Finward Bancorp Financial Ratios — FNWD Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	9.05	10.49	10.59	10.35	10	11.08	10.17	9.65	10.27	11.15	9.71	10.29	5.91	8.12	4.96
Return on Assets (%)	0.84	1.02	1.03	1.01	0.96	1.03	0.97	0.92	1	1.13	0.96	0.82	0.4	0.58	0.4
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	7.77	7.71	7.15	6.46	6.78	6.78	6.78	6.12	3.62	5	7.07	7.59	10.97	10.26	9.37
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	21.88	28.13	31.94	30.37	28.2	31.04	30.71	24.78	25.74	29.21	25.38	21.05	12.32	18.93	12.28
Profit Margin (%)	17.95	21.92	23.9	23.52	22.95	24.27	23.26	21.49	22.47	24.88	23.19	19.17	12.83	17.06	12.25
Net Income to Common Margin (%)	17.95	21.92	23.9	23.52	22.95	24.27	23.26	21.49	22.47	24.88	23.19	19.17	12.83	17.06	12.25
Effective Tax Rate (%)	17.96	22.07	25.19	22.55	18.63	21.8	24.25	13.28	12.69	14.83	8.63	8.93	- -	9.85	0.28
Dvd Payout Ratio (%)	31.55	28.13	32.71	36.15	37.72	34.38	36.42	36.76	33.77	26.93	28.8	33.65	63.66	17.06	19.25
Sustainable Growth Rate (%)	6.19	7.54	7.13	6.61	6.23	7.27	6.47	6.1	6.8	8.15	6.91	6.83	2.15	6.74	4.01

Credit (USD)

Credit Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	37	33	31	36	39	26	21	43	14	6	- -	120	80	65	45
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	37	33	31	36	39	26	21	43	14	6	- -	120	80	65	45
Total Debt/EBITDA	15.71	13.78	14.51	17.91	17.02	10.11	7.99	16.17	7.19	1.92	- -	20.11	11.17	8.92	7.27
Net Debt/EBITDA	6.89	-0.05	5.27	11.06	12.42	-7.47	3.27	9.25	-10.21	-4.9	-7.55	14.47	-0.78	-0.68	-12.06
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	9.66	9.78	9.63	9.83	9.35	9.21	9.93	9.26	10.09	10.14	9.66	6.59	6.99	7.35	8.64
Long-Term Debt/Equity (%)	58.16	49.09	46.28	47.77	48.81	30.71	22.68	42.38	10.44	4.05	- -	87.98	54.29	42.93	25.76
Long-Term Debt/Capital (%)	36.77	32.92	31.64	32.33	32.8	23.49	18.49	29.77	9.45	3.9	- -	46.8	35.19	30.04	20.49
Long-Term Debt/Total Assets (%)	5.62	4.8	4.46	4.69	4.57	2.83	2.25	3.92	1.05	0.41	- -	5.8	3.79	3.15	2.23
Total Debt/Equity (%)	58.16	49.09	46.28	47.77	48.81	30.71	22.68	42.38	10.44	4.05	- -	87.98	54.29	42.93	25.76
Total Debt/Capital (%)	36.77	32.92	31.64	32.33	32.8	23.49	18.49	29.77	9.45	3.9	- -	46.8	35.19	30.04	20.49
Total Debt/Total Assets (%)	5.62	4.8	4.46	4.69	4.57	2.83	2.25	3.92	1.05	0.41	- -	5.8	3.79	3.15	2.23
Net Debt to Equity	25.52	-0.2	16.81	29.49	35.6	-22.67	9.27	24.25	-14.83	-10.33	-21.98	63.32	-3.79	-3.26	-42.74
Net Debt/Capital (%)	20.33	-0.2	14.39	22.77	26.25	-29.31	8.49	19.51	-17.41	-11.52	-28.17	38.77	-3.94	-3.37	-74.64
EBITDA	2	2	2	2	2	3	3	3	2	3	5	6	7	7	6
EBITDA-CapEx	2	2	1	1	1	1	1	2	-1	-1	1	3	6	4	5
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	9.66	9.78	9.63	9.83	9.35	9.21	9.93	9.26	10.09	10.14	9.66	6.59	6.99	7.35	8.64
Long-Term Debt/Equity (%)	58.16	49.09	46.28	47.77	48.81	30.71	22.68	42.38	10.44	4.05	- -	87.98	54.29	42.93	25.76
Long-Term Debt/Capital (%)	36.77	32.92	31.64	32.33	32.8	23.49	18.49	29.77	9.45	3.9	- -	46.8	35.19	30.04	20.49
Long-Term Debt/Total Assets (%)	5.62	4.8	4.46	4.69	4.57	2.83	2.25	3.92	1.05	0.41	- -	5.8	3.79	3.15	2.23
Total Debt/Equity (%)	58.16	49.09	46.28	47.77	48.81	30.71	22.68	42.38	10.44	4.05	- -	87.98	54.29	42.93	25.76
Total Debt/Capital (%)	36.77	32.92	31.64	32.33	32.8	23.49	18.49	29.77	9.45	3.9	- -	46.8	35.19	30.04	20.49
Total Debt/Total Assets (%)	5.62	4.8	4.46	4.69	4.57	2.83	2.25	3.92	1.05	0.41	- -	5.8	3.79	3.15	2.23
CFO/Total Liabilities	2.52	1.37	1.76	1.37	1.21	1.25	1.47	1.06	0.92	1.47	1.16	0.92	1.23	0.51	0.54
CFO/CapEx	35.54	10.7	12.38	11.15	7.22	6.08	7.42	10.43	3.6	5.28	5.45	5.85	21.09	3.19	11.61
Altman's Z-Score	0.21	0.22	0.24	0.23	0.23	0.25	0.26	0.24	0.23	0.2	0.21	0.18	0.15	0.17	0.18

