FNWD

MKT CAP:$145M

Finward Bancorp

Market Cap

$145M

Financial Services·Banks - Regional·🇺🇸 United States·NASDAQ

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$34.26-$1.34 (-3.76%)

Apr 21, 2026

Company Details

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 d...

CEO

Benjamin J. Bochnowski

IPO Date

May 20, 1998

Website

www.ibankpeoples.com

Key Metrics TTM

Revenue

$101M

-9.6% YoY

Net Income

$8M

EPS (Diluted)

$1.88

Free Cash Flow

$9M

Revenue / Share

$23.49

Gross Margin

65.6%

Operating Margin

8.0%

Net Margin

8.0%

FCF Margin

8.6%

P/S

1.4x

P/E

17.9x

Earnings Reports

Q1 2026

Apr 28, 2026

PENDING

FY 2025

Mar 25, 2026

$101M-9.6%EPS $1.88

Q4 2025

Mar 25, 2026

$25M-5.5%EPS $0.46

Q3 2025

Nov 12, 2025

$26M+3.6%EPS $0.81

Q2 2025

Aug 13, 2025

$25M+2.6%EPS $0.50

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$19M	$19M	$2M
Q2 22	$21M	$20M	$5M
Q3 22	$21M	$20M	$5M
Q4 22	$23M	$20M	$4M
Q1 23	$23M	$17M	$3M
Q2 23	$25M	$17M	$3M
Q3 23	$24M	$15M	$2M
Q4 23	$25M	$15M	$1M
Q1 24	$35M	$25M	$10M
Q2 24	$25M	$15M	$134.0K
Q3 24	$25M	$15M	$399.0K
Q4 24	$26M	$17M	$3M
Q1 25	$25M	$15M	$616.0K
Q2 25	$25M	$17M	$2M
Q3 25	$26M	$18M	$4M
Q4 25	$25M	$17M	$2M

Valuation

Quarter	P/S	P/E
Q1 22	2.7x	14.8x
Q2 22	2.2x	12.0x
Q3 22	1.9x	10.3x
Q4 22	1.9x	10.4x
Q1 23	1.4x	8.3x
Q2 23	1.1x	7.5x
Q3 23	1.0x	8.3x
Q4 23	1.1x	12.6x
Q1 24	1.0x	6.8x
Q2 24	1.0x	8.1x
Q3 24	1.2x	11.9x
Q4 24	1.1x	10.0x
Q1 25	1.2x	37.5x
Q2 25	1.2x	22.1x
Q3 25	1.3x	16.8x
Q4 25	1.5x	18.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$722.0K	-$497.0K
Q2 22	$5M	$4M
Q3 22	$6M	$5M
Q4 22	$6M	$6M
Q1 23	$4M	$4M
Q2 23	$13M	$13M
Q3 23	$5M	$5M
Q4 23	$2M	$1M
Q1 24	-$25.0K	-$736.0K
Q2 24	$3M	$1M
Q3 24	-$4M	-$4M
Q4 24	$11M	$11M
Q1 25	-$4M	-$4M
Q2 25	$5M	$4M
Q3 25	$1M	$1M
Q4 25	$8M	$7M

