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Horizon Bancorp (IN)

HBNC Financial Banks Regional

Horizon Bancorp (IN)’s revenue for fiscal 2025 (year ended December 2025) was $106.3 million, down 70.4% from fiscal 2024.

Revenue
−1.83%
EPS
+4.26%
Free cash flow
+72.9%
Total debt
+37.7%

Quarter to June 2026, against a year earlier

20.89 0.55 −2.57%
Market cap
$1.1B
P/E
0.0×
Fwd P/E
9.8×
Dividend yield
3.06%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.02
Sold, $m 0.16
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — 1 — — — — — — —
Sell — — — — — — — 1 — — — —
Insider Ownership 0.67%

Capital & Financial Ratios $m

Size
Market Cap 1,070.00
Revenue ttm 96.67
Net income ttm (143.99)
Free cash flow ttm 94.08
Net debt Q (61.84)
Valuation
P/E 0.00
Forward P/E 9.84
Price / sales 11.04 (above 10: high)
Forward P/S Powerpack
Price / FCF 11.34
Price / book 1.47
Financial health
Current ratio Q 0.92
Debt / equity Q 0.22
Interest coverage Q —
Growth
Revenue growth Q −1.83% (below 0%: shrinking)
Operating income growth Q +26.02% (above 0%: growing)
EPS, this year +5.62%
EPS, next year A +4.66%
Revenue, next year A +189.48% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +5.41%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/S against its own 10 years 98.86%
10-year low 10-year high
P/B against its own 10 years 83.24%
10-year low 10-year high

Dividends

Yield
3.06%
Annual rate
0.64
Payout ratio
—
Growth, 2018–26
+6.50%/yr
  1. 0.39 ’18
  2. 0.44 ’19 +14
  3. 0.48 ’20 +9
  4. 0.53 ’21 +10
  5. 0.62 ’22 +17
  6. 0.64 ’23 +3
  7. 0.64 ’24 +0
  8. 0.64 ’25 +0
  9. 0.64 ’26 +0
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 529 294 139 218
Receivables — — — —
Inventory — — — —
Other — — — —
4,936 5,197 5,004 5,161
2023 2024 2025 Q'26
Payables 5,665 5,601 5,275 5,400
ST’ Debt — — — —
Other — — — —
7,040 5,612 5,288 5,634

Compound Annual Growth %

10y 5y 3y
Sales (0.95%) (16.35%) (27.88%)
Cash Flow 8.44% 0.09% (5.67%)
Earnings 0.00% 0.00% 0.00%
Book Value 9.94% (0.11%) 0.53%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.53 Actual 0.56

