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Forward Industries, Inc. (FWDI) 10-Year Financial Performance & Capital Metrics

FWDI • • Industrial / General
Consumer CyclicalFootwear & AccessoriesAccessories & Carry SolutionsProtective Cases & Carry Solutions
AboutForward Industries, Inc., together with its subsidiaries, designs, markets, and distributes carry and protective solutions primarily for handheld electronic devices. The company operates in three segments: OEM Distribution, Retail Distribution, and Design. The OEM Distribution segment sources and distributes carrying cases and other accessories for medical monitoring and diagnostic kits; and various portable electronic and non-electronic products, such as sporting and recreational products, bar code scanners, GPS devices, tablets, and firearms. The Retail Distribution segment sources and sells smart-enabled furniture and a range of other products through agreements with various retailers, including in stores and online retailer websites. The Design segment provides hardware and software product design and engineering services. The company sells its products to original equipment manufacturers in the Asia-Pacific, the Americas, Europe, the Middle East, and Africa. Forward Industries, Inc. was incorporated in 1961 and is headquartered in Hauppauge, New York.Show more
  • Revenue $30M -17.7%
  • EBITDA -$2M -436.4%
  • Net Income -$2M +47.8%
  • EPS (Diluted) -1.77 +52.2%
  • Gross Margin 20.56% -9.8%
  • EBITDA Margin -5.3% -508.7%
  • Operating Margin -6.4% -1570.6%
  • Net Margin -6.46% +36.6%
  • ROE -69.87% +17.0%
  • ROIC -40.46% -2212.7%
  • Debt/Equity 1.16 -30.4%
  • Interest Coverage -30.84 -2112.8%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Efficient asset utilization: 2.0x turnover

✗Weaknesses

  • ✗Weak momentum: RS Rating 11 (bottom 11%)
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-0.99%
5Y-4.19%
3Y-8.19%
TTM-30.05%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM-13.96%

EPS CAGR

10Y-
5Y-
3Y-
TTM-4.68%

ROCE

10Y Avg-9%
5Y Avg-11.64%
3Y Avg-13.68%
Latest-32.35%

Peer Comparison

Protective Cases & Carry Solutions
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
AREBAmerican Rebel Holdings, Inc.3.83M0.510-28.62%-403%-10.75%
FWDIForward Industries, Inc.715.88M8.28-4.68-17.7%-18.68%-109.02%0.05%1.16

