NASDAQ : FWDI
Forward Industries, Inc. — Financial statements
Consumer Discretionary · Footwear & Accessories · United States
Last price 6.94 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 512.50M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Forward Industries, Inc. (FWDI) reported revenue of 53.12M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 53.12M | 18.19M | 19.99M | 36.69M | 38.21M | 39.02M |
| Cost of Revenue | 15.64M | 13.00M | 14.81M | 28.32M | 29.41M | 30.89M |
| Gross Profit | 37.48M | 5.19M | 5.18M | 8.36M | 8.80M | 8.13M |
| Selling, General & Admin | 26.54M | 10.63M | 7.13M | 8.20M | 8.21M | 8.90M |
| Other Operating Expenses | 923.51K | 923.51K | ||||
| Operating Expenses | 27.47M | 11.56M | 7.13M | 8.20M | 8.21M | 8.90M |
| Operating Income | 10.02M | -6.37M | -1.95M | 159.66K | 588.47K | -765.00K |
| Interest Expense | -589.60K | -49.14K | -62.66K | -104.20K | -123.41K | -171.96K |
| Interest & Investment Income | 975.32K | 70.67K | 78.86K | 23.19K | 88.76K | |
| Currency Exchange Gain (Loss) | 5.00K | 5.00K | 8.00K | 2.00K | -13.00K | -5.00K |
| Other Non Operating Income (Expenses) | -976.82M | -160.70M | -16.32K | 28.02K | 388.00 | 431.00 |
| EBT Excluding Unusual Items | -966.41M | -167.04M | -1.94M | 108.66K | 452.45K | -852.76K |
| Impairment of Goodwill | -1.80M | -2.03M | -200.00K | |||
| Gain (Loss) on Sale of Investments | 17.34K | |||||
| Other Unusual Items | 70.00K | 1.38M | ||||
| Pretax Income | -1.10B | -169.07M | -2.14M | 178.66K | 452.45K | 523.80K |
| Income Tax Expense | 100.74K | 20.40K | 22.95K | 20.01K | 2.55K | |
| Earnings From Continuing Operations | -1.10B | -169.09M | -2.17M | 158.66K | 449.89K | 523.80K |
| Earnings From Discontinued Operations | 2.11M | 215.59K | -3.90M | -1.83M | ||
| Net Income | -1.10B | -166.97M | -1.95M | -3.74M | -1.38M | 523.80K |
| Preferred Dividends & Other Adjustments | 19.17K | 29.44K | ||||
| Net Income to Common | -1.10B | -167.00M | -1.95M | -3.74M | -1.38M | 523.80K |
| Shares Outstanding (Basic) | 76.15M | 6.79M | 1.10M | 1.10M | 1.01M | 995.01K |
| Shares Outstanding (Diluted) | 76.15M | 6.79M | 1.10M | 1.10M | 1.02M | 1.04M |
| EPS (Basic) | -14.47 | -24.59 | -1.77 | -3.39 | -1.37 | 0.53 |
| EPS (Diluted) | -14.47 | -24.59 | -1.77 | -3.40 | -1.39 | 0.50 |
| Free Cash Flow | -18.38M | -4.53M | 454.62K | 904.95K | 1.37M | -595.52K |
| Free Cash Flow Per Share | -0.24 | -0.67 | 0.41 | 0.82 | 1.34 | -0.57 |
| Gross Margin | 70.56% | 28.54% | 25.93% | 22.80% | 23.03% | 20.85% |
| Operating Margin | 18.86% | -35.00% | -9.76% | 0.43% | 1.54% | -1.96% |
| Profit Margin | -2,073.88% | -918.23% | -9.76% | -10.18% | -3.61% | 1.34% |
| Free Cash Flow Margin | -34.61% | -24.89% | 2.27% | 2.47% | 3.57% | -1.53% |
