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Friday 6 November 2026
Export FWDI’s income statement to Excel — free account
Forward Industries, Inc.
FWDI Financial Capital Markets
Forward Industries, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $18.2 million, down 9.02% from fiscal 2024.
- Revenue
- +332.1%
- EPS
- −3.90%
- Free cash flow
- −4,212.3%
Quarter to June 2026, against a year earlier
5.71
0.01
+0.18%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to September
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 27 | 25 | 34 | 37 | 34 | 39 | 38 | 37 | 20 | 18 | 53 | (4.5%) | 58 | 56 | 98 | +75.1% | |
| Gross margin, % | 18.49 | 16.93 | 19.04 | 17.59 | 19.25 | 20.85 | 23.03 | 22.80 | 25.93 | 28.54 | 70.56 | +10.0 pt | ||||||
| EBT | 1 | 1 | 1 | (4) | (2) | 1 | 0 | 0 | (2) | (169) | (1,102) | n/m | ||||||
| EBT margin, % | 2.21 | 2.34 | 1.83 | (9.65) | (5.12) | 1.34 | 1.18 | 0.49 | (10.72) | (929.59) | (2,073.65) | (931.8) pt | ||||||
| Net income | 1 | 1 | 1 | (4) | (2) | 1 | (1) | (4) | (2) | (167) | (1,102) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 32.25 | 28.38 | 37.24 | 39.25 | 35.98 | 39.22 | 37.98 | 33.32 | 18.16 | 2.68 | 0.61 | (24.2%) | |||||
| Earnings | 0.70 | 0.70 | 1.50 | (3.80) | (1.90) | 0.50 | (1.40) | (3.70) | (1.77) | (24.59) | (31.55) | n/m | ||||||
| Cash flow | 0.90 | (0.16) | 1.03 | (2.07) | (0.27) | (0.53) | 1.53 | 0.95 | 0.47 | (0.66) | (0.21) | n/m | ||||||
| Capex | (0.06) | 0.00 | (0.06) | (0.03) | (0.07) | (0.07) | (0.17) | (0.12) | (0.06) | (132.64) | (10.95) | +136.9% | ||||||
| Free cash flow | 0.85 | (0.16) | 0.97 | (2.10) | (0.35) | (0.60) | 1.36 | 0.82 | 0.41 | (133.31) | (11.16) | n/m | ||||||
| Book value | 9.59 | 10.23 | 11.98 | 8.09 | 6.87 | 7.48 | 6.23 | 2.38 | 2.69 | 216.48 | 5.47 | +41.4% | ||||||
| Shares, m | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 7 | 72 | +25.9% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 18.63 | 18.79 | 10.67 | 0.00 | 0.00 | 47.80 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9.6 | |||||
| P/S | 0.46 | 0.42 | 0.42 | 0.25 | 0.39 | 0.61 | 0.35 | 0.23 | 0.21 | 9.55 | 9.40 | 1.3 | ||||||
| P/B | 1.55 | 1.17 | 1.29 | 1.20 | 2.02 | 3.19 | 2.14 | 3.20 | 5.35 | 0.12 | 1.05 | 2.1 | ||||||
| EV/Sales | 0.29 | 0.24 | 0.30 | 0.20 | 0.35 | 0.64 | 0.35 | 0.20 | 0.17 | 7.56 | 11.07 | 1.0 | ||||||
| EV/FCF | 11.02 | (31.50) | 11.61 | (3.73) | (36.02) | (41.93) | 9.67 | 8.05 | 7.55 | (30.39) | (0.61) | (9.6) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 1 | 0 | 1 | (2) | 0 | (1) | 2 | 1 | 1 | (5) | (18) | n/m | |||||
| Capex | 0 | — | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (901) | (949) | +198.3% | ||||||
| Free cash flow | 1 | 0 | 1 | (2) | 0 | (1) | 1 | 1 | 0 | (905) | (967) | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 8 | 9 | 8 | 4 | 3 | 6 | 4 | 1 | 0 | 38 | (106) | +18.8% | |||||
| Net debt | (5) | (5) | (4) | (2) | (1) | 0 | (1) | (2) | (3) | (38) | (13) | +26.0% | ||||||
| Shareholders’ equity | 8 | 9 | 11 | 8 | 7 | 7 | 6 | 3 | 3 | 1,470 | 474 | +78.1% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 4.82 | 4.53 | 8.52 | (20.41) | (10.02) | 2.67 | (6.76) | (19.50) | (12.13) | (22.42) | (360.71) | (27.2) pt | |||||
| ROIC | 11.30 | 8.68 | 2.26 | (32.56) | (23.82) | (6.26) | 7.22 | 18.63 | (707.97) | (0.37) | (127.61) | (11.7) pt | ||||||
| ROE | 7.82 | 6.77 | 13.77 | (38.32) | (24.84) | 7.47 | (20.11) | (84.13) | (115.31) | (22.70) | (466.18) | (30.5) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 11 | 10 | 73 | 73 | 85 | 90 | 100 | 100 | 100 | 60 | — | +20.7% | |||||
| Revenue/emp, $m | 2.50 | 2.48 | 0.47 | 0.51 | 0.41 | 0.43 | 0.38 | 0.37 | 0.20 | 0.30 | — | (20.9%) | ||||||
Negative figures in brackets.
estimates
Fiscal years to Sep 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026
Forward Industries, Inc. vs peers in Capital Markets (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| TIGR UP Fintech Holding Limited | $650.0M | 5.9× | 8.5× | +31.39% (above 0%: growing) | −4.35% (below 0%: shrinking) | +74,003.85% (above 0%: growing) | 96.29% | 42.98% | Compare |
| XRPN Evernorth Holdings Inc. | $592.1M | — | — | — | — | — | — | — | Compare |
| BTGO BitGo Holdings, Inc. | $559.5M | — (loss-making) | — (loss-making) | +143.96% (above 0%: growing) | n/m | −401.80% (below 0%: shrinking) | 0.85% | (0.40%) | Compare |
| MTC MMTec, Inc. | $508.9M | — (loss-making) | 6.2× | +463.39% (above 0%: growing) | +53.54% (above 0%: growing) | +10.81% (above 0%: growing) | 0.00% | 0.00% | Compare |
| CSHR CoinShares PLC | $495.5M | 5.0× | — | — | +128.25% (above 0%: growing) | −51.03% (below 0%: shrinking) | — | 0.00% | Compare |
| HIVE HIVE Digital Technologies Ltd. | $447.1M | — (loss-making) | — (loss-making) | +73.47% (above 0%: growing) | n/m | −12.46% (below 0%: shrinking) | 31.90% | (58.65%) | Compare |
| FWDI Forward Industries, Inc. | $434.8M | — (loss-making) | — (loss-making) | +332.09% (above 0%: growing) | n/m | −4,212.31% (below 0%: shrinking) | 62.19% | (651.82%) | |
| ABTC American Bitcoin Corp. | $386.7M | — (loss-making) | — (loss-making) | +121.28% (above 0%: growing) | n/m | −3,990.00% (below 0%: shrinking) | 49.25% | (110.54%) | Compare |
| GEMI Gemini Space Station, Inc. | $313.2M | — (loss-making) | — (loss-making) | +36.61% (above 0%: growing) | n/m | −6,650.00% (below 0%: shrinking) | 100.00% | (169.19%) | Compare |
| Median of peers | $502.2M | — | — | +97.38% | +53.54% | −51.03% | 40.58% | (0.40%) |