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Forward Industries, Inc.

FWDI Clue Score40
United States Fiscal year ends September CIK 0000038264
$7.34 +2.23% Close, 9 Oct 2026
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Price $7.34 +236.70% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue24.8Operating income0.6Net income0.6EPS, diluted0.07Fiscal year 2018Revenue34.5 +39.3%Operating income0.3Net income1.4 +138.1%EPS, diluted0.15Fiscal year 2019Revenue37.4 +8.4%Operating income−3.1Net income−3.6 −361.3%EPS, diluted−0.38Fiscal year 2020Revenue34.5 −7.8%Operating income−2.0Net income−1.8EPS, diluted−0.19Fiscal year 2021Revenue39.0 +13.2%Operating income−0.8Net income0.5EPS, diluted0.05Fiscal year 2022Revenue38.2 −2.1%Operating income0.6Net income−1.4 −363.1%EPS, diluted−0.14Fiscal year 2023Revenue36.7 −4.0%Operating income0.2Net income−3.7EPS, diluted−3.39Fiscal year 2024Revenue20.0 −45.5%Operating income−2.2Net income−2.0EPS, diluted−1.77Fiscal year 2025Revenue18.2 −9.0%Operating income−8.4Net income−167.0EPS, diluted−24.59
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 24.8 34.5 37.4 34.5 39.0 38.2 36.7 20.0 18.2
Growth +39.3% +8.4% −7.8% +13.2% −2.1% −4.0% −45.5% −9.0%
Operating income 0.6 0.3 −3.1 −2.0 −0.8 0.6 0.2 −2.2 −8.4
Net income 0.6 1.4 −3.6 −1.8 0.5 −1.4 −3.7 −2.0 −167.0
Growth +138.1% −361.3% −363.1%
EPS, diluted 0.07 0.15 −0.38 −0.19 0.05 −0.14 −3.39 −1.77 −24.59