| EBITDA | 10.17M | -6.03M | -1.62M | 475.60K | 897.71K | -437.71K |
| EBITDA Margin | 19.15% | -33.18% | -8.10% | 1.30% | 2.35% | -1.12% |
| D&A For EBITDA | 152.45K | 332.23K | 331.93K | 315.94K | 309.24K | 327.29K |
| EBIT | 10.02M | -6.37M | -1.95M | 159.66K | 588.47K | -765.00K |
| EBIT Margin | 18.86% | -35.00% | -9.76% | 0.43% | 1.54% | -1.96% |
| Effective Tax Rate | 11.20% | 0.56% | ||||
| Revenue as Reported | 36.69M |
Balance sheet
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 10.97M | 38.17M | 2.78M | 3.18M | 2.58M | 1.41M |
| Cash & Short-Term Investments | 13.28M | 38.17M | 2.78M | 3.18M | 2.58M | 1.41M |
| Receivables | 2.39M | 2.70M | 3.58M | 6.97M | 7.54M | 8.76M |
| Inventory | 334.38K | 670.85K | 2.38M | |||
| Prepaid Expenses | 1.38M | 355.55K | 382.83K | 378.51K | 397.61K | 244.07K |
| Other Current Assets | 5.06M | 2.91M | 508.08K | 3.15M | ||
| Total Current Assets | 22.12M | 41.22M | 9.65M | 11.37M | 14.34M | 12.79M |
| Property, Plant & Equipment | 871.98K | 2.43M | 2.81M | 3.30M | 3.67M | 3.91M |
| Long-Term Investments | 1.90M | |||||
| Goodwill | 1.56M | 1.76M | 1.76M | 1.76M | ||
| Other Intangible Assets | 680.39K | 893.14K | 1.11M | 1.32M | ||
| Other Long-Term Assets | 577.64M | 1.43B | 68.74K | 68.74K | 68.74K | 72.25K |
| Total Assets | 602.53M | 1.47B | 14.77M | 17.39M | 20.94M | 19.86M |
| Accounts Payable | 837.30K | 433.04K | 103.58K | 518.89K | 268.16K | 391.99K |
| Accrued Expenses | 854.00K | 536.00K | 386.00K | 1.16M | 8.66M | 6.10M |
| Short-Term Debt | 117.52M | |||||
| Current Portion of Long-Term Debt | 600.00K | |||||
| Current Portion of Leases | 437.73K | 450.95K | 404.06K | 416.04K | 377.94K | 340.15K |
| Current Unearned Revenue | 504.88K | 292.52K | 399.44K | 297.41K | 438.88K | 187.69K |
| Other Current Liabilities | 7.62M | 1.01M | 7.48M | 8.45M | 229.00K | 186.00K |
| Total Current Liabilities | 127.77M | 2.72M | 9.37M | 10.84M | 9.98M | 7.21M |
| Long-Term Debt | 1.10M | 1.40M | 1.60M | |||
| Long-Term Leases | 549.25K | 2.09M | 2.43M | 2.83M | 3.25M | 3.56M |
| Other Long-Term Liabilities | 45.00K | 45.00K | ||||
| Total Liabilities | 128.32M | 4.82M | 11.80M | 14.77M | 14.67M | 12.41M |
| Common Stock | 871.63K | 861.46K | 11.01K | 11.01K | 100.61K | 100.61K |
| Additional Paid-In Capital | 1.67B | 1.66B | 20.39M | 20.29M | 20.12M | 19.91M |
| Retained Earnings | -1.12B | -186.61M | -19.64M | -17.69M | -13.95M | -12.57M |
| Comprehensive Income & Other | 2.20M | |||||
| Shareholders' Equity | 474.21M | 1.47B | 2.97M | 2.62M | 6.27M | 7.44M |
| Total Liabilities & Equity | 602.53M | 1.47B | 14.77M | 17.39M | 20.94M | 19.86M |
| Total Debt | 118.51M | 2.55M | 3.43M | 4.35M | 5.03M | 5.50M |
