Old National Bank vs South State Bank
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The short version
- South State Bank is the larger business, with $2.7B of revenue in fiscal 2025 against $2.5B for Old National Bank.
- South State Bank grew revenue faster (56.1%, against 33.9%).
- Investors pay more for each dollar of Old National Bankβs earnings: a P/E of 13.0x against 11.1x for South State Bank.
| Latest fiscal year | ONB Β· FY25 | SSB Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.3B | $10.7B |
| Revenue | $2.5B | $2.7B |
| Free cash flow | β | β |
| Net income | $669M | $799M |
| Growth | ||
| Revenue growth | 33.9% | 56.1% |
| 5-year growth | 24.8% | 18.7% |
| Share count change | 17.5% | 32.2% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β |
| Net margin | 26.5% | 29.8% |
| FCF margin | β | β |
| Return on capital | β | β |
| Return on equity | 9.0% | 10.7% |
| Balance sheet | ||
| Net debt | β | β |
| Net debt / EBITDA | β | β |
| Dividends and buybacks | $297M | $467M |
| Valuation & quality | ||
| P/E | 13.0x | 11.1x |
| Piotroski F-score | β | β |
Revenue
FY16
ONB $656M
SSB $446M
FY17
ONB $621M
SSB $549M
FY18
ONB $733M
SSB $659M
FY19
ONB $804M
SSB $648M
FY20
ONB $835M
SSB $1.1B
FY21
ONB $811M
SSB $1.4B
FY22
ONB $1.7B
SSB $1.6B
FY23
ONB $1.8B
SSB $1.7B
FY24
ONB $1.9B
SSB $1.7B
FY25
ONB $2.5B
SSB $2.7B
ONB
SSB
Operating margin
FY16
ONB β
SSB β
FY17
ONB β
SSB β
FY18
ONB β
SSB β
FY19
ONB β
SSB β
FY20
ONB β
SSB β
FY21
ONB β
SSB β
FY22
ONB β
SSB β
FY23
ONB β
SSB β
FY24
ONB β
SSB β
FY25
ONB β
SSB β
ONB
SSB
Free cash flow
FY16
ONB β
SSB β
FY17
ONB β
SSB β
FY18
ONB β
SSB β
FY19
ONB β
SSB β
FY20
ONB β
SSB β
FY21
ONB β
SSB β
FY22
ONB β
SSB β
FY23
ONB β
SSB β
FY24
ONB β
SSB β
FY25
ONB β
SSB β
ONB
SSB
Return on capital
FY16
ONB β
SSB β
FY17
ONB β
SSB β
FY18
ONB β
SSB β
FY19
ONB β
SSB β
FY20
ONB β
SSB β
FY21
ONB β
SSB β
FY22
ONB β
SSB β
FY23
ONB β
SSB β
FY24
ONB β
SSB β
FY25
ONB β
SSB β
ONB
SSB
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.