ONB · Financials(national commercial banks) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Of the $3.9 billion its operations generated over 10 years, 32.4% went to dividends and 14.3% back into the business; the share count rose 184.8%. On the accounting screens, it passes 3 of 5 Piotroski tests; none of the six cross-checks between its statements fires.
Revenue, fiscal 2025—
Operating margin—gross margin —
Return on invested capital—
Free cash flow after stock pay599.2M
Net debt ÷ EBITDA—net debt —
Piotroski F-score3/5tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
01.0B2.0B3.0B
2016Revenue 137.3MOperating income 244.9M
2017Revenue 122.4MOperating income 226.8M
2018Revenue 127.4MOperating income 303.1M
2019Revenue 130.8MOperating income 416.5M
2020Revenue 118.4MOperating income 322.8M
2021Revenue 125.6MOperating income 381.1M
2022Operating income 671.0M
2023Operating income 1.5B
2024Operating income 2.2B
2025Operating income 2.9B
2016201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Operating income
+62.9%
+55.1%
+31.6%
Net income
+16.0%
+24.2%
+19.5%
Earnings per share
+5.8%
+6.1%
+6.4%
Free cash flow per share
-14.7%
+8.9%
—
Dividend per share
-1.4%
+1.9%
+1.8%
Shares
+9.7%
+17.1%
+12.3%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Needs a cost of capital, which comes from the valuation below.
Return on equity
7.9%
Return on assets
0.9%
Asset turnover
—
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-250.0M0250.0M500.0M750.0M1.0B
2016Net income 134.3MFree cash flow -199.9MAfter stock-based pay -207.2M
2017Net income 95.7MFree cash flow 212.8MAfter stock-based pay 206.5M
2018Net income 190.8MFree cash flow 201.0MAfter stock-based pay 192.9M
2019Net income 238.2MFree cash flow 196.3MAfter stock-based pay 188.3M
2020Net income 226.4MFree cash flow 188.9MAfter stock-based pay 181.2M
2021Net income 277.5MFree cash flow 281.7MAfter stock-based pay 274.2M
2022Net income 428.3MFree cash flow 776.5MAfter stock-based pay 747.9M
2023Net income 582.0MFree cash flow 478.0MAfter stock-based pay 450.1M
2024Net income 539.2MFree cash flow 592.0MAfter stock-based pay 559.7M
2025Net income 669.3MFree cash flow 637.4MAfter stock-based pay 599.2M
2016201720182019202020212022202320242025
Where 10 years of operating cash went, 2016–2025
3.9B generated by the business. Each band is its share of that total.
Reinvested in the business 14%562.9M
Acquisitions 3%125.9M
Dividends 32%1.3B
Share buybacks 10%391.3M
Kept, or used to pay down debt 40%1.6B
Over the same years it paid 172.0M in stock. The share count rose 184.8%. 219.3M of the buybacks went beyond offsetting that dilution.
Per share
Earnings per shareFree cash flow per shareDividend per share
$-2.00$0.00$2.00$4.00
2016Earnings per share $1.05Free cash flow per share $-1.56Dividend per share $0.53
2017Earnings per share $0.69Free cash flow per share $1.54Dividend per share $0.52
2018Earnings per share $1.22Free cash flow per share $1.28Dividend per share $0.52
2019Earnings per share $1.38Free cash flow per share $1.14Dividend per share $0.52
2020Earnings per share $1.36Free cash flow per share $1.14Dividend per share $0.56
2021Earnings per share $1.67Free cash flow per share $1.70Dividend per share $0.56
2022Earnings per share $1.55Free cash flow per share $2.81Dividend per share $0.64
2023Earnings per share $1.99Free cash flow per share $1.64Dividend per share $0.62
2024Earnings per share $1.73Free cash flow per share $1.90Dividend per share $0.61
2025Earnings per share $1.83Free cash flow per share $1.74Dividend per share $0.62
2016201720182019202020212022202320242025
Shares outstanding
Diluted shares
100.0M200.0M300.0M400.0M
2016Diluted shares 128.3M
2017Diluted shares 138.5M
2018Diluted shares 156.5M
2019Diluted shares 172.7M
2020Diluted shares 166.2M
2021Diluted shares 165.9M
2022Diluted shares 276.7M
2023Diluted shares 291.9M
2024Diluted shares 311.0M
2025Diluted shares 365.5M
2016201720182019202020212022202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
-60.0M-40.0M-20.0M0
2016Net debt -36.6M
2017Net debt -41.6M
2018
2019
2020
2021
2022
2023
2024
2025
2016201720182019202020212022202320242025
Net debt ÷ EBITDA
—
Interest coverage
1× operating income ÷ interest
Current ratio
— current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
3of 5 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✕Profitability improvedReturn on assets higher than a year beforefailed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
–Less long-term debtLong-term debt as a share of assets fell — not reportedno data
–More liquidCurrent ratio higher than a year before — not reportedno data
✕No new sharesShare count did not growfailed
–Better gross marginGross margin higher than a year before — not reportedno data
–Sells more per assetAsset turnover higher than a year before — not reportedno data
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
None of the six cross-checks fires for the latest year: receivables and inventory move with revenue, profit turns into cash, investment keeps up with depreciation, the tax rate is ordinary and debt is moderate.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 5 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$844,0362 sale(s) by 2 insider(s)
Under pre-arranged plans0%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