Profit & Loss

Sep 2015Sep 2016Sep 2017Sep 2018Sep 2019Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024
Sales/Revenue+30.01M27.48M24.76M34.5M37.41M34.48M39.02M42.34M36.69M30.2M
Revenue Growth %-0.1%-0.08%-0.1%0.39%0.08%-0.08%0.13%0.08%-0.13%-0.18%
Cost of Goods Sold+24.22M22.4M20.57M27.93M30.83M27.84M30.89M33.97M28.32M23.99M
COGS % of Revenue0.81%0.82%0.83%0.81%0.82%0.81%0.79%0.8%0.77%0.79%
Gross Profit+5.79M5.08M4.19M6.57M6.58M6.64M8.13M8.37M8.36M6.21M
Gross Margin %0.19%0.18%0.17%0.19%0.18%0.19%0.21%0.2%0.23%0.21%
Gross Profit Growth %-0.12%-0.12%-0.17%0.57%0%0.01%0.23%0.03%-0%-0.26%
Operating Expenses+7.31M4.46M3.59M6.31M9.68M7.61M8.9M9.61M8.2M8.14M
OpEx % of Revenue0.24%0.16%0.15%0.18%0.26%0.22%0.23%0.23%0.22%0.27%
Selling, General & Admin7.31M4.46M3.59M6.31M9.68M7.61M8.9M9.61M8.2M7.94M
SG&A % of Revenue0.24%0.16%0.15%0.18%0.26%0.22%0.23%0.23%0.22%0.26%
Research & Development0000000000
R&D % of Revenue----------
Other Operating Expenses000-22.89K-49.8K-19.7K-4.57K-12.61K0200K
Operating Income+-1.51M616.95K598.47K260.65K-3.1M-967.38K-765K-1.24M159.66K-1.93M
Operating Margin %-0.05%0.02%0.02%0.01%-0.08%-0.03%-0.02%-0.03%0%-0.06%
Operating Income Growth %-14.33%1.41%-0.03%-0.56%-12.88%0.69%0.21%-0.62%1.13%-13.1%
EBITDA+-1.46M669.71K620.84K488.84K-2.79M-695.41K-437.71K-930.43K475.6K-1.6M
EBITDA Margin %-0.05%0.02%0.03%0.01%-0.07%-0.02%-0.01%-0.02%0.01%-0.05%
EBITDA Growth %-41.67%1.46%-0.07%-0.21%-6.7%0.75%0.37%-1.13%1.51%-4.36%
D&A (Non-Cash Add-back)53.45K52.75K22.37K228.19K311K271.97K327.29K309.24K315.94K332.66K
EBIT-1.51M616.95K579.35K747.77K-3.41M-1.59M695.76K575.86K282.87K-1.86M
Net Interest Income+3.02K00-115.45K-201K-114.03K-83.2K-123.41K-81.01K16.2K
Interest Income3.02K000060.93K88.76K023.19K78.86K
Interest Expense000115.45K201K174.96K171.96K123.41K104.2K62.66K
Other Income/Expense-120.4K-10.39K-19.12K371.67K-510.81K216.27K1.29M1.69M19.01K7.88K
Pretax Income+-1.63M606.56K579.35K632.32K-3.61M-1.77M523.8K452.45K178.66K-1.92M
Pretax Margin %-0.05%0.02%0.02%0.02%-0.1%-0.05%0.01%0.01%0%-0.06%
Income Tax+000-747K-4.16K9.17K02.55K20.01K22.95K
Effective Tax Rate %0.88%1%1%2.18%1%1.01%1%-3.05%-20.91%1.01%
Net Income+-1.43M606.56K579.35K1.38M-3.6M-1.78M523.8K-1.38M-3.74M-1.95M
Net Margin %-0.05%0.02%0.02%0.04%-0.1%-0.05%0.01%-0.03%-0.1%-0.06%
Net Income Growth %-0.79%1.42%-0.04%1.38%-3.61%0.51%1.3%-3.63%-1.71%0.48%
Net Income (Continuing)-1.63M606.56K579.35K1.38M-3.6M-1.78M523.8K449.89K158.66K-1.95M
Discontinued Operations198.96K0000000-3.9M-3.04K
Minority Interest0000000000
EPS (Diluted)+-1.700.700.701.50-3.80-1.900.50-1.40-3.70-1.77
EPS Growth %-0.74%1.41%0%1.14%-3.53%0.5%1.26%-3.79%-1.64%0.52%
EPS (Basic)-1.700.700.701.50-3.80-1.900.53-1.40-3.70-1.77
Diluted Shares Outstanding834.22K867.56K882.31K935.47K953.2K958.34K1.04M1.01M1.01M1.1M
Basic Shares Outstanding834.22K852.12K872.73K926.47K953.2K958.34K995.01K1.01M1.01M1.1M
Dividend Payout Ratio----------

Balance Sheet

Sep 2015Sep 2016Sep 2017Sep 2018Sep 2019Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024
Total Current Assets+12.66M12.34M13.12M15.21M11.84M12.22M12.79M14.34M11.37M9.64M
Cash & Short-Term Investments4.04M4.76M4.62M4.37M3.09M2.92M1.41M2.58M3.18M3.02M
Cash Only4.04M4.76M4.62M4.37M3.09M2.92M1.41M2.58M3.18M3.02M
Short-Term Investments0000000000
Accounts Receivable5.45M4.86M6.22M9.02M6.7M7.6M8.76M7.54M6.97M5.61M
Days Sales Outstanding66.3364.6191.6595.4865.3280.4881.9565.0369.3367.8
Inventory2.87M2.57M2.12M1.57M1.61M1.28M2.06M650.85K334.38K490K
Days Inventory Outstanding43.241.9337.6320.519.0516.7324.376.994.317.46
Other Current Assets000000561.07K3.15M886.59K522.73K
Total Non-Current Assets+119.69K55.87K33.5K4.02M4.26M7.13M7.06M6.6M6.02M5.12M
Property, Plant & Equipment78.73K43.03K20.66K358.98K243K3.73M3.91M3.67M3.3M2.81M
Fixed Asset Turnover381.21x638.62x1198.79x96.11x153.95x9.25x9.98x11.54x11.13x10.74x
Goodwill0002.18M2.18M1.76M1.76M1.76M1.76M1.56M
Intangible Assets0001.41M1.25M1.53M1.32M1.11M893.14K680.39K
Long-Term Investments0000326.94K00000
Other Non-Current Assets40.96K12.84K12.84K63.55K255.01K116.7K72.25K68.74K68.74K72.69K
Total Assets+12.78M12.4M13.15M19.23M16.09M19.36M19.86M20.94M17.39M14.77M
Asset Turnover2.35x2.22x1.88x1.79x2.32x1.78x1.97x2.02x2.11x2.04x
Asset Growth %-0.23%-0.03%0.06%0.46%-0.16%0.2%0.03%0.05%-0.17%-0.15%
Total Current Liabilities+5.33M4.17M4.19M7.62M8.3M8.83M7.21M9.98M10.84M9.37M
Accounts Payable122.8K62.14K67.35K329.97K315.44K197.02K391.99K268.16K518.89K129.06K
Days Payables Outstanding1.851.011.194.313.732.584.632.886.691.96
Short-Term Debt0002.12M2.95M3.58M341.67K00600K
Deferred Revenue (Current)713.11K309.57K169.64K125.01K219.83K485.08K187.69K438.88K297.41K399.44K
Other Current Liabilities200K03.82M310.58K1.17M186K5.58M228.91K200.74K197.03K
Current Ratio2.38x2.96x3.13x2.00x1.43x1.38x1.78x1.44x1.05x1.03x
Quick Ratio1.84x2.34x2.63x1.79x1.23x1.24x1.49x1.37x1.02x0.98x
Cash Conversion Cycle107.67105.53128.09111.6780.6494.62101.6969.1466.9573.29
Total Non-Current Liabilities+115.2K51.49K36.96K503.98K87.37K3.95M5.2M4.69M3.93M2.43M
Long-Term Debt00054.34K0529.97K1.6M1.4M1.1M0
Capital Lease Obligations00064.04K26.44K3.37M3.56M3.25M2.83M2.43M
Deferred Tax Liabilities0000000000
Other Non-Current Liabilities115.2K51.49K36.96K385.61K60.94K45K45K45K00
Total Liabilities5.45M4.22M4.22M8.13M8.38M12.77M12.41M14.67M14.77M11.8M
Total Debt+0002.3M3.02M7.76M5.5M5.03M4.35M3.43M
Net Debt-4.04M-4.76M-4.62M-2.07M-71.64K4.84M4.09M2.45M1.17M411.35K
Debt / Equity---0.21x0.39x1.18x0.74x0.80x1.66x1.16x
Debt / EBITDA---4.70x----9.15x-
Net Debt / EBITDA--7.11x-7.45x-4.24x----2.46x-
Interest Coverage---2.26x-15.41x-5.53x-4.45x-10.05x1.53x-30.84x
Total Equity+7.33M8.17M8.93M11.1M7.71M6.58M7.44M6.27M2.62M2.97M
Equity Growth %-0.2%0.11%0.09%0.24%-0.31%-0.15%0.13%-0.16%-0.58%0.13%
Book Value per Share8.799.4210.1211.878.096.877.136.232.602.69
Total Shareholders' Equity7.33M8.17M8.93M11.1M7.71M6.58M7.44M6.27M2.62M2.97M
Common Stock86.42K87.81K89.21K95.34K95.34K98.84K100.61K100.61K100.61K11.01K
Retained Earnings-10.28M-9.67M-9.1M-7.72M-11.32M-13.1M-12.57M-13.95M-17.69M-19.64M
Treasury Stock0000000000
Accumulated OCI-21.79K-21.79K00000000
Minority Interest0000000000

