HBNC

MKT CAP:$907M

Horizon Bancorp, Inc.

Market Cap

$907M

Financial Services·Banks - Regional·🇺🇸 United States·NASDAQ

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$17.92+$1.38 (+8.34%)

Apr 23, 2026

Company Details

Horizon Bancorp, Inc. operates as the bank holding company for Horizon Bank that provides a range of commercial and retail banking services. The company offers various deposits. It also provides commercial, residential real estate, mortgage...

CEO

Thomas Prame

IPO Date

Jan 9, 2002

Website

www.horizonbank.com

Key Metrics TTM

Revenue

$66M

-81.5% YoY

Net Income

-$188M

EPS (Diluted)

-$3.93

Free Cash Flow

-$9M

Revenue / Share

$1.39

Gross Margin

-127.6%

Operating Margin

-390.3%

Net Margin

-287.3%

FCF Margin

-13.0%

P/S

13.8x

P/E

—

Earnings Reports

Q3 2025

Nov 10, 2025

-$204M-301.0%EPS -$4.69

Q2 2025

Aug 11, 2025

$101M+4.9%EPS $0.47

Q1 2025

May 8, 2025

$105M+11.1%EPS $0.54

FY 2024

Mar 14, 2025

$355M+11.3%EPS $0.80

Q4 2024

Mar 14, 2025

$63M+2.3%EPS -$0.25

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$64M	$62M	$26M
Q1 22	$64M	$61M	$27M
Q2 22	$68M	$63M	$29M
Q3 22	$70M	$61M	$26M
Q4 22	$77M	$58M	$24M
Q1 23	$80M	$53M	$20M
Q2 23	$86M	$55M	$20M
Q3 23	$91M	$53M	$17M
Q4 23	$62M	$19M	-$19M
Q1 24	$94M	$52M	$15M
Q2 24	$96M	$52M	$16M
Q3 24	$101M	$56M	$18M
Q4 24	$63M	$22M	-$22M
Q1 25	$105M	$67M	$28M
Q2 25	$101M	$63M	$24M
Q3 25	-$204M	-$235M	-$286M

Valuation

Quarter	P/S	P/E
Q4 21	3.7x	10.5x
Q1 22	3.4x	9.6x
Q2 22	3.0x	8.2x
Q3 22	3.0x	8.6x
Q4 22	2.4x	7.2x
Q1 23	1.6x	5.5x
Q2 23	1.5x	5.7x
Q3 23	1.4x	6.1x
Q4 23	1.9x	21.7x
Q1 24	1.6x	22.9x
Q2 24	1.6x	28.5x
Q3 24	1.9x	32.2x
Q4 24	2.0x	19.8x
Q1 25	1.8x	14.5x
Q2 25	1.8x	13.0x
Q3 25	10.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$17M	$16M
Q1 22	$28M	$27M
Q2 22	$27M	$25M
Q3 22	$28M	$26M
Q4 22	$17M	$15M
Q1 23	$25M	$25M
Q2 23	$19M	$14M
Q3 23	$30M	$29M
Q4 23	$15M	$14M
Q1 24	$7M	$5M
Q2 24	$16M	$15M
Q3 24	$32M	$31M
Q4 24	-$48M	-$50M
Q1 25	$15M	$14M
Q2 25	$20M	$18M
Q3 25	$11M	$9M

Capital Expenditures

Quarter	CapEx
Q4 21	$978.0K
Q1 22	$1M
Q2 22	$2M
Q3 22	$1M
Q4 22	$2M
Q1 23	$567.0K
Q2 23	$5M
Q3 23	$1M
Q4 23	$1M
Q1 24	$1M
Q2 24	$829.0K
Q3 24	$1M
Q4 24	$2M
Q1 25	$1M
Q2 25	$1M
Q3 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-8.4%	-16.3%
Q1 22	+8.6%	+5.2%
Q2 22	+13.4%	+15.2%
Q3 22	+9.4%	+19.7%
Q4 22	+19.4%	+36.6%
Q1 23	+26.1%	+64.6%
Q2 23	+28.1%	+71.3%
Q3 23	+29.2%	+65.0%
Q4 23	-19.4%	+52.6%
Q1 24	+17.7%	+31.5%
Q2 24	+11.5%	+21.6%
Q3 24	+11.6%	+13.5%
Q4 24	+2.3%	+5.6%
Q1 25	+11.1%	-2.9%
Q2 25	+4.9%	-4.7%
Q3 25	-301.0%	-0.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$13.0K	0.0%
Q1 22	$529.0K	0.8%
Q2 22	$627.0K	0.9%
Q3 22	$627.0K	0.9%
Q4 22	$692.0K	0.9%
Q1 23	$758.0K	0.9%
Q2 23	$945.0K	1.1%
Q3 23	$944.0K	1.0%
Q4 23	$939.0K	1.5%
Q1 24	$907.0K	1.0%
Q2 24	$1M	1.2%
Q3 24	$852.0K	0.8%
Q4 24	$2M	2.7%
Q1 25	$459.0K	0.4%
Q2 25	$387.0K	0.4%
Q3 25	$318.0K	—

OpEx Breakdown

Quarter	G&A
Q4 21	$21M
Q1 22	$20M
Q2 22	$21M
Q3 22	$21M
Q4 22	$20M
Q1 23	$19M
Q2 23	$21M
Q3 23	$21M
Q4 23	$23M
Q1 24	$22M
Q2 24	$22M
Q3 24	$23M
Q4 24	$27M
Q1 25	$24M
Q2 25	$24M
Q3 25	$24M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$113M	$1.0B	$1.2B
Q3 22	$112M	$986M	$1.1B
Q4 22	$126M	$998M	$1.1B
Q1 23	$138M	$943M	$1.1B
Q2 23	$231M	$906M	$1.1B
Q3 23	$177M	$865M	$1.0B
Q4 23	$529M	$547M	$1.1B
Q1 24	$273M	$535M	$808M
Q2 24	$148M	$527M	$675M
Q3 24	$236M	$541M	$777M
Q4 24	$294M	$234M	$528M
Q1 25	$170M	$14M	$184M
Q2 25	$136M	$14M	$150M
Q3 25	$458M	$526M	$984M
Q4 25	$67M	$4M	$71M
Q1 26	$68M	$581M	$649M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	44M	-0.5%	-0.4%
Q1 22	44M	+0.0%	-0.8%
Q2 22	44M	-0.1%	-1.0%
Q3 22	44M	+0.0%	-0.6%
Q4 22	44M	-0.1%	-0.1%
Q1 23	44M	+0.2%	+0.0%
Q2 23	44M	-0.0%	+0.1%
Q3 23	44M	+0.1%	+0.2%
Q4 23	44M	-0.3%	-0.0%
Q1 24	44M	+0.5%	+0.3%
Q2 24	44M	+0.3%	+0.6%
Q3 24	44M	+0.3%	+0.7%
Q4 24	44M	-0.9%	+0.2%
Q1 25	44M	+0.5%	+0.2%
Q2 25	44M	+0.2%	+0.1%
Q3 25	47M	+7.4%	+7.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$76.1K	843
Q1 22	$75.6K	843
Q2 22	$80.1K	843
Q3 22	$83.4K	843
Q4 22	$89.9K	852
Q1 23	$94.2K	852
Q2 23	$101.5K	852
Q3 23	$106.6K	852
Q4 23	$75.5K	818
Q1 24	$115.5K	818
Q2 24	$117.9K	818
Q3 24	$123.9K	818
Q4 24	$75.0K	841
Q1 25	$124.8K	841
Q2 25	$120.3K	841
Q3 25	-$242.3K	841

Revenue / Employee