What is Forward Industries Inc-N Y's earnings per share (EPS)?

Forward Industries Inc-N Y (FORD) reported diluted earnings per share of -$24.59 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Forward Industries Inc-N Y (FORD) Financials

FORD

Trailing 12 months to March 31, 2026

Revenue $44.8M +155.8% YoY

Net Income -$1.0B -32169.8% YoY

EPS (Diluted) -$24.59 FY2025 annual

Free Cash Flow -$16.3M -16209.3% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Mar 31, 2026 Reported May 14, 2026 Currency USD FYE September

Newest figures come from the 10-Q for Q2 FY2026, filed May 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FORD SEC filings page.

Forward Industries Inc-N Y (FORD) reported $44.8M in revenue over the twelve months to Mar 31, 2026, up 155.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI FORD FY2025 2026-10-03

FY2025 transformed the balance sheet into an asset-heavy, lightly levered structure while core operations remained deeply loss-making.

The $167.0M net loss was far larger than the $4.5M operating cash outflow, so reported earnings do not describe the year's primary cash movement. Meanwhile, investing used $901.5M while financing supplied $941.4M, showing that balance-sheet activity, rather than ordinary operations, drove the major cash flows.

Gross margin widened from 25.9% in FY2024 to 28.5% in FY2025. Operating margin nevertheless fell to -46.1% as SG&A reached $9.6M, showing that improved product-level economics were overwhelmed by overhead.

Total assets jumped from $14.8M in FY2024 to $1.5B in FY2025. With debt-to-equity at 0.0x and a current ratio of 15.1x, the reported structure is overwhelmingly equity-funded; reported liquidity equaled 101.7 months of the latest annual operating outflow.

Financial Health Signals

Financial Health Score 34/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Forward Industries Inc-N Y's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway

Forward Industries Inc-N Y held $38.2M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $4.5M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Forward Industries Inc-N Y scores 75/100 among other emerging companies.

Dilution

Forward Industries Inc-N Y had 86M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Forward Industries Inc-N Y scores 2/100 among other emerging companies.

R&D Intensity

Not available for Forward Industries Inc-N Y, and counted as zero in the overall score.

Revenue Progress

Forward Industries Inc-N Y reported revenue of $18.2M in fiscal year 2025, against $20.0M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Forward Industries Inc-N Y scores 30/100 among other emerging companies.

Burn Trend

Not available for Forward Industries Inc-N Y, and counted as zero in the overall score.

Balance Sheet

Forward Industries Inc-N Y's cash, cash equivalents and investments came to $38.2M at the end of fiscal year 2025, against $4.8M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Forward Industries Inc-N Y scores 94/100 among other emerging companies.

Piotroski F-Score Partial

4/8

Forward Industries Inc-N Y passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality No Cash Backing

N/A

Forward Industries Inc-N Y reported a net loss of $167.0M while operations used $4.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Forward Industries Inc-N Y reported an operating loss of $8.4M against $49K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$13.0M

YoY+315.0%

QoQ-39.5%

Forward Industries Inc-N Y generated $13.0M in revenue in Q2 2026. This represents an increase of 315.0% from the same quarter a year earlier. Against the prior quarter it is down 39.5%.

EBITDA

-$284.0M

QoQ+51.3%

Forward Industries Inc-N Y's EBITDA was -$284.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. Against the prior quarter it is up 51.3%.

Net Income

-$283.1M

YoY-19401.2%

QoQ+51.7%

Forward Industries Inc-N Y reported -$283.1M in net income in Q2 2026. This represents a decrease of 19401.2% from the same quarter a year earlier. Against the prior quarter it is up 51.7%.

EPS (Diluted)

-$2.98

QoQ+49.6%

Forward Industries Inc-N Y earned -$2.98 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 49.6%.

Cash & Balance Sheet

Free Cash Flow

-$4.8M

YoY-790.8%

QoQ+39.4%

Forward Industries Inc-N Y recorded an outflow of $4.8M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 790.8% from the same quarter a year earlier. Against the prior quarter it is up 39.4%.

Cash & Debt

$16.6M

YoY+824.9%

QoQ-34.5%

5Y CAGR+61.2%

10Y CAGR+17.7%

Forward Industries Inc-N Y held $16.6M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

75M

QoQ-13.6%

5Y CAGR+49.6%

10Y CAGR+23.9%

Forward Industries Inc-N Y had 75M shares outstanding in Q2 2026. Against the prior quarter it is down 13.6%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

70.0%

YoY+75.7pp

QoQ-8.6pp

Forward Industries Inc-N Y's gross margin was 70.0% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 75.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 8.6 percentage points.

Return on Equity

-51.3%

YoY-10.8pp

QoQ+15.2pp

Forward Industries Inc-N Y's ROE was -51.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 10.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 15.2 percentage points.

Operating Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Capital Allocation

Share Buybacks

$47.1M

QoQ+333.1%

Forward Industries Inc-N Y spent $47.1M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. Against the prior quarter it is up 333.1%.

Capital Expenditures

$3K

YoY+134.8%

5Y CAGR-14.6%

10Y CAGR+3.0%

Forward Industries Inc-N Y invested $3K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 134.8% from the same quarter a year earlier.

R&D Spending

Not reported for Q2 2026.

FORD Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FORD quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY238-K	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	$44.8M	$18.2M-9.0%	$20.0M-11.9%	$22.7M-40.6%	$38.2M-2.1%	$39.0M+13.2%	$34.5M-7.8%	$37.4M+8.4%	$34.5M+39.3%	$24.8M-9.9%	$27.5M-8.4%	$30.0M-10.0%	$33.4M+7.9%	$30.9M+5.1%	$29.4M+29.2%	$22.8M
Cost of Revenue	$14.7M	$13.0M-12.2%	$14.8M-4.8%	$15.5M-47.1%	$29.4M-4.8%	$30.9M+10.9%	$27.8M-9.7%	$30.8M+10.4%	$27.9M+35.8%	$20.6M-8.2%	$22.4M-7.5%	$24.2M-9.6%	$26.8M+9.3%	$24.5M-3.8%	$25.5M+44.3%	$17.7M
Gross Profit	$30.2M	$5.2M+0.1%	$5.2M-27.4%	$7.1M-18.9%	$8.8M+8.2%	$8.1M+22.5%	$6.6M+0.9%	$6.6M+0.2%	$6.6M+56.7%	$4.2M-17.5%	$5.1M-12.3%	$5.8M-11.6%	$6.6M+2.8%	$6.4M+63.9%	$3.9M-23.4%	$5.1M
SG&A Expenses	$13.3M	$9.6M+50.9%	$6.4M+0.7%	$6.3M-6.1%	$6.7M+5.3%	$6.4M+13.1%	$5.7M-26.7%	$7.7M+70.4%	$4.5M+116.5%	$2.1M-18.7%	$2.6M-48.0%	$4.9M+28.5%	$3.8M+10.4%	$3.5M-37.4%	$5.6M+20.1%	$4.6M
Operating Income	-$873.4M	-$8.4M-290.1%	-$2.2M-3419.0%	-$61K-110.4%	$588K+176.9%	-$765K+61.4%	-$2.0M+36.0%	-$3.1M-1288.3%	$261K-56.4%	$598K-3.0%	$617K+140.8%	-$1.5M-1432.8%	-$99K-114.0%	$706K+121.6%	-$3.3M-52.5%	-$2.1M
EBITDA	N/A	-$8.1M-343.1%	-$1.8M-816.7%	$254K-71.7%	$898K+305.1%	-$438K+74.4%	-$1.7M+38.6%	-$2.8M-669.9%	$489K-21.3%	$621K-7.3%	$670K+145.9%	-$1.5M-4167.0%	-$34K-104.4%	$781K+124.7%	-$3.2M-53.0%	-$2.1M
Interest Expense	$85K	$49K-21.6%	$63K-39.9%	$104K-15.6%	$123K-28.2%	$172K-1.7%	$175K-13.0%	$201K+74.1%	$115K	$0	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$1.8M	$20K-11.1%	$23K+14.7%	$20K+683.3%	$3K	$0-100.0%	$9K+320.3%	-$4K+99.4%	-$747K	$0	$0	$0	$0-100.0%	$507-96.6%	$15K+127.0%	-$56K
Net Income	-$1.0B	-$167.0M-8460.2%	-$2.0M+47.8%	-$3.7M-171.1%	-$1.4M-363.1%	$524K+129.5%	-$1.8M+50.7%	-$3.6M-361.3%	$1.4M+138.1%	$579K-4.5%	$607K+142.3%	-$1.4M-79.3%	-$800K-286.6%	-$207K+97.9%	-$9.6M-232.1%	-$2.9M
EPS (Basic)	N/A	-$24.59-1289.3%	-$1.77+47.8%	-$3.39-2321.4%	-$0.14-380.0%	$0.05+126.3%	-$0.19+50.0%	-$0.38-353.3%	$0.15+114.3%	$0.070.0%	$0.07+130.4%	-$0.23-91.7%	-$0.12-33.3%	-$0.09+92.4%	-$1.19-230.6%	-$0.36
EPS (Diluted)	—	-$24.59	-$1.77+47.8%	-$3.39	-$0.14-380.0%	$0.05+126.3%	-$0.19+50.0%	-$0.38-353.3%	$0.15+114.3%	$0.070.0%	$0.07+130.4%	-$0.23-91.7%	-$0.12	-$0.09	-$1.19-230.6%	-$0.36
Diluted Shares (Avg)	N/A	7M	1M0.0%	1M	10M-2.3%	10M+9.0%	10M+0.5%	10M+1.9%	9M+6.0%	9M+1.7%	9M+4.0%	8M+1.9%	8M	8M	8M+0.3%	8M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$13.0M+315.0%	$21.4M+363.5%	$7.9M+67.6%	$2.5M-50.5%	$3.1M-38.4%	$4.6M-10.1%	$4.7M	$5.0M-42.2%
Cost of Revenue	$3.9M+17.8%	$4.6M+31.3%	$3.1M-15.1%	$3.1M-16.4%	$3.3M-11.8%	$3.5M-5.6%	$3.6M	$3.7M-5.1%
Gross Profit	$9.1M+5174.8%	$16.8M+1387.1%	$4.9M+339.7%	-$621K-147.5%	-$179K-113.4%	$1.1M-21.4%	$1.1M	$1.3M-40.3%
SG&A Expenses	$3.6M+139.7%	$3.3M+97.6%	$4.7M+222.8%	$1.8M+14.0%	$1.5M-14.3%	$1.6M+3.0%	$1.4M	$1.6M-3.9%
Operating Income	-$284.1M-15494.3%	-$583.6M-64891.1%	-$3.1M-340.6%	-$2.6M-457.4%	-$1.8M-193.4%	-$898K-146.4%	-$706K	-$459K-409.5%
EBITDA	-$284.0M	-$583.6M-71572.2%	N/A	N/A	N/A	-$814K-187.4%	N/A	N/A
Interest Expense	$59K+400.0%	$0-100.0%	$13K+8.3%	$12K-16.3%	$12K-30.3%	$12K-37.0%	$12K	$14K-43.3%
Income Tax	-$875K	$2.7M	$20K-11.1%	$0	$0	$0	$23K	$0
Net Income	-$283.1M-19401.2%	-$585.7M-82611.5%	-$164.0M-25377.4%	-$850K-112.7%	-$1.5M-162.4%	-$708K-99.9%	-$644K	-$400K+25.6%
EPS (Basic)	-$2.98-125.8%	-$5.91-823.4%	N/A	-$0.77-113.9%	-$1.32-164.0%	-$0.64-100.0%	N/A	-$0.36+26.5%
EPS (Diluted)	-$2.98	-$5.91	N/A	-$0.77-113.9%	-$1.32	-$0.64	N/A	-$0.36
Diluted Shares (Avg)	95M	99M	N/A	1M+1.1%	1M	1M	N/A	1M

Not reported in any period shown, so not listed: R&D Expenses.

