Old National Ban

ONB

Banks - Regional · Financial Services

Price

$26.74

-0.55 (-2.02%)

Market Cap

$10.33B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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)

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loan

Winston Score History

Politician Trades

1 trades / 12mo

1 Congressional buy and 0 sells on ONB in the last 12 months.

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Growth Profile

For growth stock investors

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

Revenue Growth

+38.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+33.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

11.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$1.8B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue accelerating

Old National Ban grew revenue 38% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

Every number that matters to educated investors.

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Quality

Gross Margin

66.0%

Premium pricing power — 66.0% gross margin

Operating Margin

29.5%

Excellent — 29.5% operating margin

ROCE

1.8%

Weak — 1.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+32.5%

Fast-growing sales (32.5% YoY)

EPS YoY

+13.3%

Earnings growing (13.3% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

103%

Turns 103% of profit into real cash

FCF Margin

18.1%

Converts sales into free cash efficiently (18.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.92

Moderate — manageable debt (0.92)

Interest Cover

0.78x

Dangerous — barely covers interest (0.8x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

13.6x

Attractive valuation — P/E 13.6

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

P/E vs Forward

+3.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (13.6 → 9.9)

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Dividends

Dividend Yield

2.20%

Moderate income — 2.20% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+1.8%

Dividend flat

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