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

Insider Decisions trades per month

Total buys 0.08

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	2	—	—	—	—	1	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 33.86%

Capital & Financial Ratios $m

Market Cap 545.46

Revenue 53.12

Net Income (1,101.66)

Free Cash Flow (967.50)

Net Debt (13.28)

Current Ratio 0.17

Debt/Equity 0.00

P/E ratio 0.00

Fwd P/E (40.70)

P/S ratio 11.28

P/B ratio 1.26

Past 5Y EPS Growth —

This Y EPS Growth 59.50%

Next Y EPS Growth 102.14%

Next Y revenue growth 216.76%

Next 5Y EPS Growth —

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 97.01%

10-year low 10-year high

P/B against its own 10 years 27.17%

10-year low 10-year high

EV/Sales against its own 10 years 97.09%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2021	Powerpack
2020	Powerpack
2019	Powerpack
2018	0.42	0.42
2017	0.37	0.37
2016	0.51	0.51

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	3	3	38	13
Receivables	7	2	2	2
Inventory	0	0	—	—
Other	1	4	1	5
	11	10	41	22

	2023	2024	2025	Q'26
Payables	1	0	0	1
ST’ Debt	—	—	—	—
Other	2	7	—	7
	11	9	3	128

Compound Annual Growth %

	10y	5y	3y
Sales	(4.89%)	(12.01%)	(21.92%)
Cash Flow	0.00%	0.00%	0.00%
Earnings	0.00%	0.00%	0.00%
Book Value	69.90%	194.97%	516.75%

Revenue $m

	Dec	Mar	Jun	Sep	Year
’26	21	13	11	—	—
’25	5	3	2	8	18
’24	7	5	5	3	20
’23	10	10	9	8	37
’22	12	10	11	6	38
’21	10	8	10	11	39
’20	8	8	10	9	34

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Dec	Mar	Jun	Sep	Year
’26	(8)	(5)	(3)	—	—
’25	0	(1)	(1)	(2)	(5)
’24	0	0	0	0	1
’23	0	0	1	0	1
’22	1	(1)	1	0	2
’21	(1)	0	0	0	(1)
’20	(1)	0	0	0	0

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Dec	Mar	Jun	Sep	Year
’26	(9)	(2)	(54)	—	—
’25	0	(1)	(1)	(903)	(905)
’24	0	(1)	0	0	0
’23	0	0	1	0	1
’22	1	(1)	1	0	1
’21	(1)	0	0	0	(1)
’20	(1)	0	0	0	0

Fiscal quarters ending in the months shown.

EPS $

	Dec	Mar	Jun	Sep	Year
’26	(5.91)	(2.98)	(0.80)	—	—
’25	(0.64)	(1.32)	(0.77)	(21.86)	(24.59)
’24	(0.40)	(0.50)	(0.36)	(0.58)	(1.77)
’23	(0.40)	(0.90)	(0.50)	(1.61)	(3.70)
’22	0.20	(0.40)	(0.40)	(0.80)	(1.40)
’21	1.20	(0.80)	0.20	(0.10)	0.50
’20	(0.10)	(1.40)	(0.20)	(0.10)	(1.90)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	10.20	10.20	12.00	7.80	9.00	15.00	10.40	5.90	3.10	3.32	Analyst estimates 2026–2028 Powerpack
	High	21.10	16.50	44.50	17.00	27.10	57.50	19.40	13.60	8.29	46.00
People
People	Employees	11	10	73	73	85	90	100	100	100	60
	Revenue/emp, $m	2.50	2.48	0.47	0.51	0.41	0.43	0.38	0.37	0.20	0.30
Income, $m
Income, $m	Revenue	27	25	34	37	34	39	38	37	20	18
	Gross margin, %	18.49	16.93	19.04	17.59	19.25	20.85	23.03	22.80	25.93	28.54
	EBT	1	1	1	(4)	(2)	1	0	0	(2)	(169)
	EBT margin, %	2.21	2.34	1.83	(9.65)	(5.12)	1.34	1.18	0.49	(10.72)	(929.59)
	Net income	1	1	1	(4)	(2)	1	(1)	(4)	(2)	(167)
	Depreciation	0	0	0	0	1	0	0	0	1	2
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
	Earnings	0.70	0.70	1.50	(3.80)	(1.90)	0.50	(1.40)	(3.70)	(1.77)	(24.59)
	Cash flow	0.90	(0.16)	1.03	(2.07)	(0.27)	(0.53)	1.53	0.95	0.47	(0.66)
	Capex	(0.06)	0.00	(0.06)	(0.03)	(0.07)	(0.07)	(0.17)	(0.12)	(0.06)	(132.64)
	Free cash flow	0.85	(0.16)	0.97	(2.10)	(0.35)	(0.60)	1.36	0.82	0.41	(133.31)
	Book value	9.59	10.23	11.98	8.09	6.87	7.48	6.23	2.38	2.69	216.48
	Shares, m	1	1	1	1	1	1	1	1	1	7
Valuation, ×
Valuation, ×	P/E	18.63	18.79	10.67	0.00	0.00	47.80	0.00	0.00	0.00	0.00
	P/S	0.46	0.42	0.42	0.25	0.39	0.61	0.35	0.23	0.21	9.55
	P/B	1.55	1.17	1.29	1.20	2.02	3.19	2.14	3.20	5.35	0.12
	EV/Sales	0.29	0.24	0.30	0.20	0.35	0.64	0.35	0.20	0.17	7.56
	EV/FCF	11.02	(31.50)	11.61	(3.73)	(36.02)	(41.93)	9.67	8.05	7.55	(30.39)
Cash, $m
Cash, $m	Operating cash flow	1	0	1	(2)	0	(1)	2	1	1	(5)
	Capex	0	—	0	0	0	0	0	0	0	(901)
	Free cash flow	1	0	1	(2)	0	(1)	1	1	0	(905)
Balance, $m
Balance, $m	Working capital	8	9	8	4	3	6	4	1	0	38
	Total debt	—	—	0	1	2	2	1	1	—	—
	Net debt	(5)	(5)	(4)	(2)	(1)	0	(1)	(2)	(3)	(38)
	Shareholders’ equity	8	9	11	8	7	7	6	3	3	1,470
Returns, %
Returns, %	ROA	4.82	4.53	8.52	(20.41)	(10.02)	2.67	(6.76)	(19.50)	(12.13)	(22.42)
	ROIC	11.30	8.68	2.26	(32.56)	(23.82)	(6.26)	7.22	18.63	(707.97)	(0.37)
	ROE	7.82	6.77	13.77	(38.32)	(24.84)	7.47	(20.11)	(84.13)	(115.31)	(22.70)