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	11.66	12.41	12	12.07	11.95	12.38	12.14	12.61	14.05	14.65	12.7	12.23	8.44	9.02	8.52
Days Sales Outstanding	31.3	29.4	30.41	30.23	30.54	29.49	30.08	28.95	25.97	24.92	28.73	29.85	43.22	40.47	42.84
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	41	54	71	75	88	111	127	130	158	125	160	156	109	121	152
- Cash & Cash Equivalents	21	33	20	14	11	45	12	18	34	22	34	34	86	70	120
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	37	33	31	36	39	26	21	43	14	6	- -	120	80	65	45
Enterprise Value	-130	-133	-113	-122	-117	-142	-108	-87	-139	-301	-402	-129	-268	109	77
Total Capital	100	101	98	113	120	110	113	144	148	158	157	256	227	216	220
Total Debt/Capital (%)	36.77	32.92	31.64	32.33	32.8	23.49	18.49	29.77	9.45	3.9	- -	46.8	35.19	30.04	20.49
Total Debt / EV	-0.28	-0.25	-0.27	-0.3	-0.34	-0.18	-0.19	-0.49	-0.1	-0.02	- -	-0.93	-0.3	0.59	0.59
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.54	1.16
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	14.99	12.42
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	11.14	7.77
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	8.48	7.15
Diluted Market Cap	41	54	71	75	88	111	127	130	158	125	160	152	108	120	151
Diluted Enterprise Value	57	54	82	98	117	92	136	155	139	109	125	238	102	115	76
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	25.33	17.77
TTM Sales	30	31	30	31	34	38	39	43	54	64	65	79	65	71	66
TTM EBITDA	2	2	2	2	2	3	3	3	2	3	5	6	7	7	6
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	15	9	11	10	9	10	12	11	11	20	17	18	24	10	10
TTM Free Cash Flow to Firm	15	9	12	10	11	12	14	12	14	23	20	21	25	13	11

Multiples (USD)

