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.
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Forward Industries, Inc. (FWDI) Beneish M-score
Forward Industries, Inc.'s Beneish M-score for fiscal 2025 is −2.37; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.37 | 1.90 |
| FY2024 | −4.27 | (1.43) |
| FY2023 | −2.83 | 0.16 |
| FY2022 | −3.00 | (0.90) |
| FY2021 | −2.09 | 0.47 |
| FY2020 | −2.57 | 0.64 |
| FY2019 | −3.20 | (79.63) |
| FY2018 | 76.42 | 78.29 |
| FY2017 | −1.86 | 0.94 |
| FY2016 | −2.80 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.78 | — | 0.72 | |
| Gross margin index | 0.91 | — | 0.48 | |
| Asset quality index | 2.93 | — | 1.18 | |
| Sales growth index | 0.91 | — | 0.81 | |
| Depreciation index | 0.75 | — | 0.09 | |
| SG&A index | 1.64 | — | −0.28 | |
| Total accruals to total assets | (0.11) | — | −0.52 | |
| Leverage index | 0.00 | — | −0.00 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.37 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CROX Crocs, Inc. compare | −3.3× |
| WWW Wolverine World Wide, Inc. compare | −2.8× |
| SHOO Steven Madden, Ltd. compare | −2.7× |
| FOSL Fossil Group, Inc. compare | −2.7× |
| WEYS Weyco Group, Inc. compare | −2.7× |
| VRA Vera Bradley, Inc. compare | −2.7× |
| DBI Designer Brands Inc. compare | −2.6× |
| FWDI Forward Industries, Inc. | −2.4× |
| RCKY Rocky Brands, Inc. compare | −2.3× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI