Finward Bancorp (FNWD) Key Metrics
FNWD valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $181.6M
- Enterprise value
- $196.5M
- P/E (TTM)
- 18.5 10-yr median 12.5
- Forward P/E
- 12.5
- PEG ratio
- 1.72
- Price / sales
- 2.6 10-yr median 2.1
- Price / book
- 1.0 10-yr median 1.1
- EV / EBITDA
- —
- Dividend yield
- 1.14% $0.48 a year
- Beta
- 0.17
FNWD key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsFNWD valuation Price multiples at each fiscal year-end price.
FNWD returns How much profit the business earns on the capital it uses.
FNWD per-share figures Results divided by the shares outstanding at year-end.
FNWD financial health Debt, liquidity and how easily interest is covered.
FNWD efficiency & capital use Working capital cycle and where the cash goes.
FNWD valuation history
FNWD returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FNWD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FNWD cash returned to shareholders
FNWD price vs earnings per share
FNWD key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $151.0M | $120.1M | $108.1M | $151.8M | $159.5M | $125.0M | $157.2M | $130.3M | $127.5M | $111.1M |
| Enterprise value | −$98.8M | −$179.0M | −$231.2M | −$117.2M | −$385.9M | −$285.8M | −$128.4M | −$75.3M | −$97.2M | −$127.6M |
| P/E ratio | 18.7 | 9.9 | 12.9 | 10.1 | 10.7 | 7.8 | 13.0 | 14.0 | 14.2 | 12.2 |
| Price / sales | 1.5 | 1.1 | 1.1 | 1.8 | 2.4 | 1.8 | 2.5 | 2.7 | 3.1 | 2.8 |
| Price / book | 0.9 | 0.8 | 0.7 | 1.1 | 1.0 | 0.8 | 1.2 | 1.3 | 1.4 | 1.3 |
| Price / free cash flow | 16.7 | 17.8 | 4.7 | 10.3 | 11.5 | 7.2 | 19.9 | 13.7 | 12.0 | 12.8 |
| Price / operating cash flow | 15.3 | 12.2 | 4.5 | 8.5 | 9.4 | 5.9 | 14.3 | 12.4 | 10.4 | 10.7 |
| EV / sales | -1.0 | -1.6 | -2.4 | -1.4 | -5.8 | -4.1 | -2.0 | -1.6 | -2.4 | -3.2 |
| Earnings yield | 5.4% | 10.1% | 7.8% | 9.9% | 9.4% | 12.7% | 7.7% | 7.2% | 7.0% | 8.2% |
| Free cash flow yield | 6.0% | 5.6% | 21.3% | 9.7% | 8.7% | 13.9% | 5.0% | 7.3% | 8.3% | 7.8% |
| Dividend yield | 1.0% | 1.7% | 4.9% | 3.3% | 2.7% | 3.4% | 2.6% | 2.6% | 2.6% | 2.8% |
| Shareholder yield (dividends + buybacks) | 1.0% | 1.8% | 5.1% | 3.4% | 3.1% | 3.5% | 13.7% | 2.6% | 2.6% | 2.8% |
| Share price at fiscal year-end | $35.19 | $28.11 | $25.24 | $36.20 | $45.88 | $36.10 | $45.90 | $43.00 | $44.50 | $38.85 |
| Per share | ||||||||||
| Revenue per share | $23.55 | $26.18 | $22.54 | $19.92 | $19.15 | $20.15 | $18.37 | $16.03 | $14.35 | $13.99 |
| Earnings per share | $1.88 | $2.84 | $1.96 | $3.60 | $4.30 | $4.60 | $3.53 | $3.08 | $3.13 | $3.20 |
| Operating cash flow per share | $2.31 | $2.30 | $5.65 | $4.24 | $4.90 | $6.11 | $3.20 | $3.48 | $4.29 | $3.63 |
| Free cash flow per share | $2.11 | $1.58 | $5.39 | $3.51 | $4.00 | $5.03 | $2.31 | $3.15 | $3.71 | $3.03 |
| Cash per share | $77.93 | $94.62 | $106.81 | $96.47 | $161.06 | $124.38 | $90.83 | $85.89 | $89.66 | $97.38 |
| Book value per share | $40.69 | $35.45 | $34.41 | $32.52 | $45.04 | $43.82 | $39.15 | $33.50 | $32.14 | $29.41 |
| Tangible book value per share | $35.20 | $29.77 | $28.41 | $26.04 | $40.95 | $39.42 | $35.91 | $30.80 | $31.16 | $28.43 |
| Dividends per share | $0.36 | $0.48 | $1.25 | $1.21 | $1.24 | $1.24 | $1.19 | $1.13 | $1.14 | $1.10 |
| Capex per share | $0.20 | $0.72 | $0.27 | $0.72 | $0.90 | $1.08 | $0.89 | $0.33 | $0.58 | $0.60 |
| Debt per share | $19.73 | $24.61 | $27.58 | $32.31 | $4.19 | $5.74 | $7.44 | $18.03 | $11.23 | $13.92 |
| Shares outstanding | 4.3M | 4.3M | 4.3M | 4.2M | 3.5M | 3.5M | 3.4M | 3.0M | 2.9M | 2.9M |
| Change in shares outstanding | +0.5% | −0.3% | +2.1% | +20.6% | +0.4% | +1.1% | +13.1% | +5.7% | +0.2% | +0.3% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 5.0% | 8.1% | 5.9% | 10.3% | 9.7% | 11.1% | 10.3% | 9.6% | 10.2% | 11.1% |
| Return on assets (ROA) | 0.4% | 0.6% | 0.4% | 0.8% | 1.0% | 1.1% | 1.0% | 0.9% | 1.0% | 1.0% |
| Return on tangible assets | 0.4% | 0.6% | 0.4% | 0.7% | 0.9% | 1.1% | 0.9% | 0.9% | 1.0% | 1.0% |
| Free cash flow margin | 9.0% | 6.0% | 23.9% | 17.6% | 20.9% | 25.0% | 12.6% | 19.6% | 25.9% | 21.7% |
| Income quality (OCF / net income) | 1.22 | 0.81 | 2.89 | 1.18 | 1.14 | 1.33 | 0.91 | 1.13 | 1.37 | 1.14 |
| Financial health | ||||||||||
| Total debt | $84.7M | $105.1M | $118.1M | $135.5M | $14.6M | $19.9M | $25.5M | $54.6M | $32.2M | $39.8M |
| Cash & short-term investments | $334.5M | $404.1M | $457.4M | $404.5M | $560.1M | $430.6M | $311.1M | $260.2M | $256.8M | $278.5M |
| Net debt | −$249.8M | −$299.0M | −$339.3M | −$269.0M | −$545.5M | −$410.7M | −$285.6M | −$205.5M | −$224.7M | −$238.7M |
| Debt / equity | 0.48 | 0.69 | 0.80 | 0.99 | 0.09 | 0.13 | 0.19 | 0.54 | 0.35 | 0.47 |
| Debt / assets | 0.04 | 0.05 | 0.06 | 0.07 | 0.01 | 0.01 | 0.02 | 0.05 | 0.03 | 0.04 |
| Net debt / EBITDA | −17.47 | −14.41 | −22.31 | −11.94 | −26.05 | −18.75 | −18.07 | −15.31 | −15.56 | −16.76 |
| Current ratio | 1.77 | 0.23 | 0.25 | 0.23 | 0.39 | 0.33 | 0.27 | 0.28 | 0.32 | 0.35 |
| Quick ratio | 1.77 | 0.23 | 0.21 | −0.78 | 0.41 | 0.35 | 0.31 | 0.28 | 0.34 | 0.41 |
| Interest coverage | 0.2 | 0.3 | 0.3 | 3.4 | 7.9 | 3.3 | 1.5 | 2.1 | 4.6 | 5.0 |
| Working capital | $780.2M | −$1.39B | −$1.39B | −$1.40B | −$898.6M | −$901.3M | −$865.5M | −$687.9M | −$554.2M | −$522.1M |
| Invested capital | −$75.1M | −$147.6M | −$191.9M | −$132.6M | −$388.9M | −$259.0M | −$151.5M | −$104.1M | −$132.6M | −$154.6M |
| Tangible asset value | $151.1M | $127.2M | $121.7M | $109.2M | $142.4M | $136.5M | $123.0M | $93.3M | $89.3M | $81.3M |
| Net current asset value | −$53.9M | −$1.50B | −$1.50B | −$1.52B | −$898.6M | −$907.4M | −$879.5M | −$730.9M | −$575.1M | −$547.9M |
| Graham number | $41.54 | $47.60 | $38.92 | $51.30 | $66.03 | $67.36 | $55.78 | $48.20 | $47.56 | $45.99 |
| Graham net-net per share | −$97.48 | −$351.06 | −$340.60 | −$144.95 | −$264.61 | −$266.91 | −$265.04 | −$241.32 | −$204.14 | −$200.73 |
| Capital allocation | ||||||||||
| Dividends paid | $1.6M | $2.1M | $5.3M | $5.1M | $4.3M | $4.3M | $4.1M | $3.4M | $3.3M | $3.1M |
| Share buybacks (net) | — | $86,000 | $196,000 | $120,000 | $671,000 | $85,000 | $17.5M | $0 | — | — |
| Dividend payout ratio | 19.3% | 17.1% | 63.7% | 33.7% | 28.8% | 26.9% | 33.8% | 36.8% | 36.4% | 34.4% |
| Dividends + buybacks / free cash flow | 17.2% | 32.0% | 24.0% | 35.3% | 35.8% | 25.1% | 272.6% | 36.0% | 30.7% | 36.2% |
| Capex / revenue | 0.8% | 2.7% | 1.2% | 3.6% | 4.7% | 5.4% | 4.8% | 2.1% | 4.0% | 4.3% |
| Capex / operating cash flow | 8.6% | 31.4% | 4.7% | 17.1% | 18.4% | 17.7% | 27.8% | 9.6% | 13.5% | 16.5% |
| Capex / depreciation | 0.14 | 0.42 | 0.16 | 0.51 | 0.69 | 1.17 | 1.56 | 0.38 | 0.63 | 0.67 |
| Stock-based compensation / revenue | 0.4% | 0.5% | 0.7% | 0.9% | 0.9% | 0.5% | 0.4% | 0.3% | 0.5% | 0.4% |
