What is Forward Industries, Inc.'s earnings per share (EPS)?

Forward Industries, Inc. (FWDI) 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. (FWDI) Financials

FWDI

Trailing 12 months to June 30, 2026

Revenue $53.1M +254.5% YoY

Net Income -$1.1B -30055.4% YoY

EPS (Diluted) -$31.55 YoY not available

Free Cash Flow -$18.4M -936.9% YoY

Market Cap $449.0M as of Sep 15, 2026

Price / Sales 8.5x on $53.1M revenue, trailing 12 months to June 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026

Price / Book 0.9x on $474.2M equity, Q3 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 15, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q3 FY2026, ended Jun 30, 2026 Reported Aug 12, 2026 Currency USD FYE September

Newest figures come from the 10-Q for Q3 FY2026, filed Aug 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FWDI SEC filings page.

Forward Industries, Inc. (FWDI) reported $53.1M in revenue over the twelve months to Jun 30, 2026, up 254.5% 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 FWDI FY2025 2026-08-29

A transaction-driven balance-sheet transformation now dominates a shrinking operating business, separating reported asset scale from operating earnings.

FY2025’s asset expansion was financed and invested rather than earned operationally: total assets reached $1.5B while revenue fell to $18.2M, alongside nearly $1B of investing outflows and $941M of financing inflows. That structure leaves liabilities at only $4.8M and produces a 15.1x current ratio, but the operating business still generated operating cash flow of -$4.5M.

The FY2025 net loss of -$167.0M was vastly larger than operating cash flow of -$4.5M, so reported earnings were dominated by items that did not translate into comparable cash movement. The earnings-to-cash gap makes net income a poor standalone measure of current operating performance.

Gross margin improved to 28.5% from 25.9% in FY2024 even as revenue declined, but selling, general and administrative expense rose to $9.6M. Overhead absorption deteriorated: gross profit of $5.2M could not support the larger expense base, pushing operating margin to -46.1%.

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.'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. 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. scores 74/100 among other emerging companies.

Dilution

Forward Industries, Inc. 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. scores 6/100 among other emerging companies.

R&D Intensity

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

Revenue Progress

Forward Industries, Inc. 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. scores 30/100 among other emerging companies.

Burn Trend

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

Balance Sheet

Forward Industries, Inc.'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. scores 94/100 among other emerging companies.

Altman Z-Score Safe

55.77

Forward Industries, Inc. scores 55.77, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($449.0M) relative to total liabilities ($4.8M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

4/8

Forward Industries, Inc. 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. 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. 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

$10.8M

YoY+332.1%

QoQ-16.8%

Forward Industries, Inc. generated $10.8M in revenue in Q3 2026. This represents an increase of 332.1% from the same quarter a year earlier. Against the prior quarter it is down 16.8%.

EBITDA

-$70.2M

YoY-2736.1%

QoQ+75.3%

Forward Industries, Inc.'s EBITDA was -$70.2M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 2736.1% from the same quarter a year earlier. Against the prior quarter it is up 75.3%.

Net Income

-$69.0M

YoY-8012.6%

QoQ+75.6%

Forward Industries, Inc. reported -$69.0M in net income in Q3 2026. This represents a decrease of 8012.6% from the same quarter a year earlier. Against the prior quarter it is up 75.6%.

EPS (Diluted)

-$0.80

QoQ+73.2%

Forward Industries, Inc. earned -$0.80 per diluted share (EPS) in Q3 2026. Against the prior quarter it is up 73.2%.

Cash & Balance Sheet

Free Cash Flow

-$3.4M

YoY-168.8%

QoQ+30.2%

Forward Industries, Inc. recorded an outflow of $3.4M in free cash flow in Q3 2026, representing a cash shortfall after capex. This represents a decrease of 168.8% from the same quarter a year earlier. Against the prior quarter it is up 30.2%.

Cash & Debt

$11.0M

YoY+768.1%

QoQ-34.1%

5Y CAGR+46.9%

10Y CAGR+7.7%

Forward Industries, Inc. held $11.0M in cash as of Q3 2026; long-term debt is not reported for that period.

Shares Outstanding

74M

QoQ-1.1%

5Y CAGR+49.1%

10Y CAGR+23.7%

Forward Industries, Inc. had 74M shares outstanding in Q3 2026. Against the prior quarter it is down 1.1%.

Dividends Per Share

Not reported for Q3 2026.

Margins & Returns

Gross Margin

62.2%

YoY+87.1pp

QoQ-7.8pp

Forward Industries, Inc.'s gross margin was 62.2% in Q3 2026, indicating the percentage of revenue retained after direct costs. This is up 87.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 7.8 percentage points.

Return on Equity

-14.5%

YoY+10.8pp

QoQ+36.8pp

Forward Industries, Inc.'s ROE was -14.5% in Q3 2026, measuring profit generated per dollar of shareholder equity. This is up 10.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 36.8 percentage points.

Operating Margin

Not shown for Q3 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 Q3 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Capital Allocation

Share Buybacks

$11.8M

QoQ-74.9%

Forward Industries, Inc. spent $11.8M on share buybacks in Q3 2026, returning capital to shareholders by reducing shares outstanding. Against the prior quarter it is down 74.9%.

Capital Expenditures

YoY-100.0%

QoQ-100.0%

Forward Industries, Inc. reported no capital expenditure in Q3 2026. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.

R&D Spending

Not reported for Q3 2026.

FWDI 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.

FWDI quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$53.1M	$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	$15.6M	$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	$37.5M	$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	$17.3M	$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	-$941.1M	-$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	$589K	$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	$3K-91.1%	$34K+633.2%	$5K	N/A	N/A
Income Tax	$101K	$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	-$1.1B	-$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)	-$31.55	-$24.59	-$1.77	-$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	1M	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	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Revenue	$10.8M+332.1%	$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
Cost of Revenue	$4.1M+30.8%	$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
Gross Profit	$6.7M+1179.6%	$9.1M+5174.8%	$16.8M+1387.1%	$4.9M+339.7%	-$621K-147.5%	-$179K-113.4%	$1.1M-21.4%	$1.1M
SG&A Expenses	$5.8M+220.6%	$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
Operating Income	-$70.3M-2644.9%	-$284.1M-15494.3%	-$583.6M-64891.1%	-$3.1M-340.6%	-$2.6M-457.4%	-$1.8M-193.4%	-$898K-146.4%	-$706K
EBITDA	-$70.2M-2736.1%	-$284.1M-16234.9%	-$583.6M-71572.2%	-$3.0M-386.4%	-$2.5M-557.5%	-$1.7M-224.3%	-$814K-187.4%	-$623K
Interest Expense	$517K+4172.6%	$59K+400.0%	$0-100.0%	$13K+8.3%	$12K-16.3%	$12K-30.3%	$12K-37.0%	$12K
Income Tax	-$1.7M	-$875K	$2.7M	$20K-11.1%	$0	$0	$0	$23K
Net Income	-$69.0M-8012.6%	-$283.1M-19401.2%	-$585.7M-82611.5%	-$164.0M-25377.4%	-$850K-112.7%	-$1.5M-162.4%	-$708K-99.9%	-$644K
EPS (Basic)	-$0.80-3.9%	-$2.98-125.8%	-$5.91-823.4%	-$21.86-3669.0%	-$0.77-113.9%	-$1.32-164.0%	-$0.64-100.0%	-$0.58-205.3%
EPS (Diluted)	-$0.80	-$2.98	-$5.91	-$21.86	-$0.77-113.9%	-$1.32	-$0.64	-$0.58
Diluted Shares (Avg)	87M	95M	99M	N/A	1M+1.1%	1M	1M	N/A

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

FWDI Balance Sheet

FWDI quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0-100.0%	$1.1M+157.0%	$421K	$0
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	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
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	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Total Assets	$602.5M+7164.4%	$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%
Current Assets	$22.1M+520.4%	$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%
Cash & Equivalents	$11.0M+768.1%	$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%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	$753K+85.8%	$490K+46.5%
Accounts Receivable	$1.9M+60.6%	$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%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	N/A	N/A	N/A	$0-100.0%	$1.3M-24.2%	$1.3M-24.2%	$1.3M-24.2%	$1.6M-11.4%
Total Liabilities	$128.3M+2495.9%	$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%
Current Liabilities	$127.8M+5326.6%	$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%
Non-Current Liabilities	$549K-78.8%	$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%
Total Equity	$474.2M+14051.5%	$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%
Retained Earnings	-$1.1B-4864.5%	-$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%

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

FWDI Cash Flow Statement

FWDI quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	-$18.4M	-$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	$3K	$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	-$18.4M	-$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	-$955.0M	-$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	$983.0M	$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	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Operating Cash Flow	-$3.4M-173.0%	-$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%
Depreciation & Amortization	$21K-74.9%	$23K-71.9%	$26K-69.4%	$83K-1.0%	$83K+0.6%	$83K-2.3%	$84K+3.1%	$84K+4.4%
Stock-Based Compensation	N/A	N/A	$17K-15.6%	N/A	N/A	N/A	$20K-60.0%	N/A
Capital Expenditures	$0-100.0%	$3K+134.8%	$0-100.0%	-$3-100.0%	$19K+105.4%	$1K-93.3%	$5K-72.2%	$15K-22.9%
Free Cash Flow	-$3.4M-168.8%	-$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%
Investing Cash Flow	-$55.8M-25389.2%	$3.2M+220918.7%	-$1.1M-19770.9%	-$901.2M-5976298.1%	-$219K-2275.5%	-$1K+93.3%	-$5K+72.2%	-$15K+22.9%
Financing Cash Flow	$53.5M+5770.1%	-$7.1M	-$3.8M	$940.4M	$911K+707.4%	$0+100.0%	$0+100.0%	$0+100.0%
Share Buybacks	$11.8M	$47.1M	$10.9M	N/A	$0	$0	$0	N/A

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

FWDI 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.

FWDI quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Gross Margin	62.2%+87.1pp	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%
Operating Margin	-651.8%	-2191.9%	-2722.8%	-39.2%-24.3pp	-102.6%	-58.3%-46.1pp	-19.4%-12.3pp	-14.9%
Net Margin	-639.7%	-2184.1%	-2732.2%	-2063.7%	-34.1%-26.1pp	-46.5%-35.6pp	-15.3%-8.4pp	-13.6%
Return on Equity	-14.5%+10.8pp	-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%
Return on Assets	-11.4%-1.2pp	-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%
Current Ratio	0.17-1.3x	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
Debt-to-Equity	0.27-1.2x	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
Asset Turnover	0.02-0.3x	0.02-0.2x	0.02-0.3x	0.01-0.3x	0.300.0x	0.25-0.1x	0.340.0x	0.32
FCF Margin	-31.1%+18.9pp	-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%

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.

Where Forward Industries, Inc. Ranks

Frequently Asked Questions

What is Forward Industries, Inc.'s annual revenue?

Forward Industries, Inc. (FWDI) 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.'s revenue growing?

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

Is Forward Industries, Inc. profitable?

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

What is Forward Industries, Inc.'s EBITDA?

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

What is Forward Industries, Inc.'s gross margin?

Forward Industries, Inc. (FWDI) 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.'s operating margin?

Forward Industries, Inc. (FWDI) 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.'s return on equity (ROE)?

Forward Industries, Inc. (FWDI) 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.'s free cash flow?

Forward Industries, Inc. (FWDI) 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.'s operating cash flow?

Forward Industries, Inc. (FWDI) 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.'s total assets?

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

What are Forward Industries, Inc.'s capital expenditures?

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

How many shares does Forward Industries, Inc. have outstanding?

Forward Industries, Inc. (FWDI) had 86M shares outstanding as of fiscal year 2025.

What is Forward Industries, Inc.'s current ratio?

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

What is Forward Industries, Inc.'s debt-to-equity ratio?

Forward Industries, Inc. (FWDI) 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.'s return on assets (ROA)?

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

What is Forward Industries, Inc.'s P/E ratio?

Forward Industries, Inc. (FWDI) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $449.0M as of Sep 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Forward Industries, Inc.'s price-to-sales ratio?

Forward Industries, Inc. (FWDI) trades at 8.5x sales, its market capitalization divided by revenue of $53.1M revenue, trailing 12 months to June 30, 2026. The market capitalization is $449.0M as of Sep 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Forward Industries, Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Forward Industries, Inc. (FWDI) 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.'s Altman Z-Score?

Forward Industries, Inc. (FWDI) has an Altman Z-Score of 55.77, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Forward Industries, Inc.'s Piotroski F-Score?

Forward Industries, Inc. (FWDI) 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.'s earnings high quality?

Forward Industries, Inc. (FWDI) 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. cover its interest payments?

Forward Industries, Inc. (FWDI) 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.?

Forward Industries, Inc. (FWDI) 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.