FORD Balance Sheet

FORD quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY238-K	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$1.5B+9887.2%	$14.8M-15.1%	$17.4M-17.0%	$20.9M+5.5%	$19.9M+2.6%	$19.4M+20.3%	$16.1M-16.3%	$19.2M+46.2%	$13.2M+6.1%	$12.4M-3.0%	$12.8M-22.9%	$16.6M+10.2%	$15.0M-12.2%	$17.1M-23.1%	$22.3M
Current Assets	$41.2M+327.2%	$9.6M-15.1%	$11.4M-20.7%	$14.3M+12.1%	$12.8M+4.7%	$12.2M+3.2%	$11.8M-22.2%	$15.2M+15.9%	$13.1M+6.3%	$12.3M-2.5%	$12.7M-23.0%	$16.4M+10.6%	$14.9M-12.2%	$16.9M-22.6%	$21.9M
Cash & Equivalents	$38.2M+1274.3%	$2.8M-1.6%	$2.8M+33.9%	$2.1M+49.5%	$1.4M-51.8%	$2.9M-5.4%	$3.1M-29.2%	$4.4M-5.5%	$4.6M-2.9%	$4.8M+17.8%	$4.0M-37.6%	$6.5M-2.1%	$6.6M+43.6%	$4.6M-69.1%	$14.9M
Short-Term Investments	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Inventory	N/A	$490K+46.5%	$334K-48.6%	$651K-68.4%	$2.1M+61.7%	$1.3M-20.7%	$1.6M+2.5%	$1.6M-26.0%	$2.1M-17.6%	$2.6M-10.2%	$2.9M+20.7%	$2.4M+15.8%	$2.1M-39.3%	$3.4M+233.3%	$1.0M
Accounts Receivable	$1.6M-29.2%	$2.3M-40.0%	$3.8M-49.0%	$7.5M-13.9%	$8.8M+15.2%	$7.6M+13.6%	$6.7M-25.8%	$9.0M+45.1%	$6.2M+27.8%	$4.9M-10.8%	$5.5M-11.0%	$6.1M+39.8%	$4.4M-41.8%	$7.5M+93.5%	$3.9M
Long-Term Investments	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$0-100.0%	$1.6M-11.4%	$1.8M0.0%	$1.8M0.0%	$1.8M0.0%	$1.8M-19.4%	$2.2M0.0%	$2.2M	$0	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.8M-59.2%	$11.8M-20.1%	$14.8M+0.7%	$14.7M+18.2%	$12.4M-2.8%	$12.8M+52.4%	$8.4M+3.1%	$8.1M+92.5%	$4.2M+0.1%	$4.2M-22.5%	$5.4M-16.9%	$6.5M+33.1%	$4.9M-37.9%	$7.9M+121.5%	$3.6M
Current Liabilities	$2.7M-70.9%	$9.4M-13.5%	$10.8M+8.6%	$10.0M+38.4%	$7.2M-18.3%	$8.8M+6.4%	$8.3M+8.8%	$7.6M+82.1%	$4.2M+0.4%	$4.2M-21.8%	$5.3M-17.2%	$6.4M+35.1%	$4.8M-39.9%	$7.9M	N/A
