Forward Industries, Inc. (FWDI) Key Metrics
FWDI valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $527.2M
- Enterprise value
- $700.1M
- P/E (TTM)
- —
- Forward P/E
- 44.4
- PEG ratio
- 2.53
- Price / sales
- 9.9
- Price / book
- 1.3
- EV / EBITDA
- 20.8
- Dividend yield
- —
- Beta
- 0.85
FWDI key metrics, FY2016–FY2025
Fiscal year ended September 30, 2025 · U.S. dollarsFWDI returns How much profit the business earns on the capital it uses.
FWDI financial health Debt, liquidity and how easily interest is covered.
FWDI efficiency & capital use Working capital cycle and where the cash goes.
FWDI valuation history
FWDI returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FWDI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FWDI cash returned to shareholders
FWDI price vs earnings per share
FWDI key metrics
FY2016–FY2025| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.74B | — | — | — | — | — | — | — | — | — |
| Enterprise value | $1.70B | — | — | — | — | — | — | — | — | — |
| Price / sales | 95.5 | — | — | — | — | — | — | — | — | — |
| Price / book | 1.2 | — | — | — | — | — | — | — | — | — |
| EV / sales | 93.5 | — | — | — | — | — | — | — | — | — |
| Earnings yield | −9.6% | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | −0.3% | — | — | — | — | — | — | — | — | — |
| Share price at fiscal year-end | $25.57 | $3.73 | $7.60 | $13.30 | $23.90 | $13.90 | $9.70 | $15.30 | $12.29 | $14.90 |
| Per share | ||||||||||
| Revenue per share | $0.27 | — | — | — | — | — | — | — | — | — |
| Earnings per share | −$2.46 | — | — | — | — | — | — | — | — | — |
| Operating cash flow per share | −$0.07 | — | — | — | — | — | — | — | — | — |
| Free cash flow per share | −$0.07 | — | — | — | — | — | — | — | — | — |
| Cash per share | $0.56 | — | — | — | — | — | — | — | — | — |
| Book value per share | $21.65 | — | — | — | — | — | — | — | — | — |
| Tangible book value per share | $0.58 | — | — | — | — | — | — | — | — | — |
| Capex per share | $0.00 | — | — | — | — | — | — | — | — | — |
| Debt per share | $0.04 | — | — | — | — | — | — | — | — | — |
| Shares outstanding | 67.9M | — | — | — | — | — | — | — | — | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −22.7% | −69.9% | −84.1% | −20.1% | 7.5% | −24.8% | −38.3% | 13.8% | 6.8% | 7.8% |
| Return on invested capital (ROIC) | −0.7% | −42.6% | 2.3% | 5.8% | −5.3% | −8.0% | −29.4% | 3.9% | 12.2% | 14.5% |
| Return on assets (ROA) | −22.4% | −12.1% | −19.5% | −6.8% | 2.7% | −10.0% | −20.4% | 8.5% | 4.5% | 4.8% |
| Return on tangible assets | −375.6% | −15.6% | −25.4% | −7.6% | 3.1% | −11.0% | −28.5% | 8.8% | 4.4% | 4.9% |
| Free cash flow margin | −24.9% | 1.5% | 2.5% | 3.6% | −1.5% | −1.0% | −5.4% | 2.6% | −0.6% | 2.6% |
| Income quality (OCF / net income) | — | — | — | — | −1.01 | — | — | 0.69 | −0.24 | 1.27 |
| Financial health | ||||||||||
| Total debt | $2.5M | $3.4M | $4.3M | $5.0M | $5.5M | $7.8M | $3.0M | $2.3M | — | — |
| Cash & short-term investments | $38.2M | $3.0M | $3.2M | $2.6M | $1.4M | $2.9M | $3.1M | $4.4M | $4.6M | $4.8M |
| Net debt | −$35.6M | $411,346 | $1.2M | $2.5M | $4.1M | $4.8M | −$71,635 | −$2.1M | −$4.6M | −$4.8M |
| Debt / equity | 0.00 | 1.16 | 1.66 | 0.80 | 0.74 | 1.18 | 0.39 | 0.21 | — | — |
| Debt / assets | 0.00 | 0.23 | 0.25 | 0.24 | 0.28 | 0.40 | 0.19 | 0.12 | — | — |
| Net debt / EBITDA | — | — | 1.95 | 2.77 | 4.00 | — | — | −2.64 | −7.22 | −7.11 |
| Current ratio | 15.14 | 1.03 | 1.05 | 1.44 | 1.78 | 1.38 | 1.43 | 2.00 | 3.13 | 2.96 |
| Quick ratio | 15.14 | 0.98 | 1.02 | 1.37 | 1.49 | 1.24 | 1.23 | 1.79 | 2.63 | 2.34 |
| Interest coverage | -129.5 | -30.8 | 1.5 | 4.8 | -4.4 | -5.5 | -15.4 | 2.3 | — | — |
| Working capital | $38.5M | $272,595 | $534,120 | $4.4M | $5.6M | $3.4M | $3.5M | $7.6M | $8.9M | $8.2M |
