Saturday 17 October 2026 Export FWDI’s income statement to Excel — free account

Forward Industries, Inc.

FWDI Consumer Cyclical Footwear & Accessories

Forward Industries, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $18.2 million, down 9.02% from fiscal 2024. In the quarter to June 2026, revenue grew 332.1%, EPS fell 3.90% and free cash flow fell 4,212.3%, each against the same quarter a year earlier. Insiders bought in the last twelve months.

6.91 0.24 −3.36%

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Market cap: $545.5M
P/E: 0.0×
Fwd P/E: −40.7×
Dividend yield: —
F-score: 4/9
Altman Z: 21.47
Beneish M: −2.37
Dividend safety: n/a

Overview Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

	Sep '16	Sep '17	Sep '18	Sep '19	Sep '20	Sep '21	Sep '22	Sep '23	Sep '24	Sep '25
Piotroski F-Score Full definition →	—	3	5	2	3	5	4	4	6	4
P/E ratio Full definition →	18.63	18.79	10.67	0.00	0.00	47.80	0.00	0.00	0.00	0.00
Altman Z-Score Full definition →	3.88	3.40	2.80	1.63	1.33	2.44	1.78	1.09	(0.76)	21.47
P/S ratio Full definition →	0.46	0.42	0.42	0.25	0.39	0.61	0.35	0.23	0.21	9.55
P/FCF ratio Full definition →	17.63	0.00	15.95	0.00	0.00	0.00	9.80	9.25	9.03	0.00
Altman Z″-Score (non-manufacturers) Full definition →	4.15	4.73	2.81	(1.18)	(1.20)	0.15	(0.17)	(2.87)	(4.93)	320.14
Beneish M-Score Full definition →	(2.80)	(1.86)	76.42	(3.20)	(2.57)	(2.09)	(3.00)	(2.83)	(4.27)	(2.37)
P/Operating CF Full definition →	(26.75)	18.64	42.42	39.94	26.80	(124.90)	35.47	17.48	8.79	(75.41)
P/B ratio Full definition →	1.55	1.17	1.29	1.20	2.02	3.19	2.14	3.20	5.35	0.12
Price to Tangible BV Full definition →	1.55	1.17	1.91	2.16	4.05	5.45	3.93	0.00	0.00	4.38
EV/Sales Full definition →	0.29	0.24	0.30	0.20	0.35	0.64	0.35	0.20	0.17	7.56
EV/EBITDA Full definition →	11.85	9.42	21.39	0.00	0.00	0.00	14.71	15.32	0.00	0.00
EV/Operating CF Full definition →	10.33	(42.51)	10.93	(3.80)	(45.41)	(47.26)	8.60	7.00	6.60	(30.56)
EV/FCF Full definition →	11.02	(31.50)	11.61	(3.73)	(36.02)	(41.93)	9.67	8.05	7.55	(30.39)
Quick Ratio Full definition →	2.31	2.59	1.76	1.18	1.19	1.41	1.01	0.94	0.54	14.61
Current Ratio Full definition →	2.96	3.13	2.00	1.43	1.38	1.78	1.44	1.05	1.03	15.14
Net Debt/EBITDA Full definition →	(7.11)	(7.45)	(7.98)	0.63	1.99	(0.43)	(1.31)	(4.37)	1.72	6.33
Debt/Assets Full definition →	0.00%	0.00%	2.44%	8.24%	7.97%	8.06%	6.69%	6.33%	0.00%	0.00%
Debt/Equity Full definition →	0.00	0.00	0.04	0.17	0.23	0.22	0.22	0.42	0.00	0.00
Asset Turnover Full definition →	2.18	1.94	2.13	2.12	1.95	1.99	1.87	1.91	1.24	0.02
Operating CF/Net income Full definition →	1.27	(0.24)	0.69	0.55	0.15	(1.01)	(1.11)	(0.28)	(0.27)	0.03
Capex/Depreciation Full definition →	(0.91)	0.00	(0.24)	(0.11)	(0.05)	(0.21)	(0.55)	(0.43)	(0.12)	(381.94)
Interest Coverage Full definition →	—	—	2.26	(15.41)	(11.33)	(4.45)	4.77	1.53	(34.31)	(170.92)
ROE Full definition →	7.82%	6.77%	13.77%	(38.32%)	(24.84%)	7.47%	(20.11%)	(84.13%)	(115.31%)	(22.70%)
ROA Full definition →	4.82%	4.53%	8.52%	(20.41%)	(10.02%)	2.67%	(6.76%)	(19.50%)	(12.13%)	(22.42%)
ROIC Full definition →	11.30%	8.68%	2.26%	(32.56%)	(23.82%)	(6.26%)	7.22%	18.63%	(707.97%)	(0.37%)
Return on Tangible Assets Full definition →	7.39%	6.47%	17.36%	(95.20%)	(49.16%)	9.10%	(29.96%)	(462.41%)	(393.42%)	(432.32%)
Average Days of Receivables Full definition →	64.61	91.65	95.48	65.32	80.48	81.94	72.06	69.33	42.15	32.82