Non-Current Liabilities	$2.1M-13.8%	$2.4M-38.2%	$3.9M-16.2%	$4.7M-9.8%	$5.2M+31.9%	$3.9M+4417.2%	$87K-82.7%	$504K+1263.5%	$37K-28.2%	$51K-55.3%	$115K0.0%	$115K-27.0%	$158K	$0	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$530K	$0-100.0%	$54K	$0	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.5B+49448.6%	$3.0M+13.4%	$2.6M-58.2%	$6.3M-15.8%	$7.4M+13.1%	$6.6M-14.6%	$7.7M-30.5%	$11.1M+24.3%	$8.9M+9.3%	$8.2M+11.5%	$7.3M-29.8%	$10.4M+11.2%	$9.4M+2.2%	$9.2M-50.8%	$18.7M
Retained Earnings	-$186.6M-850.3%	-$19.6M-11.0%	-$17.7M-26.8%	-$13.9M-11.0%	-$12.6M+4.0%	-$13.1M-15.7%	-$11.3M-46.7%	-$7.7M+15.2%	-$9.1M+6.0%	-$9.7M+5.9%	-$10.3M-22.8%	-$8.4M-13.5%	-$7.4M-11.4%	-$6.6M-320.2%	$3.0M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$608.5M+4831.9%	$892.9M+6518.2%	$1.5B+9887.2%	$8.3M-45.5%	$12.3M-18.8%	$13.5M-17.4%	$14.8M-15.1%	$15.2M-20.9%
Current Assets	$21.6M+181.9%	$62.9M+629.4%	$41.2M+327.2%	$3.6M-63.4%	$7.7M-19.4%	$8.6M-17.8%	$9.6M-15.1%	$9.7M-25.5%
Cash & Equivalents	$16.6M+824.9%	$25.4M+986.2%	$38.2M+1274.3%	$1.3M-45.7%	$1.8M-12.2%	$2.3M-4.9%	$2.8M-1.6%	$2.3M-17.6%
Inventory	N/A	N/A	N/A	N/A	N/A	$753K+85.8%	$490K+46.5%	$243K-87.1%
Accounts Receivable	$2.4M+35.9%	$3.0M+19.8%	$1.6M-29.2%	$1.2M-81.6%	$1.8M-72.6%	$2.5M-61.7%	$2.3M-40.0%	$6.5M-15.3%
Goodwill	N/A	N/A	$0-100.0%	$1.3M-24.2%	$1.3M-24.2%	$1.3M-24.2%	$1.6M-11.4%	$1.8M0.0%
Total Liabilities	$57.1M+551.4%	$12.1M+7.8%	$4.8M-59.2%	$4.9M-64.3%	$8.8M-34.7%	$11.2M-20.1%	$11.8M-20.1%	$13.8M-6.3%
Current Liabilities	$54.6M+745.9%	$10.1M+14.8%	$2.7M-70.9%	$2.4M-79.2%	$6.5M-40.2%	$8.8M-22.3%	$9.4M-13.5%	$11.3M+6.8%
Non-Current Liabilities	$2.5M+7.5%	$2.0M-17.5%	$2.1M-13.8%	$2.6M+2.2%	$2.3M-12.0%	$2.4M-10.9%	$2.4M-38.2%	$2.5M-39.3%
Total Equity	$551.5M+15309.0%	$880.9M+38546.2%	$1.5B+49448.6%	$3.4M+141.0%	$3.6M+102.2%	$2.3M-1.5%	$3.0M+13.4%	$1.4M-69.0%
Retained Earnings	-$1.1B-4741.7%	-$772.3M-3695.8%	-$186.6M-850.3%	-$22.6M-19.2%	-$21.8M-17.2%	-$20.3M-12.8%	-$19.6M-11.0%	-$19.0M-20.3%

Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments, Long-Term Debt.

FORD Cash Flow Statement

FORD quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY238-K	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	-$16.3M	-$4.5M-966.2%	$520K-54.8%	$1.2M-25.1%	$1.5M+390.5%	-$528K-100.9%	-$263K+86.7%	-$2.0M-305.9%	$956K+794.9%	-$138K-117.9%	$768K+138.0%	-$2.0M-962.3%	$234K-89.6%	$2.3M+120.9%	-$10.8M-501.6%	-$1.8M
Depreciation & Amortization	N/A	$332K+0.1%	$332K+5.4%	$315K+1.9%	$309K-5.5%	$327K+20.3%	$272K-12.7%	$312K+36.5%	$228K+920.0%	$22K-57.6%	$53K-1.3%	$53K-17.1%	$64K-14.2%	$75K-27.7%	$104K+39.9%	$74K
Stock-Based Compensation	N/A	$2.9M+2733.2%	$101K+17.2%	$86K-57.0%	$201K+192.3%	$69K-71.9%	$245K+13.6%	$216K-25.6%	$290K+87.0%	$155K-34.3%	$236K+238.4%	$70K-70.0%	$233K-46.7%	$436K+149.0%	$175K-53.5%	$377K
Capital Expenditures	$22K	$26K-60.4%	$65K-52.1%	$136K-19.8%	$170K+152.4%	$67K-1.8%	$68K+106.6%	$33K-40.7%	$56K	$0-100.0%	$48K+45.0%	$33K-0.9%	$33K-54.9%	$74K+2.4%	-$72K-73.8%	$277K
Free Cash Flow	-$16.3M	-$4.5M-1096.0%	$455K-55.2%	$1.0M-25.7%	$1.4M+329.2%	-$596K-79.7%	-$331K+83.5%	-$2.0M-322.4%	$901K+754.3%	-$138K-119.1%	$720K+135.0%	-$2.1M-1122.5%	$201K-90.8%	$2.2M+120.0%	-$10.9M-424.7%	-$2.1M
Investing Cash Flow	-$899.4M	-$901.5M-1383493.7%	-$65K+52.1%	-$136K+19.8%	-$170K-152.4%	-$67K+82.8%	-$390K-1077.1%	-$33K+97.6%	-$1.4M	$0+100.0%	-$48K	N/A	N/A	-$1.4M-396.6%	$483K+127.4%	-$1.8M
Financing Cash Flow	$930.5M	$941.4M+188371.7%	-$500K-66.7%	-$300K-50.0%	-$200K+78.2%	-$919K-289.5%	$485K-33.2%	$726K+312.8%	$176K	$0+100.0%	-$2K	N/A	N/A	$1.2M	$0	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$21K-72.3%	$76K+426.6%	$15K	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$2K	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$4.8M-792.6%	-$7.9M-1725.8%	-$2.3M-592.9%	-$1.2M-381.5%	-$538K-85.8%	-$434K-361.9%	$467K-20.6%	$436K-28.8%
Depreciation & Amortization	$49K	$26K-69.4%	N/A	N/A	N/A	$84K+3.1%	N/A	N/A
Stock-Based Compensation	$815K	$17K-15.6%	N/A	N/A	N/A	$20K-60.0%	N/A	N/A
Capital Expenditures	$3K+134.8%	$0-100.0%	-$3-100.0%	$19K+105.4%	$1K-93.3%	$5K-72.2%	$15K-22.9%	$9K-80.3%
Free Cash Flow	-$4.8M-790.8%	-$7.9M-1703.3%	-$2.3M-609.3%	-$1.2M-392.0%	-$539K-73.5%	-$440K-287.3%	$452K-20.5%	$427K-24.5%
Investing Cash Flow	$3.2M+220918.7%	-$1.1M-19770.9%	-$901.2M-5976298.1%	-$219K-2275.5%	-$1K+93.3%	-$5K+72.2%	-$15K+22.9%	-$9K+80.3%
Financing Cash Flow	-$7.1M	-$3.8M	$940.4M	$911K+707.4%	$0+100.0%	$0+100.0%	$0+100.0%	-$150K-50.0%
Share Buybacks	$47.1M	$10.9M	N/A	N/A	$0	$0	N/A	N/A

Not reported in any period shown, so not listed: Dividends Paid.