Cash Flow

Sep 2015Sep 2016Sep 2017Sep 2018Sep 2019Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024
Cash from Operations+-2.02M768.28K-137.64K956.49K-1.97M-262.95K-528.31K1.53M1.04M407.12K
Operating CF Margin %-0.07%0.03%-0.01%0.03%-0.05%-0.01%-0.01%0.04%0.03%0.01%
Operating CF Growth %-9.62%1.38%-1.18%7.95%-3.06%0.87%-1.01%3.91%-0.32%-0.61%
Net Income-1.43M606.56K579.35K1.38M-3.6M-1.78M523.8K-1.38M-3.74M-1.95M
Depreciation & Amortization53.45K52.75K22.37K228.19K311.58K271.97K327.29K309.24K315.94K332.66K
Stock-Based Compensation69.75K236.07K155.01K289.85K215.73K245.15K68.86K201.24K86.49K101.36K
Deferred Taxes110K31.07K0-747K1.74M1.26M-850.1K000
Other Non-Cash Items-14.65K-17.44K-11.97K-358.92K312.01K-334K-20K264.91K8.79K219.5K
Working Capital Changes-806.47K-140.74K-882.4K165.05K-943.68K65.55K-578.16K2.14M4.37M1.7M
Change in Receivables670.74K589.71K-1.35M-587.63K263.81K-733.23K-1.66M953.14K495.1K1.34M
Change in Inventory-491.63K293.48K452.01K552.06K-39.91K333.13K-786.86K-1.74M316.47K-155.61K
Change in Payables-1.6B-709.01M243.78M574.94K-975.26K245.68K2.17M1.86M782.87K-389.83K
Cash from Investing+908.04K-48.12K0-1.39M-33.14K-390.06K-67.21K-169.63K-136.08K-65.15K
Capital Expenditures-33.19K-48.12K0-55.88K-33.14K-68.46K-67.21K-169.63K-136.08K-65.15K
CapEx % of Revenue0%0%-0%0%0%0%0%0%0%
Acquisitions----------
Investments----------
Other Investing941.23K00-1.33B0-321.6M0000
Cash from Financing+-1.32M-1.67K0175.85K725.81K484.82K-918.74K-200K-300K-500K
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-21.21K000000000
Share Repurchases----------
Other Financing-1.29M00500K950K-468K267.71K00-500K
Net Change in Cash----------
Free Cash Flow+-2.06M720.16K-137.64K900.6K-2M-331.4K-595.52K1.37M904.95K341.97K
FCF Margin %-0.07%0.03%-0.01%0.03%-0.05%-0.01%-0.02%0.03%0.02%0.01%
FCF Growth %-11.23%1.35%-1.19%7.54%-3.22%0.83%-0.8%3.29%-0.34%-0.62%
FCF per Share-2.460.83-0.160.96-2.10-0.35-0.571.360.900.31
FCF Conversion (FCF/Net Income)1.41x1.27x-0.24x0.69x0.55x0.15x-1.01x-1.11x-0.28x-0.21x
Interest Paid000115.44K0178.11K154.51K123.41K104.2K62.66K
Taxes Paid0002.69K04.85K8.39K10.86K10.27K7.07K

