Old National Bancorp (ONBPO): fair value, margin of safety and Wheel Score

Is ONBPO undervalued?

ONBPO has a margin of safety of 43%: the stock closed at 25.00 on 5 Nov 2026 against a GLS average fair value of 43.76. 6 of the 9 valuation models that produced a number sit above the price. Our scans treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.

The 9 models disagree widely: GLS Growth gives 6.02 while DCF gives 109.51. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.

Ranked against every other company we cover, ONBPO is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 70, growth score 45, out of 100).

Nine valuation models for ONBPO

Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.

Quality and financial health

Financial health is average - ONBPO passes 6 of the nine Piotroski tests, which passes the "Piotroski 6 or more" Wheel Trade Filter. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is 5.9 out of 10: a record that is solid on some of the four parts the score weighs (returns on capital, pricing power, lasting growth, balance sheet) and weaker on others.

Returns on capital are thin or negative - ROIC 4.2%, ROE 7.9%, ROA 0.9% - with debt at 0.88 times equity and a free-cash-flow yield of 10.2%.

The dividend yield is 2.22% at a payout ratio of 25%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold. Revenue comes mainly from Wealth Management Services 32%, Deposit Account 28%, Investment Advisory, Management and Adm… 20% (fiscal year FY2021).

Institutional ownership scores 5/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.

Wheel Score 35: No options

ONBPO has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business. It fails the first Wheel Trade Filter (options that actually trade), so the score stays under 70 and is shown as "No options" (35 here). The valuation and quality numbers still apply to owning the shares outright.

Volume runs at 3k shares a day on a market cap of $9.7B, with a beta of 0.84; the Stability part of the Wheel Score rates that good.

The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.

Upcoming events

The next earnings report is due on 26 Jan 2027, 82 days away - outside the window of a 30-45-day put sold today. The shares go ex-dividend on 5 Nov 2026 (0.4375 per share), so a covered call sold before then carries a small early-assignment risk around that date.

Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.

Similar stocks in Banks - Regional

The 12 companies below are the closest to Old National Bancorp by market cap within the Banks - Regional industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.

⚖ Compare ONBPO with 7 of them   All Financial Services stocks →