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FWDI
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FWDIForward Industries, Inc.
$5.70$420M
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
FWDI logo

Forward Industries, Inc.

FWDI
NASDAQ · Crypto & Digital Assets
$5.70
At close - Nov 6, 4:00 PM EST - USD
Market Cap$420M
P/E-0.4x
52W High$11.23
Volume880.62K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q3

Impaired Goodwill and Liquidity Crisis Overshadow Recent Turnaround

Forward Industries appears to be in the midst of a fundamental reset, with 2026Q3 revenue of $10.8M growing 3.3% YoY after a period of steep decline, suggesting stabilizing demand.

GrowthAccelerating
ProfitabilityStrained
ValuationReview
TechnicalsMixed
Explore valuation models
MARKET ACTION

FWDI price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

0/12 Beats

EPS beat 0 of last 12 quarters

02

Valuation risk

-102% Peers

P/E is 102% below peer median

03

Market leadership

RS 82 · Leader

High momentum (Outperforming 82% of market)

04

Mixed Trend

Mixed

Price < 50DMA but > 200DMA

Next CatalystConfirmed earnings · Dec 10

Market performance

Price History →

Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
FWDI-22.02%
S&P 500 (^GSPC)+7.63%
1-Year Return
FWDI-41.05%
S&P 500 (^GSPC)+9.69%
3-Year Return
FWDI-18.57%
S&P 500 (^GSPC)+68.76%
5-Year Return
FWDI-74.89%
S&P 500 (^GSPC)+56.80%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
-0.4x
Forward P/E
N/A
EV/EBITDA
N/A
FCF YieldCash Flow
N/A

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
-0.4x
476.1x
0th· Low
EV/EBITDA
N/A
163.2x
N/A
Price/FCF
N/A
90.3x
N/A
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
No DCF Model AvailableIntrinsic value modeling is not supported for this equity.

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$18M-39.8% YoY
Net income FY25
-$167M-8460.2% YoY
Free cash flow FY25
-$5M-1096.0% YoY
Operating margin FY25
-35%-28.6 pts YoY
ROIC (FY25)-0.7%
Avg ROIC 5Y-8%
ROE (TTM)-130.5%
Piotroski Score4 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate0/12 (0%)
Revenue Beat Rate0/12 (0%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 13, 2026
-$0.80-2500.2%
vs $0.03
$11M-14.3%
vs $13M
Q2 2026
May 14, 2026
-$2.98-9833.3%
vs -$0.03
$13M-21.8%
vs $17M
Q1 2026
Feb 12, 2026
-$5.91
vs —
$21M-0.9%
vs $21M
Q4 2025
Dec 11, 2025
-$2.19
vs —
$8M
vs —
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
247 Wallst·Oct 20, 2026
SkyAI Sold Its Entire Solana Treasury as Bitmine Topped 6 Million ETH. Which Coin Is the Better Buy?

One crypto treasury company just dumped its entire coin holdings while a rival keeps stacking tokens by the millions, and both moves are sending mixed signals about which asset actually has the stronger case for investors right now.

Defense World·Oct 13, 2026
Head to Head Analysis: NCR Atleos (NYSE:NATL) versus Forward Industries (NASDAQ:FWDI)

NCR Atleos (NYSE: NATL - Get Free Report) and Forward Industries (NASDAQ: FWDI - Get Free Report) are both finance companies, but which is the better investment? We will contrast the two companies based on the strength of their analyst recommendations, valuation, profitability, risk, dividends, earnings and institutional ownership. Risk and Volatility NCR Atleos has a beta

Defense World·Oct 2, 2026
Forward Industries (NASDAQ:FWDI) Shares Gap Up – Here’s What Happened

Shares of Forward Industries, Inc. (NASDAQ: FWDI - Get Free Report) gapped up prior to trading on Wednesday. The stock had previously closed at $8.01, but opened at $8.37. Forward Industries shares last traded at $8.14, with a volume of 290,441 shares traded. Wall Street Analyst Weigh In A number of brokerages recently weighed in on

GlobeNewsWire·Oct 1, 2026
Forward Industries Grows SOL Holdings by 949K to 8.5 Million SOL in Fiscal Fourth Quarter, Increasing SOL per Share to 0.0806

Forward Industries increased SOL per Share by 42% annualized, for the quarter. AUSTIN, TX, Oct. 01, 2026 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ: FWDI) (the “Company” or “Forward”), the leading Solana treasury company, today provided an update on its SOL treasury strategy for its fiscal fourth quarter ended September 30, 2026.

Filtered for Forward Industries, Inc.More Headlines
04

Compare before deciding

Benchmark FWDI against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Forward Industries, Inc. (FWDI)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
FWDI logoFWDIForward Industries, Inc.Current
$5.70$420.39M-0.45-39.77%-2073.85%-130.5%—
KOSS logoKOSSKoss Corporation
$3.16$29.91M-34.423.14%-7.22%-2.9%—
LIQT logoLIQTLiqTech International, Inc.
$0.29$2.92M-0.6313.03%-63.18%-69.03%—
CLFD logoCLFDClearfield, Inc.
$28.63$389.07M-53.9019.56%-5.55%-2.9%—
PCYO logoPCYOPure Cycle Corporation
$10.88$262.18M17.85-9.25%43.66%9.98%—
JAKK logoJAKKJAKKS Pacific, Inc.
$33.64$384.99M39.12-17.42%——2.91%

Compare FWDI vs Peers

Forward Industries, Inc. (FWDI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs KOSS

Most directly comparable listed peer for FWDI.

Scale Benchmark

vs APH

Larger-name benchmark to compare FWDI against a more recognizable public peer.

Peer Set

Compare Top 5

vs KOSS, LIQT, CLFD, PCYO

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

FWDI SEC Filings & Documents

Forward Industries, Inc. (FWDI) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Aug 12, 2026·SEC

Material company update

Jul 20, 2026·SEC

Material company update

Jun 16, 2026·SEC

10-K Annual Reports

1
FY 2025

Dec 11, 2025·SEC

10-Q Quarterly Reports

4
FY 2026

Aug 12, 2026·SEC

FY 2026

May 14, 2026·SEC

FY 2026

Feb 12, 2026·SEC

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FWDI Frequently Asked Questions

Forward Industries, Inc. (FWDI) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Forward Industries, Inc.'s revenue?

Forward Industries, Inc. (FWDI) reported $53.1M in revenue over the trailing twelve months. Revenue was $18.2M in fiscal year 2025. That is 2% more than the $17.9M of fiscal year 1996.

How fast is Forward Industries, Inc. growing?

Forward Industries, Inc. (FWDI) grew revenue by 202.4% over the trailing twelve months, compared with the twelve months before.

Is FWDI profitable?

No. Forward Industries, Inc. (FWDI) reported a net loss of $1.10B over the trailing twelve months.

Dividend & Returns
What is FWDI's return on equity?

Forward Industries, Inc. (FWDI) had a return on equity (ROE) of -130.5% over the trailing twelve months. A negative ROE means the company lost money over the period.

What is Forward Industries, Inc.'s free cash flow?

Forward Industries, Inc. (FWDI) had negative free cash flow of $18.4M over the trailing twelve months.

What if you invested $1,000 in FWDI back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →