Saturday 17 October 2026 Export FNWD’s income statement to Excel — free account

Finward Bancorp

Finward Bancorp’s revenue for fiscal 2025 (year ended December 2025) was $101.1 million, down 9.63% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 2.00%, free cash flow was flat and total debt was flat, each against the same quarter a year earlier. Insiders bought in the last twelve months.

41.93 0.14 +0.34%

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Market cap: $181.0M
P/E: 18.3×
Fwd P/E: 12.2×
Dividend yield: 1.14%
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.01

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	3	—	—	3	—	—	6	—	—	4	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 12.17%

Capital & Financial Ratios $m

Market Cap 180.99

Revenue 101.74

Net Income 9.82

Free Cash Flow 17.37

Net Debt (29.64)

Current Ratio 0.88

Debt/Equity 0.36

P/E ratio 18.31

Fwd P/E 12.20

P/S ratio 1.76

P/B ratio 1.01

Past 5Y EPS Growth (17.09%)

This Y EPS Growth 39.89%

Next Y EPS Growth 19.01%

Next Y revenue growth (24.70%)

Next 5Y EPS Growth 1.79%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 88.05%

10-year low 10-year high

P/S against its own 10 years 46.52%

10-year low 10-year high

P/B against its own 10 years 52.75%

10-year low 10-year high

Dividends

Payout Ratio 0.21

Annual Dividend Rate 0.48

Annual Dividend Yield 1.14%

	total	individual payouts
2027	Powerpack
2026	0.48	0.12 0.12 0.12
2025	0.48	0.12 0.12 0.12 0.12
2024	0.48	0.12 0.12 0.12 0.12
2023	0.93	0.31 0.31 0.31
2022	1.24	0.31 0.31 0.31 0.31
2021	1.24	0.31 0.31 0.31 0.31
2020	1.24	0.31 0.31 0.31 0.31
2019	1.23	0.30 0.31 0.31 0.31
2018	1.19	0.29 0.30 0.30 0.30
2017	1.15	0.28 0.29 0.29 0.29
2016	1.11	0.27 0.28 0.28 0.28

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	86	71	120	95
Receivables	—	—	—	—
Inventory	—	—	—	—
Other	—	—	—	—
	1,588	1,572	1,561	1,589

	2023	2024	2025	Q'26
Payables	1,813	1,761	1,727	1,733
ST’ Debt	—	—	—	—
Other	—	—	—	—
	1,881	1,844	1,802	1,797

Compound Annual Growth %

	10y	5y	3y
Sales	10.80%	7.69%	6.55%
Cash Flow	0.46%	(12.89%)	(17.65%)
Earnings	0.30%	(12.68%)	(18.76%)
Book Value	8.00%	2.86%	8.59%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	25	25	—	—	—
’25	25	25	26	25	101
’24	35	25	25	26	112
’23	23	25	24	25	97
’22	19	21	21	23	84
’21	17	16	17	17	67
’20	16	18	18	18	70

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	4	5	—	—	—
’25	(4)	5	1	8	10
’24	0	3	(4)	11	10
’23	4	13	5	2	24
’22	1	5	6	6	18
’21	16	(3)	3	0	17
’20	9	2	8	0	20

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	4	5	—	—	—
’25	(4)	4	2	8	10
’24	17	1	(4)	11	24
’23	4	13	5	2	24
’22	0	4	7	6	16
’21	16	(3)	2	(2)	14
’20	9	1	7	(1)	16

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.52	0.48	—	—	—
’25	0.11	0.50	0.81	0.46	1.88
’24	2.17	0.03	0.14	0.49	2.84
’23	0.51	0.57	0.51	0.35	1.96
’22	0.53	1.03	1.07	0.93	3.60
’21	1.35	1.05	1.02	0.95	4.30
’20	0.92	1.46	1.42	1.00	4.80

