Forward Industries, Inc.(FWDI)Earnings, Financials & Key Ratios
FWDI•NASDAQ
$4.97
$34M mkt cap·Price updated May 6, 2026
SectorConsumer CyclicalIndustryFootwear & AccessoriesSub-IndustrySpecialty carry, protection and custom goods
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$18M-39.8%
- EBITDA-$169M-10448.5%
- Net Income-$167M-8461.7%
- EPS (Diluted)-24.59-1289.3%
- Gross Margin28.54%+38.8%
- EBITDA Margin-927.87%-17412.6%
- Operating Margin-929.7%-14426.5%
- Net Margin-918.23%-14114.3%
- ROE-22.67%+67.5%
- ROIC-17.64%+56.4%
- Debt/Equity0.00-99.9%
- Interest Coverage-3440.75-11056.9%
FWDI Key Insights
Forward Industries, Inc. (FWDI) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Company is almost debt free
- ✓Trading at only 0.0x book value
✗Weaknesses
- ✗Negative free cash flow
- ✗Weak momentum: RS Rating 11 (bottom 11%)
- ✗Low quality earnings: Net income not backed by cash flow
- ✗Sales declining 12.0% over 5 years
- ✗Shares diluted 100.0% in last year
- ✗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.
FWDI Price & Volume
Forward Industries, Inc. (FWDI) stock price & volume — 10-year historical chart
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FWDI Growth Metrics
Forward Industries, Inc. (FWDI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-4.89%
5 Years-12.01%
3 Years-24.55%
TTM11.29%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-32530.46%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-1301.88%
Return on Capital
10 Years-9.56%
5 Years-14.1%
3 Years-17.8%
Last Year-22.89%
FWDI Recent Earnings
Forward Industries, Inc. (FWDI) EPS & revenue vs analyst estimates — last 4 quarters
Q4 2025Latest
Dec 26, 2025EPS
$24.15
Revenue
$6M
Q3 2025
Aug 14, 2025EPS
$2.17
Revenue
$2M
Q2 2025
May 14, 2025EPS
$1.65
Revenue
$3M
Q1 2025
Feb 13, 2025EPS
$0.64
Revenue
$7M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q4 2025Latest | Dec 26, 2025 | $24.15 | $6M |
| Q3 2025 | Aug 14, 2025 | $2.17 | $2M |
| Q2 2025 | May 14, 2025 | $1.65 | $3M |
| Q1 2025 | Feb 13, 2025 | $0.64 | $7M |
Based on last 12 quarters of dataView full earnings history →
FWDI Peer Comparison
Forward Industries, Inc. (FWDI) competitors in Specialty carry, protection and custom goods — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 KOSS | 40.71M | 4.30 | -46.04 | 2.93% | -6.81% | -2.85% | 0.08 | |
 LIQT | 20.79M | 2.16 | -2.43 | 13.03% | -53.25% | -69.97% | 1.17 | |
 CLFD | 419.28M | 30.28 | -52.21 | 19.56% | -6.32% | -3.4% | 0.03 | |
 PCYO | 277.04M | 11.50 | 21.30 | -9.25% | 46.62% | 9.31% | 0.05 | |
 JAKK | 263.56M | 23.03 | 26.78 | -17.42% | 1.73% | 4.04% | 0.37 | |
 UEIC | 54.62M | 4.33 | -3.07 | -6.73% | -5.05% | -12.5% | 0.23 | |
 SMPL | 1.26B | 12.63 | 12.38 | 8.98% | 6.26% | 5.23% | 0.17 | |
 APH | 170.24B | 138.47 | 41.46 | 51.71% | 17.28% | 34.57% | 1.15 |
Compare FWDI vs Peers
Forward Industries, Inc. (FWDI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
FWDI Income Statement
