Latest Ratios: P/E Ratio -0.4x · EV/EBITDA N/A · ROE -22.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $420M | $1.7B | $41M | $76M | $134M | $250M | $133M | $92M | $143M | $217M | $259M |
| Enterprise Value | $385M | $1.7B | $41M | $78M | $136M | $254M | $138M | $92M | $141M | $212M | $254M |
| P/E Ratio → | -0.45 | — | — | — | — | 476.10 | — | — | 102.00 | 351.14 | 425.71 |
| P/S Ratio | 7.91 | 95.48 | 1.36 | 2.08 | 3.50 | 6.40 | 3.86 | 2.47 | 4.15 | 8.76 | 9.41 |
| P/B Ratio | 0.26 | 1.18 | 13.84 | 29.23 | 21.35 | 33.53 | 20.24 | 11.99 | 12.89 | 24.28 | 31.63 |
| P/FCF | — | — | 90.34 | 84.50 | 98.02 | — | — | — | 158.92 | — | 358.99 |
| P/OCF | — | — | 79.02 | 73.45 | 87.19 | — | — | — | 149.64 | — | 336.51 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 93.52 | 1.37 | 2.12 | 3.57 | 6.50 | 4.00 | 2.47 | 4.09 | 8.57 | 9.23 |
| EV / EBITDA | — | — | — | 163.24 | 151.79 | — | — | — | 288.54 | 341.87 | 378.93 |
| EV / EBIT | — | — | — | 274.46 | 236.63 | 364.60 | — | — | 188.63 | 366.36 | 411.33 |
| EV / FCF | — | — | 91.24 | 85.79 | 99.82 | — | — | — | 156.62 | — | 352.38 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 28.5% | 28.5% | 20.6% | 22.8% | 23.0% | 20.8% | 19.3% | 17.6% | 19.0% | 16.9% | 18.5% |
| Operating Margin | -35.0% | -35.0% | -6.4% | 0.4% | 1.5% | -2.0% | -2.8% | -8.3% | 0.8% | 2.4% | 2.2% |
| Net Profit Margin | -918.1% | -918.1% | -6.5% | -10.2% | -3.6% | 1.3% | -5.1% | -9.6% | 4.0% | 2.3% | 2.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -22.7% | -22.7% | -69.9% | -84.1% | -20.1% | 7.5% | -24.8% | -38.3% | 13.8% | 6.8% | 7.8% |
| ROA | -22.4% | -22.4% | -12.1% | -19.5% | -6.8% | 2.7% | -10.0% | -20.4% | 8.5% | 4.5% | 4.8% |
| ROIC | -0.7% | -0.7% | -40.5% | 1.9% | 4.4% | -5.0% | -7.6% | -27.9% | 2.9% | 11.6% | 13.8% |
| ROCE | -0.9% | -0.9% | -32.4% | 1.8% | 5.0% | -6.6% | -10.6% | -31.9% | 2.5% | 7.0% | 7.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 1.16 | 1.66 | 0.80 | 0.74 | 1.18 | 0.39 | 0.21 | — | — |
| Debt / EBITDA | — | — | — | 9.15 | 5.60 | — | — | — | 4.70 | — | — |
| Net Debt / Equity | — | -0.02 | 0.14 | 0.45 | 0.39 | 0.55 | 0.74 | -0.01 | -0.19 | -0.52 | -0.58 |
| Net Debt / EBITDA | — | — | — | 2.46 | 2.73 | — | — | — | -4.24 | -7.45 | -7.11 |
| Debt / FCF | — | — | 0.90 | 1.29 | 1.80 | — | — | — | -2.30 | — | -6.61 |
| Interest Coverage | -3439.34 | -3439.34 | -29.71 | 2.71 | 4.67 | 4.05 | -9.09 | -16.95 | 6.48 | — | — |
Net cash position: cash ($38M) exceeds total debt ($3M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 15.14 | 15.14 | 1.03 | 1.05 | 1.44 | 1.78 | 1.38 | 1.43 | 2.00 | 3.13 | 2.96 |
| Quick Ratio | 15.14 | 15.14 | 0.98 | 1.02 | 1.37 | 1.49 | 1.24 | 1.23 | 1.79 | 2.63 | 2.34 |
| Cash Ratio | 14.01 | 14.01 | 0.32 | 0.29 | 0.26 | 0.20 | 0.33 | 0.37 | 0.57 | 1.10 | 1.14 |
| Asset Turnover | — | 0.01 | 2.04 | 2.11 | 1.82 | 1.97 | 1.78 | 2.32 | 1.79 | 1.88 | 2.22 |
| Inventory Turnover | — | — | 48.95 | 84.70 | 45.18 | 14.98 | 21.82 | 19.16 | 17.80 | 9.70 | 8.71 |
| Days Sales Outstanding | — | 54.17 | 67.80 | 69.33 | 72.06 | 81.95 | 80.48 | 65.32 | 95.48 | 91.65 | 64.61 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 0.2% | — | — | 1.0% | 0.3% | 0.2% |
| FCF Yield | — | — | 1.1% | 1.2% | 1.0% | — | — | — | 0.6% | — | 0.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $68M | $11M | $10M | $10M | $10M | $10M | $10M | $9M | $9M | $9M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying FWDI stock.
