Old National Bancorp (FRA:ON1) Beneish M-Score: -2.16 (As of Jun. 27, 2026)


FRA:ON1 Old National Bancorp FRA:ON1
66 GF Score
Price €22.40
GF Value €19.63
! 7 Warning Signs
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What is Old National Bancorp Beneish M-Score?

Old National Bancorp FRA:ON1 66 Beneish M-Score is -2.16 as of Jun. 27, 2026. GuruFocus rates FRA:ON1 with a GF Score™ of 66/100 and a GF Value™ of €19.63. The stock has 7 warning signs investors should review. Among 1,397 Banks companies, Old National Bancorp ranks worse than 83.39% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.16 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Old National Bancorp's Beneish M-Score or its related term are showing as below:

FRA:ON1' s Beneish M-Score Range Over the Past 10 Years
Min: -3.45   Med: -2.42   Max: -1.55
Current: -2.16

During the past 13 years, the highest Beneish M-Score of Old National Bancorp was -1.55. The lowest was -3.45. And the median was -2.42.

FRA:ON1
66GF Score
Old National Bancorp FRA:ON1
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Old National Bancorp Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Old National Bancorp for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1+0.528 * 1+0.404 * 1.0014+0.892 * 1.3123+0.115 * 0.5959
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9157+4.679 * -0.000265-0.327 * 1.0531
=-2.25

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was €0 Mil.
Revenue was 601.105 + 589.765 + 600.72 + 561.215 = €2,353 Mil.
Gross Profit was 601.105 + 589.765 + 600.72 + 561.215 = €2,353 Mil.
Total Current Assets was €0 Mil.
Total Assets was €63,147 Mil.
Property, Plant and Equipment(Net PPE) was €597 Mil.
Depreciation, Depletion and Amortization(DDA) was €125 Mil.
Selling, General, & Admin. Expense(SGA) was €771 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €6,365 Mil.
Net Income was 202.126 + 184.996 + 155.547 + 108.729 = €651 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 178.314 + 135.943 + 290.698 + 63.19 = €668 Mil.
 Total Receivables was €0 Mil.
Revenue was 445.329 + 467.898 + 437.762 + 441.918 = €1,793 Mil.
Gross Profit was 445.329 + 467.898 + 437.762 + 441.918 = €1,793 Mil.
Total Current Assets was €0 Mil.
Total Assets was €49,837 Mil.
Property, Plant and Equipment(Net PPE) was €541 Mil.
Depreciation, Depletion and Amortization(DDA) was €62 Mil.
Selling, General, & Admin. Expense(SGA) was €641 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €4,770 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(0 / 2352.805) / (0 / 1792.907)
=0 / 0
=1

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(1792.907 / 1792.907) / (2352.805 / 2352.805)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 597.196) / 63147.293) / (1 - (0 + 540.814) / 49837.098)
=0.990543 / 0.989148
=1.0014

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=2352.805 / 1792.907
=1.3123

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(62.029 / (62.029 + 540.814)) / (124.637 / (124.637 + 597.196))
=0.102894 / 0.172667
=0.5959

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(770.839 / 2352.805) / (641.481 / 1792.907)
=0.327626 / 0.357788
=0.9157

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((6364.754 + 0) / 63147.293) / ((4769.881 + 0) / 49837.098)
=0.100792 / 0.095709
=1.0531

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(651.398 - 0 - 668.145) / 63147.293
=-0.000265

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Old National Bancorp has a M-score of -2.25 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.16 mean?
Old National Bancorp (FRA:ON1) has a Beneish M-Score of -2.16 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Old National Bancorp and its competitors. According to the industry distribution chart, Old National Bancorp ranks #1165 out of 1397 companies in the Banks industry, placing it in the top 83.4%.
Is Old National Bancorp's Beneish M-Score too high?
Old National Bancorp's current Beneish M-Score is -2.16. Based on the distribution chart, Old National Bancorp ranks #1165 out of 1397 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Old National Bancorp has a GF Score™ of 66/100, reflecting its overall financial health beyond just this single metric.
How does Old National Bancorp's Beneish M-Score compare to SSB and ZION?
According to the Banks industry distribution chart, Old National Bancorp ranks #1165 out of 1397 companies for Beneish M-Score. This places Old National Bancorp in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Banks company?
A good Beneish M-Score depends on the Banks industry context. However, Beneish M-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 Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Old National Bancorp and its competitors. Old National Bancorp's current Beneish M-Score is -2.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Old National Bancorp stock overvalued right now?
Old National Bancorp (FRA:ON1) has a current Beneish M-Score of -2.16. The stock's GF Value™ is €19.63, compared to a current price of €22.40 — trading 14.1% above its estimated fair value. The current Beneish M-Score is -2.16. Old National Bancorp's overall GF Score™ is 66/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Old National Bancorp (FRA:ON1), the current Beneish M-Score is -2.16 as of Jun. 27, 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.

Is Old National Bancorp (FRA:ON1) Overvalued in 2026?

Based on GuruFocus' analysis, Old National Bancorp stock appears to be overvalued. The current stock price of €22.40 is trading 14.1% above its estimated GF Value™ of €19.63.

Key valuation signals for FRA:ON1:

  • Beneish M-Score: -2.16
  • GF Value™: €19.63 vs. price of €22.40 (14.1% above fair value)
  • GF Score™: 66/100 with 7 warning signs

No single metric tells the full story. See the FRA:ON1 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Old National Bancorp Business Description

Other Exchanges ONB:USA
Address One Main Street, Evansville, IN, USA, 47708
Old National Bancorp is a provider of lending and deposit services. The bank offers comprehensive wealth management, trust, investment advisory, brokerage, and foreign currency services. For businesses, it provides treasury management, merchant, and capital markets services as well as community development lending and equity investment solutions intended to produce jobs and revitalize its communities. It earns interest income on loans as well as fee income from the origination of loans and from providing other services to its clients.
66GF Score

Get the complete analysis for FRA:ON1

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€22.40
Price
€19.63
GF Value