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 $545.5M against $349.7M — 1.6× the size. Forward Industries, Inc. has negative trailing earnings, so its P/E is not meaningful; Rocky Brands, Inc. trades at 11.9×. 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 15 and Forward Industries, Inc. on 4.

Valuation

Metric FWDI RCKY Footwear & Accessories median
P/E n/m 11.90 15.57
P/S 11.28 0.68 1.19
P/B 1.26 1.30 2.63
Price to free cash flow n/m 20.93 12.70
EV/EBITDA n/m 8.39 9.67
EV/Sales 11.07 0.92 1.35
Earnings yield (456.62%) 8.40% 5.97%
Free cash flow yield (161.50%) 4.78% 4.78%

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% 3.42%
EPS growth (last fiscal year) (1,289.27%) 94.74% 10.90%
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 2.07
Net debt to EBITDA 6.33 2.51 1.00

Dividend

Metric FWDI RCKY Footwear & Accessories median
Dividend yield — 1.42% 1.94%
Payout ratio — 0.17 0.37

Size

Metric FWDI RCKY Footwear & Accessories median
Market cap 545.46m 349.73m 545.46m

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