Forward Industries, Inc. (FWDI) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Sep'17 | Sep'18 | Sep'19 | Sep'20 | Sep'21 | Sep'22 | Sep'23 | Sep'24 | Sep'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 24.76M | 34.5M | 37.41M | 34.48M | 39.02M | 42.34M | 36.69M | 30.2M | 18.19M | 33.01M |
| Revenue Growth % | -9.88% | 39.31% | 8.43% | -7.83% | 13.18% | 8.5% | -13.34% | -17.7% | -39.77% | 11.29% |
| Cost of Goods Sold | 20.57M | 27.93M | 30.83M | 27.84M | 30.89M | 33.97M | 28.32M | 23.99M | 13M | 12.47M |
| COGS % of Revenue | 83.07% | 80.96% | 82.41% | 80.75% | 79.15% | 80.23% | 77.2% | 79.44% | 71.46% | - |
| Gross Profit | 4.19M▲ 0% | 6.57M▲ 56.7% | 6.58M▲ 0.2% | 6.64M▲ 0.9% | 8.13M▲ 22.5% | 8.37M▲ 2.9% | 8.36M▼ 0.0% | 6.21M▼ 25.8% | 5.19M▼ 16.4% | 20.54M▲ 0% |
| Gross Margin % | 16.93% | 19.04% | 17.59% | 19.25% | 20.85% | 19.77% | 22.8% | 20.56% | 28.54% | 62.23% |
| Gross Profit Growth % | -17.49% | 56.69% | 0.19% | 0.88% | 22.53% | 2.87% | -0.05% | -25.77% | -16.39% | - |
| Operating Expenses | 3.59M | 6.31M | 9.68M | 7.61M | 8.9M | 9.61M | 8.2M | 8.14M | 10.63M | 12.21M |
| OpEx % of Revenue | 14.51% | 18.28% | 25.87% | 22.06% | 22.81% | 22.69% | 22.36% | 26.96% | 58.47% | - |
| Selling, General & Admin | 3.59M | 6.31M | 9.68M | 7.61M | 8.9M | 9.61M | 8.2M | 7.94M | 10.63M | 12.44M |
| SG&A % of Revenue | 14.51% | 18.28% | 25.87% | 22.06% | 22.81% | 22.69% | 22.36% | 26.3% | 58.47% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -22.89K | -49.8K | -19.7K | -4.57K | -12.61K | 0 | 200K | 0 | -225K |
| Operating Income | 598.47K▲ 0% | 260.65K▼ 56.4% | -3.1M▼ 1288.3% | -967.38K▲ 68.8% | -765K▲ 20.9% | -1.24M▼ 62.0% | 159.66K▲ 112.9% | -1.93M▼ 1310.4% | -169.09M▼ 8649.8% | -754.03M▲ 0% |
| Operating Margin % | 2.42% | 0.76% | -8.28% | -2.81% | -1.96% | -2.93% | 0.44% | -6.4% | -929.7% | -2284.45% |
| Operating Income Growth % | -3% | -56.45% | -1288.32% | 68.77% | 20.92% | -62.05% | 112.88% | -1310.39% | -8649.82% | - |
| EBITDA | 620.84K | 488.84K | -2.79M | -695.41K | -437.71K | -930.43K | 475.6K | -1.6M | -168.76M | -754.12M |
| EBITDA Margin % | 2.51% | 1.42% | -7.45% | -2.02% | -1.12% | -2.2% | 1.3% | -5.3% | -927.87% | -2284.7% |
| EBITDA Growth % | -7.3% | -21.26% | -670% | 75.04% | 37.06% | -112.57% | 151.12% | -436.38% | -10448.45% | -39067.74% |
| D&A (Non-Cash Add-back) | 22.37K | 228.19K | 311K | 271.97K | 327.29K | 309.24K | 315.94K | 332.66K | 332.23K | -83.88K |
| EBIT | 579.35K | 747.77K | -3.41M | -1.59M | 695.76K | 575.86K | 282.87K | -1.86M | -169.02M | 696.1K |
| Net Interest Income | 0 | -115.45K | -201K | -114.03K | -83.2K | -123.41K | -81.01K | 16.2K | 21.53K | -3.63K |
| Interest Income | 0 | 0 | 0 | 60.93K | 88.76K | 0 | 23.19K | 78.86K | 70.67K | -283.18K |
| Interest Expense | 0 | 115.45K | 201K | 174.96K | 171.96K | 123.41K | 104.2K | 62.66K | 49.14K | 37.18K |
| Other Income/Expense | -19.12K | 371.67K | -510.81K | 216.27K | 1.29M | 1.69M | 19.01K | 7.88K | 20.4K | 2.71M |
