Forward Industries, Inc. (FWDI) vs On Holding AG (ONON)

Forward Industries, Inc. and On Holding AG are both Footwear & Accessories companies. On Holding AG is the larger, with a market value of $11.2B against $547.8M — 20.5× the size. Forward Industries, Inc. has negative trailing earnings, so its P/E is not meaningful; On Holding AG trades at 44.9×. Forward Industries, Inc. grew revenue faster over the last twelve months: 309.5% against 29.2%. On Holding AG has the higher net margin (12.3% vs −2,073.8%) and the higher return on invested capital (25.0% vs −127.6%). Across the 18 metrics below, On Holding AG leads on 14 and Forward Industries, Inc. on 4.

Valuation

Metric FWDI ONON Footwear & Accessories median
P/E n/m 44.89 15.41
P/S 12.00 5.50 1.14
P/B 1.34 9.22 2.58
Price to free cash flow n/m 42.12 12.47
EV/EBITDA n/m 29.19 9.36
EV/Sales 11.78 5.24 1.33
Earnings yield (429.28%) 2.23% 6.18%
Free cash flow yield (151.83%) 2.37% 4.87%

Profitability

Metric FWDI ONON Footwear & Accessories median
Gross margin 70.56% 64.74% 49.76%
Operating margin (1,771.61%) 13.74% 8.44%
Net margin (2,073.82%) 12.25% 5.64%
Free cash flow margin (1,821.29%) 13.05% 8.18%
Return on equity (466.18%) 24.18% 12.45%
Return on assets (360.71%) 13.83% 6.15%
Return on invested capital (127.61%) 25.00% 9.58%

Growth

Metric FWDI ONON Footwear & Accessories median
Revenue growth (TTM) 309.45% 29.22% 3.42%
EPS growth (last fiscal year) (1,289.27%) (10.54%) 10.90%
Revenue growth, 5-year CAGR (12.01%) 51.65% 7.17%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric FWDI ONON Footwear & Accessories median
Debt to equity 0.00 0.25 0.46
Current ratio 0.17 2.83 2.07
Net debt to EBITDA 6.33 (1.27) 1.00

Dividend

Metric FWDI ONON Footwear & Accessories median
Dividend yield — — 1.98%
Payout ratio — — 0.37

Size

Metric FWDI ONON Footwear & Accessories median
Market cap 547.75m 11.21b 547.75m

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