The market considers the company to be a smaller player with a significant market presence. At current multiples, it trades fairly valued—reflecting market expectations.

Valuation Metrics

Ratios and multiples

Forward P/E

13.92

EV/Revenue (TTM)2.95

Price/FCF (TTM)11.40

Financial Health

Liquidity and leverage

ROE (TTM)5.90%

ROA (TTM)0.48%

The company's financial health appears moderate. Moderate ROE and moderate ROA reflect reasonably efficient capital use. Debt is manageable within acceptable ranges.

Valuation Multiples

Current valuation metrics

P/E Ratio19.19

P/B Ratio1.06

P/S Ratio2.73

Quarterly Earnings History

Recent quarterly financial performance and trends

Latest Quarter

Q2 2026

Revenue

$17.76M

Net Income

$2.09M

EPS (Diluted)

$0.48

Quarter	Revenue	Net Income	Gross Profit	EPS (Basic)	EPS (Diluted)	Gross Margin	Net Margin
Q2 2026(Latest)	$17.76M	$2.09M	N/A	$0.49	$0.48	N/A	11.8%
Q1 2026	$17.49M	$2.24M	N/A	$0.52	$0.52	N/A	12.8%
Q4 2025	$16.52M	$1.98M	N/A	$0.46	$0.46	N/A	12.0%
Q3 2025	$17.36M	$3.50M	N/A	$0.82	$0.81	N/A	20.2%
Q2 2025	$16.63M	$2.15M	N/A	$0.50	$0.50	N/A	12.9%

Key Insights:

Revenue increased by 1.5% from previous quarter
Net margin of 11.8% indicates moderate profitability
EPS declined by 7.7% quarter-over-quarter

Financial Efficiency

Utilization and collections performance

Asset Turnover 0.03 indicates low efficiency. Receivables Turnover 8.87 and DSO 41.16 reflect good collections. ROIC 4.5% highlights weak capital returns.

Efficiency Metrics

Asset Turnover0.03

Receivables Turnover8.87

Days Sales Outstanding41.16

ROIC (TTM)4.5%

Profitability & Growth

Margins and earnings power

Revenue (TTM)

$69.00M

2.40% YoY

Profit Margin (TTM)

14.23%

Operating Margin (TTM)

16.19%

Gross Profit (TTM)

$69.00M

Gross Margin 100.00%

Net Income (TTM)

$9.82M

Earnings -4.00% YoY

Efficiency Performance Matrix

4-quadrant analysis of operational efficiency vs profitability

Efficiency vs Profitability Quadrants

High Efficiency
High Margin

High Efficiency
Low Margin

Low Efficiency
High Margin

Low Efficiency
Low Margin

Efficiency Analysis

Asset Turnover

Efficiency:0.03x

Margin:100.0%

Quadrant:Margin-Driven

Receivables Turnover

Efficiency:8.87x

Margin:16.2%

Quadrant:Optimal

Working Capital

Efficiency:N/A

Margin:14.2%

Quadrant:Unknown

Overall Efficiency Score

Mixed efficiency profile requiring targeted improvements

⚠️ Thresholds are benchmark-based heuristics derived from long-term industry averages, not strict valuation rules.

• Bubble size represents ROIC magnitude

• Green (Optimal): Excellent efficiency-profitability balance

• Blue (Efficiency-Driven): High turnover, room to improve margins

• Yellow (Margin-Driven): Strong margins, opportunity to improve efficiency

• Red (Weak Operations): Areas needing improvement on both dimensions

Market Data & Share Structure

Comprehensive valuation metrics and ownership breakdown

Market Data & Capitalization

Market Cap

$188.65M

Small-cap: Higher growth potential, increased volatility

Enterprise Value

$203.52M

EV 8% > Market Cap: Net debt position

Next Earnings Date

10/27/2026

Scheduled quarterly results announcement

Share Statistics & Ownership

Shares Outstanding

4.33M

Total shares issued and held by all shareholders

Shares Float

3.38M

78% float - restricted shares held

Institutional Ownership

46.74%

Moderate - balanced ownership

Insider Ownership

21.74%

High alignment - strong insider conviction

Shares Short

112.02K

3.3% of float - moderate shorting

Implied Shares Outstanding

4.33M

Matches reported shares - consistent data

Profitability Margin Pyramid

Hierarchical view of margin compression from revenue to net income

Margin Hierarchy by Profitability Level

100.0%

Revenue

$69.00M

100.0%

Gross Profit

$69.00M

N/A

EBITDA

14.2%

Net Income

$9.82M

Margin Profile:

Revenue— 100.0% margin (Top line revenue generation)

Gross Profit— 100.0% margin (Revenue minus cost of goods sold)

EBITDA— N/A% margin (Earnings before interest, taxes, depreciation, and amortization)

Net Income— 14.2% margin (Bottom line profitability after all expenses)

Margin Analysis

Total Revenue

Amount:$69.00M

Margin:100.0%

Top line revenue generation

Gross Profit

Amount:$69.00M

Margin:100.0%

Revenue minus cost of goods sold

EBITDA

Amount:N/A

Margin:N/A

Earnings before interest, taxes, depreciation, and amortization

Net Income

Amount:$9.82M

Margin:14.2%

Bottom line profitability after all expenses

Margin Quality Assessment

Good margin profile with healthy profit retention

• Larger circles represent higher dollar amounts

• Margin percentages show profitability at each level

• Blue: Revenue base

• Green: Gross profitability

• Yellow: Operating performance

• Red: Net profitability

Operating Cash & Liquidity

Core cash generation and short-term solvency

Cash Flow Analysis

Operating Cash Flow (TTM)

$17.31M

Cash from core operations

Free Cash Flow (TTM)

$16.55M

Available after capex

Financial Position & Liquidity

Current Ratio

—

Quick Ratio

—

Net Cash

-$14.86M

Net debtor

Total Cash

$98.11M

Balance sheet cash

Total Debt

$112.97M

Outstanding borrowings

Cash Conversion Cycle

Working capital efficiency measurement

Days Sales Outstanding

41.2

days to collect payment

Insufficient cash cycle data.

Ownership & Shareholder Sentiment

Insider, institutional, and short interest positions

Insider Ownership

21.74%

Strong confidence

Institutional Ownership

46.74%

Strong support

Short % of Float

2.98%

Minimal short

Short Ratio (Days)

8.9d

days to cover

Ownership structure shows strong insider confidence and mixed institutional participation.

Dividends & Shareholder Returns

Policy stance and implications

The company maintains a very sustainable dividend policy with a payout ratio of 21.1% (FCF coverage: 8.0x). Strong cash flow coverage supporting attractive shareholder yield with ample room for sustainability.

Payout Ratio

21.15%

Trailing Dividend Rate

0.48

Trailing Dividend Yield

1.10%

5 Year Avg Dividend Yield

2.20%

Forward Annual Dividend Rate

0.48

Forward Annual Dividend Yield

1.10%

Ex-Dividend Date

09/18/2026

Last Split

03/22/1999 (2.00)

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Finward Bancorp(FNWD)Fundamental Analysis & FinancialsNASDAQ

Valuation, growth, margins and balance sheet

Valuation Snapshot

Valuation Metrics

Financial Health

Valuation Multiples

Quarterly Earnings History

Financial Efficiency

Efficiency Metrics

Profitability & Growth

Efficiency Performance Matrix

Efficiency vs Profitability Quadrants

Efficiency Analysis

Asset Turnover

Receivables Turnover

Working Capital

Overall Efficiency Score

Market Data & Share Structure

Market Data & Capitalization

Share Statistics & Ownership

Profitability Margin Pyramid

Margin Hierarchy by Profitability Level

Margin Analysis

Total Revenue

Gross Profit

EBITDA

Net Income

Margin Quality Assessment

Operating Cash & Liquidity

Cash Flow Analysis

Financial Position & Liquidity

Cash Conversion Cycle

Ownership & Shareholder Sentiment

Dividends & Shareholder Returns

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Finward Bancorp(FNWD)Fundamental Analysis & Financials
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