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Side-by-side financial comparison of Finward Bancorp (FNWD) and FONAR CORP (FONR). Click either name above to swap in a different company.
FONAR CORP is the larger business by last-quarter revenue ($25.5M vs $16.5M, roughly 1.5× Finward Bancorp). Finward Bancorp runs the higher net margin — 12.0% vs 8.0%, a 4.0% gap on every dollar of revenue. On growth, FONAR CORP posted the faster year-over-year revenue change (2.4% vs 1.1%). Finward Bancorp produced more free cash flow last quarter ($9.0M vs $-227.0K). Over the past eight quarters, FONAR CORP's revenue compounded faster (-0.3% CAGR vs -19.1%).
Finward Bancorp is a U.S.-headquartered regional bank holding company. It offers a full range of retail and commercial banking products and services, including deposit accounts, personal and mortgage loans, small business financing, and wealth management solutions, primarily serving individual customers and small to mid-sized enterprises in its local operating regions.
FONAR Corp is a specialized medical technology firm that designs, manufactures, and distributes innovative MRI systems including upright and open models. It primarily serves U.S. hospitals, diagnostic imaging centers, and healthcare providers, delivering high-precision scanning solutions for clinical diagnostic use.
FNWD vs FONR — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $16.5M | $25.5M |
| Net Profit | $2.0M | $2.1M |
| Gross Margin | — | — |
| Operating Margin | 11.0% | 13.5% |
| Net Margin | 12.0% | 8.0% |
| Revenue YoY | 1.1% | 2.4% |
| Net Profit YoY | -5.6% | 4.7% |
| EPS (diluted) | $0.46 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $16.5M | $25.5M | ||
| Q3 25 | $17.4M | $26.0M | ||
| Q2 25 | $16.6M | $27.3M | ||
| Q1 25 | $15.5M | $27.2M | ||
| Q4 24 | $16.3M | $24.9M | ||
| Q3 24 | $14.9M | $25.0M | ||
| Q2 24 | $14.6M | $25.9M | ||
| Q1 24 | $25.3M | $25.7M |
| Q4 25 | $2.0M | $2.1M | ||
| Q3 25 | $3.5M | $2.3M | ||
| Q2 25 | $2.2M | $729.3K | ||
| Q1 25 | $455.0K | $2.5M | ||
| Q4 24 | $2.1M | $2.0M | ||
| Q3 24 | $606.0K | $3.1M | ||
| Q2 24 | $143.0K | $830.4K | ||
| Q1 24 | $9.3M | $1.9M |
| Q4 25 | 11.0% | 13.5% | ||
| Q3 25 | 20.5% | 14.1% | ||
| Q2 25 | 12.7% | 5.3% | ||
| Q1 25 | 4.0% | 15.2% | ||
| Q4 24 | 16.3% | 11.9% | ||
| Q3 24 | 2.7% | 21.0% | ||
| Q2 24 | 0.9% | 7.4% | ||
| Q1 24 | 40.6% | 16.8% |
| Q4 25 | 12.0% | 8.0% | ||
| Q3 25 | 20.1% | 8.7% | ||
| Q2 25 | 12.9% | 2.7% | ||
| Q1 25 | 2.9% | 9.2% | ||
| Q4 24 | 12.9% | 7.9% | ||
| Q3 24 | 4.1% | 12.6% | ||
| Q2 24 | 1.0% | 3.2% | ||
| Q1 24 | 36.7% | 7.3% |
| Q4 25 | $0.46 | — | ||
| Q3 25 | $0.81 | — | ||
| Q2 25 | $0.50 | — | ||
| Q1 25 | $0.11 | — | ||
| Q4 24 | $0.50 | — | ||
| Q3 24 | $0.14 | — | ||
| Q2 24 | $0.03 | — | ||
| Q1 24 | $2.17 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $121.0K |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $174.7M | $176.9M |
| Total Assets | $2.0B | $217.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $121.0K | ||
| Q3 25 | — | $122.0K | ||
| Q2 25 | — | $56.5M | ||
| Q1 25 | — | $123.0K | ||
| Q4 24 | — | $121.0K | ||
| Q3 24 | — | $136.0K | ||
| Q2 24 | — | $56.5M | ||
| Q1 24 | — | $134.0K |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $66.9K | ||
| Q1 24 | — | — |
| Q4 25 | $174.7M | $176.9M | ||
| Q3 25 | $165.5M | $174.9M | ||
| Q2 25 | $154.3M | $172.6M | ||
| Q1 25 | $151.8M | $171.9M | ||
| Q4 24 | $151.4M | $169.8M | ||
| Q3 24 | $159.6M | $168.7M | ||
| Q2 24 | $148.6M | $166.0M | ||
| Q1 24 | $151.6M | $165.8M |
| Q4 25 | $2.0B | $217.2M | ||
| Q3 25 | $2.1B | $218.4M | ||
| Q2 25 | $2.1B | $216.9M | ||
| Q1 25 | $2.0B | $214.9M | ||
| Q4 24 | $2.1B | $208.0M | ||
| Q3 24 | $2.1B | $212.3M | ||
| Q2 24 | $2.1B | $214.2M | ||
| Q1 24 | $2.1B | $209.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $9.9M | $171.0K |
| Free Cash FlowOCF − Capex | $9.0M | $-227.0K |
| FCF MarginFCF / Revenue | 54.8% | -0.9% |
| Capex IntensityCapex / Revenue | 5.2% | 1.6% |
| Cash ConversionOCF / Net Profit | 4.99× | 0.08× |
| TTM Free Cash FlowTrailing 4 quarters | $10.6M | $5.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $9.9M | $171.0K | ||
| Q3 25 | $1.2M | $1.7M | ||
| Q2 25 | $4.8M | $4.2M | ||
| Q1 25 | $-3.8M | $3.1M | ||
| Q4 24 | $9.8M | $2.2M | ||
| Q3 24 | $-3.7M | $1.7M | ||
| Q2 24 | $2.8M | $4.6M | ||
| Q1 24 | $-25.0K | $2.8M |
| Q4 25 | $9.0M | $-227.0K | ||
| Q3 25 | $1.0M | $-177.0K | ||
| Q2 25 | $4.5M | $3.6M | ||
| Q1 25 | $-4.0M | $2.6M | ||
| Q4 24 | $6.7M | $1.5M | ||
| Q3 24 | $-4.2M | $-148.0K | ||
| Q2 24 | $1.1M | $4.2M | ||
| Q1 24 | $-736.0K | $2.6M |
| Q4 25 | 54.8% | -0.9% | ||
| Q3 25 | 6.0% | -0.7% | ||
| Q2 25 | 27.0% | 13.1% | ||
| Q1 25 | -25.7% | 9.4% | ||
| Q4 24 | 41.2% | 6.0% | ||
| Q3 24 | -28.5% | -0.6% | ||
| Q2 24 | 7.6% | 16.1% | ||
| Q1 24 | -2.9% | 10.2% |
| Q4 25 | 5.2% | 1.6% | ||
| Q3 25 | 0.9% | 7.2% | ||
| Q2 25 | 1.7% | 2.4% | ||
| Q1 25 | 1.2% | 2.2% | ||
| Q4 24 | 18.8% | 3.0% | ||
| Q3 24 | 3.4% | 7.2% | ||
| Q2 24 | 11.2% | 1.6% | ||
| Q1 24 | 2.8% | 0.7% |
| Q4 25 | 4.99× | 0.08× | ||
| Q3 25 | 0.34× | 0.75× | ||
| Q2 25 | 2.22× | 5.79× | ||
| Q1 25 | -8.37× | 1.26× | ||
| Q4 24 | 4.66× | 1.14× | ||
| Q3 24 | -6.15× | 0.53× | ||
| Q2 24 | 19.23× | 5.54× | ||
| Q1 24 | -0.00× | 1.50× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FNWD
Segment breakdown not available.
FONR
| Managementof Diagnostic Imaging Centers | $23.2M | 91% |
| Manufacturingand Servicingof Medical Equipment | $2.4M | 9% |
