Finward Bancorp
FNWDdata completeness 75%16 fiscal years on fileData notes: no data for concept 'totalDebt'
Finward Bancorp earns about 25% on invested capital, far above its ~9% cost of capital, but has diluted owners by 23% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $27.85 and $30.12 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $50.7M1 | $72M2 | $85.8M3 | $89.2M4 | $91.8M4 |
| Net income | $15M5 | $15.1M6 | $8.38M7 | $12.1M8 | $8.09M8 |
| Operating cash flow | $17M9 | $17.7M10 | $24.2M11 | $9.81M12 | $9.9M12 |
| Capital expenditure | $3.13M13 | $3.03M14 | $1.15M15 | $3.07M16 | $853,00016 |
| Free cash flow (derived) | $13.9M9 | $14.7M10 | $23.1M11 | $6.73M12 | $9.05M12 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | — | — | — | — | — |
| Diluted shares | 3.5M | 4.2M | 4.3M | 4.3M | 4.3M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $406.94 of net worth that earned you $18.84 and generated $21.08 of cash last year.
It earned about 25% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is up 23% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $27.85 and $30.12 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$9.05M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$9.05M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$12.1M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $30.12 |
| Base | 0.0% | $30.12 |
| Bull | 5.0% | $37.41 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001437749-23-008638 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2022-12-31 · accession 0001437749-24-009816 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2023-12-31 · accession 0001437749-25-010182 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-021073 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2021-12-31 · accession 0001437749-23-008638 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001437749-24-009816 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001437749-25-010182 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-021073 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001437749-23-008638 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001437749-24-009816 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001437749-25-010182 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-021073 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001437749-23-008638 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001437749-24-009816 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001437749-25-010182 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-021073 (PaymentsToAcquirePropertyPlantAndEquipment)