Research and Development Expense of Revenue Full definition →	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Selling, General and Administrative Expense of Revenue Full definition →	16.24%	14.51%	18.28%	25.87%	22.06%	22.81%	21.49%	22.36%	35.69%	58.47%
Intangible Assets out of Total Assets Full definition →	0.00	0.00	0.19	0.21	0.17	0.16	0.14	0.15	0.15	0.00
Share Based Compensation of Revenue Full definition →	0.86%	0.63%	0.84%	0.58%	0.71%	0.18%	0.53%	0.24%	0.51%	15.79%
Graham Net Nets Full definition →	0.64	0.85	0.49	0.37	(0.04)	0.02	(0.03)	(0.41)	(0.52)	0.21
Graham Number Full definition →	13.14	12.13	19.79	0.00	0.00	9.17	0.00	0.00	0.00	0.00
Earnings Yield Full definition →	5.37%	5.32%	9.38%	(39.18%)	(12.95%)	2.09%	(10.53%)	(44.91%)	(49.45%)	(96.18%)
Free Cash Flow Yield Full definition →	5.67%	(1.77%)	6.27%	(21.66%)	(2.49%)	(2.50%)	10.20%	10.81%	11.07%	(2.61%)
Revenue per Share Full definition →	32.25	28.38	37.24	39.25	35.98	39.22	37.98	33.32	18.16	2.68
Operating CF per Share Full definition →	0.90	(0.16)	1.03	(2.07)	(0.27)	(0.53)	1.53	0.95	0.47	(0.66)
Capex per Share Full definition →	(0.06)	0.00	(0.06)	(0.03)	(0.07)	(0.07)	(0.17)	(0.12)	(0.06)	(132.64)
Free Cash Flow per Share Full definition →	0.85	(0.16)	0.97	(2.10)	(0.35)	(0.60)	1.36	0.82	0.41	(133.31)
Cash per Share Full definition →	5.59	5.30	4.72	3.24	3.05	1.42	2.56	2.89	2.52	5.62
Shareholders Equity per Share Full definition →	9.59	10.23	11.98	8.09	6.87	7.48	6.23	2.38	2.69	216.48
Interest Debt per Share Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book value per Share Full definition →	9.59	10.23	11.98	8.09	6.87	7.48	6.23	2.38	2.69	216.48
Free Cash Flow Full definition →	0.72	(0.14)	0.90	(2.00)	(0.33)	(0.60)	1.37	0.90	0.45	(905.32)
Working Capital Full definition →	8.17	8.93	7.59	3.54	3.40	5.59	4.36	0.53	0.28	38.50
Capital Expenditures Full definition →	(0.05)	—	(0.06)	(0.03)	(0.07)	(0.07)	(0.17)	(0.14)	(0.07)	(900.82)
Net Current Asset Value Full definition →	8.12	8.90	7.08	3.46	(0.55)	0.38	(0.34)	(3.40)	(2.15)	36.40
EV/EBIT Full definition →	12.86	9.77	40.12	0.00	0.00	0.00	22.44	45.63	0.00	0.00
Capex to Sales Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	49.53
Price to Operating Income Full definition →	20.58	17.50	55.09	0.00	0.00	0.00	22.74	52.40	0.00	0.00
Other line items
Depreciation/Fixed assets Full definition →	1.23	1.08	0.64	1.28	5.98	1.95	1.28	1.15	2.44	18.97
Cash ROIC Full definition →	5.57%	(1.02%)	5.65%	(16.51%)	(3.00%)	(5.70%)	13.33%	13.12%	7.91%	(60.02%)
Accounts Receivable Turnover Full definition →	5.33	4.47	4.53	4.76	4.82	4.77	4.69	5.06	4.31	9.22
Accounts Payable Turnover Full definition →	242.29	317.73	140.57	95.53	108.66	104.88	89.09	71.97	47.57	48.44
Inventory Turnover Full definition →	8.24	8.77	15.14	19.40	19.30	18.51	21.67	57.49	35.92	0.00
Average Days of Payables Full definition →	1.01	1.20	4.31	3.73	2.58	4.63	3.33	6.69	2.55	12.16
Days of Inventory on Hand Full definition →	41.93	37.63	20.50	19.05	16.73	24.37	8.08	4.31	12.08	0.00
Average Receivables Full definition →	5.16	5.54	7.62	7.86	7.15	8.18	8.15	7.26	4.64	1.97
Average Payables Full definition →	0.09	0.06	0.20	0.32	0.26	0.29	0.33	0.39	0.31	0.27
Average Inventory Full definition →	2.72	2.35	1.84	1.59	1.44	1.67	1.36	0.49	0.41	—
Average Assets Full definition →	12.59	12.77	16.19	17.66	17.73	19.61	20.40	19.16	16.08	744.86
Average Common Equity Full definition →	7.75	8.55	10.02	9.41	7.15	7.01	6.85	4.44	1.69	735.45

Show all line items

Columns are period end dates

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