Valuation Multiples API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	2.68	5.82	5.94	7.22	8.15	9.18	9.13	11.28	11.32	5.33	7.91	7.3	4.26	9.33	14.04
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-130	-133	-113	-122	-117	-142	-108	-87	-139	-301	-402	-129	-268	109	77
Low Price	13.7	13.25	19.1	24.88	26.25	28.3	38.4	39.28	40.25	28.01	36.1	30.06	17.29	22.82	26.12
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.54	1.16
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	14.99	12.42
Price/Earnings	7.58	7.91	9.98	10.19	11.18	12.15	14.23	13.95	13.1	7.85	10.66	10.03	12.87	9.87	18.59
Price/Earnings Average	7.7	7.68	9.37	10.08	10.16	9.69	13.12	14.27	12.51	7.55	10.11	10.89	13.36	9.42	16.13
Price/Earnings High	8.82	8.7	10.1	10.75	11.62	12.47	14.23	15.11	13.13	10.04	11.62	13.77	19.28	11.76	21.12
Price/Earnings Low	7.21	5.49	7.62	9.57	9.53	8.85	12.28	12.74	11.49	6.09	8.39	8.33	8.82	8.01	13.8
Price/Book Value	0.65	0.8	1.06	0.99	1.09	1.32	1.38	1.28	1.18	0.82	1.02	1.14	0.74	0.8	0.87
Price/Book Value Average	0.66	0.78	1	0.98	0.99	1.05	1.28	1.31	1.13	0.79	0.97	1.24	0.76	0.76	0.76
Price/Book Value High	0.75	0.88	1.08	1.04	1.13	1.36	1.38	1.39	1.18	1.05	1.11	1.57	1.1	0.95	0.99
Price/Book Value Low	0.62	0.56	0.81	0.93	0.93	0.96	1.19	1.17	1.04	0.64	0.8	0.95	0.5	0.65	0.65
Price/Tangible Book Value	0.65	0.8	1.06	1.01	1.12	1.37	1.43	1.4	1.29	0.92	1.12	1.42	0.89	0.95	1.01
Price/Tangible Book Value Average	0.66	0.78	1	1	1.02	1.09	1.32	1.43	1.23	0.88	1.06	1.55	0.93	0.91	0.87
Price/Tangible Book Value High	0.75	0.88	1.08	1.07	1.16	1.4	1.43	1.51	1.29	1.17	1.22	1.96	1.34	1.14	1.15
Price/Tangible Book Value Low	0.62	0.56	0.81	0.95	0.96	1	1.23	1.28	1.13	0.71	0.88	1.18	0.61	0.77	0.75
Price/Sales	1.36	1.73	2.38	2.4	2.57	2.95	3.31	3	2.94	1.95	2.47	1.92	1.65	1.68	2.28
Price/Sales Average	1.38	1.68	2.24	2.37	2.33	2.35	3.05	3.07	2.81	1.88	2.34	2.09	1.71	1.61	1.98
Price/Sales High	1.58	1.91	2.41	2.53	2.67	3.03	3.31	3.25	2.95	2.5	2.69	2.64	2.47	2.01	2.59
Price/Sales Low	1.29	1.2	1.82	2.25	2.19	2.15	2.86	2.74	2.58	1.51	1.95	1.6	1.13	1.37	1.69
Price/Cash Flow	2.76	6.36	6.42	7.87	9.28	10.69	10.37	12.36	14.46	6.33	9.36	8.53	4.46	12.21	15.18
Price/Cash Flow Average	2.8	6.17	6.03	7.78	8.43	8.53	9.56	12.64	13.81	6.1	8.88	9.26	4.62	11.66	13.18
Price/Cash Flow High	3.2	6.99	6.5	8.3	9.64	10.98	10.37	13.39	14.49	8.11	10.2	11.71	6.67	14.55	17.25
Price/Cash Flow Low	2.62	4.41	4.91	7.39	7.91	7.79	8.94	11.29	12.68	4.91	7.37	7.08	3.05	9.91	11.27
Price/Free Cash Flow Average	2.72	5.65	5.58	7.14	7.41	7.32	8.43	11.53	10.81	5.13	7.5	7.93	4.42	8.91	12.19
Price/Free Cash Flow High	3.12	6.39	6.01	7.62	8.47	9.42	9.13	12.22	11.34	6.82	8.62	10.03	6.38	11.12	15.96
Price/Free Cash Flow Low	2.55	4.03	4.54	6.78	6.95	6.69	7.88	10.3	9.93	4.13	6.22	6.07	2.92	7.57	10.42
EV/Sales Average	1.92	1.68	2.62	3.08	3.17	1.85	3.27	3.63	2.44	1.63	1.81	3.25	1.64	1.56	0.87
EV/Sales High	2.12	1.9	2.79	3.24	3.51	2.52	3.53	3.81	2.58	2.25	2.16	3.81	2.4	1.96	1.49
EV/Sales Low	1.83	1.2	2.2	2.97	3.03	1.64	3.08	3.3	2.21	1.27	1.41	2.74	1.05	1.32	0.58
EV/EBITDA Average	24.68	21.8	36.59	47.75	46.79	27.24	48.29	59.35	67.47	32.7	25.66	42.79	14.94	15.2	9.29
EV/EBITDA High	27.27	24.68	39.01	50.2	51.73	37.18	52.07	62.33	71.3	45.08	30.62	50.27	21.9	19.14	15.89
EV/EBITDA Low	23.56	15.55	30.74	45.9	44.68	24.23	45.38	54	61.11	25.41	20.01	36.12	9.6	12.83	6.2
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	14.4	19.1	25	26.5	30.8	38.85	44.5	43	45.9	36.1	45.88	36.2	25.24	28.11	35.19
High Price	16.75	21	25.3	27.95	31.99	39.87	44.5	46.59	46	46.2	50	49.7	37.8	33.5	39.99
Enterprise Value Average	58	53	78	97	109	70	126	158	131	105	117	255	107	111	58
Enterprise Value High	64	59	83	102	120	95	136	166	139	144	140	300	157	140	98
Enterprise Value Low	55	37	65	93	104	62	119	144	119	81	91	216	69	94	38

