A Business at a Glance
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Finward Bancorp
FNWD
$192M
Mkt Cap
$44.61
+0.02%
Finward Bancorp (FNWD) has a current P/E ratio of 23.4, compared to its historical median P/E of 10.3. The stock is currently considered Expensive based on its historical valuation range.
Finward Bancorp (FNWD) has a 5-year average return on invested capital (ROIC) of 7.8%. This is below average and may indicate limited pricing power.
Finward Bancorp (FNWD) has a market capitalization of $192M. It is classified as a small-cap stock.
Yes, Finward Bancorp (FNWD) pays a dividend with a trailing twelve-month yield of 0.81%.
Based on historical P/E analysis, Finward Bancorp (FNWD) appears expensive. The current P/E of 23.4 is 128% above its historical median of 10.3. The estimated fair value CAGR (P/E method) is -9.8%.
Finward Bancorp (FNWD) operates in the Savings Institution, Federally Chartered industry, within the Financials sector.
Finward Bancorp (FNWD) reported annual revenue of $101 million in its most recent fiscal year, based on SEC EDGAR filings.
Finward Bancorp, an Indiana corporation (the “ Company”), was incorporated on January 31, 1994, and is the holding company for Peoples Bank, an Indiana-chartered commercial bank (the “ Bank”). The Bank is a wholly owned subsidiary of the Company. The Company has no other business activity other than being a holding company for the Bank and the Company’s earnings are primarily dependent upon the earnings of the Bank. The Bank is primarily engaged in the business of attracting deposits from the general public and the origination of loans, mostly upon the security of single family residences and commercial real estate, as well as, construction loans and various types of consumer loans, commercial business loans and municipal loans, within its primary market areas of Lake and Porter Counties, in Northwest Indiana, and Cook County, Illinois.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 101M | 101M | 112M | 97M | 84M | 67M |
| Net Income | 8.1M | 8.1M | 12M | 8.4M | 15M | 15M |
| EPS | $1.88 | $1.88 | $2.84 | $1.96 | $3.60 | $4.30 |
| Free Cash Flow | 9.0M | 9.0M | 6.7M | 23M | 15M | 14M |
| ROIC | 1.1% | 4.9% | 8.0% | 6.0% | 10.5% | 9.7% |
| Gross Margin | 0.0% | 0.0% | 68.1% | 71.5% | 94.2% | 94.6% |
| Debt/Equity | 3.87 | 3.87 | 4.57 | 5.59 | 5.05 | 5.09 |
| Dividends/Share | $0.36 | $0.36 | $0.48 | $1.05 | $1.24 | $1.24 |
| Operating Income | 8.1M | 8.1M | 13M | 8.0M | 17M | 16M |
| Operating Margin | 8.0% | 8.0% | 12.0% | 8.3% | 19.8% | 24.6% |
| ROE | 4.6% | 5.0% | 8.1% | 6.0% | 10.5% | 9.7% |
| Shares Outstanding | 4M | 4M | 4M | 4M | 4M | 3M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 33M | 36M | 40M | N/A | 49M | 63M | 70M | 67M | 84M | 97M | 112M | 101M | 101M |
| Gross Margin | 91.9% | 91.8% | 91.0% | 90.8% | 86.8% | 81.4% | 86.5% | 94.6% | 94.2% | 71.5% | 68.1% | 0.0% | 0.0% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 11M | 13M | 14M | 14M | 16M | 20M | 23M | 24M | 29M | 28M | 28M | 30M | 30M |
