FNWD
Finward BancorpFinancial Services·Banks - Regional
$32.98
$143M market cap
Revenue
$50.0M
Free Cash Flow
$10.6M
Rev Growth
+0.0%
FCF Margin
21.2%
P/FCF
13.5x
EV/FCF
10.8x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
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 deposit accounts, certificate accounts, and retirement savings plans. Its loan products portfolio comprises residential mortgage loans that enable borrowers to purchase existing homes, refinance existing homes, or construct new homes; construction loans primari
2-Year Price History
$32.24+35.2%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 25.1 | 2.7 | 2.7 | 2.2 | 3.6 | 3.5 | -0.1 | 119.5 | 90.8 | 4.3 | 6.2% | 0.3x | -- |
| Act | 2025-Q4 | 24.9 | 1.8 | 1.8 | 2.0 | 7.7 | 7.1 | -0.6 | 334.5 | 84.7 | 4.3 | 5.1% | 0.2x | -- |
Valuation & Metrics
Market Stats
Price$32.98
Market Cap$143M
Enterprise Value$114M
P/S Ratio2.9x
P/FCF13.5x
EV/FCF10.8x
FCF Margin (TTM)21.2%
FCF Yield7.4%
Dividend Yield (TTM)1.5%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$50.0M
Net Income$4.2M
Free Cash Flow$10.6M
Revenue Growth (YoY)+0.0%
EBITDA Margin9.0%
Net Margin8.4%
FCF Margin21.2%
CapEx % of Revenue1.6%
SBC % of Revenue0.5%
ROIC5.7%
WC Change % Rev2899.6%
Interest Coverage0.3x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.2M
Days to Cover24.0
Change (vs Prior)+1.2%
Need at least 2 settlement dates for chart
Employees
Headcount293
Revenue / Employee$170,727
Gross Profit / Employee$116,150
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
39.6%(+13.1% YoY)
65 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
14.4%(+8.5% YoY)
9 filers
Vanguard, iShares, SPDR
Market makers
0.3%(-0.2% YoY)
2 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| ALLIANCEBERNSTEIN L.P. | $14.6M | $27.07 | +$36K | +$2.1M | -0.3% | $307.70B |
| PL Capital Advisors, LLC | $14.4M | $24.85 | +$0 | +$0 | -1.3% | $332M |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $5.9M | $36.30 | +$5.9M | +$5.9M | — | $4.04T |
| BlackRock, Inc.Passive | $5.8M | $29.04 | −$52K | +$4.9M | -0.2% | $5.69T |
| Finward Bancorp | $4.8M | $27.60 | −$172K | −$367K | +0.2% | $125M |
| ENDEAVOUR CAPITAL ADVISORS INC | $3.6M | $34.22 | +$0 | +$0 | -1.9% | $441M |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $2.9M | $28.13 | −$48K | +$1.4M | +2.3% | $1.61T |
| WELLINGTON MANAGEMENT GROUP LLP | $2.0M | $32.23 | +$42K | +$2.0M | -0.3% | $533.98B |
| GOLDMAN SACHS GROUP INC | $2.0M | $35.08 | −$5K | +$2.0M | -0.2% | $760.93B |
| STATE STREET CORPPassive | $1.8M | $30.57 | +$97K | +$1.3M | -0.2% | $2.89T |
| RENAISSANCE TECHNOLOGIES LLC | $1.6M | $29.88 | −$157K | +$1.0M | +1.2% | $63.91B |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $1.6M | $36.30 | +$1.6M | +$1.6M | -0.1% | $31.89B |
| ACADIAN ASSET MANAGEMENT LLC | $1.5M | $32.55 | +$101K | +$1.4M | -0.5% | $70.48B |
| Caldwell Trust Co | $1.5M | $20.99 | +$0 | +$0 | -0.2% | $1.12B |
| NORTHERN TRUST CORPPassive | $1.1M | $27.70 | +$35K | +$567K | -0.2% | $755.34B |
| RAFFLES ASSOCIATES LP | $965K | $34.22 | +$0 | −$27K | -1.2% | $115M |
| DIMENSIONAL FUND ADVISORS LPPassive | $878K | $26.90 | +$48K | +$201K | -0.4% | $480.92B |
| VANGUARD FIDUCIARY TRUST COPassive | $853K | $36.30 | +$853K | +$853K | — | $395.83B |
| PNC FINANCIAL SERVICES GROUP, INC. | $728K | $20.93 | +$0 | −$7K | +0.3% | $173.18B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $719K | $36.30 | +$719K | +$719K | — | $1.91T |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.53%
avg per quarter
Holders (ex-self)
-0.55%
excl. this stock
Buyers (this Q)
-0.11%
28 buyers · $0.01B in
Sellers (this Q)
-0.38%
24 sellers · $0.00B out
alpha coverage: 90% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-5.3%
how holders react when this stock falls
On quiet Qs
+2.5%
−10% to +10% baseline
On rallies (+10%+)
-5.1%
how they react when this stock rises
Holders' portfolio flow this Q
+4.0%
inflows — adds are organic
Sellers' portfolio flow this Q
+7.1%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-3.1%
Holder mid (any stock)
-2.9%
Holder rally (any stock)
-5.4%
Biggest decreases this quarter
TWO SIGMA INVESTMENTS, LPexited−$286KMARSHALL WACE, LLPexited−$280KBlack Maple Capital Management LP−$238Kα-1.8Finward Bancorp−$172Kα+0.2RENAISSANCE TECHNOLOGIES LLC−$157Kα+1.2BANK OF AMERICA CORP /DE/exited−$97KBlackRock, Inc.−$52Kα-0.2MORGAN STANLEY−$51Kα-0.3GEODE CAPITAL MANAGEMENT, LLC−$48Kα+2.3WHITTIER TRUST COexited−$8K
New buyers this quarter
Top-5 holders · 60.1%
ALLIANCEBERNSTEIN L.P.--
PL Capital Advisors, LLC--
VANGUARD CAPITAL MANAGEMENT LLC--
BlackRock, Inc.--
Finward Bancorp--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
ALLIANCEBERNSTEIN L.P.414KPL Capital Advisors, LLC396KFourthstone LLC—Finward Bancorp132KENDEAVOUR CAPITAL ADVISORS INC100KCutler Capital Management, LLC—BANC FUNDS CO LLC—M3F, Inc.—Siena Capital Partners GP, LLC—WELLINGTON MANAGEMENT GROUP LLP55K
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$41.002430.0%
Last Year (1 analysts)$41.002430.0%
Current Price$32.98
Analyst Ratings
2
Buy: 2Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$32K
9 txns · 4 insiders · 1,050 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-31 | BUY | Bochnowski Benjamin J | director, officer: President, CEO | 6 | $36.50 | $223 | $68K |
| 2026-03-31 | BUY | Lowry Robert T | officer: Executive Vice President | 50 | $36.50 | $2K | $555K |
| 2026-03-31 | BUY | Scheub Todd M. | officer: Executive Vice President | 38 | $36.50 | $1K | $427K |
| 2025-12-30 | BUY | Bochnowski Benjamin J | director, officer: President, CEO | 6 | $35.56 | $222 | $66K |
| 2025-12-30 | BUY | Lowry Robert T | officer: Executive Vice President | 51 | $35.56 | $2K | $539K |
| 2025-12-30 | BUY | Scheub Todd M. | officer: Executive Vice President | 39 | $35.56 | $1K | $414K |
| 2025-06-13 | BUY | Bochnowski Benjamin J | director, officer: President, CEO | 100 | $29.00 | $3K | $870K |
| 2025-06-13 | BUY | Schmitt Benjamin Louis | officer: Chief Financial Officer | 500 | $28.98 | $14K | $162K |
| 2025-06-12 | BUY | Bochnowski Benjamin J | director, officer: President, CEO | 260 | $29.75 | $8K | $889K |
Order Flow (FINRA, ~3w lag)
20.3%retail+9.9pp
7.0%dark-16.5pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Finward Bancorp: Routine administrative filing masks standard regional banking risk profile
Overall Risk
3/10
Fraud
1/10
Dilution
2/10
Insolvency
2/10
Earnings Overstated
2/10
Hidden Liabilities
2/10
Legal
1/10
Audit Warnings
1/10
Hidden Upside
1/10
Contextually Acceptable
10/10