HBNC (Horizon Bancorp (IN)) Moat Score: 4/10 (As of Aug. 21, 2026)

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HBNC Horizon Bancorp (IN) HBNC
35 GF Score
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! 4 Warning Signs
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What is Horizon Bancorp (IN) Moat Score?

Horizon Bancorp (IN) HBNC -0.28% 35 Moat Score is 4 as of Aug. 21, 2026. GuruFocus rates HBNC with a GF Score™ of 35/100. The stock has 4 warning signs investors should review. Among 1,607 Banks companies, Horizon Bancorp (IN) ranks better than 86.25% on this metric.

Horizon Bancorp (IN) has the Moat Score of 4, which implies that the company might have Narrow Moat - Discernible but modest moat.

Horizon Bancorp (IN) has Narrow Moat: Horizon Bancorp has a modest moat due to its regional market presence and customer relationships. It benefits from some switching costs in banking services but lacks significant scale or brand strength to elevate it beyond a narrow moat.

Moat Score is a ranking system developed by GuruFocus to assess a company's ability to sustain a competitive advantage, rated on a scale from 0 to 10. It takes into account key factors such as market leadership, cost advantages, network effects, customer switching costs, and more.

The company's Moat Score is based on these criteria:

1. Market leadership and sustainable market share
2. Network effects and significant customer switching costs
3. Valuable intellectual property and patents
4. Strong brand strength and deep customer loyalty
5. Durable cost advantages (e.g., economies of scale, proprietary technology)
6. Significant regulatory barriers and exclusive licenses
7. Superior distribution network
8. Strong and sustainable pricing power
9. Consistent and impactful innovation and R&D capabilities

Based on the research, GuruFocus believes Horizon Bancorp (IN) might have Narrow Moat - Discernible but modest moat.

Horizon Bancorp (IN)  (NAS:HBNC) Moat Score Explanation

The Moat Score ranges from 0 to 10, with 10 as the highest. GuruFocus divided Moat Score into following 8 categories:

Moat Score Moat Level
10Wide Moat - Exceptionally dominant and durable wide moat
8 - 9Wide Moat - Clear and robust wide moat
7Wide Moat - Entry-level wide moat, clearly possessing durable advantages
6Narrow Moat - Strong narrow moat, clearly distinguishable but not wide
5Narrow Moat - Solid narrow moat
4Narrow Moat - Discernible but modest moat
1 - 3No Moat - Very weak/transient advantages
0No Moat - No discernible moat

Horizon Bancorp (IN) Moat Score Related Terms

HBNC vs CCNE, EQBK, ESQ: Moat Score Comparison

For the Banks - Regional subindustry, Horizon Bancorp (IN)'s Moat Score, along with its competitors' market caps and Moat Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Horizon Bancorp (IN) Moat Score vs Banks Industry

For the Banks industry and Financial Services sector, Horizon Bancorp (IN)'s Moat Score distribution charts can be found below:

* The bar in red indicates where Horizon Bancorp (IN)'s Moat Score falls into.


HBNC
35GF Score
Horizon Bancorp (IN) HBNC
Moat Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Frequently Asked Questions Learn more about Moat Score →
What does a Moat Score of 4 mean?
Horizon Bancorp (IN) (HBNC) has a Moat Score of 4 as of Aug. 21, 2026. Moat Score is a ranking system developed by GuruFocus to assess a company's ability to sustain a competitive advantage, rated on a scale from 0 to 10. It takes into account key factors such as market leadership, cost advantages, network effects, customer switching costs, and more. According to the industry distribution chart, Horizon Bancorp (IN) ranks #221 out of 1607 companies in the Banks industry, placing it in the top 13.8%.
Is Horizon Bancorp (IN)'s Moat Score too high?
Horizon Bancorp (IN)'s current Moat Score is 4. Based on the distribution chart, Horizon Bancorp (IN) ranks #221 out of 1607 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Horizon Bancorp (IN) has a GF Score™ of 35/100, reflecting its overall financial health beyond just this single metric.
How does Horizon Bancorp (IN)'s Moat Score compare to CCNE and EQBK?
According to the Banks industry distribution chart, Horizon Bancorp (IN) ranks #221 out of 1607 companies for Moat Score. This places Horizon Bancorp (IN) in the top 14% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Moat Score for a Banks company?
A good Moat Score depends on the Banks industry context. However, Moat Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Moat Score mean?
A high Moat Score can signal that a stock is expensive relative to its fundamentals. Moat Score is a ranking system developed by GuruFocus to assess a company's ability to sustain a competitive advantage, rated on a scale from 0 to 10. It takes into account key factors such as market leadership, cost advantages, network effects, customer switching costs, and more. Horizon Bancorp (IN)'s current Moat Score is 4. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Horizon Bancorp (IN) stock overvalued right now?
Horizon Bancorp (IN) (HBNC) has a current Moat Score of 4. The current Moat Score is 4. Horizon Bancorp (IN)'s overall GF Score™ is 35/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Moat Score calculated?
Moat Score is calculated from a company's financial statements. For Horizon Bancorp (IN) (HBNC), the current Moat Score is 4 as of Aug. 21, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Horizon Bancorp (IN) Business Description

Other Exchanges 4WC:Germany
Address 515 Franklin Street, Michigan City, IN, USA, 46360
Horizon Bancorp (IN) is a United States-based holding company providing banking services. It is engaged in providing commercial and retail banking services, corporate and individual trust and agency services, and other services incident to banking. The company also provides commercial loans, real estate loans, mortgage warehouse loans, consumer loans, and other credit facilities. The company has one principal business segment, commercial banking.
35GF Score

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