| EBIT | 9.5M | 9.7M | 12M | 12M | 11M | 14M | 19M | 16M | 17M | 8.0M | 13M | 8.1M | 8.1M |
| Op. Margin | 28.7% | 26.6% | 29.2% | N/A | 22.2% | 22.0% | 26.8% | 24.6% | 19.8% | 8.3% | 12.0% | 8.0% | 8.0% |
| Net Income | 7.4M | 7.9M | 9.1M | 9.0B | 9.3M | 12M | 16M | 15M | 15M | 8.4M | 12M | 8.1M | 8.1M |
| Net Margin | 22.2% | 21.7% | 22.8% | N/A | 19.2% | 19.2% | 22.8% | 22.5% | 18.1% | 8.7% | 10.8% | 8.0% | 8.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 133K | 0 | 0 | -303K | 276K | 12M | -55K | -55K |
| Returns on Capital | |||||||||||||
| ROIC | 10.3% | 10.1% | 9.6% | 1.3% | 8.5% | 10.1% | 11.2% | 9.7% | 10.5% | 6.0% | 8.0% | 4.9% | 1.1% |
| ROE | 10.3% | 10.0% | 11.1% | 9733.6% | 9.6% | 10.3% | 11.2% | 9.7% | 10.5% | 6.0% | 8.1% | 5.0% | 4.6% |
| ROA | 1.0% | 1.0% | 1.0% | 973.5% | 0.9% | 1.0% | 1.1% | 1.0% | 0.8% | 0.4% | 0.6% | 0.4% | 0.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 9.6M | 9.5M | 10M | 12M | 11M | 11M | 20M | 17M | 18M | 24M | 9.8M | 9.9M | 9.9M |
| Free Cash Flow | 8.7M | 8.1M | 8.7M | 11M | 9.5M | 7.9M | 16M | 14M | 15M | 23M | 6.7M | 9.0M | 9.0M |
| Owner Earnings | 8.1M | 8.0M | 10M | 11M | 8.6M | 8.2M | 16M | 14M | 14M | 21M | 6.4M | 3.3M | 3.3M |
| CapEx | 859K | 1.3M | 1.7M | 1.7M | 1.0M | 3.0M | 3.7M | 3.1M | 3.0M | 1.1M | 3.1M | 853K | 853K |
| Maint. CapEx | 1.4M | 1.4M | 1K | 1.4M | 1.8M | 2.4M | 3.3M | 2.5M | 3.0M | 2.9M | 2.8M | 6.2M | 6.2M |
| Growth CapEx | 0 | 0 | 1.7M | 257K | 0 | 596K | 441K | 628K | 31K | 0 | 274K | 0 | 0 |
| D&A | 1.4M | 1.4M | 1K | 1.4M | 1.8M | 2.4M | 3.3M | 2.5M | 3.0M | 2.9M | 2.8M | 6.2M | 6.2M |
| CapEx/OCF | 9.0% | 13.8% | 16.5% | 13.5% | 9.6% | 27.8% | 18.9% | 18.4% | 17.1% | 4.7% | 31.4% | N/A | 8.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 2.7M | 3.0M | 3.1M | 3.3M | 3.4M | 4.1M | 4.3M | 4.3M | 5.1M | 5.3M | 2.1M | 1.6M | 1.6M |
| Dividend Yield | 5.1% | 5.1% | 4.7% | 3.5% | 3.3% | 3.3% | 4.2% | 3.2% | 3.4% | 5.0% | 1.8% | N/A | 0.8% |
| Share Buybacks | 31K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.0% |
| Stock-Based Comp | 61K | 96K | 142K | 192K | 204K | 301K | 415K | 574K | 741K | 719K | 565K | 447K | 447K |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -206M | -205M | -252M | -235M | -216M | 447M | 337M | 237M | 256M | 367M | 287M | 240M | 556M |
| Cash & Equiv. | 22M | 12M | 44M | 11M | 17M | 47M | 20M | 33M | 31M | 86M | 71M | 120M | 120M |
| Long-Term Debt | -977K | -112K | 26M | 21M | 4.1M | N/A | N/A | N/A | N/A | N/A | 4.0M | 2.2M | 2.2M |
| Debt/Equity | 0.48 | 0.49 | 0.31 | 0.23 | 0.42 | 5.77 | 5.06 | 5.09 | 5.05 | 5.59 | 4.57 | 3.87 | 3.87 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0 | 0.3 |
| Equity | 76M | 81M | 84M | 92M | 101M | 134M | 152M | 157M | 130M | 147M | 151M | 175M | 175M |
| Total Assets | 775M | 865M | 914M | 927M | 1.1B | 1.3B | 1.5B | 1.6B | 2.1B | 2.1B | 2.1B | 2.0B | 2.0B |
| Total Liabilities | 699M | 784M | 830M | 835M | 995M | 1.2B | 1.3B | 1.5B | 1.9B | 2.0B | 1.9B | 1.8B | 1.8B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | 5.1M | 4.1M | 3.1M | 4.8M | 3.3M | 1.9M | 1.2M | 1.2M |
