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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. 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%
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%) (below 0%: weak)
This Y EPS Growth 39.89% (at or above 15%: strong)
Next Y EPS Growth 19.01% (at or above 15%: strong)
Next Y revenue growth (24.70%) (below 0%: weak)
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.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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
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.

Source: company filings (standardised) and stockrow calculations.

Finward Bancorp (FNWD) Latest News

21 Jul

Impact 5 ·
stockrow.com/FNWD · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com