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Old National Bancorp

ONBPP
56
Banks - Regional · Financial Services
Price
$24.89
+0.00 (+0.00%)
Market Cap
$10.26B
Exchange
NASDAQ Global Select
Winston Score
56
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 26, 2026 · filings through Jun 30, 2026
How the score breaks down
Growth
Exceptional
Valuation
Good
Dividends
Good

Share count rising — dilution

+134.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 165.9M (2021) → 389.6M (2025)

Winston Score History

The full picture

Old National Bancorp serves as the parent holding company for Old National Bank, providing a comprehensive range of financial solutions to both individual and business clients throughout the United States. The institution manages customer funds through various deposit accounts, including non-interest-bearing and interest-earning checking accounts, NOW accounts, savings, money market accounts, and certificates of deposit. It also extends credit via diverse lending options such as home equity lines of credit, residential and commercial real estate loans, consumer and business loans, letters of credit, and equipment lease financing. Customers can access their accounts and services through modern digital channels, including debit and ATM cards, telephone banking, online platforms, and mobile applications. Additionally, Old National Bancorp offers a suite of specialized services, encompassing cash flow management, private banking, investment brokerage, trust administration, and comprehensive wealth management and investment advisory solutions, alongside foreign exchange services. For its corporate clientele, the company provides treasury management, merchant services, health savings accounts (HSAs), capital markets services, community development lending, and equity investment opportunities. As of December 31, 2021, Old National Bancorp operated a network of 162 banking centers, primarily situated across Indiana, Kentucky, Michigan, Minnesota, and Wisconsin. Established in 1834, its principal office is located in Evansville, Indiana.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+91.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Cash Position

Cash flow positive

$67.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Old National Bancorp is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Bank Quality

Not applicable for this business.

Growth

Sales growth
Sales YoY
+25.5%
Fast-growing sales (+25.5% YoY)
Profit growth
EPS YoY
+33.3%
Earnings growing fast (+33.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Capital Strength

Not applicable for this business.

Asset Quality

Not applicable for this business.

Valuation

Price vs profit
P/E Ratio (TTM)
10.9x
Attractive valuation — P/E 10.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+0.9
GROWING
Earnings roughly flat

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Dividends

Dividend
Dividend Yield
7.03%
Healthy income — 7.03% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+0.0%
Dividend flat

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