FORD Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FORD quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY238-K	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Gross Margin	28.5%+2.6pp	25.9%-5.5pp	31.5%+8.4pp	23.0%+2.2pp	20.8%+1.6pp	19.3%+1.7pp	17.6%-1.5pp	19.0%+2.1pp	16.9%-1.6pp	18.5%-0.8pp	19.3%-0.4pp	19.7%-1.0pp	20.6%+7.4pp	13.2%-9.1pp	22.3%
Operating Margin	-46.1%-35.4pp	-10.8%-10.5pp	-0.3%-1.8pp	1.5%+3.5pp	-2.0%+3.8pp	-5.8%+2.5pp	-8.3%-9.0pp	0.8%-1.7pp	2.4%+0.2pp	2.3%+7.3pp	-5.0%-4.7pp	-0.3%-2.6pp	2.3%+13.4pp	-11.1%-1.7pp	-9.4%
Net Margin	-918.1%	-9.8%+6.7pp	-16.5%-12.9pp	-3.6%-5.0pp	1.3%+6.5pp	-5.1%+4.5pp	-9.6%-13.6pp	4.0%+1.7pp	2.3%+0.1pp	2.2%+7.0pp	-4.8%-2.4pp	-2.4%-1.7pp	-0.7%+32.1pp	-32.8%-20.0pp	-12.7%
Return on Equity	-11.4%+54.4pp	-65.7%+77.1pp	-142.8%-120.8pp	-22.0%-29.0pp	7.0%+34.0pp	-27.0%+19.8pp	-46.7%-59.2pp	12.4%+5.9pp	6.5%-0.9pp	7.4%+27.0pp	-19.6%-11.9pp	-7.7%-5.5pp	-2.2%+102.7pp	-104.9%-89.3pp	-15.5%
Return on Assets	-11.3%+1.9pp	-13.2%+8.3pp	-21.5%-14.9pp	-6.6%-9.2pp	2.6%+11.8pp	-9.2%+13.2pp	-22.4%-29.6pp	7.2%+2.8pp	4.4%-0.5pp	4.9%+16.1pp	-11.2%-6.4pp	-4.8%-3.5pp	-1.4%+54.9pp	-56.3%-43.3pp	-13.0%
Current Ratio	15.14+14.1x	1.030.0x	1.05-0.4x	1.44-0.3x	1.78+0.4x	1.380.0x	1.43-0.6x	2.00-1.1x	3.13+0.2x	2.96+0.6x	2.38-0.2x	2.55-0.6x	3.12+1.0x	2.14	N/A
Debt-to-Equity	0.00-4.0x	3.98-1.7x	5.65+3.3x	2.34+0.7x	1.67+1.6x	0.08+0.1x	0.000.0x	0.000.0x	0.00-0.5x	0.52-0.2x	0.74+0.1x	0.63+0.1x	0.52-0.3x	0.86+0.7x	0.19
Asset Turnover	0.01-1.3x	1.350.0x	1.30-0.5x	1.82-0.1x	1.97+0.2x	1.78-0.5x	2.32+0.5x	1.79-0.1x	1.88-0.3x	2.22-0.1x	2.35+0.3x	2.010.0x	2.06+0.3x	1.72+0.7x	1.02
FCF Margin	-24.9%-27.2pp	2.3%-2.2pp	4.5%+0.9pp	3.6%+5.1pp	-1.5%-0.6pp	-1.0%+4.4pp	-5.3%-8.0pp	2.6%+3.2pp	-0.6%-3.2pp	2.6%+9.5pp	-6.9%-7.5pp	0.6%-6.4pp	7.0%+44.0pp	-36.9%-27.8pp	-9.1%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	70.0%+75.7pp	78.6%+54.1pp	61.1%+37.8pp	-24.9%-50.9pp	-5.7%-31.9pp	24.5%-3.5pp	23.3%	26.0%+0.8pp
Operating Margin	-2191.9%	-2722.8%	-39.2%-24.3pp	-102.6%	-58.3%-46.1pp	-19.4%-12.3pp	-14.9%	-9.1%-10.8pp
Net Margin	-2184.1%	-2732.2%	-2063.7%	-34.1%-26.1pp	-46.5%-35.6pp	-15.3%-8.4pp	-13.6%	-7.9%-1.8pp
Return on Equity	-51.3%-10.8pp	-66.5%-35.4pp	-11.2%+10.5pp	-25.4%+3.4pp	-40.6%-9.3pp	-31.1%-15.7pp	-21.7%	-28.7%-16.8pp
Return on Assets	-46.5%-34.8pp	-65.6%-60.3pp	-11.1%-6.8pp	-10.3%-7.6pp	-11.8%-8.1pp	-5.3%-3.1pp	-4.4%	-2.6%+0.2pp
Current Ratio	0.40-0.8x	6.24+5.3x	15.14+14.1x	1.51+0.7x	1.19+0.3x	0.98+0.1x	1.030.0x	0.86-0.4x
Debt-to-Equity	0.10-2.3x	0.01-4.9x	0.00-4.0x	1.48-8.5x	2.45-5.1x	4.92-1.1x	3.98-1.7x	9.95+6.7x
Asset Turnover	0.02-0.2x	0.02-0.3x	0.01-0.3x	0.300.0x	0.25-0.1x	0.340.0x	0.32	0.33-0.1x
FCF Margin	-37.0%-19.8pp	-37.0%-27.5pp	-29.0%-38.5pp	-50.0%-58.4pp	-17.3%-11.1pp	-9.5%-7.3pp	9.5%	8.5%+2.0pp