| Pretax Income | 579.35K▲ 0% | 632.32K▲ 9.1% | -3.61M▼ 670.6% | -1.77M▲ 51.1% | 523.8K▲ 129.7% | 452.45K▼ 13.6% | 178.66K▼ 60.5% | -1.92M▼ 1177.2% | -169.07M▼ 8684.6% | -751.32M▲ 0% |
| Pretax Margin % | 2.34% | 1.83% | -9.65% | -5.12% | 1.34% | 1.07% | 0.49% | -6.37% | -929.59% | -2276.24% |
| Income Tax | 0 | -747K | -4.16K | 9.17K | 0 | 2.55K | 20.01K | 22.95K | 20.4K | 2.71M |
| Effective Tax Rate % | 0% | -118.14% | 0.12% | -0.52% | 0% | 0.56% | 11.2% | -1.19% | -0.01% | -0.36% |
| Net Income | 579.35K▲ 0% | 1.38M▲ 138.1% | -3.6M▼ 361.3% | -1.78M▲ 50.7% | 523.8K▲ 129.5% | -1.38M▼ 363.1% | -3.74M▼ 171.1% | -1.95M▲ 47.8% | -167M▼ 8461.7% | -751.95M▲ 0% |
| Net Margin % | 2.34% | 4% | -9.63% | -5.15% | 1.34% | -3.26% | -10.18% | -6.46% | -918.23% | -2278.13% |
| Net Income Growth % | -4.49% | 138.08% | -361.29% | 50.74% | 129.51% | -363.12% | -171.12% | 47.8% | -8461.72% | -32530.46% |
| Net Income (Continuing) | 579.35K | 1.38M | -3.6M | -1.78M | 523.8K | 449.89K | 158.66K | -1.95M | -169.09M | -4.23M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | -3.9M | -3.04K | 2.11M | 370.6K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.70▲ 0% | 1.50▲ 114.3% | -3.80▼ 353.3% | -1.90▲ 50.0% | 0.50▲ 126.4% | -1.40▼ 378.9% | -3.70▼ 164.3% | -1.77▲ 52.2% | -24.59▼ 1289.3% | -7.59▲ 0% |
| EPS Growth % | 0% | 114.29% | -353.33% | 50% | 126.42% | -378.88% | -164.29% | 52.16% | -1289.27% | -1301.88% |
| EPS (Basic) | 0.70 | 1.50 | -3.80 | -1.90 | 0.53 | -1.40 | -3.70 | -1.77 | -24.59 | - |
| Diluted Shares Outstanding | 882.31K | 935.47K | 953.2K | 958.34K | 1.04M | 1.01M | 1.01M | 1.1M | 6.79M | 99.1M |
| Basic Shares Outstanding | 872.73K | 926.47K | 953.2K | 958.34K | 995.01K | 1.01M | 1.01M | 1.1M | 6.79M | 99.1M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
FWDI Balance Sheet
Forward Industries, Inc. (FWDI) balance sheet — assets, liabilities & shareholders' equity
| Line item | Sep'17 | Sep'18 | Sep'19 | Sep'20 | Sep'21 | Sep'22 | Sep'23 | Sep'24 | Sep'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 13.12M | 15.21M | 11.84M | 12.22M | 12.79M | 14.34M | 11.37M | 9.64M | 41.22M | 62.95M |
| Cash & Short-Term Investments | 4.62M | 4.37M | 3.09M | 2.92M | 1.41M | 2.58M | 3.18M | 3.02M | 38.17M | 25.39M |
| Cash Only | 4.62M | 4.37M | 3.09M | 2.92M | 1.41M | 2.58M | 3.18M | 3.02M | 38.17M | 25.39M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 6.22M | 9.02M | 6.7M | 7.6M | 8.76M | 7.54M | 6.97M | 5.61M | 1.64M | 2.99M |
| Days Sales Outstanding | 91.65 | 95.48 | 65.32 | 80.48 | 81.95 | 65.03 | 69.33 | 67.8 | 32.82 | 25.42 |
| Inventory | 2.12M | 1.57M | 1.61M | 1.28M | 2.06M | 650.85K | 334.38K | 490K | 0 | 0 |
| Days Inventory Outstanding | 37.63 | 20.5 | 19.05 | 16.73 | 24.37 | 6.99 | 4.31 | 7.46 | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 561.07K | 3.15M | 886.59K | 522.73K | 1.42M | 34.56M |
| Total Non-Current Assets | 33.5K | 4.02M | 4.26M | 7.13M | 7.06M | 6.6M | 6.02M | 5.12M | 1.43B | 830M |
| Property, Plant & Equipment | 20.66K | 358.98K | 243K | 3.73M | 3.91M | 3.67M | 3.3M | 2.81M | 2.43M | 2.29M |
