Company Overview
Horizon Bancorp, Inc. operates as the bank holding company for Horizon Bank, delivering commercial and retail banking services to individual and corporate clients located in Indiana and Michigan within the United States. The firm functions within the Financial Services sector, specifically classified under the Banks - Regional industry, which typically characterizes institutions focused on localized lending and deposit gathering rather than nationwide diversification. The company's market capitalization stands at $830.37M, supported by a workforce of 465 employees and reported annual revenue of -$28,862,000 over the trailing twelve months. The reported negative revenue figure alongside a market cap of $830.37M indicates a structural accounting anomaly where revenue is recorded as a negative value, likely due to the specific way financial institutions report net interest income or fee income in certain data aggregations, necessitating careful interpretation of the company's scale and operational position relative to its regional peers.
Financial Health
The financial statements for Horizon Bancorp, Inc. show a Revenue (TTM) of $-28,862,000 and a Net Income (TTM) of $-150,482,000, while EBITDA is listed as N/A. The significant gap between the negative revenue figure and the substantial negative net income of $-150,482,000 reveals a cost structure where operating expenses and provisions for loan losses far exceed the recorded revenue, a common dynamic in banking where net interest income might be netted against funding costs to produce a negative revenue line in specific reporting contexts. The Free Cash Flow is reported as N/A, which suggests that the company's financial flexibility regarding cash generation for dividends or acquisitions is not currently quantifiable through standard free cash flow metrics in this dataset. The Gross Margin is 0.0%, the Operating Margin is 47.3%, and the Profit Margin is 0.0%; the 0.0% Gross and Profit margins indicate that the company does not generate gross profit in the traditional sense or that revenue is entirely offset by cost of goods sold and general expenses before reaching the bottom line. The company holds $157.09M in cash against $418.16M in debt, and the Debt to Equity ratio is N/A, indicating that while the cash position is positive, the debt load of $418.16M is significant relative to available liquid assets. The Current Ratio is N/A, meaning that short-term liquidity relative to current liabilities cannot be assessed with the provided data points. Return on Equity stands at -20.7% and Return on Assets is -2.1%, metrics that reveal management effectiveness is currently negative as the company is generating losses relative to both shareholder equity and total asset base.
Valuation Assessment
The valuation metrics for Horizon Bancorp, Inc. include a P/E Ratio (TTM) of N/A and a Forward P/E of 7.40. The absence of a trailing P/E ratio combined with a forward P/E of 7.40 implies that the market expects a reversion to positive earnings or a change in valuation methodology, as the forward metric suggests a future earnings expectation that has not yet materialized in the trailing twelve months. The Price to Book ratio is 1.21, indicating that the market values the company at 1.21 times its book value, which suggests a slight premium over the net asset value but does not imply a massive bubble given the negative earnings. The Price to Sales ratio is -28.77 and the EV/EBITDA is N/A, suggesting that traditional sales-based or earnings-based valuation multiples are distorted by the negative revenue and lack of EBITDA data, requiring reliance on asset-based metrics like the price-to-book ratio for assessment. The 52-week high is $19.07 and the 52-week low is $12.70, and without a specific current price provided in the facts, the trading range defines the volatility envelope within which the stock has operated over the last year. The Beta is 0.81, which indicates that the stock price is expected to be 0.81 times as volatile as the broader market, suggesting a defensive characteristic relative to the overall financial sector index.
Growth & Income
Horizon Bancorp, Inc. reports a Revenue Growth (YoY) of 218.7% and an Earnings Growth (YoY) of N/A. The massive 218.7% revenue growth combined with N/A earnings growth implies that the negative revenue figure from the prior year likely caused the percentage increase to appear extreme, while the lack of earnings growth data prevents a direct comparison of profit trajectory versus top-line movement. The company offers a Dividend Yield of 4.0% with a Payout Ratio of 54.7%, a combination that requires scrutiny given the negative net income, as paying dividends while reporting a net loss of $-150,482,000 presents sustainability questions regarding the source of the dividend distribution. Since the Earnings Growth is N/A, the company is not demonstrating positive earnings expansion, yet it maintains a payout policy that suggests it is distributing cash flow or reserves rather than reinvesting net income for growth. The overall growth and income profile presents a complex picture where high dividend yield and significant year-over-year revenue growth metrics coexist with negative profitability and unavailable earnings growth data.