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)-17.36%7.82%6.77%13.77%-38.32%-24.84%7.47%-20.11%-84.13%-69.87%
Return on Invested Capital (ROIC)-37.81%13.8%11.63%2.93%-27.88%-7.61%-5%-9.18%1.92%-40.46%
Gross Margin19.3%18.49%16.93%19.04%17.59%19.25%20.85%19.77%22.8%20.56%
Net Margin-4.78%2.21%2.34%4%-9.63%-5.15%1.34%-3.26%-10.18%-6.46%
Debt / Equity---0.21x0.39x1.18x0.74x0.80x1.66x1.16x
Interest Coverage---2.26x-15.41x-5.53x-4.45x-10.05x1.53x-30.84x
FCF Conversion1.41x1.27x-0.24x0.69x0.55x0.15x-1.01x-1.11x-0.28x-0.21x
Revenue Growth-10.03%-8.44%-9.88%39.31%8.43%-7.83%13.18%8.5%-13.34%-17.7%

Revenue by Segment

20142018201920202021202220232024
Design-10.15M15.42M13.73M-20.17M22.69M19.99M
Design Growth--51.90%-10.99%--12.47%-11.88%
OEM Distribution-----18.04M14M10.2M
OEM Distribution Growth-------22.37%-27.12%
Retail Distribution-----4.13M--
Retail Distribution Growth--------
Koble Products----1.49M---
Koble Products Growth--------
Product----63K---
Product Growth--------
Distribution-24.35M21.99M20.75M----
Distribution Growth---9.69%-5.62%----
Operatings66.72M-------
Operatings Growth--------

Revenue by Geography

20142018201920202021202220232024
UNITED STATES9.38M---25.67M29.49M27.12M23.59M
UNITED STATES Growth-----14.88%-8.05%-12.99%
POLAND3.96M---3.11M2.64M1.27M2.8M
POLAND Growth------15.04%-51.76%119.37%
Other Foreign Countries----1.81M1.9M1.85M2.09M
Other Foreign Countries Growth-----4.91%-2.57%12.94%
GERMANY7.24M---2.79M2.98M3M1.28M
GERMANY Growth-----6.78%0.81%-57.47%
CHINA----5.64M5.33M3.44M435K
CHINA Growth------5.59%-35.34%-87.37%
United States-17.31M21.73M21.02M----
United States Growth--25.56%-3.28%----
Hong Kong-6.49M6.02M4.88M----
Hong Kong Growth---7.22%-18.96%----
Germany-3.99M3.88M3.38M----
Germany Growth---2.81%-12.90%----
Poland-4.07M3.35M2.67M----
Poland Growth---17.59%-20.27%----
OtherAPMember-705K580K649K----
OtherAPMember Growth---17.73%11.90%----
Austria--186K406K----
Austria Growth---118.28%----
Other-1.26M166K362K----
Other Growth---86.85%118.07%----
Great Britain---267K----
Great Britain Growth--------
Singapore--564K228K----
Singapore Growth----59.57%----
China--318K217K----
China Growth----31.76%----
Malaysia-480K153K200K----
Malaysia Growth---68.13%30.72%----
Taiwan-195K164K162K----
Taiwan Growth---15.90%-1.22%----
Switzerland--297K-----
Switzerland Growth--------
OtherUSMember-8K------
OtherUSMember Growth--------
HONG KONG8.61M-------
HONG KONG Growth--------

Frequently Asked Questions

Growth & Financials

Forward Industries, Inc. (FWDI) reported $19.6M in revenue for fiscal year 2024. This represents a 14% decrease from $22.8M in 2011.

Forward Industries, Inc. (FWDI) saw revenue decline by 17.7% over the past year.

Forward Industries, Inc. (FWDI) reported a net loss of $3.7M for fiscal year 2024.

Dividend & Returns

Forward Industries, Inc. (FWDI) has a return on equity (ROE) of -69.9%. Negative ROE indicates the company is unprofitable.

Forward Industries, Inc. (FWDI) had negative free cash flow of $1.7M in fiscal year 2024, likely due to heavy capital investments.

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