Negative figures in brackets.

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
CROX Crocs, Inc.	$6.0B	10.5×	9.3×	+2.62% (above 0%: growing)	n/m	+22.93% (above 0%: growing)	59.41%	24.22%	Compare
SHOO Steven Madden, Ltd.	$3.4B	22.5×	16.9×	+19.12% (above 0%: growing)	n/m	+233.50% (above 0%: growing)	46.50%	5.90%	Compare
WWW Wolverine World Wide, Inc.	$1.6B	15.3×	10.3×	+6.79% (above 0%: growing)	+15.62% (above 0%: growing)	+104.37% (above 0%: growing)	46.47%	9.34%	Compare
FWDI Forward Industries, Inc.	$545.5M	— (loss-making)	— (loss-making)	+332.09% (above 0%: growing)	n/m	−4,212.31% (below 0%: shrinking)	62.19%	(651.82%)
WEYS Weyco Group, Inc.	$497.7M	14.2×	6.9×	+6.86% (above 0%: growing)	+487.50% (above 0%: growing)	−31.69% (below 0%: shrinking)	70.37%	27.36%	Compare
FOSL Fossil Group, Inc.	$406.9M	— (loss-making)	— (loss-making)	−4.86% (below 0%: shrinking)	n/m	−130.01% (below 0%: shrinking)	62.38%	1.53%	Compare
RCKY Rocky Brands, Inc.	$349.7M	11.9×	— (loss-making)	+12.04% (above 0%: growing)	+285.42% (above 0%: growing)	+275.54% (above 0%: growing)	51.37%	16.63%	Compare
DBI Designer Brands Inc.	$328.2M	22.1×	— (loss-making)	−1.23% (below 0%: shrinking)	+40.91% (above 0%: growing)	+385.67% (above 0%: growing)	50.01%	7.49%	Compare
VRA Vera Bradley, Inc.	$171.7M	— (loss-making)	— (loss-making)	+1.12% (above 0%: growing)	n/m	+462.76% (above 0%: growing)	59.76%	5.83%	Compare
Median of peers	$452.3M	14.7×	9.8×	+4.71%	+163.17%	+168.94%	55.39%	8.42%

All 15 Footwear & Accessories stocks →

Forward Industries, Inc. (FWDI) key facts

Concern: Forward Industries, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $18.2 million, down 9.02% from fiscal 2024.
Forward Industries, Inc. (FWDI) is a Footwear & Accessories company in the Consumer Cyclical sector, listed on Nasdaq.
As of October 16, 2026, FWDI traded at $6.91, a market capitalization of $545.5 million.
Return on equity was −22.7% and debt-to-equity 0.00.
Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 21.47 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.