Capital Expenditures

Quarter	CapEx
Q1 22	$1M
Q2 22	$862.0K
Q3 22	$575.0K
Q4 22	$375.0K
Q1 23	$217.0K
Q2 23	$241.0K
Q3 23	$326.0K
Q4 23	$364.0K
Q1 24	$711.0K
Q2 24	$2M
Q3 24	$508.0K
Q4 24	$222.0K
Q1 25	$183.0K
Q2 25	$278.0K
Q3 25	$152.0K
Q4 25	$644.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+11.7%	+41.5%
Q2 22	+28.1%	+28.6%
Q3 22	+25.9%	+23.3%
Q4 22	+36.5%	+40.4%
Q1 23	+19.5%	+21.4%
Q2 23	+19.3%	+41.4%
Q3 23	+14.2%	+39.5%
Q4 23	+10.1%	+27.5%
Q1 24	+55.9%	+24.9%
Q2 24	+0.3%	+11.2%
Q3 24	+4.8%	+11.4%
Q4 24	+5.3%	-0.8%
Q1 25	-30.7%	-5.0%
Q2 25	+2.6%	-5.4%
Q3 25	+3.6%	-9.0%
Q4 25	-5.5%	-2.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$169.0K	0.9%
Q2 22	$163.0K	0.8%
Q3 22	$203.0K	1.0%
Q4 22	$206.0K	0.9%
Q1 23	$307.0K	1.3%
Q2 23	$241.0K	1.0%
Q3 23	$98.0K	0.4%
Q4 23	$73.0K	0.3%
Q1 24	$172.0K	0.5%
Q2 24	$133.0K	0.5%
Q3 24	$138.0K	0.5%
Q4 24	$122.0K	0.5%
Q1 25	$98.0K	0.4%
Q2 25	$131.0K	0.5%
Q3 25	$116.0K	0.4%
Q4 25	$102.0K	0.4%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$8M	$651.0K
Q2 22	$8M	$385.0K
Q3 22	$8M	$587.0K
Q4 22	$7M	$284.0K
Q1 23	$8M	$255.0K
Q2 23	$8M	$159.0K
Q3 23	$7M	$235.0K
Q4 23	$7M	$191.0K
Q1 24	$8M	$158.0K
Q2 24	$7M	$212.0K
Q3 24	$7M	$209.0K
Q4 24	$7M	$220.0K
Q1 25	$8M	$86.0K
Q2 25	$8M	$214.0K
Q3 25	$8M	$257.0K
Q4 25	$10M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$55M	$464M	$519M
Q2 22	$78M	$400M	$478M
Q3 22	$40M	$359M	$399M
Q4 22	$34M	$371M	$405M
Q1 23	$57M	$378M	$434M
Q2 23	$113M	$368M	$481M
Q3 23	$71M	$339M	$410M
Q4 23	$86M	$371M	$457M
Q1 24	$71M	$346M	$417M
Q2 24	$83M	$340M	$422M
Q3 24	$71M	$351M	$422M
Q4 24	$70M	$334M	$404M
Q1 25	$71M	$975.0K	$72M
Q2 25	$103M	$1M	$104M
Q3 25	$104M	$1M	$105M
Q4 25	$18M	$316M	$334M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	4M	+15.4%	+15.6%
Q2 22	4M	+7.0%	+23.6%
Q3 22	4M	-1.0%	+22.5%
Q4 22	4M	+0.9%	+23.3%
Q1 23	4M	+1.3%	+8.3%
Q2 23	4M	-2.2%	-1.0%
Q3 23	4M	+0.1%	+0.0%
Q4 23	4M	+1.3%	+0.4%
Q1 24	4M	-1.0%	-1.9%
Q2 24	4M	+0.0%	+0.3%
Q3 24	4M	+0.2%	+0.5%
Q4 24	4M	+0.8%	-0.0%
Q1 25	4M	-0.9%	+0.1%
Q2 25	4M	+0.4%	+0.5%
Q3 25	4M	+0.2%	+0.4%
Q4 25	4M	+0.1%	-0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$75.0K	254
Q2 22	$81.2K	254
Q3 22	$83.3K	254
Q4 22	$80.8K	281
Q1 23	$80.9K	281
Q2 23	$87.6K	281
Q3 23	$86.0K	281
Q4 23	$90.5K	276
Q1 24	$128.5K	276
Q2 24	$89.5K	276
Q3 24	$91.8K	276
Q4 24	$89.8K	293
Q1 25	$83.9K	293
Q2 25	$86.5K	293
Q3 25	$89.6K	293
Q4 25	$84.1K	296

Revenue / Employee