| SG&A / revenue | 31.8% | 27.1% | 31.6% | 38.5% | 39.3% | 34.9% | 33.1% | 36.1% | 36.9% | 37.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 2,647.2 | 25.7 | 29.2 | 28.1 | 27.8 | 22.9 | 22.2 | 25.9 | 28.2 | 27.8 |
| Days of inventory on hand | — | — | 10,482.6 | 66,923.7 | -3,427.2 | -1,579.9 | -827.0 | -457.3 | -3,297.8 | -5,138.1 |
| Days payables outstanding | — | — | — | 119,869.5 | 74,068.1 | 22,781.5 | 32,576.1 | 49,134.1 | 76,330.8 | — |
| Cash conversion cycle (days) | — | — | — | -52,917.7 | -77,467.5 | -24,338.6 | -33,380.9 | -49,565.5 | -79,600.4 | — |
| Receivables turnover | 0.14 | 14.19 | 12.48 | 12.99 | 13.11 | 15.96 | 16.43 | 14.08 | 12.95 | 13.15 |
| Payables turnover | — | — | — | 0.00 | 0.00 | 0.02 | 0.01 | 0.01 | 0.00 | — |
| Inventory turnover | — | — | 0.03 | 0.01 | — | — | — | — | — | — |
| Asset turnover | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 |
| Average receivables | $732.9M | $7.9M | $7.7M | $6.4M | $5.1M | $4.4M | $3.8M | $3.4M | $3.2M | $3.0M |
| Average payables | — | — | — | $1.60B | $728.3M | $588.4M | $1.04B | $861.4M | $793.0M | — |
| Average inventory | — | — | $955.0M | $895.9M | −$33.7M | −$40.8M | −$26.5M | −$8.0M | −$34.3M | −$50.9M |
| Intangibles / total assets | 1.2% | 1.2% | 1.2% | 1.3% | 0.9% | 1.0% | 0.8% | 0.7% | 0.3% | 0.3% |
Computed from FNWD's annual financial statements (latest annual report filed March 25, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
FNWD valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Finward Bancorp traded at 18.7 times earnings, against a 10-year median of 12.5. Based on the latest twelve months, the trailing P/E is 18.5 and the forward P/E is 12.5. Finward Bancorp earned a return on equity of 5.0% in fiscal 2025. It ended the year with $84.7 million of debt and $334.5 million in cash and short-term investments, a net cash position of $249.8 million. It returned $1.6 million to shareholders: $1.6 million in dividends and $0 in share buybacks, 17% of free cash flow. The share count rose 50.1% from 2.9M to 4.3M over 9 years.
See the FNWD income statement, the FNWD chart for price history, or the FNWD stock overview for the latest quote and news.
FNWD key metrics FAQ
What is Finward Bancorp's P/E ratio?
Finward Bancorp's trailing P/E ratio is 18.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 12.5. At the end of fiscal 2025 it was 18.7, compared with a 10-year median of 12.5.
What is Finward Bancorp's return on equity?
Finward Bancorp's return on equity (ROE) was 5.0% in fiscal 2025: net income of $8.1 million on average shareholders' equity of $163.0 million.
How much debt does Finward Bancorp have?
Finward Bancorp had total debt of $84.7 million at the end of fiscal 2025, a debt-to-equity ratio of 0.48 and more cash than debt.
What is Finward Bancorp's dividend yield?
Finward Bancorp's forward dividend yield is 1.14%. Finward Bancorp paid $1.6 million in dividends in fiscal 2025 ($0.36 per share), a payout ratio of 19.3%.
What is Finward Bancorp's free cash flow yield?
Finward Bancorp generated $9.0 million of free cash flow in fiscal 2025, a free cash flow yield of 6.0% on its market value at year-end ($151.0 million).
What is Finward Bancorp's current ratio?
Finward Bancorp's current ratio was 1.77 at the end of fiscal 2025: current assets were 1.77 times current liabilities.