ONBOLD NATIONAL BANCORP /IN/
National Commercial Banks
- Revenue
- —
- Operating margin
- —
- EBITDA
- —
- Market cap
- $9.5B
- Employees
- 4,971
- Net debt / EBITDA
- —
- $41M net debt
- AI in 10-K
- 1.7
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo102% of net incomeCash flow under 80% of net income
- Dilutive SBCYes30% of revenueOver 10% of revenue
- Payouts exceed cash flowNo44% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo3% of assetsOver 40% of assets
- Shareholder dissentNo97% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$25K · 27th pctBottom quartile of its SIC industry
- Quiet on AINo1.7 per 10K words · 50th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$9.5B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$53M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $126M | — | — | — | — | |
| Net income | $278M | $428M | $582M | $539M | $669M | 24% |
| Operating cash flow | $330M | $814M | $516M | $622M | $681M | 9.5% |
| Capex | $49M | $38M | $38M | $30M | $44M | 46% |
| Stock-based comp | $7M | $29M | $28M | $32M | $38M | 18% |
| Buybacks | $4M | $71M | $44M | $9M | $72M | 708% |
| Dividends | $93M | $178M | $180M | $191M | $225M | 18% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Mar 2, 2026 | Otto Bremer Trust | SCHEDULE 13D/A | 10.6% | Passive |
| May 7, 2025 | Otto Bremer Trust | SCHEDULE 13D | 11.7% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $52M · 5
- Net
- −$52M
Pay vs performance
No pay-versus-performance disclosure yet.