stockrowForward 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
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Forward Industries, Inc. (FWDI) Altman Z-score
Forward Industries, Inc.'s Altman Z-score for fiscal 2025 cannot be worked out: not meaningful for banks, insurers and REITs.
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2024 | −0.76 | (1.85) |
| FY2023 | 1.09 | (0.69) |
| FY2022 | 1.78 | (0.66) |
| FY2021 | 2.44 | 1.11 |
| FY2020 | 1.33 | (0.30) |
| FY2019 | 1.63 | (1.17) |
| FY2018 | 2.80 | (0.61) |
| FY2017 | 3.40 | (0.48) |
| FY2016 | 3.88 | 1.11 |
| FY2015 | 2.77 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.03 | — | 0.03 | |
| Retained earnings / total assets | (0.13) | — | −0.18 | |
| EBIT / total assets | (0.01) | — | −0.02 | |
| Market value of equity / total liabilities | 36.05 | — | 21.63 | |
| Sales / total assets | 0.01 | — | 0.01 | |
| Altman Z-score | n/a — not meaningful for banks, insurers and REITs | — | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | n/a — not meaningful for banks, insurers and REITs | — | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
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| FWDI Forward Industries, Inc. | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets