Forward Industries, Inc.
FWDI Nasdaq· Finance Services
Last close · Oct 23, 2026
$6.80
KIRA · Stoqly’s AI analyst, in plain words
- Forward Industries, Inc. had $18.2M of revenue in fiscal 2025, down 9.0% on the year before. Over five years, revenue changed −12.0% a year on average.
- Its operating margin was −46.1%, down 35.4 pts: of every 100 in sales, about −46 is left after running the business.
- Forward Industries, Inc. lost $167M in fiscal 2025.
- Free cash flow was −$4.5M in fiscal 2025, −24.9% of revenue.
Market cap
$590M
P/E
—
Revenue
$18.2M
Net income
−$167M
Free cash flow
−$4.5M
Operating margin
−46.1%
Forward Industries, Inc. in 30 seconds · fiscal 2025
Are sales growing?
−9.0%
No. Sales fell 9.0% last year.
Does it make a profit?
−918.1%
No. It lost money last year.
Does profit turn into cash?
−24.9%
No. It spent more cash than it brought in.
How healthy are the accounts?
4 / 8
Mixed. It passes 4 of 8 health tests.
How is the share priced?
—
No P/E: it made no profit over the last four quarters.
What Forward Industries, Inc. does
No business description yet.
- Fiscal year ends
- September 30, 2025
- Latest annual report
- 10-K · Dec 11, 2025
- Legal name
- Forward Industries, Inc.
- CIK
- 0000038264
Forward Industries, Inc. · FWDI
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $39.0M | $38.2M | $36.7M | $20.0M | $18.2M |
| Revenue growth | 13.2% | −2.1% | −4.0% | −45.5% | −9.0% |
| Gross margin | 20.8% | 23.0% | 22.8% | 25.9% | 28.5% |
| Operating margin | −2.0% | 1.5% | 0.4% | −10.8% | −46.1% |
| Net income | $0.5M | −$1.4M | −$3.7M | −$2.0M | −$167M |
| Net margin | 1.3% | −3.6% | −10.2% | −9.8% | −918.1% |
| Diluted EPS | $0.05 | −$0.14 | −$3.39 | −$1.77 | −$24.59 |
| Cash | |||||
| Cash from operations | −$0.5M | $1.5M | $1.0M | $0.5M | −$4.5M |
| Capital expenditure | $0.1M | $0.2M | $0.1M | $0.1M | $0.0M |
| Free cash flow | −$0.6M | $1.4M | $0.9M | $0.5M | −$4.5M |
| FCF margin | −1.5% | 3.6% | 2.5% | 2.3% | −24.9% |
| Share count change | 9.0% | −2.3% | −89.2% | 0.0% | 516.8% |
| Debt and strength | |||||
| Cash and short-term investments | $1.4M | $2.6M | $2.8M | $2.8M | $38.2M |
| Shareholders' equity | $7.4M | $6.3M | $2.6M | $3.0M | $1.5B |
| Current ratio | 1.8x | 1.4x | 1.0x | 1.0x | 15.1x |
| Interest coverage | −4.4x | 4.8x | 1.5x | −34.3x | −170.9x |
| Returns and quality | |||||
| Return on equity | 7.5% | −20.1% | −84.1% | −69.9% | −22.7% |
| Return on tangible equity | 12.0% | −40.5% | — | −268.0% | −11.4% |
| Piotroski F-score | 5 | 4 | 4 | 5 | 4 |
| Altman Z'' | 0.2 | −0.2 | −2.9 | −4.9 | 320.1 |
Insiders bought, 12 months
$0.1M
2 insiders
Insiders sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Forward Industries, Inc. · FWDI
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
KIRA
At $6.80 a share, the company is worth $590M.
Source: SEC EDGAR XBRL filings (CIK 0000038264). Data updated October 24, 2026. For information only — not investment advice. Check the original filings before relying on any figure.