Forward Industries, Inc.'s current P/E ratio is -0.4x. The historical average is 140.1x.
Forward Industries, Inc.'s return on equity (ROE) is -22.7%. The historical average is -9.9%.
Based on historical data, Forward Industries, Inc. is trading at a P/E of -0.4x. Compare with industry peers and growth rates for a complete picture.
Forward Industries, Inc. has 28.5% gross margin and -35.0% operating margin.
Key Metrics
Top Statement Risk
Impairment risk and liquidity crisis
Metrics are mathematically derived from official filings.
Liquidity Position Critically Impaired
The company's current ratio of 0.17 in 2026Q3, down from an extremely high 15.14 in 2025Q4, indicates a severe liquidity shortfall relative to near-term obligations, as reported in its financial statements.
This drastic decline suggests a major use of cash, likely for the acquisition that reshaped the balance sheet. With current liabilities far exceeding current assets and a minimal cash balance of $11.0M against $128.3M in total liabilities, the company appears to have negligible buffer to meet its obligations, placing it in a precarious liquidity position that warrants immediate monitoring.
Leverage Spike Amid Negative Earnings
While the debt-to-equity ratio improved to 0.25 in 2026Q3 from a peak of 2.55 in 2024Q3, the company's consistently negative interest coverage, with a -136.75x ratio in the latest quarter, indicates that operating losses cannot service the debt load, according to the company's reported figures.
The improvement in the leverage ratio is likely due to the expansion of equity from the acquisition and subsequent impairments, not from debt repayment. The negative interest coverage is the more telling metric, suggesting that the company's core operations are not generating the cash flow necessary to support its debt, creating a significant refinancing and solvency risk.
Volatile Margins and Negative Returns on Capital
Despite a positive 62.2% gross margin in 2026Q3, the company's return on equity and return on assets remain deeply negative at -13.4% and -11.4% respectively, indicating that core profitability is insufficient to offset massive non-operating losses, as seen in its recent financial statements.
The wide swings in operating margin from -102.6% to 44.9% over the past year suggest extreme operational volatility, making it difficult to assess true earning power. The consistently negative ROIC and ROE, even during quarters with positive operating income, point to a fundamental inability to generate adequate returns on the capital invested, a trend that has persisted for over two years.
Valuation Distorted by Negative Earnings
With a negative P/E of -2.83 and a price-to-sales ratio of 28.18, traditional valuation metrics are rendered meaningless by the company's profound losses, as per the provided valuation multiples.
The high P/S ratio is a reflection of the tiny revenue base relative to the market capitalization, not an indication of growth expectations. The negative P/E underscores that the company is not currently generating earnings, making valuation extremely speculative. Investors cannot derive a reliable intrinsic value from these metrics and must instead focus on the balance sheet and cash flow sustainability.
The Misapplication of Price-to-Sales
The most commonly misapplied ratio for this company is likely the price-to-sales ratio of 28.18, which implies a significant valuation premium but obscures the fact that the company is burning cash and generating negative returns on capital.
For a business with erratic profitability, a high P/S ratio is misleading as it suggests investors are paying for future growth that has not materialized. An analyst should instead focus on the company's ability to generate positive free cash flow and achieve a sustainable operating margin, as these are prerequisites for any meaningful valuation. The P/S ratio in this case is a function of market capitalization size, not business fundamentals.