| Fixed Asset Turnover | 1198.79x | 96.11x | 153.95x | 9.25x | 9.98x | 11.54x | 11.13x | 10.74x | 7.49x | 13.23x |
| Goodwill | 0 | 2.18M | 2.18M | 1.76M | 1.76M | 1.76M | 1.76M | 1.56M | 0 | 0 |
| Intangible Assets | 0 | 1.41M | 1.25M | 1.53M | 1.32M | 1.11M | 893.14K | 680.39K | 0 | 0 |
| Long-Term Investments | 0 | 0 | 326.94K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 12.84K | 63.55K | 255.01K | 116.7K | 72.25K | 68.74K | 68.74K | 72.69K | 1.43B | 2.26B |
| Total Assets | 13.15M▲ 0% | 19.23M▲ 46.2% | 16.09M▼ 16.3% | 19.36M▲ 20.3% | 19.86M▲ 2.6% | 20.94M▲ 5.5% | 17.39M▼ 17.0% | 14.77M▼ 15.1% | 1.47B▲ 9887.2% | 892.95M▲ 0% |
| Asset Turnover | 1.88x | 1.79x | 2.32x | 1.78x | 1.97x | 2.02x | 2.11x | 2.04x | 0.01x | 0.06x |
| Asset Growth % | 6.12% | 46.18% | -16.3% | 20.27% | 2.58% | 5.46% | -16.97% | -15.06% | 9887.18% | 16341.06% |
| Total Current Liabilities | 4.19M | 7.62M | 8.3M | 8.83M | 7.21M | 9.98M | 10.84M | 9.37M | 2.72M | 10.08M |
| Accounts Payable | 67.35K | 329.97K | 315.44K | 197.02K | 391.99K | 268.16K | 518.89K | 129.06K | 433.04K | 382.6K |
| Days Payables Outstanding | 1.19 | 4.31 | 3.73 | 2.58 | 4.63 | 2.88 | 6.69 | 1.96 | 12.16 | 8.5 |
| Short-Term Debt | 0 | 2.12M | 2.95M | 3.58M | 341.67K | 0 | 0 | 600K | 450.95K | 426.75K |
| Deferred Revenue (Current) | 169.64K | 125.01K | 219.83K | 485.08K | 187.69K | 438.88K | 297.41K | 399.44K | 292.52K | 1.68M |
| Other Current Liabilities | 3.82M | 310.58K | 1.17M | 186K | 5.58M | 228.91K | 200.74K | 197.03K | 1.1M | 8.94M |
| Current Ratio | 3.13x | 2.00x | 1.43x | 1.38x | 1.78x | 1.44x | 1.05x | 1.03x | 15.14x | 15.14x |
| Quick Ratio | 2.63x | 1.79x | 1.23x | 1.24x | 1.49x | 1.37x | 1.02x | 0.98x | 15.14x | 15.14x |
| Cash Conversion Cycle | 128.09 | 111.67 | 80.64 | 94.62 | 101.69 | 69.14 | 66.95 | 73.29 | - | 16.91 |
| Total Non-Current Liabilities | 36.96K | 503.98K | 87.37K | 3.95M | 5.2M | 4.69M | 3.93M | 2.43M | 2.09M | 2M |
| Long-Term Debt | 0 | 54.34K | 0 | 529.97K | 1.6M | 1.4M | 1.1M | 0 | 0 | 2M |
| Capital Lease Obligations | 0 | 64.04K | 26.44K | 3.37M | 3.56M | 3.25M | 2.83M | 2.43M | 2.09M | 4.49M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 36.96K | 385.61K | 60.94K | 45K | 45K | 45K | 0 | 0 | 0 | 402.89K |
| Total Liabilities | 4.22M | 8.13M | 8.38M | 12.77M | 12.41M | 14.67M | 14.77M | 11.8M | 4.82M | 12.08M |
| Total Debt | 0 | 2.3M | 3.02M | 7.76M | 5.5M | 5.03M | 4.35M | 3.43M | 2.55M | 2.43M |
| Net Debt | -4.62M | -2.07M | -71.64K | 4.84M | 4.09M | 2.45M | 1.17M | 411.35K | -35.62M | -22.96M |
| Debt / Equity | - | 0.21x | 0.39x | 1.18x | 0.74x | 0.80x | 1.66x | 1.16x | 0.00x | 0.00x |
| Debt / EBITDA | - | 4.70x | - | - | - | - | 9.15x | - | - | -0.00x |
| Net Debt / EBITDA | -7.45x | -4.24x | - | - | - | - | 2.46x | - | - | 0.03x |
| Interest Coverage | - | 2.26x | -15.41x | -5.53x | -4.45x | -10.05x | 1.53x | -30.84x | -3440.75x | 18.72x |
| Total Equity | 8.93M▲ 0% | 11.1M▲ 24.3% | 7.71M▼ 30.5% | 6.58M▼ 14.6% | 7.44M▲ 13.1% | 6.27M▼ 15.8% | 2.62M▼ 58.2% | 2.97M▲ 13.4% | 1.47B▲ 49448.6% | 880.86M▲ 0% |
| Equity Growth % | 9.25% | 24.29% | -30.53% | -14.63% | 13.07% | -15.81% | -58.25% | 13.41% | 49448.64% | 88238.02% |
| Book Value per Share | 10.12 | 11.87 | 8.09 | 6.87 | 7.13 | 6.23 | 2.60 | 2.69 | 216.48 | 8.89 |
| Total Shareholders' Equity | 8.93M | 11.1M | 7.71M | 6.58M | 7.44M | 6.27M | 2.62M | 2.97M | 1.47B | 880.86M |
| Common Stock | 89.21K | 95.34K | 95.34K | 98.84K | 100.61K | 100.61K | 100.61K | 11.01K | 861.46K | 864.64K |
| Retained Earnings | -9.1M | -7.72M | -11.32M | -13.1M | -12.57M | -13.95M | -17.69M | -19.64M | -186.61M | -772.26M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
FWDI Cash Flow Statement
Forward Industries, Inc. (FWDI) cash flow — operating, investing & free cash flow history
| Line item | Sep'17 | Sep'18 | Sep'19 | Sep'20 | Sep'21 | Sep'22 | Sep'23 | Sep'24 | Sep'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | -137.64K | 956.49K | -1.97M | -262.95K | -528.31K | 1.53M | 1.04M | 407.12K | -4.5M | -4.9M |
| Operating CF Margin % | -0.56% | 2.77% | -5.27% | -0.76% | -1.35% | 3.63% | 2.84% | 1.35% | -24.75% | - |
| Operating CF Growth % | -117.92% | 794.92% | -305.93% | 86.65% | -100.92% | 390.51% | -32.17% | -60.89% | -1205.83% | -2853.06% |
| Net Income | 579.35K | 1.38M | -3.6M | -1.78M | 523.8K | -1.38M | -3.74M | -1.95M | -166.97M | -751.95M |
| Depreciation & Amortization | 22.37K | 228.19K | 311.58K | 271.97K | 327.29K | 309.24K | 315.94K | 332.66K | 332.23K | 273.99K |
| Stock-Based Compensation | 155.01K | 289.85K | 215.73K | 245.15K | 68.86K | 201.24K | 86.49K | 101.36K | 2.87M | 2.87M |
| Deferred Taxes | 0 | -747K | 1.74M | 1.26M | -850.1K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -11.97K | -358.92K | 312.01K | -334K | -20K | 264.91K | 8.79K | 219.5K | 157.4M | 736.3M |
| Working Capital Changes | -882.4K | 165.05K | -943.68K | 65.55K | -578.16K | 2.14M | 4.37M | 1.7M | 1.86M | 55.34K |
| Change in Receivables | -1.35M | -587.63K | 263.81K | -733.23K | -1.66M | 953.14K | 495.1K | 1.34M | 833.09K | -1.39M |
| Change in Inventory | 452.01K | 552.06K | -39.91K | 333.13K | -786.86K | -1.74M | 316.47K | -155.61K | 0 | 262.98K |
| Change in Payables | 243.78M | 574.94K | -975.26K | 245.68K | 2.17M | 1.86M | 782.87K | -389.83K | 229.46K | 113.13K |
| Cash from Investing | 0 | -1.39M | -33.14K | -390.06K | -67.21K | -169.63K | -136.08K | -65.15K | -901.47M | -902.54M |
| Capital Expenditures | 0 | -55.88K | -33.14K | -68.46K | -67.21K | -169.63K | -136.08K | -65.15K | -25.77K | -20.36K |
| CapEx % of Revenue | - | 0.16% | 0.09% | 0.2% | 0.17% | 0.4% | 0.37% | 0.22% | 0.14% | - |
| Acquisitions | 0 | -1.33M | 0 | -321.6K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -1.33B | 0 | -321.6M | 0 | 0 | 0 | 0 | -1.8B | -1.8B |
| Cash from Financing | 0 | 175.85K | 725.81K | 484.82K | -918.74K | -200K | -300K | -500K | 941.36M | 937.59M |
| Debt Issued (Net) | 0 | -324.15K | -224.19K | 952.82K | -1.19M | -200K | -300K | -500K | 1.76M | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10.88M |
