# Forward Industries, Inc. (FWDI)

> Source: Nexqual · https://nexqual.com/FWDI · data as of 2026-10-15 20:00 UTC · cite as "Nexqual, Forward Industries, Inc. (FWDI), nexqual.com/FWDI" · informational, not investment advice.

**Price:** USD 7.15 (+5.30% on the day) · last close of Oct 15, 2026; US market closed, not a live price. Prev close 6.79 · day 6.42–7.18 · 52w 3.48–22.97 · market cap $545M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $53.1M, net income -$1.10B (-2073.8% margin) (SEC filings).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (3 analysts), mean target USD 11.83 (range 8.5–16).
- Total return with dividends: 1Y -71.0% vs S&P 500 +18.1%; 5Y -67.3% vs S&P 500 +85.1%.
- Next earnings: 2026-08-12, EPS estimate USD 0.02, revenue estimate $12.5M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $39.0M | $38.2M | $36.7M | $20.0M | $18.2M | $53.1M |
| Gross profit | $8.1M | $8.8M | $8.4M | $5.2M | $5.2M | — |
| Operating income | -$765K | $588K | $160K | -$2.2M | -$8.4M | -$941M |
| Net income | $524K | -$1.4M | -$3.7M | -$2.0M | -$167M | -$1.10B |
| EPS (diluted) | $0.50 | -$1.40 | -$3.39 | -$1.77 | -$24.59 | — |
| Free cash flow | -$596K | $1.4M | $905K | $455K | -$4.5M | -$18.4M |
| Gross margin | 20.8% | 23.0% | 22.8% | 25.9% | 28.5% | — |
| Operating margin | -2.0% | 1.5% | 0.4% | -10.8% | -46.1% | -1771.6% |
| Net margin | 1.3% | -3.6% | -10.2% | -9.8% | -918.1% | -2073.8% |
| Revenue growth | +13.2% | -2.1% | -4.0% | -45.5% | -9.0% | — |
| Cash + short-term investments | $1.4M | $2.6M | $2.8M | $2.8M | $38.2M | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 10.3x · P/B 1.1x · FCF yield -3.37% · Earnings yield -201.97%

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 3 analysts; mean target USD 11.83 (low 8.5, high 16).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-22 | B. Riley Securities | Target raised | Buy | $9 → $11 |
| 2026-09-10 | Cantor Fitzgerald | Target raised | Overweight | $8 → $16 |
| 2026-09-03 | B. Riley Securities | Target raised | Buy | $7 → $9 |
| 2026-08-13 | B. Riley Securities | Target lowered | Buy | $8 → $7 |
| 2026-08-13 | Cantor Fitzgerald | Target raised | Overweight | $7.9 → $8 |
| 2026-07-01 | Cantor Fitzgerald | Initiated | Overweight | $7.9 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-16) | 5Y (from 2021-10-11) |
|---|---|---|
| Total return | -71.0% | -67.3% |
| S&P 500 (SPY) | +18.1% | +85.1% |
| Per year | -71.2% | -20.0% |
| Volatility (annualized) | 95.4% | 86.5% |
| Max drawdown | -85.7% (Oct 2025→Jun 2026) | -89.8% (Sep 2025→Jun 2026) |

## Peers (Footwear & Accessories)
WEYS (Weyco Group, Inc.) USD 52.11 -1.18% · FOSL (Fossil Group, Inc.) USD 6.88 -3.78% · RCKY (Rocky Brands, Inc.) USD 46.68 +2.21% · DBI (Designer Brands Inc.) USD 6.42 +9.56% · WWW (Wolverine World Wide, Inc.) USD 20.02 +5.09% · SHOO (Steven Madden, Ltd.) USD 46.24 +3.33%

## More
Full page: https://nexqual.com/FWDI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt