Finward Bancorp (FNWD) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Finward Bancorp

NasdaqCM•Financial Services•Banks - Regional

$43.90+0.10(<0.01%)Market closed

Market Cap

$183.18M

P/E

18.7x

P/S

2.7x

P/B

1.0x

Finward Bancorp operates as the holding company for Peoples Bank that provides various banking products and services. The company's deposit products include non-interest- and interest-bearing demand accounts, savings accounts, money market deposit accounts, certificate accounts, and retirement savings plans. Its loan portfolio comprises residential mortgage loans that enable borrowers to purchase existing homes, refinance existing homes, or construct new homes; construction loans primarily to individuals and contractors; commercial real estate and multifamily loans; consumer loans to individuals for personal, household, or family purposes; home equity line of credit; home improvement and equity loans; commercial business loans; government loans; and loans to municipalities. The company also offers estate and retirement planning, guardianships, land trusts, profit sharing and 401(k) retirement plans, IRA and Keogh accounts, and investment agency accounts, as well as acts as personal representative of estates, and trustee for revocable and irrevocable trusts. In addition, it provides insurance and annuity investments to wealth management customers; holds security investments and real estate properties; and operates as a real estate investment trust. The company was formerly known as NorthWest Indiana Bancorp and changed its name to Finward Bancorp in March 1994. Finward Bancorp was founded in 1916 and is headquartered in Munster, Indiana.

How this company scores

WeakMetricSide Score: 77/100

Grade capped at D — Interest coverage below 1× (0.3x) — earnings cannot cover interest. Strongest: Cash & Earnings Quality (23/25); weakest: Balance Sheet & Red Flags (18/25).

Profitability18/25

Growth18/25

Balance Sheet & Red Flags18/25

Cash & Earnings Quality23/25

Strengths

Rising free cash flowStrong marginsRising earningsLow leverage

Grade capped at D

Interest coverage below 1× (0.3x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 18.7x5y range 6.8x – 37.6x

Currently above its 20-quarter median.

P/S · 2.7x5y range 1.3x – 2.8x

Currently above its 20-quarter median.

P/B · 1.0x5y range 0.7x – 1.2x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.

Cash Burn

Watch

FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.

Price & Volume

Market Cap $183.18M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $68.94M
Q. Revenue: $17.58M
TTM EBITDA: $15.79M
TTM Op. Income: $10.47M
Q. Op. Income: $2.34M
TTM Net Income: $9.82M
Q. Net Income: $2.09M
EPS: $0.49
Shares Out.: $4.28M

$68.94M in TTM revenue grew 8.8% YoY, reaching $17.58M last quarter. TTM EBITDA of $15.79M and TTM operating income of $10.47M show growth is flowing through to the bottom line. TTM net income of $9.82M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 5 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 19.2%
Op. Margin: 13.3%
Net Margin: 11.9%

Op. margin of 13.3% is up 1.1% YoY — cost efficiency is improving. Net margin at 11.9% Over the past year, operating margin is up 9% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 18.7x
P/S Ratio: 2.7x
P/B Ratio: 1.0x

At 18.7x P/E, the stock trades within typical market levels. P/S of 2.7x and P/B of 1.0x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 16% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $2.04B
Cash: $94.64M
Long-Term Debt: $65.00M
Book Value: $178.29M
D/E Ratio: 0.4
Debt/EBITDA: 19.3

With $2.04B in assets and $65.00M in long-term debt, D/E is 0.4and book value is $178.29M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 2 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $4.74M
TTM Free Cash Flow: $16.55M
FCF Margin: 24.0%
FCF / Net Income: 1.7

TTM FCF of $16.55M on $4.74M in operating cash flow. The FCF / Net Income ratio of 1.7x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.