NORWOOD FINANCIAL CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NORWOOD FINANCIAL CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue			5.66	5.45	6.21	7.02	8.76	7.14	7.4	8
Interest expense	3.65	4.08	5.66	8.68	7.98	5.76	7.27	33.5
Pre-tax income	8.6	14.7	16.2	16.8	18.4	30.9	36.4	21.1	-0.26	35
Income tax	1.88	6.55	2.55	2.61	3.29	5.95	7.15	4.39	-0.1	7.26
Net income	6.71	8.2	13.7	14.2	15.1	24.9	29.2	16.8	-0.16	27.8
EPS, basic	1.16	1.32	2.19	2.27	2.09	3.05	3.59	2.08	-0.02	3.01
EPS, diluted	1.15	1.31	2.17	2.25	2.09	3.04	3.58	2.07	-0.02	3.01
Shares, basic (weighted)	5.8	6.21	6.23	6.26	7.2	8.18	8.14	8.06	8.09	9.23
Shares, diluted (weighted)	5.83	6.27	6.29	6.33	7.23	8.2	8.18	8.08	8.09	9.24
Dividend per share	0.83	0.87	0.90	0.97	1.01	1.06	1.17	1.17	1.21	1.25

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	17.2	16.7	18.3	15.4	112	207	31.9	66.1	72.3	44.4
Property, plant and equipment	13.5	13.9	13.8	14.2	17.8	17.3	17.9	17.8	19.7	23
Lease right-of-use assets				5.29	4.94	4.51	4.11	3.91	3.77	3.3
Goodwill	11.3	11.3	11.3	11.3	29.3	29.3	29.3	29.3	29.3	29.3
Intangible assets	0.61	0.46	0.34	0.24	0.53	0.41	0.31	0.22	0.15	0.1
Total assets	1,111	1,133	1,185	1,231	1,852	2,069	2,047	2,201	2,317	2,425
Short-term debt	32.8	42.5	53	62.3	63.3	60.8	93.2	74.1	113	14.7
Total liabilities	1,000	1,017	1,062	1,093	1,657	1,863	1,880	2,020	2,104	2,183
Paid-in capital	47.7	47.4	48.3	49.5	95.4	96.4	96.9	97.7	127	127
Retained earnings	67.2	70.4	78.4	86.5	93.8	110	130	135	125	141
Treasury stock	-0.13	-0.08	-0.08	-0.4	-0.34	-1.77	-3.31	-5.4	-5.8	-6.01
Other comprehensive income	-4.12	-2.67	-5.02	1.19	5.12	-0.26	-57.4	-47.3	-33.1	-21.3
Shareholders' equity	111	116	122	137	195	205	167	181	214	242
Total equity	111	116	122	137	195	205	167	181	214	242
Total liabilities and equity	1,111	1,133	1,185	1,231	1,852	2,069	2,047	2,201	2,317	2,425

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	6.71	8.2	13.7	14.2	15.1	24.9	29.2	16.8	-0.16	27.8
Stock-based compensation	0.07	0.09	0.24	0.21	0.2	0.21	0.27	0.4	0.35	0.25
Deferred income tax	0.75	-0.33	0.02	0.99	0.85	-0.38	0.42	0.58	-0.13	-0.09
Cash from operations	11.4	16.1	17.3	18.4	13.8	29.2	30.7	29.8	22.8	34
Capital expenditures	-0.51	-1.63	-0.87	-1.62	-0.75	-1.26	-2.15	-1.41	-3.13	-4.72
Purchases of investments					-82.4	-268	-131	-12.7	-208	-63.3
Sales and maturities of investments	26.2	26.9	30.9	33.7	58.9	68.2	40.8	33.7	58.7	67.8
Cash from investing	3.54	-28.6	-54.8	-39.8	-61.4	-131	-208	-117	-115	-129
Stock issued	0.84	1.04	0.52	0.64	0.27	0.39	0.66	0.89	28.1	0.08
Share buybacks	-0.45	-1.59	-0.19	-0.43	-0.11	-1.44	-2.52	-3.1	-0.7	-0.36
Dividends paid	-4.71	-5.39	-5.51	-6.04	-7.26	-8.54	-9.16	-9.42	-9.72	-11.5
Cash from financing	-7.76	12.1	39.2	18.4	144	197	2.45	121	98.6	67.1
Net change in cash	7.16	-0.48	1.65	-2.93	96.3	95	-175	34.3	6.22	-27.9
Free cash flow	10.9	14.4	16.4	16.8	13	27.9	28.6	28.4	19.7	29.2
Interest paid	3.54	3.72	5.29	8.05	8.81	6.16	5.82	25.6	48.3	48.7
Income taxes paid	1.54	3.04	2.24	2.41	2.79	5.33	6.89	4.94	2.62	3.02

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $36.52 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	458.2%	Pre-tax income / revenue.
Net margin	359.8%	Net income / revenue.
FCF margin	444.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	470.1%	Cash from operations / revenue.
Effective tax rate	21.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.1%	Net income / average total assets.
Capex / revenue	26.1%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	-1.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	13.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	-5.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	7.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	48.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	3.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	19.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	48.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	0.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	17.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	3.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	4.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	13.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	14.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	5.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	90.4%	Total liabilities / total assets.
Goodwill and intangibles / assets	1.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$244.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.00x	Revenue / average total assets.
Fixed asset turnover	0.36x	Revenue / average property, plant and equipment.
FCF conversion	123.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	5.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Payout ratio	41.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	33.5%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$398.1M	Share price x shares outstanding.
Enterprise value	$325.6M	Market cap + total debt - cash - short-term investments.
P/E	12.3x	Market cap / net income. Only when net income is positive.
P/S	44.4x	Market cap / revenue.
P/B	1.41x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.63x	Market cap / tangible book value, when positive.
P/FCF	10.00x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.44x	Market cap / cash from operations, when positive.
EV/Sales	36.3x	Enterprise value / revenue.
EV/FCF	8.18x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.0%	Free cash flow / market cap.
Earnings yield	8.1%	Net income / market cap (the inverse of P/E).
Dividend yield	3.4%	Dividends paid over the period / market cap.
Shareholder yield	3.4%	(Dividends paid + share buybacks) / market cap.

What was NORWOOD FINANCIAL CORP's revenue in fiscal 2025?

NORWOOD FINANCIAL CORP reported revenue of $8.0M for fiscal 2025, 8.1% higher than the year before.

Was NORWOOD FINANCIAL CORP profitable in fiscal 2025?

Yes. Net income was $27.8M, a net margin of 347%.

How much free cash flow did NORWOOD FINANCIAL CORP generate in fiscal 2025?

Cash from operations of $34.0M minus capital expenditures of $4.7M left free cash flow of $29.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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