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Gross margin16.9%Operating margin2.4%Net margin2.3%Free cash flow margin−0.6%Fiscal year 2018Gross margin19.0%Operating margin0.8%Net margin4.0%Free cash flow margin2.6%Fiscal year 2019Gross margin17.6%Operating margin−8.3%Net margin−9.6%Free cash flow margin−5.4%Fiscal year 2020Gross margin19.3%Operating margin−5.7%Net margin−5.1%Free cash flow margin−1.0%Fiscal year 2021Gross margin20.8%Operating margin−2.0%Net margin1.3%Free cash flow margin−1.5%Fiscal year 2022Gross margin23.0%Operating margin1.5%Net margin−3.6%Free cash flow margin3.6%Fiscal year 2023Gross margin22.8%Operating margin0.4%Net margin−10.2%Free cash flow margin2.5%Fiscal year 2024Gross margin25.9%Operating margin−10.8%Net margin−9.8%Free cash flow margin2.3%Fiscal year 2025Gross margin28.5%Operating margin−46.1%Net margin−918.1%Free cash flow margin−24.9%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 16.9% 19.0% 17.6% 19.3% 20.8% 23.0% 22.8% 25.9% 28.5%
Operating margin 2.4% 0.8% −8.3% −5.7% −2.0% 1.5% 0.4% −10.8% −46.1%
Net margin 2.3% 4.0% −9.6% −5.1% 1.3% −3.6% −10.2% −9.8% −918.1%
Free cash flow margin −0.6% 2.6% −5.4% −1.0% −1.5% 3.6% 2.5% 2.3% −24.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow−0.1Capital expenditure0.0Free cash flow−0.1Fiscal year 2018Operating cash flow1.0Capital expenditure−0.1Free cash flow0.9Fiscal year 2019Operating cash flow−2.0Capital expenditure−0.0Free cash flow−2.0 −322.4%Fiscal year 2020Operating cash flow−0.3Capital expenditure−0.1Free cash flow−0.3Fiscal year 2021Operating cash flow−0.5Capital expenditure−0.1Free cash flow−0.6Fiscal year 2022Operating cash flow1.5Capital expenditure−0.2Free cash flow1.4Fiscal year 2023Operating cash flow1.0Capital expenditure−0.1Free cash flow0.9 −33.7%Fiscal year 2024Operating cash flow0.5Capital expenditure−0.1Free cash flow0.5 −49.8%Fiscal year 2025Operating cash flow−4.5Capital expenditure−0.0Free cash flow−4.5 −1,096.0%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −0.1 1.0 −2.0 −0.3 −0.5 1.5 1.0 0.5 −4.5
Capital expenditure 0.0 −0.1 −0.0 −0.1 −0.1 −0.2 −0.1 −0.1 −0.0
Free cash flow −0.1 0.9 −2.0 −0.3 −0.6 1.4 0.9 0.5 −4.5
Growth −322.4% −33.7% −49.8% −1,096.0%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Total debt0.0Shareholders’ equity8.9Debt to equity0.00Fiscal year 2018Total debt0.1Shareholders’ equity11.1Debt to equity0.00Fiscal year 2019Total debt0.0Shareholders’ equity7.7Debt to equity0.00Fiscal year 2020Cash2.9Total debt0.5Net cash (debt)2.4Shareholders’ equity6.6Debt to equity0.08Fiscal year 2021Cash1.4Shareholders’ equity7.4Fiscal year 2022Cash2.6Shareholders’ equity6.3Fiscal year 2023Cash2.8Shareholders’ equity2.6Fiscal year 2024Cash2.8Shareholders’ equity3.0Fiscal year 2025Cash38.2Shareholders’ equity1,470.1
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash n/a n/a n/a 2.9 1.4 2.6 2.8 2.8 38.2
Total debt 0.0 0.1 0.0 0.5 n/a n/a n/a n/a n/a
Net cash (debt) n/a n/a n/a 2.4 n/a n/a n/a n/a n/a
Shareholders’ equity 8.9 11.1 7.7 6.6 7.4 6.3 2.6 3.0 1,470.1
Debt to equity 0.00 0.00 0.00 0.08 n/a n/a n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending September, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 30 Sep 2017 FY2018 30 Sep 2018 FY2019 30 Sep 2019 FY2020 30 Sep 2020 FY2021 30 Sep 2021 FY2022 30 Sep 2022 FY2023† 30 Sep 2023 FY2024 30 Sep 2024 FY2025† 30 Sep 2025
Revenue and profit
24.8 34.5 37.4 34.5 39.0 38.2 36.7 20.0 18.2
Growth +39.3% +8.4% −7.8% +13.2% −2.1% −4.0% −45.5% −9.0%
20.6 27.9 30.8 27.8 30.9 29.4 28.3 14.8 13.0
4.2 6.6 6.6 6.6 8.1 8.8 8.4 5.2 5.2
Growth +56.7% +0.2% +0.9% +22.5% +8.2% −4.9% −38.0% +0.1%
2.1 4.5 7.7 5.7 6.4 6.7 6.5 6.4 9.6
0.6 0.3 −3.1 −2.0 −0.8 0.6 0.2 −2.2 −8.4
Growth −56.4% −1,288.3% −72.9% −1,447.3%
0.6 0.6 −3.6 −1.8 0.5 0.5 0.2 −2.1 −169.1
0.0 −0.7 −0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.6 1.4 −3.6 −1.8 0.5 −1.4 −3.7 −2.0 −167.0
Growth +138.1% −361.3% −363.1%
Per share
0.07 0.15 −0.38 −0.19 0.05 −0.14 −3.39 −1.77 −24.59
0.07 0.15 −0.38 −0.19 0.05 −0.14 −3.39 −1.77 −24.59
Growth +114.3% −353.3% −380.0%
8.7 9.3 9.5 9.6 10.0 10.1 1.1 1.1 6.8
8.8 9.4 9.5 9.6 10.4 10.2 1.1 1.1 6.8
Growth +6.0% +1.9% +0.5% +9.0% −2.3% −89.2% +0.0% +516.8%

† The diluted share count jumps at 2023 and 2025, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue shrank 12.0% a year over five years.
  • Operating margin is down 40.4 points on five years ago, at -46.1%.
  • A net loss in 6 of 9 years on file.