Forward Industries, Inc. (FWDI) Balance Sheet
FWDI balance sheet, FY2025
September 30, 2025 · U.S. dollars$1.47B assets = $4.8M liabilities + $1.47B equity
Both columns are drawn to the same scale: what FWDI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FWDI financial health
Descriptive bands, not a rating. Fiscal FY2025.
FWDI balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $12.4MFY2016 | $1.47BFY2025 | +70.1%/yr | |
| Total liabilities | $4.2MFY2016 | $4.8MFY2025 | +1.5%/yr | |
| Shareholders’ equity | $8.2MFY2016 | $1.47BFY2025 | +78.1%/yr | |
| Cash & short-term investments | $4.8MFY2016 | $38.2MFY2025 | +26.0%/yr | |
| Total debt | $2.3MFY2018 | $2.5MFY2025 | +1.5%/yr | |
| Net cash (debt) | $2.1MFY2018 | $35.6MFY2025 | +$33.5M | |
| Working capital | $8.2MFY2016 | $38.5MFY2025 | +$30.3M | |
| Debt / equity | 0.21FY2018 | 0.00FY2025 | −0.21 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FWDI assets
FWDI liabilities and equity
FWDI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FWDI balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $38.2M | $3.0M | $3.2M | $2.6M | $1.4M | $2.9M | $3.1M | $4.4M | $4.6M | $4.8M |
| Cash & equivalents | $38.2M | $3.0M | $3.2M | $2.6M | $1.4M | $2.9M | $3.1M | $4.4M | $4.6M | $4.8M |
| Receivables | $2.7M | $5.6M | $7.0M | $7.5M | $8.8M | $7.6M | $6.7M | $9.0M | $6.2M | $4.9M |
| Inventory | $0 | $489,996 | $334,384 | $650,853 | $2.1M | $1.3M | $1.6M | $1.6M | $2.1M | $2.6M |
| Other current assets | $355,548 | $522,727 | $886,589 | $3.6M | $561,072 | $419,472 | $441,502 | $248,434 | $157,930 | $141,421 |
| Total current assets | $41.2M | $9.6M | $11.4M | $14.3M | $12.8M | $12.2M | $11.8M | $15.2M | $13.1M | $12.3M |
| Property, plant & equipment (net) | $2.4M | $2.8M | $3.3M | $3.7M | $3.9M | $3.7M | $243,002 | $358,975 | $20,658 | $43,030 |
| Goodwill & intangible assets | $1.43B | $2.2M | $2.7M | $2.9M | $3.1M | $3.3M | $3.4M | $3.6M | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $806,137 | $72,688 | $68,737 | $68,784 | $72,251 | $116,697 | $581,949 | $63,550 | $12,843 | $12,843 |
| Total assets | $1.47B | $14.8M | $17.4M | $20.9M | $19.9M | $19.4M | $16.1M | $19.2M | $13.2M | $12.4M |
| Liabilities | ||||||||||
| Accounts payable | $433,044 | $129,060 | $518,892 | $268,160 | $391,992 | $197,022 | $315,444 | $329,967 | $67,351 | $62,136 |
| Short-term debt | $450,949 | $1.0M | $416,042 | $377,940 | $340,151 | $3.9M | $3.0M | $2.2M | — | — |
| Deferred revenue | $292,525 | $399,439 | $297,407 | $438,878 | $187,695 | $485,078 | $219,831 | $125,013 | $169,642 | $309,571 |
| Total current liabilities | $2.7M | $9.4M | $10.8M | $10.0M | $7.2M | $8.8M | $8.3M | $7.6M | $4.2M | $4.2M |
| Long-term debt | $0 | $0 | $1.1M | $1.4M | $1.6M | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $2.5M | $2.8M | $3.2M | $3.6M | $3.9M | — | — | — | — | — |
| Other long-term liabilities | $2.1M | $2.4M | $2.8M | $3.3M | $3.6M | $3.9M | $87,373 | $503,981 | $36,963 | $51,486 |
| Total liabilities | $4.8M | $11.8M | $14.8M | $14.7M | $12.4M | $12.8M | $8.4M | $8.1M | $4.2M | $4.2M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $861,455 | $11,011 | $100,612 | $100,612 | $100,612 | $98,838 | $95,338 | $95,338 | $89,208 | $87,808 |
| Retained earnings (deficit) | −$186.6M | −$19.6M | −$17.7M | −$13.9M | −$12.6M | −$13.1M | −$11.3M | −$7.7M | −$9.1M | −$9.7M |
| Accumulated other comprehensive income | — | — | — | — | — | — | $0 | — | $0 | −$21,785 |
