FWDI Consumer CyclicalBeta data

Forward Industries, Inc.

$6.15+2.67%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Consumer Cyclical
Industry: Footwear & Accessories
Country: United States
Market cap: 469.2M USD
Enterprise value: 556.4M USD
Full-time employees: 60

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: less short-term liquidity (current ratio 0.17 vs a peer median of 1.48)less liquidity (current ratio 0.17 vs peers 1.48)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #1,161 of 1,502 consumer cyclical companies (bottom 23%)

See how it ranks against its peers

Worth knowing

Operating margin at a 6-year low. -46% in FY Sep 2025, the weakest of the last 6 years.
Forward Industries's operating margin fell to -46% in FY Sep 2025, its lowest in the 6 years of filings we have.
Stock-based pay is a large cost. Stock pay was 16% of revenue in FY Sep 2025.
Forward Industries paid employees $3M in stock in FY Sep 2025, 16% of its $18M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Annual revenue fell three years running. Fiscal-year revenue down each year from FY Sep 2022 to FY Sep 2025.
Forward Industries's fiscal-year revenue declined in each of the three years to FY Sep 2025.
Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.
Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -1772%).

StockQuotient Score

36/ 100

Oct 5 35 → Nov 4 36 (+1)

Fundamentals: Yahoo Finance, not primary filings

Valuation

Is the price right?

12/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ FCF yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-492.2%

Yahoo Finance · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.34Sector median: 0.0439 · MAD: 0.0329

EBITDA yield1.8%

Yahoo Finance · trailing 12 monthsReported value50% base weight · Z-score -1.51Sector median: 0.0877 · MAD: 0.0461

Free cash flow yield-3.9%

Yahoo Finance · trailing 12 months · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.13Sector median: 0.0614 · MAD: 0.0545

Other data (not scored)

Book yield104.4%

Yahoo FinanceReported valueInformational · 0% composite weightSector median: 0.5650 · MAD: 0.3500

Growth

Is it growing?

96/100

Strong

2/3 inputs reported · Partial data

Since last quarter: ▲ Stronger

12-month revenue up 18.5%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0420 · MAD: 0.2537

3-year revenue growth16.2%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 1.87Sector median: 0.0425 · MAD: 0.0636

Revenue growth254.5%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.60Sector median: 0.0373 · MAD: 0.0653

Profitability

Does it earn well?

0/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-1771.6%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -4.25Sector median: 0.0638 · MAD: 0.0461

Return on assets-182.8%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.27Sector median: 0.0331 · MAD: 0.0254

Return on invested capital-160.5%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.50Sector median: 0.0733 · MAD: 0.0600

Other data (not scored)

Gross margin70.6%

Yahoo Finance · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.3025 · MAD: 0.1399

Return on equity-461.4%

Yahoo Finance · trailing 12 monthsOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0746 · MAD: 0.0674

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ Debt / equity
▼ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.85

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.71Sector median: 0.6345 · MAD: 0.2980

Current ratio0.17×

Yahoo FinanceOutlier capped at sector 5th/95th percentile33% base weight · Z-score -1.78Sector median: 1.4800 · MAD: 0.5570

Debt / equity0.25×

Yahoo FinanceReported value33% base weight · Z-score 0.60Sector median: 0.4646 · MAD: 0.3556

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Forward Industries

Is Forward Industries getting weaker?: Its latest SEC filing (Aug 12, 2026) showed no major changes. Its overall score is unchanged at 36/100 since Oct 28, 2026.
How is Forward Industries valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 12/100 against 1,612 consumer cyclical peers. Earnings yield -492.2% vs a peer median of 4.4% (weaker than 100% of peers).Earnings yield -492.2% vs peers 4.4% (weaker than 100% of peers).
Is Forward Industries growing?: Yes, faster than most of its peers. Growth scores 96/100 against 1,612 consumer cyclical peers. Revenue growth 254.5% vs a peer median of 3.7% (stronger than 95% of peers).Revenue growth 254.5% vs peers 3.7% (stronger than 95% of peers).
How profitable is Forward Industries?: Less profitable than most of its peers. Profitability scores 0/100 against 1,612 consumer cyclical peers. Operating margin -1771.6% vs a peer median of 6.4% (weaker than 100% of peers).Operating margin -1771.6% vs peers 6.4% (weaker than 100% of peers).
How risky is Forward Industries?: Moderate risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Debt / equity 0.25× vs a peer median of 0.46× (stronger than 69% of peers).Debt / equity 0.25× vs peers 0.46× (stronger than 69% of peers). Current ratio 0.17× vs a peer median of 1.48× (weaker than 100% of peers).Current ratio 0.17× vs peers 1.48× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 12, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Worth watching: Forward Industries is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	44.8M USD	53.1M USD	+18.5%
Net income (12 months)	−1.0B USD	−1.1B USD	+6.6%
Operating margin	-1948.0%	-1771.6%	+176.4 pts
Free cash flow (12 months)	−16.3M USD	−18.4M USD	+12.9%
Cash	16.6M USD	11.0M USD	−34.1%
Shares outstanding	74.7M	73.8M	−1.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Consumer Cyclical · 182 companies

Valuations in Consumer Cyclical are within their usual range since 2016.

36% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +0% and earnings +10% (medians): prices and earnings moved broadly together.
Median price-to-sales is −55% vs the whole market, against a usual −41%.

2016Shaded: most expensive fifth of its range2026

Shown for Consumer Cyclical: too few Footwear & Accessories companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY Sep 2021	FY Sep 2022	FY Sep 2023	FY Sep 2024	FY Sep 2025	Change
Gross margin	20.8%	23.0%	22.8%	25.9%	28.5%	▲ 2.6 pts
Operating margin	-2.0%	1.5%	0.4%	-10.8%	-46.1%	▼ 35 pts
Net margin	1.3%	-3.6%	-10.2%	-9.8%	-918.1%	▼ 908 pts
Return on assets (ROA)	2.6%	-6.6%	-21.5%	-13.2%	-11.3%	▲ 1.9 pts
Return on equity (ROE)	7.0%	-22.0%	-142.8%	-65.7%	-11.4%	▲ 54 pts
Free cash flow margin	-1.5%	3.6%	2.5%	2.3%	-24.9%	▼ 27 pts
Current ratio	1.78×	1.44×	1.05×	1.03×	15.14×	▲ >999%
Quick ratio	1.49×	1.37×	1.02×	0.98×	—	—
Debt to equity	0.21×	0.22×	0.42×	0.20×	0.00×	▼ 100%
Interest coverage	-4.45×	4.77×	1.53×	-34.33×	-170.78×	▼ 397%

FWDI price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: less short-term liquidity (current ratio 0.17 vs a peer median of 1.48)less liquidity (current ratio 0.17 vs peers 1.48)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #1,161 of 1,502 consumer cyclical companies (bottom 23%)

See how it ranks against its peers

Worth knowing

Operating margin at a 6-year low. -46% in FY Sep 2025, the weakest of the last 6 years.

Forward Industries's operating margin fell to -46% in FY Sep 2025, its lowest in the 6 years of filings we have.

Stock-based pay is a large cost. Stock pay was 16% of revenue in FY Sep 2025.

Forward Industries paid employees $3M in stock in FY Sep 2025, 16% of its $18M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Annual revenue fell three years running. Fiscal-year revenue down each year from FY Sep 2022 to FY Sep 2025.

Forward Industries's fiscal-year revenue declined in each of the three years to FY Sep 2025.

Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.

Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -1772%).

Questions investors ask about Forward Industries

Is Forward Industries getting weaker?

Its latest SEC filing (Aug 12, 2026) showed no major changes. Its overall score is unchanged at 36/100 since Oct 28, 2026.

How is Forward Industries valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 12/100 against 1,612 consumer cyclical peers. Earnings yield -492.2% vs a peer median of 4.4% (weaker than 100% of peers).Earnings yield -492.2% vs peers 4.4% (weaker than 100% of peers).

Is Forward Industries growing?

Yes, faster than most of its peers. Growth scores 96/100 against 1,612 consumer cyclical peers. Revenue growth 254.5% vs a peer median of 3.7% (stronger than 95% of peers).Revenue growth 254.5% vs peers 3.7% (stronger than 95% of peers).

How profitable is Forward Industries?

Less profitable than most of its peers. Profitability scores 0/100 against 1,612 consumer cyclical peers. Operating margin -1771.6% vs a peer median of 6.4% (weaker than 100% of peers).Operating margin -1771.6% vs peers 6.4% (weaker than 100% of peers).

How risky is Forward Industries?

Moderate risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Debt / equity 0.25× vs a peer median of 0.46× (stronger than 69% of peers).Debt / equity 0.25× vs peers 0.46× (stronger than 69% of peers). Current ratio 0.17× vs a peer median of 1.48× (weaker than 100% of peers).Current ratio 0.17× vs peers 1.48× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

44.8M USD

53.1M USD

+18.5%

Net income (12 months)

−1.0B USD

−1.1B USD

+6.6%

Operating margin

-1948.0%

-1771.6%

+176.4 pts

Free cash flow (12 months)

−16.3M USD

−18.4M USD

+12.9%

Cash

16.6M USD

11.0M USD

−34.1%

Shares outstanding

74.7M

73.8M

−1.1%

Key ratios

FY Sep 2021

FY Sep 2022

FY Sep 2023

FY Sep 2024

FY Sep 2025

Change

Gross margin

20.8%

23.0%

22.8%

25.9%

28.5%

▲ 2.6 pts

Operating margin

-2.0%

1.5%

0.4%

-10.8%

-46.1%

▼ 35 pts

Net margin

1.3%

-3.6%

-10.2%

-9.8%

-918.1%

▼ 908 pts

Return on assets (ROA)

2.6%

-6.6%

-21.5%

-13.2%

-11.3%

▲ 1.9 pts

Return on equity (ROE)

7.0%

-22.0%

-142.8%

-65.7%

-11.4%

▲ 54 pts

Free cash flow margin

-1.5%

3.6%

2.5%

2.3%

-24.9%

▼ 27 pts

Current ratio

1.78×

1.44×

1.05×

1.03×

15.14×

▲ >999%

Quick ratio

1.49×

1.37×

1.02×

0.98×

—

Debt to equity

0.21×

0.22×

0.42×

0.20×

0.00×

▼ 100%

Interest coverage

-4.45×

4.77×

1.53×

-34.33×

-170.78×

▼ 397%