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	28.30	38.40	39.28	40.25	28.01	36.10	30.06	17.29	22.82	26.12	Analyst estimates 2026–2028 Powerpack
	High	39.87	44.50	46.59	46.00	46.20	50.00	49.70	37.80	33.50	39.99
People
People	Employees	216	217	249	290	263	280	326	304	313	318
	Revenue/emp, $m	0.19	0.19	0.19	0.22	0.27	0.24	0.26	0.32	0.36	0.32
Income, $m
Income, $m	Revenue	40	41	49	63	70	67	84	97	112	101
	Gross margin, %	94.14	93.69	89.51	85.55	91.77	96.88	94.15	67.65	63.58	65.35
	EBT	12	12	11	14	19	16	17	8	13	8
	EBT margin, %	29.22	28.78	22.18	22.02	26.81	24.59	19.82	8.33	12.03	8.02
	Net income	9	9	9	12	16	15	15	8	12	8
	Depreciation	3	3	3	2	3	5	6	7	7	6
Per share, $
Per share, $	Revenue	14.00	14.35	16.46	18.37	20.15	19.15	20.01	22.59	26.25	23.66
	Earnings	3.20	3.13	3.17	3.53	4.80	4.30	3.61	1.96	2.85	1.89
	Cash flow	3.63	4.29	3.57	3.20	5.70	4.90	4.25	5.67	2.30	2.32
	Capex	(0.60)	(0.58)	(0.34)	(0.82)	(1.08)	(0.90)	(0.30)	(0.08)	3.43	(0.01)
	Free cash flow	3.04	3.72	3.23	2.38	4.62	4.00	3.95	5.58	5.73	2.31
	Book value	29.42	32.15	34.40	39.15	43.82	45.04	32.66	34.48	35.55	40.89
	Shares, m	3	3	3	3	3	3	4	4	4	4
Valuation, ×
Valuation, ×	P/E	14.09	14.09	13.56	13.00	7.52	10.50	10.14	12.74	9.90	18.62
	P/S	0.00	3.07	2.61	2.50	1.79	2.40	1.81	1.11	1.07	1.49
	P/B	0.00	1.37	1.25	1.17	0.82	1.02	1.11	0.73	0.79	0.86
	EV/Sales	0.00	3.27	3.10	1.94	1.57	1.96	2.84	1.05	1.02	0.75
	EV/FCF	(0.61)	12.64	15.81	14.93	6.83	9.40	14.39	4.24	4.68	7.67
Cash, $m
Cash, $m	Operating cash flow	10	12	11	11	20	17	18	24	10	10
	Capex	(2)	(2)	(1)	(3)	(4)	(3)	(1)	0	15	0
	Free cash flow	9	11	10	8	16	14	16	24	24	10
Balance, $m
Balance, $m	Working capital	(177)	(184)	(170)	(223)	(348)	(465)	(271)	(293)	(273)	(240)
	Total debt	26	21	43	14	6	—	120	80	65	45
	Net debt	(19)	8	24	(35)	(16)	(35)	86	(6)	(6)	(75)
	Shareholders’ equity	84	92	101	134	152	157	136	147	151	175
Returns, %
Returns, %	ROA	1.03	0.97	0.92	1.00	1.13	0.96	0.82	0.40	0.58	0.40
	ROIC	11.27	7.38	5.37	8.78	8.60	8.41	4.99	3.56	5.77	5.07
	ROE	11.08	10.17	9.65	10.27	11.15	9.71	10.29	5.91	8.12	4.96

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
CBFV CB Financial Services, Inc.	$194.0M	26.3×	11.5×	+11.11% (above 0%: growing)	+7.59% (above 0%: growing)	+89.91% (above 0%: growing)	70.87%	0.00%	Compare
LARK Landmark Bancorp Inc.	$192.5M	9.5×	5.6×	+2.62% (above 0%: growing)	+21.58% (above 0%: growing)	+828.81% (above 0%: growing)	78.76%	0.00%	Compare
BVFL BV Financial, Inc.	$184.2M	14.1×	—	−2.37% (below 0%: shrinking)	+48.28% (above 0%: growing)	+1.43% (above 0%: growing)	78.95%	0.00%	Compare
SBFG SB Financial Group, Inc.	$183.5M	11.0×	8.8×	+5.49% (above 0%: growing)	+20.00% (above 0%: growing)	+255.74% (above 0%: growing)	72.32%	0.00%	Compare
FNWD Finward Bancorp	$181.0M	18.3×	12.2×	+0.43% (above 0%: growing)	−2.00% (below 0%: shrinking)	+0.22% (above 0%: growing)	69.03%	0.00%
ECBK ECB Bancorp, Inc.	$173.4M	13.9×	—	+15.35% (above 0%: growing)	+127.78% (above 0%: growing)	+538.43% (above 0%: growing)	46.07%	0.00%	Compare
MNSB MainStreet Bank	$172.8M	11.8×	10.9×	−6.70% (below 0%: shrinking)	+9.43% (above 0%: growing)	+286.64% (above 0%: growing)	57.99%	0.00%	Compare
BAFN BayFirst Financial Corp.	$170.8M	— (loss-making)	—	−70.88% (below 0%: shrinking)	n/m	−99.45% (below 0%: shrinking)	27.34%	0.00%	Compare
HNVR Hanover Bancorp, Inc.	$170.6M	19.0×	11.2×	−2.10% (below 0%: shrinking)	+66.67% (above 0%: growing)	+972.77% (above 0%: growing)	56.13%	0.00%	Compare
Median of peers	$178.5M	13.9×	10.9×	+0.26%	+21.58%	+271.19%	64.43%	0.00%

All 323 Banks Regional stocks →

Finward Bancorp (FNWD) key facts

Concern: Finward Bancorp’s revenue for fiscal 2025 (year ended December 2025) was $101.1 million, down 9.63% from fiscal 2024.
Concern: Net income was $8.1 million, or $1.89 per share (basic), a net margin of 8.00%.
Finward Bancorp (FNWD) is a Banks Regional company in the Financial sector, listed on Nasdaq.
As of October 16, 2026, FNWD traded at $41.93, a market capitalization of $181.0 million.
At that price the stock trades at 18.3× trailing-twelve-month earnings and 1.8× sales; its P/E is higher than 88% of its own readings over the past ten years.
Finward Bancorp pays an annual dividend of $0.48 per share, a yield of 1.14%, with a payout ratio of 21.2%.
Return on equity was 4.96% and debt-to-equity 0.36.
Its Piotroski F-score is 6 out of 9 for fiscal 2025.