| Total shareholders' equity | $1.47B | $3.0M | $2.6M | $6.3M | $7.4M | $6.6M | $7.7M | $11.1M | $8.9M | $8.2M |
| Key figures | ||||||||||
| Total debt | $2.5M | $3.4M | $4.3M | $5.0M | $5.5M | $7.8M | $3.0M | $2.3M | — | — |
| Net cash (debt) | $35.6M | −$411,346 | −$1.2M | −$2.5M | −$4.1M | −$4.8M | $71,635 | $2.1M | — | — |
| Working capital | $38.5M | $272,595 | $534,120 | $4.4M | $5.6M | $3.4M | $3.5M | $7.6M | $8.9M | $8.2M |
| Tangible book value | $39.6M | $727,966 | −$35,564 | $3.4M | $4.4M | $3.3M | $4.3M | $7.5M | $8.9M | $8.2M |
| Book value per share | $21.65 | — | — | — | — | — | — | — | — | — |
| Shares outstanding | 67.9M | — | — | — | — | — | — | — | — | — |
| Current ratio | 15.14 | 1.03 | 1.05 | 1.44 | 1.78 | 1.38 | 1.43 | 2.00 | 3.13 | 2.96 |
| Quick ratio | 15.00 | 0.92 | 0.94 | 1.01 | 1.41 | 1.19 | 1.18 | 1.76 | 2.59 | 2.31 |
| Debt / equity | 0.00 | 1.16 | 1.66 | 0.80 | 0.74 | 1.18 | 0.39 | 0.21 | — | — |
| Equity / assets | 99.7% | 20.1% | 15.0% | 29.9% | 37.5% | 34.0% | 47.9% | 57.7% | 67.9% | 65.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $13.3M | $16.6M | $25.4M | $38.2M | $1.3M | $1.8M | $2.6M | $3.0M | $2.6M | $2.3M | $3.0M | $3.2M |
| Cash & equivalents | $11.0M | $16.6M | $25.4M | $38.2M | $1.3M | $1.8M | $2.6M | $3.0M | $2.6M | $2.3M | $3.0M | $3.2M |
| Short-term investments | $2.3M | — | — | — | — | — | — | — | — | — | — | — |
| Receivables | $2.5M | $3.0M | $35.4M | $2.7M | $1.9M | $2.6M | $4.9M | $5.7M | $6.5M | $6.5M | $6.5M | $7.0M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $752,973 | $489,996 | $243,315 | $308,895 | $405,229 | $334,384 |
| Other current assets | $6.3M | $2.0M | $2.2M | $355,548 | $383,536 | $3.2M | $402,813 | $426,240 | $440,037 | $457,071 | $527,886 | $886,589 |
| Total current assets | $22.1M | $21.6M | $62.9M | $41.2M | $3.6M | $7.7M | $8.6M | $9.6M | $9.7M | $9.5M | $10.5M | $11.4M |
| Property, plant & equipment (net) | $871,982 | $2.8M | $2.3M | $2.4M | $2.6M | $2.7M | $2.8M | $2.8M | $2.9M | $3.1M | $3.2M | $3.3M |
| Goodwill & intangible assets | $335.8M | $507.3M | $826.8M | $1.43B | $1.9M | $1.9M | $2.0M | $2.2M | $2.5M | $2.5M | $2.6M | $2.7M |
| Long-term investments | $1.9M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $241.8M | $76.8M | $949,915 | $806,137 | $303,357 | $68,744 | $72,688 | $73,371 | $68,737 | $69,502 | $68,737 | $68,737 |
| Total assets | $602.5M | $608.5M | $892.9M | $1.47B | $8.3M | $12.3M | $13.5M | $14.8M | $15.2M | $15.2M | $16.3M | $17.4M |
| Liabilities | ||||||||||||
| Accounts payable | $283,510 | $274,521 | $382,603 | $433,044 | $208,811 | $137,406 | $194,951 | $129,060 | $144,549 | $147,518 | $392,202 | $518,892 |
| Short-term debt | $118.0M | $50.5M | $3.9M | $450,949 | $1.1M | $1.1M | $1.1M | $1.0M | $1.0M | $1.2M | $1.3M | $416,042 |
| Deferred revenue | $504,879 | $612,108 | $720,185 | $292,525 | $309,976 | $355,038 | $278,607 | $399,439 | $204,995 | $228,827 | $250,405 | $297,407 |
| Total current liabilities | $127.8M | $54.6M | $10.1M | $2.7M | $2.4M | $6.5M | $8.8M | $9.4M | $11.3M | $10.8M | $11.3M | $10.8M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $986,979 | $3.0M | $2.4M | $2.5M | $2.7M | $2.8M | $2.9M | $2.8M | $2.9M | — | — | — |
| Other long-term liabilities | $549,254 | $2.5M | $2.0M | $2.1M | $2.6M | $2.3M | $2.4M | $2.4M | $2.5M | $2.6M | $2.7M | $3.9M |