| Invested capital | $1.43B | $3.4M | $3.8M | $8.7M | $11.5M | $11.4M | $7.6M | $9.0M | $4.3M | $3.4M |
| Tangible asset value | $39.6M | $727,966 | −$35,564 | $3.4M | $4.4M | $3.3M | $4.3M | $7.5M | $8.9M | $8.2M |
| Net current asset value | $36.4M | −$2.2M | −$3.4M | −$335,765 | $382,613 | −$551,087 | $3.5M | $7.1M | $8.9M | $8.1M |
| Graham net-net per share | $0.52 | — | — | — | — | — | — | — | — | — |
| Capital allocation | ||||||||||
| Share buybacks (net) | — | — | — | — | — | — | — | — | — | $1,667 |
| Dividends + buybacks / free cash flow | — | — | — | — | — | — | — | — | — | 0.2% |
| Capex / revenue | 0.1% | 0.2% | 0.4% | 0.4% | 0.2% | 0.2% | 0.1% | 0.2% | 0.0% | 0.2% |
| Capex / operating cash flow | — | 12.5% | 13.1% | 11.1% | — | — | — | 5.8% | — | 6.3% |
| Capex / depreciation | 0.08 | 0.20 | 0.43 | 0.55 | 0.21 | 0.25 | 0.11 | 0.24 | 0.00 | 0.91 |
| Stock-based compensation / revenue | 15.8% | 0.3% | 0.2% | 0.5% | 0.2% | 0.7% | 0.6% | 0.8% | 0.6% | 0.9% |
| SG&A / revenue | 58.5% | 26.3% | 22.4% | 21.5% | 22.8% | 22.1% | 25.9% | 18.3% | 14.5% | 16.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 83.4 | 76.0 | 72.2 | 77.9 | 76.5 | 75.7 | 76.7 | 80.6 | 81.7 | 68.5 |
| Days of inventory on hand | — | 6.3 | 6.3 | 16.8 | 19.7 | 18.9 | 18.8 | 24.1 | 41.6 | 44.3 |
| Days payables outstanding | 7.9 | 4.9 | 5.1 | 4.1 | 3.5 | 3.4 | 3.8 | 2.6 | 1.1 | 1.5 |
| Cash conversion cycle (days) | 75.5 | 77.4 | 73.5 | 90.6 | 92.8 | 91.2 | 91.7 | 102.1 | 122.2 | 111.3 |
| Receivables turnover | 4.38 | 4.80 | 5.06 | 4.69 | 4.77 | 4.82 | 4.76 | 4.53 | 4.47 | 5.33 |
| Payables turnover | 46.24 | 74.04 | 71.97 | 89.09 | 104.88 | 108.65 | 95.53 | 140.60 | 317.76 | 242.24 |
| Inventory turnover | — | 58.19 | 57.50 | 21.68 | 18.51 | 19.30 | 19.40 | 15.14 | 8.77 | 8.24 |
| Asset turnover | 0.02 | 1.88 | 1.91 | 1.87 | 1.99 | 1.95 | 2.12 | 2.13 | 1.94 | 2.18 |
| Average receivables | $4.2M | $6.3M | $7.3M | $8.2M | $8.2M | $7.1M | $7.9M | $7.6M | $5.5M | $5.2M |
| Average payables | $281,052 | $323,976 | $393,526 | $330,076 | $294,507 | $256,233 | $322,706 | $198,659 | $64,744 | $92,470 |
| Average inventory | — | $412,190 | $492,618 | $1.4M | $1.7M | $1.4M | $1.6M | $1.8M | $2.3M | $2.7M |
| Intangibles / total assets | 97.0% | 15.2% | 15.3% | 13.7% | 15.5% | 17.0% | 21.3% | 18.7% | 0.0% | 0.0% |
Computed from FWDI's annual financial statements (latest annual report filed December 11, 2025) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
FWDI valuation and financial ratios
Forward Industries earned a return on equity of −22.7% and a return on invested capital of −0.7% in fiscal 2025. It ended the year with $2.5 million of debt and $38.2 million in cash and short-term investments, a net cash position of $35.6 million.
See the FWDI income statement, the FWDI chart for price history, or the FWDI stock overview for the latest quote and news.
FWDI key metrics FAQ
What is Forward Industries's return on equity?
Forward Industries's return on equity (ROE) was −22.7% in fiscal 2025: net income of -$167.0 million on average shareholders' equity of $736.5 million.
What is Forward Industries's ROIC?
Forward Industries's return on invested capital was −0.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Forward Industries have?
Forward Industries had total debt of $2.5 million at the end of fiscal 2025, a debt-to-equity ratio of 0.00 and more cash than debt.
What is Forward Industries's free cash flow yield?
Forward Industries generated -$4.5 million of free cash flow in fiscal 2025, a free cash flow yield of −0.3% on its market value at year-end ($1.7 billion).
What is Forward Industries's current ratio?
Forward Industries's current ratio was 15.14 at the end of fiscal 2025: current assets were 15.14 times current liabilities.