The foamed panels and sandwiches were prepared by powder metallurgical route using various matrix alloys. The effect of the apparent density, geometry and structure of the foam on its bending stiffhess was studied with respect to the results of the four-point-bending. It has been shown that the modulus of elasticity of the foam cannot be related only to its apparent density, because the distribution of the cell-wall material along the thickness of the foamed panel is not uniform. Therefore the real moment of inertia of the foam's cross-section should be used for the calculation of bending stiffness. This moment can be determined from the square weight of the foamed sample.