| Total liabilities | $128.3M | $57.1M | $12.1M | $4.8M | $4.9M | $8.8M | $11.2M | $11.8M | $13.8M | $13.4M | $14.0M | $14.8M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $871,631 | $870,695 | $864,645 | $861,455 | $11,260 | $11,011 | $11,011 | $11,011 | $11,011 | $100,612 | $100,612 | $100,612 |
| Retained earnings (deficit) | −$1.12B | −$1.06B | −$772.3M | −$186.6M | −$22.6M | −$21.8M | −$20.3M | −$19.6M | −$19.0M | −$18.6M | −$18.0M | −$17.7M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | — | $0 | $0 | — |
| Total shareholders' equity | $474.2M | $551.5M | $880.9M | $1.47B | $3.4M | $3.6M | $2.3M | $3.0M | $1.4M | $1.8M | $2.3M | $2.6M |
| Key figures | ||||||||||||
| Total debt | $118.5M | $53.0M | $5.9M | $2.5M | $3.3M | $3.4M | $3.5M | $3.4M | $3.5M | $3.8M | $4.0M | $4.3M |
| Net cash (debt) | −$105.2M | −$36.4M | $19.5M | $35.6M | −$2.0M | −$1.6M | −$873,826 | −$411,346 | −$984,069 | −$1.5M | −$972,493 | −$1.2M |
| Working capital | −$105.7M | −$33.0M | $52.9M | $38.5M | $1.2M | $1.2M | −$161,924 | $272,595 | −$1.6M | −$1.3M | −$812,971 | $534,120 |
| Tangible book value | $138.4M | $44.2M | $54.1M | $39.6M | $1.5M | $1.7M | $318,418 | $728,352 | −$1.1M | −$774,815 | −$285,784 | −$35,564 |
| Book value per share | $5.47 | $5.81 | $8.89 | $21.65 | — | — | — | — | — | — | — | — |
| Shares outstanding | 86.7M | 94.9M | 99.1M | 67.9M | — | — | — | — | — | — | — | — |
| Current ratio | 0.17 | 0.40 | 6.24 | 15.14 | 1.51 | 1.19 | 0.98 | 1.03 | 0.86 | 0.88 | 0.93 | 1.05 |
| Quick ratio | 0.12 | 0.36 | 6.03 | 15.00 | 1.35 | 0.69 | 0.85 | 0.93 | 0.80 | 0.81 | 0.85 | 0.94 |
| Debt / equity | 0.25 | 0.10 | 0.01 | 0.00 | 0.97 | 0.94 | 1.53 | 1.16 | 2.55 | 2.15 | 1.73 | 1.66 |
| Equity / assets | 78.7% | 90.6% | 98.6% | 99.7% | 40.4% | 29.0% | 16.9% | 20.1% | 9.1% | 11.7% | 14.2% | 15.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 11, 2025); data from EODHD.
FWDI financial position
At the end of fiscal 2025 (September 30, 2025), Forward Industries had total assets of $1.5 billion (up 9,887.2% from a year earlier), total liabilities of $4.8 million and shareholders' equity of $1.5 billion. It held $38.2 million in cash and short-term investments against $2.5 million of debt, a net cash position of $35.6 million. Its current ratio was 15.14. In the latest quarter (ended June 30, 2026) total assets were $602.5 million and equity $474.2 million.
Related: FWDI income statement, FWDI cash flow statement, FWDI key metrics. See the FWDI stock overview for the latest quote and news.
FWDI balance sheet FAQ
What are Forward Industries's total assets?
Forward Industries reported total assets of $1.5 billion at the end of fiscal 2025 (September 30, 2025), compared with $14.8 million a year earlier.
How much debt does Forward Industries have?
Forward Industries had $2.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.00.
How much cash does Forward Industries have?
Forward Industries held $38.2 million in cash and short-term investments at the end of fiscal 2025; with $2.5 million of debt that is net cash of $35.6 million.
What is Forward Industries's book value?
Forward Industries's shareholders' equity (book value) was $1.5 billion at the end of fiscal 2025, or $21.65 per share.
What is Forward Industries's current ratio?
Forward Industries had current assets of $41.2 million and current liabilities of $2.7 million, a current ratio of 15.14 (it can cover its short-term obligations).
How much goodwill does Forward Industries have?
Forward Industries carried $1.4 billion of goodwill and intangible assets, 97.0% of total assets, at the end of fiscal 2025.