| Net Cash (Debt) | -105.22M | 35.62M | -656.66K | -1.17M | -2.45M | -4.09M |
| Net Cash Per Share | -1.38 | 5.25 | -0.60 | -1.06 | -2.40 | -3.92 |
| Filing Date Shares Outstanding | 73.85M | 86.46M | 1.10M | 1.01M | 1.01M | 1.01M |
| Total Common Shares Outstanding | 73.85M | 86.15M | 1.10M | 1.01M | 1.01M | 1.01M |
| Working Capital | -105.65M | 38.50M | 277.82K | 534.12K | 4.36M | 5.59M |
| Book Value Per Share | 6.42 | 17.07 | 2.69 | 2.60 | 6.23 | 7.40 |
| Tangible Book Value | 474.21M | 1.47B | 727.97K | -35.56K | 3.40M | 4.37M |
| Tangible Book Value Per Share | 6.42 | 17.07 | 0.66 | -0.04 | 3.38 | 4.34 |
| Machinery | 617.33K | 612.02K | 740.05K | 614.15K | 694.00K |
Cash flow statement
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -1.10B | -166.97M | -1.95M | -3.74M | -1.38M | 523.80K |
| Depreciation & Amortization | 152.45K | 332.23K | 331.93K | 315.94K | 309.24K | 327.29K |
| Loss (Gain) From Sale of Assets | -1.41M | -1.41M | ||||
| Asset Writedown & Restructuring Costs | 1.80M | 2.03M | 200.00K | |||
| Loss (Gain) From Sale of Investments | -17.34K | |||||
| Stock-Based Compensation | 6.73M | 2.87M | 101.36K | 86.49K | 201.24K | 68.86K |
| Provision & Write-off of Bad Debts | 82.05K | 105.52K | 19.50K | 78.79K | 264.91K | 506.47K |
| Other Operating Activities | 1.08B | 156.28M | -70.00K | -1.38M | ||
| Change in Accounts Receivable | -499.88K | 833.09K | 1.22M | 495.10K | 953.14K | -1.66M |
| Change in Inventory | 316.47K | 108.22K | -786.86K | |||
| Change in Accounts Payable | -395.03K | 229.46K | -391.87K | 250.73K | 1.86M | 2.31M |
| Change in Unearned Revenue | 194.90K | -106.91K | 102.03K | -141.47K | 251.18K | -297.38K |
| Change in Other Net Operating Assets | 568.91K | 909.05K | -787.97K | 803.54K | 815.47K | -135.32K |
| Operating Cash Flow | -18.38M | -4.50M | 519.77K | 1.04M | 1.53M | -528.31K |
| Capital Expenditures | -3.36K | -25.77K | -65.15K | -136.08K | -169.63K | -67.21K |
| Divestitures | -650.00K | -650.00K | ||||
| Investment in Securities | -4.20M | |||||
| Other Investing Activities | -950.10M | -900.79M | ||||
| Investing Cash Flow | -954.96M | -901.47M | -65.15K | -136.08K | -169.63K | -67.21K |
| Short-Term Debt Issued | 2.36M | 150.00K | ||||
| Total Debt Issued | 114.86M | 2.36M | 150.00K | |||
| Short-Term Debt Repaid | -1.15M | |||||
| Long-Term Debt Repaid | -600.00K | -500.00K | -300.00K | -200.00K | -186.46K | |
| Total Debt Repaid | -8.10M | -600.00K | -500.00K | -300.00K | -200.00K | -1.34M |
| Net Debt Issued (Repaid) | 106.76M | 1.76M | -500.00K | -300.00K | -200.00K | -1.19M |
| Issuance of Common Stock | 11.95M | 4.02M | 267.71K | |||
| Repurchase of Common Stock | -69.86M | |||||
| Other Financing Activities | 934.19M | 934.60M | ||||
