Latest Ratios: P/E Ratio 19.2x · EV/EBITDA 15.6x · ROE 5.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $156M | $151M | $120M | $108M | $152M | $160M | $125M | $157M | $130M | $127M | $111M |
| Enterprise Value | $223M | $217M | $155M | $141M | $254M | $140M | $123M | $149M | $166M | $147M | $106M |
| P/E Ratio → | 19.22 | 18.72 | 9.90 | 12.88 | 10.06 | 10.67 | 7.54 | 13.00 | 13.96 | 14.22 | 12.14 |
| P/S Ratio | 1.55 | 1.49 | 1.07 | 1.12 | 1.82 | 2.40 | 1.79 | 2.50 | 2.68 | 3.10 | 2.78 |
| P/B Ratio | 0.89 | 0.86 | 0.79 | 0.73 | 1.11 | 1.02 | 0.82 | 1.17 | 1.28 | 1.38 | 1.32 |
| P/FCF | 17.29 | 16.69 | 17.84 | 4.69 | 10.33 | 11.47 | 7.81 | 19.86 | 13.67 | 11.98 | 12.80 |
| P/OCF | 15.80 | 15.25 | 12.24 | 4.46 | 8.56 | 9.36 | 6.33 | 14.35 | 12.36 | 10.37 | 10.69 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.15 | 1.39 | 1.46 | 3.04 | 2.10 | 1.76 | 2.37 | 3.43 | 3.58 | 2.65 |
| EV / EBITDA | 15.58 | 15.21 | 7.48 | 9.25 | 11.26 | 6.67 | 5.62 | 9.42 | 12.40 | 10.20 | 7.45 |
| EV / EBIT | 27.48 | 26.82 | 11.54 | 17.48 | 15.32 | 8.53 | 6.58 | 10.74 | 15.46 | 12.45 | 9.07 |
| EV / FCF | — | 24.04 | 23.06 | 6.10 | 17.26 | 10.04 | 7.69 | 18.80 | 17.47 | 13.84 | 12.22 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 65.6% | 65.6% | 64.0% | 65.6% | 94.2% | 94.6% | 86.5% | 81.4% | 86.8% | 90.8% | 91.0% |
| Operating Margin | 8.0% | 8.0% | 12.0% | 8.3% | 19.8% | 24.6% | 26.8% | 22.0% | 22.2% | 28.8% | 29.2% |
| Net Profit Margin | 8.0% | 8.0% | 10.8% | 8.7% | 18.1% | 22.5% | 22.8% | 19.2% | 19.2% | 21.8% | 22.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.0% | 5.0% | 8.1% | 5.9% | 10.3% | 9.7% | 11.1% | 10.3% | 9.6% | 10.2% | 11.1% |
| ROA | 0.4% | 0.4% | 0.6% | 0.4% | 0.8% | 1.0% | 1.1% | 1.0% | 0.9% | 1.0% | 1.0% |
| ROIC | 2.4% | 2.4% | 3.9% | 2.2% | 5.6% | 7.2% | 8.5% | 6.6% | 5.8% | 7.2% | 6.7% |
| ROCE | 1.3% | 1.3% | 5.2% | 3.1% | 8.0% | 10.4% | 12.2% | 9.5% | 8.4% | 10.6% | 10.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.48 | 0.48 | 0.69 | 0.80 | 0.99 | 0.09 | 0.13 | 0.19 | 0.54 | 0.35 | 0.47 |
| Debt / EBITDA | 5.92 | 5.92 | 5.07 | 7.77 | 6.02 | 0.70 | 0.91 | 1.61 | 4.07 | 2.23 | 2.80 |
| Net Debt / Equity | — | 0.38 | 0.23 | 0.22 | 0.75 | -0.13 | -0.01 | -0.06 | 0.36 | 0.22 | -0.06 |
| Net Debt / EBITDA | 4.65 | 4.65 | 1.70 | 2.14 | 4.52 | -0.95 | -0.09 | -0.53 | 2.70 | 1.37 | -0.36 |
| Debt / FCF | — | 7.34 | 5.23 | 1.41 | 6.93 | -1.43 | -0.12 | -1.06 | 3.80 | 1.86 | -0.58 |
| Interest Coverage | 0.23 | 0.23 | 0.33 | 0.26 | 3.39 | 7.87 | 3.26 | 1.52 | 2.11 | 4.56 | 4.99 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.77 | 1.77 | 0.23 | 0.25 | 0.23 | 0.39 | 0.33 | 0.27 | 0.28 | 0.32 | 0.35 |
| Quick Ratio | 1.77 | 1.77 | 0.23 | 0.25 | 0.23 | 0.39 | 0.33 | 0.27 | 0.28 | 0.32 | 0.35 |
| Cash Ratio | 0.02 | 0.02 | 0.04 | 0.05 | 0.02 | 0.02 | 0.02 | 0.03 | 0.02 | 0.02 | 0.06 |
| Asset Turnover | — | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.0% | 1.0% | 1.7% | 4.9% | 3.3% | 2.7% | 3.4% | 2.6% | 2.6% | 2.6% | 2.8% |
| Payout Ratio | 19.3% | 19.3% | 17.1% | 63.7% | 33.7% | 28.8% | 26.9% | 33.8% | 36.8% | 36.4% | 34.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.2% | 5.3% | 10.1% | 7.8% | 9.9% | 9.4% | 13.3% | 7.7% | 7.2% | 7.0% | 8.2% |
| FCF Yield | 5.8% | 6.0% | 5.6% | 21.3% | 9.7% | 8.7% | 12.8% | 5.0% | 7.3% | 8.3% | 7.8% |
| Buyback Yield | 0.0% | 0.0% | 0.1% | 0.2% | 0.1% | 0.1% | 0.1% | 11.1% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.0% | 1.0% | 1.8% | 5.1% | 3.4% | 2.8% | 3.5% | 13.7% | 2.6% | 2.6% | 2.8% |
| Shares Outstanding | — | $4M | $4M | $4M | $4M | $3M | $3M | $3M | $3M | $3M | $3M |
Geographic concentration and NIM
