Old National Bancorp (ONB) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+327.9%

$110.81

vs $25.90 price

Levered DCF

$130.37

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.41

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	12.39×	12.85×	8.66×	11.91×	10.79×	12.09×	13.16×	12.52×
P/B	1.02×	1.06×	0.88×	0.96×	0.99×	0.92×	1.1×	0.89×
P/S	2.33×	2.27×	1.93×	2.67×	3.51×	3.04×	3.38×	2.95×
EV / EBITDA	14.31×	14.61×	11.1×	16.15×	12.78×	16.46×	17.1×	18.53×
Gross margin	63.6%	60.0%	70.0%	85.4%	98.5%	87.8%	85.9%	87.5%
Operating margin	23.6%	23.0%	29.6%	29.4%	39.7%	28.3%	31.2%	25.7%
Net margin	18.0%	18.2%	22.9%	23.1%	32.5%	25.1%	25.6%	23.5%
Current ratio	0.04×	0.21×	0.2×	0.21×	0.43×	0.38×	0.37×	0.3×
Debt / equity	0.88×	0.85×	0.96×	1.09×	0.88×	0.93×	1×	0.93×
Interest coverage	0.72×	0.64×	1.07×	4.31×	8.02×	3.8×	2.3×	2.21×
Dividend yield	2.6%	2.8%	3.7%	3.6%	3.1%	3.4%	2.8%	3.4%
Payout ratio	33.6%	35.5%	30.9%	41.5%	33.4%	41.1%	37.6%	43.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.9%	8.5%	10.5%	8.4%	9.2%	7.6%	8.4%	7.1%
Return on invested capital	4.1%	4.2%	5.3%	4.0%	4.9%	3.9%	4.2%	3.7%
Return on assets	0.9%	1.0%	1.2%	0.9%	1.1%	1.0%	1.2%	1.0%
Free cash flow yield	7.4%	8.8%	9.7%	15.7%	9.4%	6.9%	6.2%	8.4%
Earnings yield	7.7%	8.0%	11.9%	8.7%	9.3%	8.3%	7.6%	8.0%
Enterprise value	$14.3B	$10.9B	$9.1B	$9.8B	$4.8B	$4.9B	$5.7B	$4.6B
Net debt / EBITDA	5.64×	5.61×	5.09×	8×	4.85×	7.28×	7.69×	8.82×
Cash conversion cycle (days)	0	0	0	38	36	34	33	40