Finward Bancorp (FNWD) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+569.3%

$297.29

vs $44.42 price

Levered DCF

$5.00

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.59

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18.62×	9.9×	12.88×	10.03×	10.67×	7.54×	13×	13.96×
P/B	0.86×	0.79×	0.73×	1.11×	1.02×	0.82×	1.17×	1.28×
P/S	1.49×	1.07×	1.12×	1.81×	2.4×	1.79×	2.5×	2.68×
EV / EBITDA	15.16×	7.48×	9.24×	11.24×	6.67×	5.62×	9.42×	12.4×
Gross margin	65.6%	64.0%	65.6%	94.2%	94.6%	86.5%	81.4%	86.8%
Operating margin	8.0%	12.0%	8.3%	19.8%	24.6%	26.8%	22.0%	22.2%
Net margin	8.0%	10.8%	8.7%	18.1%	22.5%	22.8%	19.2%	19.2%
Current ratio	1.77×	0.23×	0.25×	0.23×	0.39×	0.33×	0.27×	0.28×
Debt / equity	0.48×	0.69×	0.8×	0.99×	0.09×	0.13×	0.19×	0.54×
Interest coverage	0.23×	0.33×	0.26×	3.39×	7.87×	3.26×	1.52×	2.11×
Dividend yield	1.0%	1.7%	4.9%	3.4%	2.7%	3.4%	2.6%	2.6%
Payout ratio	19.3%	17.1%	63.7%	33.7%	28.8%	26.9%	33.8%	36.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.6%	8.0%	5.7%	11.1%	9.6%	10.5%	9.0%	9.2%
Return on invested capital	0.9%	4.0%	2.7%	5.5%	8.8%	9.3%	7.6%	6.0%
Return on assets	0.4%	0.6%	0.4%	0.7%	0.9%	1.1%	0.9%	0.9%
Free cash flow yield	6.0%	5.6%	21.4%	9.7%	8.7%	12.8%	5.0%	7.3%
Earnings yield	5.4%	10.1%	7.8%	10.0%	9.4%	12.7%	7.7%	7.2%
Enterprise value	$216.7M	$155.2M	$140.4M	$253.1M	$139.7M	$123M	$148.8M	$166.5M
Net debt / EBITDA	4.65×	1.7×	2.14×	4.52×	-0.95×	-0.09×	-0.53×	2.7×
Cash conversion cycle (days)	5,266	25	30	32	30	25	23	27