According to recent market data, Finward Bancorp trades at a P/B ratio of 0.84, which suggests that investors are pricing the bank at a discount to its tangible book value, reflecting skepticism regarding its ability to generate a competitive return on equity in the current environment.
The current valuation appears to imply that the market views the bank as a commodity balance sheet rather than a premium franchise. Investors should monitor whether the persistent sub-2% ROE levels warrant this discount or if the market is overlooking the potential value of the bank's wealth management and trust segments.
As reported in financial statements, the bank's ROE has struggled to exceed 2.2% over the last ten quarters, a trend driven by a combination of thin net interest margins and an efficiency ratio that frequently exceeds 55%, indicating significant operational drag on bottom-line performance.
The decomposition of profitability suggests that the bank's reliance on a high-fixed-cost branch network is not being sufficiently offset by non-interest income. This structural inefficiency appears to be the primary factor suppressing returns, as the bank fails to leverage its asset base effectively to drive meaningful shareholder value.
Based on the reported figures, the net interest margin has remained stagnant at 0.7% for several quarters, which indicates that the bank is struggling to manage its funding costs relative to asset yields in the competitive Northwest Indiana and South Chicagoland banking corridor.
The persistent margin compression suggests that the bank's asset-liability management strategy may be misaligned with the current interest rate environment. Without a significant improvement in the efficiency ratio, which remains elevated near 58.7%, the bank may continue to face difficulty in expanding its net interest income.
Data from the balance sheet shows that the equity-to-assets ratio has fluctuated within a narrow range of 0.07 to 0.09, suggesting that Finward Bancorp maintains a relatively stable capital buffer that, while adequate for current operations, leaves little room for aggressive balance sheet expansion.
The bank's reliance on retained earnings to support its capital base appears to be challenged by the volatility in net income. Investors should monitor whether this capital position remains sufficient to support growth initiatives without requiring external financing or further divestment of investment securities.
The P/E ratio is frequently misapplied to Finward Bancorp, as it obscures the impact of volatile loan loss provisions and non-recurring items that can artificially inflate or deflate earnings, making it a poor indicator of the bank's underlying long-term profitability and franchise value.
Analysts should prioritize P/TBV and ROTCE over P/E, as these metrics better capture the bank's ability to generate returns on its tangible capital base. Relying on P/E in a banking context often leads to misleading conclusions during periods of credit cycle shifts or significant changes in provisioning policy.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FNWD stock.
Finward Bancorp's current P/E ratio is 19.2x. The historical average is 12.4x. This places it at the 96th percentile of its historical range.
Finward Bancorp's current EV/EBITDA is 15.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.6x.
Finward Bancorp's return on equity (ROE) is 5.0%. The historical average is 10.7%.
Based on historical data, Finward Bancorp is trading at a P/E of 19.2x. This is at the 96th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Finward Bancorp's current dividend yield is 1.00% with a payout ratio of 19.3%.
Finward Bancorp has 65.6% gross margin and 8.0% operating margin.
Finward Bancorp's Debt/EBITDA ratio is 5.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.