Old National Bancorp (ONB) vs Western Alliance Bancorporation (WAL)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 7, 2026.
Summary
Old National Bancorp (ONB) has outperformed Western Alliance Bancorporation (WAL) over the past year, gaining 9.9% versus a loss of 13.5%. Over five years, ONB leads with a +43.2% price change compared with -35.0% for WAL. Old National Bancorp is the larger company by market cap ($9.34 billion vs $8.11 billion), about 1.2 times the size, while Western Alliance Bancorporation is growing revenue faster (+99.7% vs +33.9%).
On valuation, Western Alliance Bancorporation trades at a lower forward P/E (6.7x vs 8.5x for Old National Bancorp). Old National Bancorp offers the higher dividend yield (2.33% vs 2.21%). Western Alliance Bancorporation converts more of its revenue into profit, with a net margin of 713.5% versus 26.5%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | ONB | WAL |
|---|---|---|
| Share price | $24.42 | $74.35 |
| Market cap | $9.34B | $8.11B |
| 1-day change | -1.91% | -2.29% |
| YTD return | +9.46% | -11.56% |
| 1-year return | +9.85% | -13.55% |
| 5-year return | +43.23% | -35.00% |
| P/E ratio (TTM) | 10.81 | 8.39 |
| Forward P/E | 8.45 | 6.67 |
| EPS (TTM) | $2.26 | $8.86 |
| Dividend yield | 2.33% | 2.21% |
| Annual dividend | $0.57 | $1.64 |
| Revenue (latest FY) | $2.52B | $135.80M |
| Revenue growth (YoY) | +33.89% | +99.71% |
| Net income (latest FY) | $669.26M | $969.00M |
| Net margin | 26.51% | 713.55% |
| 52-week high | $27.36 | $97.23 |
| 52-week low | $19.39 | $65.82 |
| Distance from 52-week high | -10.75% | -23.53% |
| Analyst consensus | buy | buy |
| Avg. price target upside | +21.21% | +23.40% |
| Average volume | 4.26M | 1.06M |
| Shares outstanding | 382.57M | 109.10M |
| Employees | 4,914 | 3,769 |
| Sector | Finance | Finance |
| Industry | Major Banks | Major Banks |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- ONB has outperformed WAL by 23.4 percentage points over the past year.
- Old National Bancorp trades at a higher earnings multiple (10.8x vs 8.4x trailing P/E).
- Western Alliance Bancorporation is more profitable, keeping 713.5 cents of every revenue dollar as net income versus 26.5 cents for Old National Bancorp.
- Western Alliance Bancorporation grew revenue faster in its latest fiscal year (+99.71% vs +33.89%).
About Old National Bancorp
ONB stock →Old National Bancorp operates as the bank holding company for Old National Bank that provides consumer and commercial banking services in the United States. It accepts deposit accounts, such as noninterest-bearing demand, interest-bearing checking and negotiable order of withdrawal, savings and money market, and time deposits.
Finance · Major Banks · 4,914 employees
About Western Alliance Bancorporation
WAL stock →Western Alliance Bancorporation operates as the bank holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. It operates through Commercial and Consumer Related segments.
Finance · Major Banks · 3,769 employees
ONB vs WAL FAQ
Which is bigger, Old National Bancorp or Western Alliance Bancorporation?
Old National Bancorp (ONB) is larger, with a market capitalization of $9.34B compared with $8.11B for Western Alliance Bancorporation (WAL).
Which stock has performed better over the past year, ONB or WAL?
ONB returned +9.85% over the past 12 months, compared with -13.55% for WAL (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, ONB or WAL?
WAL has the lower trailing P/E at 8.4, versus 10.8 for ONB. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, Old National Bancorp or Western Alliance Bancorporation?
Old National Bancorp has the higher yield at 2.33%, compared with 2.21% for Western Alliance Bancorporation.
Are Old National Bancorp and Western Alliance Bancorporation in the same industry?
Yes. Both are classified in the Major Banks industry within the Finance sector.