| Other Financing | 0 | 500K | 950K | -468K | 267.71K | 0 | 0 | -500K | 36.22M | 937.59M |
| Net Change in Cash | -137.64K▲ 0% | -253.12K▼ 83.9% | -1.28M▼ 404.5% | -168.19K▲ 86.8% | -1.51M▼ 800.3% | 1.17M▲ 176.9% | 604.95K▼ 48.1% | -158.03K▼ 126.1% | 35.39M▲ 22494.1% | 22.78M▲ 0% |
| Free Cash Flow | -137.64K▲ 0% | 900.6K▲ 754.3% | -2M▼ 322.4% | -331.4K▲ 83.5% | -595.52K▼ 79.7% | 1.37M▲ 329.2% | 904.95K▼ 33.7% | 341.97K▼ 62.2% | -4.92M▼ 1539.9% | -12.35M▲ 0% |
| FCF Margin % | -0.56% | 2.61% | -5.35% | -0.96% | -1.53% | 3.22% | 2.47% | 1.13% | -27.07% | -37.4% |
| FCF Growth % | -119.11% | 754.32% | -322.39% | 83.45% | -79.7% | 329.24% | -33.71% | -62.21% | -1539.9% | -7165.95% |
| FCF per Share | -0.16 | 0.96 | -2.10 | -0.35 | -0.57 | 1.36 | 0.90 | 0.31 | -0.73 | -0.73 |
| FCF Conversion (FCF/Net Income) | -0.24x | 0.69x | 0.55x | 0.15x | -1.01x | -1.11x | -0.28x | -0.21x | 0.03x | 0.02x |
| Interest Paid | 0 | 115.44K | 0 | 178.11K | 154.51K | 123.41K | 104.2K | 62.66K | 48.92K | 0 |
| Taxes Paid | 0 | 2.69K | 0 | 4.85K | 8.39K | 10.86K | 10.27K | 7.07K | 32.07K | 0 |
FWDI Key Ratios
Forward Industries, Inc. (FWDI) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | 6.77% | 13.77% | -38.32% | -24.84% | 7.47% | -20.11% | -84.13% | -69.87% | -22.67% | -85.36% |
| Return on Invested Capital (ROIC) | 11.63% | 2.93% | -27.88% | -7.61% | -5% | -9.18% | 1.92% | -40.46% | -17.64% | -17.64% |
| Gross Margin | 16.93% | 19.04% | 17.59% | 19.25% | 20.85% | 19.77% | 22.8% | 20.56% | 28.54% | 62.23% |
| Net Margin | 2.34% | 4% | -9.63% | -5.15% | 1.34% | -3.26% | -10.18% | -6.46% | -918.23% | -2278.13% |
| Debt / Equity | - | 0.21x | 0.39x | 1.18x | 0.74x | 0.80x | 1.66x | 1.16x | 0.00x | 0.00x |
| Interest Coverage | - | 2.26x | -15.41x | -5.53x | -4.45x | -10.05x | 1.53x | -30.84x | -3440.75x | 18.72x |
| FCF Conversion | -0.24x | 0.69x | 0.55x | 0.15x | -1.01x | -1.11x | -0.28x | -0.21x | 0.03x | 0.02x |
| Revenue Growth | -9.88% | 39.31% | 8.43% | -7.83% | 13.18% | 8.5% | -13.34% | -17.7% | -39.77% | 11.29% |
FWDI Frequently Asked Questions
Forward Industries, Inc. (FWDI) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Forward Industries, Inc. (FWDI) reported $33.0M in revenue for fiscal year 2025. This represents a 84% increase from $17.9M in 1996.
Forward Industries, Inc. (FWDI) saw revenue decline by 39.8% over the past year.
Forward Industries, Inc. (FWDI) reported a net loss of $751.9M for fiscal year 2025.
Dividend & Returns
Forward Industries, Inc. (FWDI) has a return on equity (ROE) of -22.7%. Negative ROE indicates the company is unprofitable.
Forward Industries, Inc. (FWDI) had negative free cash flow of $12.3M in fiscal year 2025, likely due to heavy capital investments.
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Forward Industries, Inc. (FWDI) financial analysis — history, returns, DCA and operating performance tools
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