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Friday 6 November 2026 Export FNWD’s income statement to Excel — free account

Finward Bancorp

FNWD Financial Banks Regional

Finward Bancorp’s revenue for fiscal 2025 (year ended December 2025) was $101.1 million, down 9.63% from fiscal 2024.

Revenue
+0.43%
EPS
−2.00%
Free cash flow
+0.22%
Total debt
0.00%

Quarter to June 2026, against a year earlier

43.54 0.09 +0.21%
Market cap
$188.2M
P/E
19.0×
Fwd P/E
16.5×
Dividend yield
1.10%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.01
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 3 — — 3 — — 6 — — 4 — —
Sell — — — — — — — — — — — —
Insider Ownership 12.17%

Capital & Financial Ratios $m

Size
Market Cap 188.16
Revenue ttm 101.74
Net income ttm 9.82
Free cash flow ttm 17.37
Net debt Q (29.64)
Valuation
P/E 19.01
Forward P/E 16.50
Price / sales 1.83
Forward P/S Powerpack
Price / FCF 10.73
Price / book 1.05
Financial health
Current ratio Q 0.88
Debt / equity Q 0.36
Interest coverage Q —
Growth
Revenue growth Q +0.43% (above 0%: growing)
Operating income growth Q +16.12% (above 0%: growing)
EPS, this year +39.89% (at or above 15%: strong)
EPS, next year A +19.01% (at or above 15%: strong)
Revenue, next year A −24.70% (below 0%: weak)
EPS, past 5 yrs −17.09% (below 0%: weak)
EPS, next 5 yrs A +1.79%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 89.89%
10-year low 10-year high
P/S against its own 10 years 51.10%
10-year low 10-year high
P/B against its own 10 years 56.73%
10-year low 10-year high

Dividends

Yield
1.10%
Annual rate
0.48
Payout ratio
21.2%
Growth, 2017–25
−10.3%/yr
  1. 1.15 ’17
  2. 1.19 ’18 +3
  3. 1.23 ’19 +3
  4. 1.24 ’20 +1
  5. 1.24 ’21 +0
  6. 1.24 ’22 +0
  7. 0.93 ’23 −25
  8. 0.48 ’24 −48
  9. 0.48 ’25 +0
  10. 0.48 ’26e +0
paid forecast change on the year, % Powerpack

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%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.62 Actual 0.48

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY26 0.62 0.48 Miss by 0.14

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 40 41 49 63 70 67 84 97 112 101 102 +10.8% 76 80 — (11.0%)
Gross margin, % 94.14 93.69 89.51 85.55 91.77 96.88 94.15 67.65 63.58 65.35 67.76 (28.8) pt
EBT 12 12 11 14 19 16 17 8 13 8 11 (4.0%)
EBT margin, % 29.22 28.78 22.18 22.02 26.81 24.59 19.82 8.33 12.03 8.02 10.32 (21.2) pt
Net income 9 9 9 12 16 15 15 8 12 8 10 (1.4%)
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 23.77 +6.0%
Earnings 3.20 3.13 3.17 3.53 4.80 4.30 3.61 1.96 2.85 1.89 2.29 (5.7%)
Cash flow 3.63 4.29 3.57 3.20 5.70 4.90 4.25 5.67 2.30 2.32 4.04 (4.9%)
Capex (0.60) (0.58) (0.34) (0.82) (1.08) (0.90) (0.30) (0.08) 3.43 (0.01) 0.01 (38.1%)
Free cash flow 3.04 3.72 3.23 2.38 4.62 4.00 3.95 5.58 5.73 2.31 4.06 (3.0%)
Book value 29.42 32.15 34.40 39.15 43.82 45.04 32.66 34.48 35.55 40.89 41.65 +3.7%
Shares, m 3 3 3 3 3 3 4 4 4 4 4 +4.6%
Valuation, ×
Valuation, × P/E 14.09 14.09 13.56 13.00 7.52 10.50 10.14 12.74 9.90 18.62 19.01 12.4
P/S 0.00 3.07 2.61 2.50 1.79 2.40 1.81 1.11 1.07 1.49 1.83 1.8
P/B 0.00 1.37 1.25 1.17 0.82 1.02 1.11 0.73 0.79 0.86 1.05 0.9
EV/Sales 0.00 3.27 3.10 1.94 1.57 1.96 2.84 1.05 1.02 0.75 — 1.8
EV/FCF (0.61) 12.64 15.81 14.93 6.83 9.40 14.39 4.24 4.68 7.67 — 9.0
Cash, $m
Cash, $m Operating cash flow 10 12 11 11 20 17 18 24 10 10 17 (0.5%)
Capex (2) (2) (1) (3) (4) (3) (1) 0 15 0 0 (35.3%)
Free cash flow 9 11 10 8 16 14 16 24 24 10 17 +1.4%
Balance, $m
Balance, $m Working capital (177) (184) (170) (223) (348) (465) (271) (293) (273) (240) (208) +3.4%
Net debt (19) 8 24 (35) (16) (35) 86 (6) (6) (75) (30) +16.2%
Shareholders’ equity 84 92 101 134 152 157 136 147 151 175 178 +8.5%
Returns, %
Returns, % ROA 1.03 0.97 0.92 1.00 1.13 0.96 0.82 0.40 0.58 0.40 0.48 (0.6) pt
ROIC 11.27 7.38 5.37 8.78 8.60 8.41 4.99 3.56 5.77 5.07 4.41 (6.2) pt
ROE 11.08 10.17 9.65 10.27 11.15 9.71 10.29 5.91 8.12 4.96 5.90 (6.1) pt
People
People Employees 216 217 249 290 263 280 326 304 313 318 — +4.4%
Revenue/emp, $m 0.19 0.19 0.19 0.22 0.27 0.24 0.26 0.32 0.36 0.32 — +6.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Finward Bancorp vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
FGBI First Guaranty Bancshares, Inc. $196.0M — (loss-making) 20.6× −5.84% (below 0%: shrinking) n/m +17.37% (above 0%: growing) 45.46% 0.00% Compare
MRBK Meridian Bank $195.2M 8.8× 11.8× −3.50% (below 0%: shrinking) −2.00% (below 0%: shrinking) +88.96% (above 0%: growing) 64.49% 0.00% Compare
LARK Landmark Bancorp Inc. $193.6M 9.7× 9.2× +2.62% (above 0%: growing) +21.58% (above 0%: growing) +828.81% (above 0%: growing) 78.76% 0.00% Compare
ECBK ECB Bancorp, Inc. $188.3M 13.6× — +12.81% (above 0%: growing) +40.00% (above 0%: growing) −13.30% (below 0%: shrinking) 47.37% 0.00% Compare
FNWD Finward Bancorp $188.2M 19.0× 16.5× +0.43% (above 0%: growing) −2.00% (below 0%: shrinking) +0.22% (above 0%: growing) 69.03% 0.00%
FINW FinWise Bancorp $187.9M 13.5× 19.5× +98.06% (above 0%: growing) −48.39% (below 0%: shrinking) −43.89% (below 0%: shrinking) 91.22% 0.00% Compare
BVFL BV Financial, Inc. $183.1M 14.0× — −2.37% (below 0%: shrinking) +48.28% (above 0%: growing) +1.43% (above 0%: growing) 78.95% 0.00% Compare
BAFN BayFirst Financial Corp. $179.3M — (loss-making) — −70.88% (below 0%: shrinking) n/m −99.45% (below 0%: shrinking) 27.34% 0.00% Compare
SBFG SB Financial Group, Inc. $179.2M 10.5× 11.9× +9.21% (above 0%: growing) 0.00% −28.66% (below 0%: shrinking) 71.79% 0.00% Compare
Median of peers $188.1M 12.0× 11.9× +0.13% +10.79% −5.93% 68.14% 0.00%

All 327 Banks Regional stocks →

Pay and ownership Proxy statement filed 3 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 480.69k 489.80k 126.47
2024 508.24k 486.20k 113.27
2023 468.54k 427.26k 72.62

Ownership

Directors and executive officers, together 13.13%
Benjamin J. Bochnowski 9.33%
Bochnowski Family Group 9.33%
AllianceBernstein L.P. 9.32%
PL Capital Advisors, LLC 8.23%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Finward Bancorp (FNWD) Latest News

27 Oct

Impact 3 · · Business Wire

28 Jul

Impact 3 ·

21 Jul

Impact 5 ·
Impact 4 ·

28 Apr

Impact 4 · · Business Wire

27 Jan

Impact 4 · · Business Wire

29 Dec

Impact 3 · · Simply Wall St.

3 Dec

Impact 3 · · Business Wire

26 Nov

Impact 3 · · Simply Wall St.

30 Oct

Impact 3 · · Simply Wall St.

28 Oct

Impact 4 · · Business WireGuruFocus.comZacksStockStoryGuruFocus.comZacksStockStory

11 Sep

Impact 3 · · Simply Wall St.

15 Aug

Impact 3 · · Business Wire
Impact 3 ·

7 Aug

Impact 4 · · Business Wire

29 Jul

Impact 4 · · Business Wire

22 Jul

Impact 3 · · Simply Wall St.

30 May

Impact 3 · · Simply Wall St.

3 May

Impact 3 · · Simply Wall St.

30 Apr

Impact 3 ·

15 Apr

Impact 3 · · Simply Wall St.

5 Apr

Impact 4 ·

11 Mar

Impact 3 · · Simply Wall St.

12 Feb

Impact 3 · · Simply Wall St.

28 Jan

Impact 4 · · GlobeNewswire

29 Oct

Impact 4 · · GlobeNewswire

26 Sep

Impact 4 ·

10 Sep

Impact 4 ·

7 Sep

Impact 3 · · Simply Wall St.

5 Sep

Impact 4 · · GlobeNewswire
stockrow.com/FNWD · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com