Is NWBI or ONB more undervalued in 2026?

CirclFi compares Northwest Bancshares, Inc. (NWBI) and Old National Bancorp (ONB) using 13 institutional-grade valuation models. NWBI has a Quality of Company score of 8.5/10 while ONB scores 8.9/10.

Which is a better buy — NWBI or ONB?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do NWBI and ONB valuations compare?

NWBI at $14.15 and ONB at $24.01 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

NWBI vs ONB Valuation Comparison 2026 — Intrinsic Value Analysis

NWBI

National Commercial Banks

Northwest Bancshares, Inc.

Quality

8.5

out of 10

Value Trap

SAFE

Price

$14.15

Last close

Models

11/13

Active

ONB

National Commercial Banks

Old National Bancorp

Quality

8.9

out of 10

Value Trap

SAFE

Price

$24.01

Last close

Models

11/13

Active

Model-by-Model Comparison

Model	Type	NWBI Fair Value	NWBI Upside	ONB Fair Value	ONB Upside
Bayesian DCF	Intrinsic	$7.17	-49.3%	$11.60	-51.7%
Earnings Power Value	Intrinsic	$10.85	-23.3%	$16.11	-32.9%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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NWBI vs ONB — Which Stock Is More Undervalued?

ONB scores higher with a 8.9/10 quality rating vs NWBI's 8.5/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Northwest Bancshares, Inc. (NWBI) and Old National Bancorp (ONB) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

NWBI currently trades at $14.15 with a QOC of 8.5/10, while ONB trades at $24.01 with a QOC of 8.9/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).