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Forward Industries Inc-N Y FORD	FY2025	$18.2M	-$167.0M	N/A	N/A	34/100
Vera Bradley, Inc. VRA	FY2026	$269.7M	-$47.8M	-17.7%	$161.5M	31/100
Fossil Group, Inc. FOSL	FY2025	$1.0B	-$77.8M	-7.8%	$408.1M	23/100
Weyco Group Inc WEYS	FY2025	$276.2M	$23.1M	8.4%	$501.0M	67/100
Rocky Brands, Inc. RCKY	FY2025	$482.0M	$22.3M	4.6%	$338.0M	57/100
Designer Brands Inc. DBI	FY2025	$2.9B	-$8.4M	-0.3%	$304.2M	31/100

Where Forward Industries Inc-N Y Ranks

Frequently Asked Questions

What is Forward Industries Inc-N Y's annual revenue?

Forward Industries Inc-N Y (FORD) reported $18.2M in total revenue for fiscal year 2025. This represents a -9.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Forward Industries Inc-N Y's revenue growing?

Forward Industries Inc-N Y (FORD) revenue declined by 9.0% year-over-year, from $20.0M to $18.2M in fiscal year 2025.

Is Forward Industries Inc-N Y profitable?

No, Forward Industries Inc-N Y (FORD) reported a net income of -$167.0M in fiscal year 2025.

What is Forward Industries Inc-N Y's EBITDA?

Forward Industries Inc-N Y (FORD) had EBITDA of -$8.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Forward Industries Inc-N Y's gross margin?

Forward Industries Inc-N Y (FORD) had a gross margin of 28.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Forward Industries Inc-N Y's operating margin?

Forward Industries Inc-N Y (FORD) had an operating margin of -46.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Forward Industries Inc-N Y's return on equity (ROE)?

Forward Industries Inc-N Y (FORD) has a return on equity of -11.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Forward Industries Inc-N Y's free cash flow?

Forward Industries Inc-N Y (FORD) recorded an outflow of $4.5M in free cash flow during fiscal year 2025. This represents a -1096.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Forward Industries Inc-N Y's operating cash flow?

Forward Industries Inc-N Y (FORD) recorded an outflow of $4.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Forward Industries Inc-N Y's total assets?

Forward Industries Inc-N Y (FORD) had $1.5B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Forward Industries Inc-N Y's capital expenditures?

Forward Industries Inc-N Y (FORD) invested $26K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Forward Industries Inc-N Y have outstanding?

Forward Industries Inc-N Y (FORD) had 86M shares outstanding as of fiscal year 2025.

What is Forward Industries Inc-N Y's current ratio?

Forward Industries Inc-N Y (FORD) had a current ratio of 15.14 as of fiscal year 2025, which is generally considered healthy.

What is Forward Industries Inc-N Y's debt-to-equity ratio?

Forward Industries Inc-N Y (FORD) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Forward Industries Inc-N Y's return on assets (ROA)?

Forward Industries Inc-N Y (FORD) had a return on assets of -11.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

How does Forward Industries Inc-N Y's liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Forward Industries Inc-N Y (FORD) held $38.2M in cash, cash equivalents and investments, and reported an operating cash outflow of $4.5M over that year. Dividing the one by the other, the reported balance equals about 102 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Forward Industries Inc-N Y's Piotroski F-Score?

Forward Industries Inc-N Y (FORD) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Forward Industries Inc-N Y's earnings high quality?

Forward Industries Inc-N Y (FORD) reported a net loss of $167.0M while operations used $4.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Forward Industries Inc-N Y cover its interest payments?

Forward Industries Inc-N Y (FORD) reported an operating loss of $8.4M against $49K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Forward Industries Inc-N Y?

Forward Industries Inc-N Y (FORD) scores 34 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.