Shares Outstanding	3	3	3	3	3	3	3	3	3	3	3	4	4	4	4
Diluted Weighted Avg Shares	3	3	3	3	3	3	3	3	3	3	3	4	4	4	4
Basic Weighted Avg Shares	3	3	3	3	3	3	3	3	3	3	3	4	4	4	4
Revenue per Share	10.58	11.01	10.48	11.05	12	13.17	13.45	14.35	15.59	18.49	18.56	18.83	15.28	16.69	15.46
EBITDA per Share	0.82	0.85	0.75	0.71	0.81	0.89	0.91	0.88	0.56	0.92	1.31	1.43	1.68	1.71	1.45
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.9	2.41	2.51	2.6	2.75	3.2	3.13	3.08	3.5	4.6	4.3	3.61	1.96	2.85	1.89
Basic EPS from Cont Ops	1.9	2.41	2.51	2.6	2.75	3.2	3.13	3.08	3.5	4.6	4.3	3.61	1.96	2.85	1.89
Diluted EPS, GAAP	1.9	2.41	2.51	2.6	2.75	3.2	3.13	3.08	3.5	4.6	4.3	3.6	1.96	2.84	1.88
Diluted EPS from Cont Ops	1.9	2.41	2.51	2.6	2.75	3.2	3.13	3.08	3.5	4.6	4.3	3.6	1.96	2.84	1.88
Dividend per Share	0.6	0.68	0.82	0.94	1.04	1.1	1.14	1.13	1.18	1.24	1.24	1.21	1.25	0.49	0.36
Cash Flow per Share	5.23	3	3.89	3.37	3.32	3.63	4.29	3.48	3.17	5.7	4.9	4.24	5.66	2.3	2.32
Free Cash Flow per Basic Share	5.08	2.72	3.58	3.07	2.86	3.03	3.71	3.15	2.29	4.62	4	3.52	5.4	1.58	2.12
Cash & Equivalents per Share	73.19	77.78	75.78	82.27	85.58	97.38	89.66	85.89	90.13	124.89	161.26	94.11	106.3	17.85	27.82
Book Value per Share	22.2	23.83	23.5	26.78	28.38	29.41	32.14	33.5	38.85	43.8	45	31.73	34.28	35.1	40.37
Tangible Book Value per Share	22.2	23.83	23.5	26.21	27.48	28.43	31.16	30.8	35.63	39.41	40.91	25.41	28.31	29.48	34.92

Finward Bancorp

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)