Forward Industries, Inc. (FWDI) vs Rocky Brands, Inc. (RCKY)

Forward Industries, Inc. and Rocky Brands, Inc. are both Footwear & Accessories companies. Forward Industries, Inc. is the larger, with a market value of $614.4M against $334.7M — 1.8× the size. Forward Industries, Inc. has negative trailing earnings, so its P/E is not meaningful; Rocky Brands, Inc. trades at 11.7×. Forward Industries, Inc. grew revenue faster over the last twelve months: 309.5% against 9.24%. Rocky Brands, Inc. has the higher net margin (5.72% vs −2,073.8%) and the higher return on invested capital (7.28% vs −127.6%). Across the 19 metrics below, Rocky Brands, Inc. leads on 16 and Forward Industries, Inc. on 3.

Valuation

Metric FWDI RCKY Footwear & Accessories median
P/E n/m 11.71 15.26
P/S 13.74 0.67 1.16
P/B 1.54 1.28 2.59
Price to free cash flow n/m 20.60 12.20
EV/EBITDA n/m 8.29 8.91
EV/Sales 13.52 0.91 1.24
Earnings yield (374.73%) 8.54% 6.11%
Free cash flow yield (132.54%) 4.85% 4.85%

Profitability

Metric FWDI RCKY Footwear & Accessories median
Gross margin 70.56% 42.22% 49.76%
Operating margin (1,771.61%) 8.84% 8.44%
Net margin (2,073.82%) 5.72% 5.64%
Free cash flow margin (1,821.29%) 3.25% 8.18%
Return on equity (466.18%) 11.48% 12.45%
Return on assets (360.71%) 6.01% 6.15%
Return on invested capital (127.61%) 7.28% 9.58%

Growth

Metric FWDI RCKY Footwear & Accessories median
Revenue growth (TTM) 309.45% 9.24% 3.68%
EPS growth (last fiscal year) (1,289.27%) 94.74% —
Revenue growth, 5-year CAGR (12.01%) 11.69% 7.17%
Net income growth, 5-year CAGR 0.00% 1.22% 0.00%

Health

Metric FWDI RCKY Footwear & Accessories median
Debt to equity 0.00 0.46 0.46
Current ratio 0.17 2.97 1.96
Net debt to EBITDA 6.33 2.51 1.00

Dividend

Metric FWDI RCKY Footwear & Accessories median
Dividend yield — 2.27% 2.20%
Payout ratio 0.00 0.50 0.00

Size

Metric FWDI RCKY Footwear & Accessories median
Market cap 614.40m 334.66m 614.40m

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