Finward Bancorp Financials
This page shows Finward Bancorp (FNWD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Earnings are governed by balance-sheet spread management, not product-like margins, with a large asset base yielding very thin returns.
From FY2023 to FY2025, debt-to-equity fell from 13.3x to 10.6x as the balance sheet became less stretched. But return on assets was still only0.4% in FY2025 after0.6% in FY2024, which implies the recent cleanup improved resilience more than the earning power of each asset dollar.
FY2025 revenue reached
Cash conversion was relatively clean in FY2025, with free cash flow of
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Finward Bancorp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Finward Bancorp's revenue grew a modest 2.9% year-over-year to $91.8M. This slow but positive growth earns a score of 39/100.
Finward Bancorp has elevated debt relative to equity (D/E of 10.57), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Finward Bancorp has a free cash flow margin of 9.9%, earning a moderate score of 56/100. The company generates positive cash flow after capital investments, but with room for improvement.
Finward Bancorp generates a 4.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 24/100. This is down from 8.0% the prior year.
Finward Bancorp passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Finward Bancorp generates $1.22 in operating cash flow ($9.9M OCF vs $8.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Finward Bancorp generated $91.8M in revenue in fiscal year 2025. This represents an increase of 2.9% from the prior year.
Finward Bancorp reported $8.1M in net income in fiscal year 2025. This represents a decrease of 33.3% from the prior year.
Finward Bancorp earned $1.88 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 33.8% from the prior year.
Cash & Balance Sheet
Finward Bancorp generated $9.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 34.4% from the prior year.
Finward Bancorp paid $0.36 per share in dividends in fiscal year 2025. This represents a decrease of 25.0% from the prior year.
Finward Bancorp had 4M shares outstanding in fiscal year 2025. This represents an increase of 0.3% from the prior year.
Margins & Returns
Finward Bancorp's net profit margin was 8.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 4.8 percentage points from the prior year.
Finward Bancorp's ROE was 4.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.4 percentage points from the prior year.
Capital Allocation
Finward Bancorp invested $853K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 72.3% from the prior year.
FNWD Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $22.7M-3.0% | $23.4M+0.3% | $23.3M+3.0% | $22.7M+1.5% | $22.3M-1.1% | $22.6M+0.5% | $22.5M+1.6% | $22.1M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $7.6M+0.2% | $7.6M+3.3% | $7.3M+0.2% | $7.3M-0.8% | $7.4M+11.2% | $6.6M-4.8% | $7.0M-1.1% | $7.0M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $7.7M-8.6% | $8.4M-5.9% | $8.9M+2.0% | $8.7M-3.4% | $9.0M-9.6% | $10.0M-4.6% | $10.5M+3.9% | $10.1M |
| Income Tax | $423K+354.8% | -$166K-363.5% | $63K+280.0% | -$35K-121.7% | $161K-71.7% | $569K+374.9% | -$207K-2200.0% | -$9K |
| Net Income | $2.2M+13.0% | $2.0M-43.3% | $3.5M+62.6% | $2.2M+372.7% | $455K-78.4% | $2.1M+246.9% | $606K+323.8% | $143K |
| EPS (Diluted) | $0.52 | N/A | $0.81+62.0% | $0.50+354.5% | $0.11 | N/A | $0.14+366.7% | $0.03 |
FNWD Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.0B-0.3% | $2.0B-1.5% | $2.1B-0.3% | $2.1B+0.9% | $2.0B-1.0% | $2.1B-0.7% | $2.1B-0.1% | $2.1B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $22.4M0.0% | $22.4M0.0% | $22.4M0.0% | $22.4M0.0% | $22.4M0.0% | $22.4M0.0% | $22.4M0.0% | $22.4M |
| Total Liabilities | $1.8B-0.2% | $1.8B-2.2% | $1.9B-0.9% | $1.9B+0.8% | $1.9B-1.1% | $1.9B-0.3% | $1.9B-0.7% | $1.9B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $172.4M-1.3% | $174.7M+5.5% | $165.5M+7.3% | $154.3M+1.6% | $151.8M+0.3% | $151.4M-5.1% | $159.6M+7.3% | $148.6M |