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.50 0.53 Beat by 0.03
Q1 FY26 0.48 0.51 Beat by 0.03
Q2 FY26 0.51 0.49 Miss by 0.02
Q3 FY26 0.53 0.56 Beat by 0.03
Q4 FY26 0.55 — Reports 20 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.51 0.49 — — —
’25 0.54 0.47 (4.69) 0.53 (3.15)
’24 0.32 0.32 0.41 (0.25) 0.80
’23 0.42 0.43 0.37 (0.58) 0.64
’22 0.54 0.57 0.55 0.48 2.14
’21 0.46 0.50 0.52 0.49 1.98
’20 0.26 0.33 0.46 0.50 1.55
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 98 101 — — —
’25 106 102 (202) 101 106
’24 95 97 102 64 359
’23 81 88 92 63 324
’22 65 69 72 78 283
’21 61 63 67 61 252
’20 64 61 67 68 260
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 21 33 — — —
’25 15 20 11 34 79
’24 7 16 32 (48) 6
’23 25 19 30 15 89
’22 28 27 28 11 94
’21 33 27 28 18 106
’20 28 13 22 16 79
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 21 31 — — —
’25 14 18 9 33 74
’24 5 15 31 (50) 1
’23 25 14 29 14 81
’22 27 25 26 10 88
’21 32 30 27 17 105
’20 26 12 21 14 73
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 142 162 201 251 260 252 283 324 359 106 97 (3.2%) 308 325 341 +47.4%
Gross margin, % 85.54 89.86 84.25 81.09 86.73 92.74 87.12 57.89 53.30 (25.36) (13.47) (110.9) pt
EBT 33 48 64 80 78 102 106 39 27 (201) (191) n/m
EBT margin, % 23.04 29.67 31.69 31.76 30.19 40.64 37.25 12.03 7.61 (189.18) (197.10) (212.2) pt
Net income 24 33 53 67 68 87 93 28 35 (150) (144) n/m
Per share, $
Per share, $ Revenue 4.74 4.68 5.23 5.78 5.89 5.75 6.51 7.43 8.23 2.29 1.89 (7.8%)
Earnings 0.79 0.96 1.39 1.53 1.56 1.99 2.14 0.64 0.81 (3.15) (3.16) n/m
Cash flow 0.85 1.42 1.89 4.01 1.79 2.43 2.17 2.04 0.15 1.70 1.93 +8.0%
Capex (0.05) (0.08) (0.09) (0.11) (0.13) (0.03) (0.15) (0.18) (0.12) (0.11) (0.08) +9.8%
Free cash flow 0.81 1.34 1.80 3.90 1.66 2.40 2.02 1.86 0.03 1.60 1.84 +7.9%
Book value 11.37 13.23 12.83 15.08 15.72 16.51 15.55 16.48 17.47 14.81 14.22 +3.0%
Shares, m 30 35 38 43 44 44 44 44 44 46 49 +5.0%
Valuation, ×
Valuation, × P/E 23.35 18.91 11.41 12.50 10.23 10.53 7.05 22.56 19.89 0.00 0.00 13.6
P/S 3.96 3.88 3.02 3.29 2.69 3.62 2.33 1.94 1.96 7.42 11.04 3.4
P/B 1.65 1.37 1.23 1.26 1.01 1.26 0.98 0.88 0.92 1.15 1.47 1.2
EV/Sales 5.60 7.13 5.58 5.27 3.97 4.54 2.29 0.66 4.88 7.57 — 4.7
EV/FCF 32.93 24.85 16.25 7.81 14.11 10.90 7.39 2.64 1,367.09 10.84 — 149.5
Cash, $m
Cash, $m Operating cash flow 26 49 72 174 79 106 94 89 6 79 98 +13.4%
Capex (1) (3) (3) (5) (6) (1) (6) (8) (5) (5) (4) +15.2%
Free cash flow 24 46 69 170 73 105 88 81 1 74 94 +13.3%
Balance, $m
Balance, $m Working capital (259) 29 (56) (185) (430) (1,564) (2,731) (2,104) (415) (284) (473) +1.0%
Net debt 234 525 514 499 331 230 (10) (416) 1,051 265 (62) +1.4%
Shareholders’ equity 341 457 492 656 692 723 677 719 764 688 726 +8.1%
Returns, %
Returns, % ROA 0.82 0.93 1.29 1.40 1.23 1.31 1.22 0.35 0.45 (2.11) (2.02) (2.9) pt
ROIC 3.56 3.05 3.95 4.32 4.78 6.72 9.89 8.05 0.94 (13.17) (17.93) (16.7) pt
ROE 8.02 8.30 11.19 11.59 10.16 12.31 13.34 4.01 4.78 (20.73) (18.98) (28.7) pt
People
People Employees 665 701 716 839 815 912 923 876 862 491 — (3.3%)
Revenue/emp, $m 0.21 0.23 0.28 0.30 0.32 0.28 0.31 0.37 0.42 0.22 — +0.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Horizon Bancorp (IN) vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
UVSP Univest Corporation of Pennsylvania $1.1B 11.9× 10.5× +2.73% (above 0%: growing) −12.36% (below 0%: shrinking) +47.79% (above 0%: growing) 66.61% 0.00% Compare
HBNC Horizon Bancorp (IN) $1.1B — (loss-making) 9.8× −1.83% (below 0%: shrinking) +4.26% (above 0%: growing) +72.88% (above 0%: growing) 75.11% 0.00%
CFFN Capitol Federal Financial $1.1B 13.1× 12.3× +6.50% (above 0%: growing) +35.71% (above 0%: growing) +45.71% (above 0%: growing) 53.81% 0.00% Compare
FSBC Five Star Bancorp $1.1B 12.4× 12.5× +21.04% (above 0%: growing) +19.48% (above 0%: growing) +40.75% (above 0%: growing) 65.07% 0.00% Compare
CCNE CNB Financial Corporation $1.1B 10.7× 9.9× +6.10% (above 0%: growing) +31.88% (above 0%: growing) +2.73% (above 0%: growing) 69.41% 0.00% Compare
NBN Northeast Bancorp $1.1B 9.7× 8.7× +6.35% (above 0%: growing) +34.97% (above 0%: growing) −136.55% (below 0%: shrinking) 62.31% 0.00% Compare
BFST Business First Bancshares, Inc. $1.0B 11.3× 11.0× +7.42% (above 0%: growing) +3.47% (above 0%: growing) +38.67% (above 0%: growing) 66.54% 0.00% Compare
MBWM Mercantile Bank Corporation $1.0B 10.8× 10.7× +6.81% (above 0%: growing) −4.79% (below 0%: shrinking) +122.41% (above 0%: growing) 71.37% 0.00% Compare
SBSI Southside Bancshares, Inc. $1.0B 10.4× 9.6× +34.14% (above 0%: growing) +487.50% (above 0%: growing) +73.84% (above 0%: growing) 61.38% 0.00% Compare
Median of peers $1.1B 11.0× 10.6× +6.66% +25.68% +43.23% 65.81% 0.00%

All 327 Banks Regional stocks →

Pay and ownership Proxy statement filed 20 March 2026

Ownership

Directors and executive officers, together 1.19%
BlackRock, Inc.50 Hudson YardsNew York, NY 6.70%
The Vanguard Group100 Vanguard Blvd.Malvern, PA 5.37%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Horizon Bancorp (IN) (HBNC) Latest News

29 Oct

Impact 4 · · The Motley Fool

24 Oct

Impact 3 · · Simply Wall St.

23 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

22 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 3 · · MarketBeat

21 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · GlobeNewswire

14 Oct

Impact 3 · · Zacks

23 Jul

Impact 3 ·
Impact 3 · · MarketBeat transcript

22 Jul

Impact 4 ·

23 Apr

Impact 4 · · Moby
Impact 3 · · MarketBeat

22 Apr

Impact 4 · · GlobeNewswire
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Zacks

18 Apr

Impact 3 · · Simply Wall St.

20 Mar

Impact 3 · · Simply Wall St.

6 Mar

Impact 4 · · Simply Wall St.

10 Feb

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

9 Feb

Impact 3 · · Simply Wall St.

5 Feb

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.
stockrow.com/HBNC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com