| Financing Cash Flow | 983.04M | 941.36M | -500.00K | -300.00K | -200.00K | -918.74K |
| Net Cash Flow | 9.70M | 35.39M | -45.38K | 604.95K | 1.17M | -1.51M |
| Free Cash Flow | -18.38M | -4.53M | 454.62K | 904.95K | 1.37M | -595.52K |
| Free Cash Flow Margin | -34.61% | -24.89% | 2.27% | 2.47% | 3.57% | -1.53% |
| Free Cash Flow Per Share | -0.24 | -0.67 | 0.41 | 0.82 | 1.34 | -0.57 |
| Levered Free Cash Flow | 14.77M | -3.11M | -1.63M | 4.69M | 2.99M | -440.53K |
| Unlevered Free Cash Flow | 15.14M | -3.08M | -1.59M | 4.76M | 3.06M | -333.06K |
| Cash Interest Paid | 385.66K | 48.92K | 62.66K | 104.20K | 123.41K | 154.51K |
| Cash Income Tax Paid | 152.90K | 32.07K | 7.07K | 10.27K | 10.86K | 8.39K |
| Change in Working Capital | -131.10K | 1.86M | 146.00K | 1.72M | 3.98M | -578.16K |
Ratios
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 468.93M | 2.18B | 4.11M | 7.65M | 13.38M | 23.97M |
| Enterprise Value | 574.15M | 2.18B | 5.09M | 9.38M | 16.38M | 28.00M |
| Last Close Price | 6.35 | 25.57 | 3.73 | 7.60 | 13.30 | 23.90 |
| PE Ratio | 45.77 | |||||
| Forward PE | 56.85 | 39.25 | 39.25 | 39.25 | 39.25 | 39.25 |
| PS Ratio | 8.83 | 119.60 | 0.20 | 0.21 | 0.35 | 0.61 |
| PB Ratio | 0.99 | 1.48 | 1.38 | 2.92 | 2.13 | 3.22 |
| P/TBV Ratio | 0.99 | 1.48 | 5.64 | 3.93 | 5.49 | |
| P/FCF Ratio | 9.03 | 8.45 | 9.80 | |||
| P/OCF Ratio | 7.90 | 7.35 | 8.72 | |||
| EV/Sales Ratio | 10.81 | 119.98 | 0.26 | 0.26 | 0.43 | 0.72 |
| EV/EBITDA Ratio | 56.45 | 19.72 | 18.24 | |||
| EV/EBIT Ratio | 57.31 | 58.74 | 27.83 | |||
| EV/FCF Ratio | 11.20 | 10.36 | 12.00 | |||
| Debt / Equity Ratio | 0.25 | 0.00 | 1.16 | 1.66 | 0.80 | 0.74 |
| Debt / EBITDA Ratio | 11.06 | 3.97 | 3.29 | 31.73 | ||
| Debt / FCF Ratio | 7.55 | 4.81 | 3.68 | |||
| Net Debt / Equity Ratio | 0.22 | -0.02 | 0.22 | 0.45 | 0.39 | 0.55 |
| Net Debt / EBITDA Ratio | 10.35 | 5.90 | -0.41 | 2.46 | 2.73 | -9.34 |
| Net Debt / FCF Ratio | -5.72 | 7.87 | 1.44 | 1.29 | 1.80 | -6.87 |
| Asset Turnover | 0.17 | 0.02 | 1.24 | 1.92 | 1.87 | 1.99 |
| Inventory Turnover | 56.35 | 19.28 | 16.42 | |||
| Quick Ratio | 0.12 | 15.01 | 0.68 | 0.94 | 1.01 | 1.41 |
| Current Ratio | 0.17 | 15.13 | 1.03 | 1.05 | 1.44 | 1.77 |
| Return on Equity (ROE) | -461.37% | -22.96% | -77.59% | 3.57% | 6.56% | 7.47% |
| Return on Assets (ROA) | 2.05% | -0.53% | -7.58% | 0.52% | 1.80% | -2.44% |
| Return on Invested Capital (ROIC) | 1.72% | -0.89% | -52.67% | 2.27% | 5.78% | -6.67% |
| Return on Capital Employed (ROCE) | 2.10% | -0.40% | -36.20% | 2.40% | 5.40% | -6.00% |
| Earnings Yield | -227.83% | -7.68% | -47.49% | -48.84% | -10.30% | 2.19% |
| FCF Yield | -3.92% | -0.21% | 11.07% | 11.83% | 10.20% | -2.48% |
| Buyback Yield / Dilution | -6,796.57% | -516.78% | -7.94% | 2.32% | -8.97% |