| Retained Earnings | $147.7M+1.2% | $146.0M+1.0% | $144.5M+2.1% | $141.6M+1.2% | $139.9M+0.3% | $139.5M+1.1% | $137.9M+0.1% | $137.8M |
FNWD Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.6M-53.0% | $7.7M+545.1% | $1.2M-74.8% | $4.8M+225.2% | -$3.8M-135.3% | $10.8M+390.1% | -$3.7M-235.5% | $2.8M |
| Capital Expenditures | $135K-43.8% | $240K+57.9% | $152K-45.3% | $278K+51.9% | $183K-17.6% | $222K-56.3% | $508K-68.9% | $1.6M |
| Free Cash Flow | $3.5M-53.3% | $7.5M+615.7% | $1.0M-76.7% | $4.5M+212.5% | -$4.0M-137.7% | $10.6M+350.0% | -$4.2M-479.0% | $1.1M |
| Investing Cash Flow | -$2.2M-104.3% | $50.6M+253.2% | $14.3M+40.7% | $10.2M-48.3% | $19.7M+10863.9% | -$183K-132.2% | $568K-82.0% | $3.2M |
| Financing Cash Flow | -$2.4M+94.5% | -$42.9M-190.5% | -$14.8M-191.8% | $16.1M+214.0% | -$14.1M-20.7% | -$11.7M-39.1% | -$8.4M-252.3% | $5.5M |
| Dividends Paid | $520K+0.4% | $518K-0.2% | $519K+25850.0% | $2K-99.6% | $518K+0.2% | $517K-1.0% | $522K+1.4% | $515K |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
FNWD Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 9.9%+1.4pp | 8.5%-6.5pp | 15.0%+5.5pp | 9.5%+7.4pp | 2.0%-7.3pp | 9.3%+6.6pp | 2.7%+2.1pp | 0.7% |
| Return on Equity | 1.3%+0.2pp | 1.1%-1.0pp | 2.1%+0.7pp | 1.4%+1.1pp | 0.3%-1.1pp | 1.4%+1.0pp | 0.4%+0.3pp | 0.1% |
| Return on Assets | 0.1%+0.0pp | 0.1%-0.1pp | 0.2%+0.1pp | 0.1%+0.1pp | 0.0%-0.1pp | 0.1%+0.1pp | 0.0%+0.0pp | 0.0% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 10.69+0.1 | 10.57-0.8 | 11.40-0.9 | 12.34-0.1 | 12.44-0.2 | 12.61+0.6 | 12.00-1.0 | 12.97 |
| FCF Margin | 15.4%-16.6pp | 32.0%+27.6pp | 4.5%-15.3pp | 19.8%+37.7pp | -17.9%-64.7pp | 46.8%+65.7pp | -18.8%-23.9pp | 5.1% |
Similar Companies
Frequently Asked Questions
What is Finward Bancorp's annual revenue?
Finward Bancorp (FNWD) reported $91.8M in total revenue for fiscal year 2025. This represents a 2.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Finward Bancorp's revenue growing?
Finward Bancorp (FNWD) revenue grew by 2.9% year-over-year, from $89.2M to $91.8M in fiscal year 2025.
Is Finward Bancorp profitable?
Yes, Finward Bancorp (FNWD) reported a net income of $8.1M in fiscal year 2025, with a net profit margin of 8.8%.
What is Finward Bancorp's net profit margin?
Finward Bancorp (FNWD) had a net profit margin of 8.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Finward Bancorp pay dividends?
Yes, Finward Bancorp (FNWD) paid $0.36 per share in dividends during fiscal year 2025.
What is Finward Bancorp's return on equity (ROE)?
Finward Bancorp (FNWD) has a return on equity of 4.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Finward Bancorp's free cash flow?
Finward Bancorp (FNWD) generated $9.0M in free cash flow during fiscal year 2025. This represents a 34.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Finward Bancorp's operating cash flow?
Finward Bancorp (FNWD) generated $9.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Finward Bancorp's total assets?
Finward Bancorp (FNWD) had $2.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Finward Bancorp's capital expenditures?
Finward Bancorp (FNWD) invested $853K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Finward Bancorp's debt-to-equity ratio?
Finward Bancorp (FNWD) had a debt-to-equity ratio of 10.57 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Finward Bancorp's return on assets (ROA)?
Finward Bancorp (FNWD) had a return on assets of 0.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Finward Bancorp's Piotroski F-Score?
Finward Bancorp (FNWD) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Finward Bancorp's earnings high quality?
Finward Bancorp (FNWD) has an earnings quality ratio of 1.22x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Finward Bancorp?
Finward Bancorp (FNWD) scores 20 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.