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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%
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 (below 1: weak)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (40.70) (negative: loss-making)
P/S ratio 11.28 (above 10: high)
P/B ratio 1.26
Past 5Y EPS Growth —
This Y EPS Growth 59.50% (at or above 15%: strong)
Next Y EPS Growth 102.14% (at or above 15%: strong)
Next Y revenue growth 216.76% (at or above 10%: strong)
Next 5Y EPS Growth —

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 11.1×, against a ten-year median of 0.3×; over the ten years it ranged from 0.1× in 2024 to 18.1× in 2025.
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.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

Forward Industries, Inc. vs peers in Footwear & Accessories (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
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.

Forward Industries, Inc. (FWDI) Latest News

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stockrow.com/FWDI · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com