COMP <GO>

FNWD vs FCAP // OPTIONS IMPLIED MOVE & PUT/CALL SKEW

Finward Bancorp (NASDAQ) VS. First Capital Inc. (NASDAQ) • 15-METRIC TALLY: FNWD 1 — FCAP 6

■ METRIC PARITY

LAST: $43.90 (+0.48%) • MKT CAP: $190.2M

options-implied-move

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LAST: $63.80 (-1.39%) • MKT CAP: $213.4M

options-implied-move

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (FNWD VS. FCAP) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	FNWD	FCAP	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	4.60%	11.90%	-7.30	FCAP	/roic <GO>
EV/EBITDA & P/E Valuation	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	4.76%	9.34%	-4.58	FCAP	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.82%	1.89%	-1.07	FCAP	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	4/9	5/9	-1.00	FCAP	/piotroski-score <GO>
Options Implied Move & Put/Call Skew ACTIVE	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	56.1	48.2	+7.89	FNWD	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	21.9x	12.1x	+9.80	FCAP	/forward-pe <GO>
Enterprise Scale & Market Cap	$190.2M	$213.4M	-$23.2M	FCAP	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	FNWD REV	FCAP REV	FNWD GROSS %	FCAP GROSS %	FNWD FCF	FCAP FCF
FY 2025	$0	$0	—	—	$9.0M	$19.9M
FY 2024	$0	$0	—	—	$6.7M	$21.6M
FY 2023	$0	$0	—	—	$24.2M	$14.2M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

FNWD // BETA —

FCAP // BETA —