | 39.6 | 45.7 | 42.2 |
| Days of inventory on hand | — | — | — | -604.1 | -22,901.0 | -1,723.9 | -502.6 | 21.7 | 81.6 | 124.8 |
| Days payables outstanding | — | — | — | 13,064.7 | 271,091.4 | 578.5 | 497.5 | 675.0 | 985.0 | 1,325.7 |
| Cash conversion cycle (days) | — | — | — | -13,641.8 | -293,956.2 | -2,267.9 | -965.8 | -613.7 | -857.7 | -1,158.7 |
| Receivables turnover | 0.08 | — | — | 13.50 | 10.07 | 10.59 | 10.65 | 9.21 | 7.98 | 8.65 |
| Payables turnover | — | — | — | 0.03 | 0.00 | 0.63 | 0.73 | 0.54 | 0.37 | 0.28 |
| Inventory turnover | — | — | — | — | — | — | — | 16.84 | 4.48 | 2.92 |
| Asset turnover | 0.06 | 0.06 | 0.05 | 0.05 | 0.04 | 0.04 | 0.05 | 0.04 | 0.04 | 0.05 |
| Average receivables | $48.19B | — | — | $137.3M | $84.7M | $85.2M | $87.3M | $88.3M | $84.2M | $75.2M |
| Average payables | — | — | — | $9.70B | $9.38B | $174.5M | $178.4M | $187.5M | $165.2M | $164.9M |
| Average inventory | — | — | — | −$448.7M | −$792.2M | −$520.0M | −$180.2M | $6.0M | $13.7M | $15.5M |
| Intangibles / total assets | 4.0% | 4.3% | 4.3% | 4.5% | 4.4% | 4.7% | 5.4% | 5.8% | 5.2% | 4.8% |
Computed from ONB's annual financial statements (latest annual report filed February 19, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ONB valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Old National Bancorp traded at 13.0 times earnings, against a 10-year median of 12.6. Based on the latest twelve months, the trailing P/E is 11.1 and the forward P/E is 8.4. Old National Bancorp earned a return on equity of 9.0% and a return on invested capital of 8.3% in fiscal 2025. It ended the year with $7.5 billion of debt and $2.3 billion in cash and short-term investments, net debt of $5.2 billion. It returned $296.9 million to shareholders: $225.1 million in dividends and $71.8 million in share buybacks, 47% of free cash flow. The share count rose 203.6% from 128.3M to 389.6M over 9 years.
See the ONB income statement, the ONB chart for price history, or the ONB stock overview for the latest quote and news.
ONB key metrics FAQ
What is Old National Bancorp's P/E ratio?
Old National Bancorp's trailing P/E ratio is 11.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 8.4. At the end of fiscal 2025 it was 13.0, compared with a 10-year median of 12.6.
What is Old National Bancorp's EV/EBITDA?
Old National Bancorp's enterprise value was 13.9 times EBITDA at the end of fiscal 2025 (enterprise value $13.9 billion, EBITDA $997.7 million).
What is Old National Bancorp's return on equity?
Old National Bancorp's return on equity (ROE) was 9.0% in fiscal 2025: net income of $669.3 million on average shareholders' equity of $7.4 billion.
What is Old National Bancorp's ROIC?
Old National Bancorp's return on invested capital was 8.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Old National Bancorp have?
Old National Bancorp had total debt of $7.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.88 and $5.2 billion of net debt (5.18 times EBITDA).
What is Old National Bancorp's dividend yield?
Old National Bancorp's forward dividend yield is 2.32%. Old National Bancorp paid $225.1 million in dividends in fiscal 2025 ($0.58 per share), a payout ratio of 33.6%.
Does Old National Bancorp buy back its shares?
Yes. Old National Bancorp spent $71.8 million on net share repurchases in fiscal 2025 Shares outstanding changed +25.3% over the year, to 389.6M..
What is Old National Bancorp's free cash flow yield?
Old National Bancorp generated $637.4 million of free cash flow in fiscal 2025, a free cash flow yield of 7.3% on its market value at year-end ($8.7 billion).
What is Old National Bancorp's current ratio?
Old National Bancorp's current ratio was 0.04 at the end of fiscal 2025: current assets were 0.04 times current liabilities.