FWDINasdaqFinance ServicesFiscal year ends September 30
Forward Industries, Inc.
Financials through Q3 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 12, 2026
$6.81−0.10 (-1.45%)
Close on Oct 19, 2026
- Market cap
- $590.39M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
28.5%+9.3 pts over 5 years
Operating margin
-46.1%−40.4 pts over 5 years
Net margin
-918.1%−912.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -9.0% | -21.9% | -12.0% | -4.9% | |
| Gross profit | +0.1% | -16.1% | -4.8% | -1.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 7.8% | -24.8% | -22.7% | |
| Return on assets | 4.8% | -10.0% | -22.4% | |
| Current ratio | 2.96 | 1.38 | 15.14 | |
| Debt to equity | – | 0.08 | – | |
| Net debt to EBITDA | – | 1.40× | – | |
| Interest coverage | – | -11.3× | -170.8× | |
| Inventory turnover | 8.2× | 19.3× | – | |
| Capex to revenue | 0.2% | 0.2% | 0.1% | |
| Diluted shares | 9M | 10M | 7M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Forward Industries generated $8.13M from operations and spent $463.85K on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$8.13M
Used
$463.85K
Capital expenditure$463.85K100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-918.1%
×Asset turnover0.02×
×Equity multiplier1.01×
=Return on equity, FY2025-22.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -918.1% | 0.02× | 1.01× | -22.7% |
| FY2024 | -9.8% | 1.24× | 5.76× | -69.9% |
| FY2023 | -10.2% | 1.91× | 4.31× | -84.1% |
| FY2022 | -3.6% | 1.87× | 2.98× | -20.1% |
| FY2021 | 1.3% | 1.99× | 2.80× | 7.5% |
| FY2020 | -5.1% | 1.95× | 2.48× | -24.8% |
| FY2019 | -9.6% | 2.12× | 1.88× | -38.3% |
| FY2018 | 4.0% | 2.13× | 1.62× | 13.8% |
| FY2017 | 2.3% | 1.94× | 1.49× | 6.8% |
| FY2016 | 2.2% | 2.18× | 1.62× | 7.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$166.97M
- Cash generatingOperating cash flow above zero-$4.50M
- Return on assets improvedROA up on the prior year-11.2% → -1130.6%
- Earnings backed by cashOperating cash flow above net income-$4.50M vs -$166.97M
- Less leverageLong-term debt to assets fell0.0% → –
- Better liquidityCurrent ratio rose1.03 → 15.14
- No dilutionShare count did not rise1M → 7M
- Gross margin improvedGross margin up on the prior year25.93% → 28.54%
- More efficientAsset turnover rose1.15 → 1.23