Old National Bancorp (ONB)
NEUTRALFundamental
59
Kurs
$25.60
Marktkapitalisierung
$9.97B
Teil 1 · Was das Unternehmen wert ist
Übersicht
Old National Bancorp is the holding company for Old National Bank, a regional bank operating 346 banking centers across the Midwest and Southeast United States. It earns money the way most commercial banks do: taking deposits, making commercial and consumer loans, and charging fees for wealth management, trust and capital-markets services. The bank traces its roots to 1834 and has grown mainly through acquisitions, most recently absorbing Bremer Financial Corporation in 2025.
Wie das Geld verdient wird
Revenue is mostly net interest income: the spread between interest earned on loans and securities and interest paid on deposits and borrowings. Lending covers commercial, commercial real estate, residential and consumer loans. A smaller share comes from noninterest income — service charges on deposit accounts, and fees from wealth management, brokerage and capital-markets activities. Profitability rises when loan demand and interest margins are healthy and falls when credit losses or funding costs increase.
Was die Nachfrage antreibt
Mäßig zyklischOld National's earnings depend on the health of the regional economy: unemployment, business confidence and interest rates directly affect loan demand, credit losses and deposit costs. The company states that unfavorable economic conditions have in the past reduced earnings by weakening borrowers' ability to repay, and that tariff and geopolitical uncertainty can add further volatility.
Wichtigste Risiken
- Credit losses tied to economic conditions — Old National states that unfavorable or uncertain economic conditions — recession, unemployment, falling real estate values — have adversely affected, and could again affect, borrowers' ability to repay loans and the value of collateral securing them.
- Competition from banks and fintechs — The company competes with banks nationally and locally, and increasingly with financial-technology firms that have obtained bank or industrial-loan charters, which it says makes it harder to compete effectively for clients and deposits.
- Deposit funding and liquidity risk — Old National must maintain adequate deposits and wholesale funding to support lending. It warns that if it cannot maintain or grow deposits, it may face higher funding costs, and unrealized losses in its securities portfolio could affect liquidity.
- Cybersecurity and third-party vendor risk — The bank relies on external vendors and technology systems it does not fully control; a security breach or vendor failure could disrupt operations, expose customer data, and harm results, the company states.
- Capital and regulatory requirements — As a regulated bank holding company, Old National must meet capital adequacy rules set by federal regulators, who can restrict dividends or lending if requirements are not met, and standards can change over time.
Die Argumente dafür
Buyers argue that Old National's growth through acquisitions like Bremer has built a scale advantage across the Midwest and Southeast, that its funding base is diversified across many depositors, and that disciplined underwriting has kept credit costs manageable through past economic cycles.
Die Argumente dagegen
Sellers fear that continued reliance on acquisitions carries integration risk, that competition from larger banks and fintech lenders pressures margins, and that a downturn in the regional economy or commercial real estate values could raise credit losses faster than reserves can absorb.
Written by the editors, published on 18. August 2026
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Bilanz & Liquidität
Umsatz
$2.74B
Letzte 12 Monate (bis 31.3.2026)
Nettogewinn
$758M
Letzte 12 Monate (bis 31.3.2026)
Freier Cashflow
$637M
Gesamtes Eigenkapital
$8.49B
Gesamtverbindlichkeiten
$63.66B
Current Ratio
-
Zinsdeckungsgrad
0.43
Schulden/EBITDA
-
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$29.97
Aktueller Kurs
$25.60
Sicherheitsmarge
+14.6%
Innerer-Wert-Spanne
$22.75 - $37.20
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
13.28
ROE
7.9%
P/B-Verhältnis
1.17
P/FCF
13.67
Bruttomarge
-
ROIC
-
Rentabilitäts-Radar
Value Creation (Economic Moat)
ROIC
-
WACC
11.9%
ROIC − WACC
-
Fundamentalanalyse-Kriterien
Bestanden (13)
- EPS shows upward trend
- P/FCF 13.67
- P/B Ratio 1.17
- Operating Margin 34.9%
- Positive Free Cash Flow
- CapEx intensity
- Low reliance on intangibles
- Price below Graham Number
- ROE 10.5%
- Revenue Growth 5Y 24.0%
- Analyst Consensus 67% Buy
- PEG Ratio 1.92
- Earnings Quality (OCF/NI) 1.03
Nicht bestanden (10)
- EPS CAGR 3.80%
- Price CAGR 3.58%
- Debt/Equity ratio
- Interest Coverage
- Return on Tangible Assets
- DCF valuation (Overvalued)
- Earnings Surprise avg 2.2%
- Share Dilution 16.5%
- Net Margin Trend 27.7% vs 29.2%
- Piotroski F-Score 3/9
Nicht verfügbar (5)
- ROIC NaN%
- Gross Margin NaN%
- Dividend Payout NaN%
- Current Ratio
- Debt/EBITDA
Piotroski F-Score
Ernsthafte finanzielle Bedenken
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Neue Aktien werden ausgegeben, Eigentum wird verwässert
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. James C. Ryan III | CEO & Chairman | 53 |
| Mr. Timothy M. Burke Jr. | President & COO | - |
| Mr. John Vincent Moran IV | Senior Executive VP & CFO | 49 |
| Ms. Kendra L. Vanzo | Senior EVP & Chief Administrative Officer | 58 |
| Ms. Angela L. Putnam | Senior VP & Chief Accounting Officer | 46 |
| Mr. Matthew T. Keen | Chief Information Officer | 51 |
| Lynell Durchholz CPA | Senior VP & Director of Investor Relations | - |
| Mr. Nicholas J. Chulos | Executive VP, Chief Legal Officer & Corporate Secretary | 65 |
| Ms. Kathy A. Schoettlin | Chief Communications, Culture & Social Responsibility Officer | 54 |
| Mr. James V. Stadler | Chief Marketing Officer | 61 |
Prüfungsrisiko
4
Vorstandsrisiko
5
Vergütungsrisiko
1
Aktionärsrechterisiko
7
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Latest News
Recent headlines for ONB, sourced from Markets Gazette.