| Retained Earnings | 70M | 75M | 81M | 87M | 92M | 100M | 111M | 122M | 132M | 129M | 139M | 146M | 146M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Per Share Data | |||||||||||||
| EPS | 2.60 | 2.75 | 3.20 | 3,128.21 | 3.17 | 3.53 | 4.60 | 4.30 | 3.60 | 1.96 | 2.84 | 1.88 | 1.88 |
| Owner EPS | 2.87 | 2.79 | 3.59 | 3.74 | 2.91 | 2.40 | 4.63 | 4.01 | 3.34 | 4.82 | 1.51 | 0.76 | 0.76 |
| Book Value | 26.78 | 28.34 | 29.44 | 32.14 | 34.45 | 38.97 | 43.80 | 45.01 | 31.10 | 34.46 | 35.45 | 40.60 | 40.60 |
| Cash Flow/Share | 3.37 | 3.31 | 3.64 | 4.29 | 3.58 | 3.20 | 5.70 | 4.90 | 4.23 | 5.66 | 2.30 | 2.30 | 3.32 |
| Dividends/Share | 0.97 | 1.06 | 1.11 | 1.15 | 1.19 | 1.23 | 1.24 | 1.24 | 1.24 | 1.05 | 0.48 | 0.36 | 0.36 |
| Shares Out. | 2.8M | 2.9M | 2.9M | 2.9M | 2.9M | 3.4M | 3.5M | 3.5M | 4.2M | 4.3M | 4.3M | 4.3M | 4.3M |
| Valuation | |||||||||||||
| P/E Ratio | 7.3 | 8.4 | 9.4 | 11.3 | 11.1 | 11.0 | 6.8 | 10.3 | 9.3 | 12.4 | 10.0 | N/A | 23.7 |
| P/FCF | 6.2 | 8.1 | 9.9 | 9.6 | 10.9 | 16.7 | 6.8 | 11.0 | 9.5 | 4.5 | 18.0 | N/A | 21.2 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 92.3 |
| Price/Book | 0.7 | 0.8 | 1.0 | 1.1 | 1.0 | 1.0 | 0.7 | 1.0 | 1.0 | 0.7 | 0.8 | N/A | 1.1 |
| Price/Sales | 1.7 | 1.7 | 1.8 | 2.4 | 2.4 | 2.3 | 1.6 | 2.1 | 1.9 | 1.6 | 1.6 | N/A | 1.9 |
| FCF Yield | 16.1% | 12.3% | 10.1% | 10.5% | 9.2% | 6.0% | 14.7% | 9.1% | 10.5% | 22.3% | 5.6% | N/A | 4.7% |
| Market Cap | 54M | 66M | 86M | 102M | 104M | 133M | 109M | 154M | 140M | 104M | 121M | 0 | 192M |
| Avg. Price | 18.50 | 20.49 | 23.54 | 32.19 | 35.48 | 36.35 | 29.81 | 38.43 | 35.96 | 24.89 | 26.23 | 0.00 | 44.61 |
| Year-End Price | 19.01 | 23.14 | 30.08 | 35.52 | 35.28 | 38.69 | 31.46 | 44.12 | 33.49 | 24.24 | 28.35 | 0.00 | 44.61 |
Finward Bancorp passes 1 of 9 quality checks, indicating weak fundamentals.
Finward Bancorp trades at 23.4x trailing earnings, compared to its 15-year median P/E of 10.3x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 15.9x vs a median of 9.9x. The company's 5-year average ROIC is 7.8% with a gross margin of 65.7%. Total shareholder yield (dividends) is 0.8%. At current prices, the estimated annualized return to fair value is -5.4%.
Finward Bancorp (FNWD) has a net profit margin of 8.0%. This is a modest margin.
Finward Bancorp (FNWD) generated $9 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Finward Bancorp (FNWD) has a debt-to-equity ratio of 3.87. This indicates higher leverage, which may increase financial risk.
Finward Bancorp (FNWD) reported earnings per share (EPS) of $1.88 in its most recent fiscal year.
Finward Bancorp (FNWD) has a return on equity (ROE) of 5.0%. This indicates moderate shareholder returns.
Finward Bancorp (FNWD) has a 5-year average gross margin of 65.7%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for Finward Bancorp (FNWD), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Finward Bancorp (FNWD) has a book value per share of $40.60, based on its most recent annual SEC filing.