Old National Bancorp
Financial ratios & Valuation

Forward Multiples (2025 – 2026)

20252026
Price/Earnings ratio
10.748.62
Price/Sales ratio
1.791.71
Earnings per Share (EPS)
$2.00$2.49

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
15.4713.4417.2625.1212.5613.1912.1010.7811.558.4313.2612.56
Price/Sales ratio
2.822.613.823.913.363.943.283.692.862.782.723.94
Price/Book Value ratio
1.091.051.271.110.891.100.920.990.960.881.070.89
Price/Cash Flow ratio
8.0312.5528.248.2710.2213.4512.469.056.079.5116.6710.22
Price/Free Cash Flow ratio
8.9539.91-16.259.4911.9216.0114.5010.626.3710.2718.3511.92
Price/Earnings Growth ratio
-3.862.584.35-0.730.161.01-8.410.47-1.140.281.720.16
Dividend Yield
3.00%3.54%2.91%3.01%3.42%2.84%3.39%3.10%3.59%3.66%2.57%2.84%
Profitability Indicator Ratios
Gross Profit Margin
100%97.39%100%100%100%100%100%100%100%100%103.70%100%
Operating Profit Margin
31.26%35.04%43.15%40.55%42.58%36.46%30.59%41.80%38.83%47.22%28.91%36.46%
Pretax Profit Margin
24.98%27.17%33.08%27.47%29.31%36.46%30.59%41.80%31.52%42.63%26.00%36.46%
Net Profit Margin
18.24%19.47%22.16%15.59%26.80%29.91%27.10%34.23%24.78%33.02%20.30%29.91%
Effective Tax Rate
26.97%28.34%33.01%43.24%8.55%17.96%11.40%18.09%21.37%22.53%21.90%8.55%
Return on Assets
0.89%0.97%0.90%0.54%0.96%1.16%0.98%1.13%0.91%1.18%0.96%1.16%
Return On Equity
7.07%7.82%7.39%4.44%7.09%8.35%7.61%9.21%8.35%10.46%8.77%7.09%
Return on Capital Employed
1.60%1.75%3.28%3.69%3.85%1.42%1.11%1.39%1.44%1.70%3.49%3.49%
Liquidity Ratios
Current Ratio
0.290.260.240.230.260.33N/AN/AN/AN/A0.280.26
Quick Ratio
13.48157.611.471.131.1361.4084.54120.634.3320.280.2861.40
Cash ratio
0.434.390.030.020.022.776.8010.783.433.330.030.02
Days of Sales Outstanding
39.1442.0749.0351.7845.8639.0137.2737.8740.24N/AN/A39.01
Days of Inventory outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Operating Cycle
N/A42.07N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Days of Payables Outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Cash Conversion Cycle
N/A42.07N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Debt Ratios
Debt Ratio
0.070.060.100.100.090.100.090.080.090.100.090.10
Debt Equity Ratio
0.580.500.860.860.690.720.750.710.880.900.760.69
Long-term Debt to Capitalization
0.370.310.460.460.400.410.420.410.470.470.430.40
Total Debt to Capitalization
0.370.330.460.460.400.410.420.410.470.470.430.40
Interest Coverage Ratio
N/AN/AN/AN/AN/AN/A9.70N/AN/AN/A0.86N/A
Cash Flow to Debt Ratio
0.230.160.050.150.120.110.090.150.170.100.080.11
Company Equity Multiplier
7.948.048.198.137.337.157.728.119.118.828.417.33
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.350.200.130.470.320.290.260.400.470.290.160.29
Free Cash Flow / Operating Cash Flow Ratio
0.890.31-1.730.870.850.830.850.850.950.920.910.85
Cash Flow Coverage Ratio
0.230.160.050.150.120.110.090.150.170.100.080.11
Short Term Coverage Ratio
N/A2.49N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Dividend Payout Ratio
46.46%47.59%50.30%75.84%43.05%37.56%41.05%33.44%41.47%30.93%36.20%37.56%