Forward Industries (FORD) AI Stock Analysis

• Market Cap: $19.95M
• Dividend Yield: N/A
• Average Volume (3M): 40.30K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.91
• Revenue Growth: -30.05%
• EPS Growth: -5.28%
• Country: US
• Employees: 100
• Sector: Consumer Cyclical
• Sector Strength: 81
• Industry: Apparel - Footwear & Accessories
• EPS (TTM): -2.14
• Shares Outstanding: 1,718,181
• 10 Day Avg. Volume: 58,865
• 30 Day Avg. Volume: 40,303
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.34
• Enterprise Value/Revenue: 0.27
• Enterprise Value/Gross Profit: 1.55
• Enterprise Value/Ebitda: -2.07
• 1Y Price Target: $11.50
• Price Target Upside: -13.79% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 50 Neutral
• Price Target: $11.50 ▼(-13.79% Downside)

The overall stock score reflects significant financial challenges, including declining revenues and negative profitability, which are the most impactful factors. Technical analysis provides some positive signals, but the valuation remains unattractive due to the negative P/E ratio and lack of dividend yield. The absence of earnings call data and corporate events limits further insights.

Forward Industries Business Overview & Revenue Model

Company Description

Forward Industries, Inc., together with its subsidiaries, designs, markets, and distributes carry and protective solutions primarily for handheld electronic devices. The company operates in three segments: OEM Distribution, Retail Distribution, and Design. The OEM Distribution segment sources and distributes carrying cases and other accessories for medical monitoring and diagnostic kits; and various portable electronic and non-electronic products, such as sporting and recreational products, bar code scanners, GPS devices, tablets, and firearms. The Retail Distribution segment sources and sells smart-enabled furniture and a range of other products through agreements with various retailers, including in stores and online retailer websites. The Design segment provides hardware and software product design and engineering services. The company sells its products to original equipment manufacturers in the Asia-Pacific, the Americas, Europe, the Middle East, and Africa. Forward Industries, Inc. was incorporated in 1961 and is headquartered in Hauppauge, New York.

How the Company Makes Money

Forward Industries generates revenue through multiple streams, primarily focusing on the sale of custom engineered products and solutions. The company's core revenue model is based on contract manufacturing agreements, where it collaborates with clients to design and produce specialized products tailored to their requirements. Key revenue streams include direct product sales, where Forward Industries provides innovative carrying cases and enclosures for medical devices and consumer electronics. Additionally, the company benefits from strategic partnerships with original equipment manufacturers (OEMs) and other industry players, enhancing its market reach and driving sales growth. Forward Industries also explores opportunities in licensing and product development collaborations, further contributing to its earnings.

Forward Industries Financial Statement Overview

Summary

Forward Industries is facing significant financial challenges, with declining revenues, negative profitability margins, and a leveraged balance sheet. The combination of these factors suggests potential liquidity and operational risks that need addressing to improve financial health.

Income Statement

The company's income statement reveals declining revenue with a significant drop from the previous year, alongside worsening net losses. The gross profit margin stands at approximately 20.28% TTM, indicating some control over production costs. However, both EBIT and EBITDA margins are negative, reflecting operational inefficiencies and significant losses. The revenue growth rate has been negative, indicating a concerning trend in sales performance.

Balance Sheet

The balance sheet shows a high debt-to-equity ratio of 1.26 TTM, which may pose financial risks. Stockholders' equity has decreased, affecting the equity ratio, which is around 16.89% TTM, indicating a leveraged position. The return on equity is negative due to the net loss, highlighting challenges in generating returns for shareholders.

Cash Flow

Operating cash flow has turned negative TTM, signaling potential liquidity issues. The free cash flow to net income ratio is unfavorable, and free cash flow growth has also decreased. These factors underscore challenges in cash generation and sustainability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	24.95M	30.20M	36.69M	42.34M	39.02M	34.48M
Gross Profit	4.33M	6.21M	8.36M	8.37M	8.13M	6.64M
EBITDA	-3.24M	-1.53M	598.81K	897.71K	-437.71K	-1.32M
Net Income	-3.20M	-1.95M	-3.74M	-1.38M	523.80K	-1.78M
Balance Sheet
Total Assets	12.34M	14.77M	17.39M	20.94M	19.86M	19.36M
Cash, Cash Equivalents and Short-Term Investments	1.80M	3.02M	3.18M	2.58M	1.41M	2.92M
Total Debt	3.37M	3.43M	4.35M	5.03M	5.50M	7.76M
Total Liabilities	8.76M	11.80M	14.77M	14.67M	12.41M	12.77M
Stockholders Equity	3.58M	2.97M	2.62M	6.27M	7.44M	6.58M
Cash Flow
Free Cash Flow	24.08K	341.97K	904.95K	1.37M	-595.52K	-331.40K
Operating Cash Flow	55.65K	407.12K	1.04M	1.53M	-528.31K	-262.95K
Investing Cash Flow	-31.57K	-65.15K	-136.08K	-169.63K	-67.21K	-390.06K
Financing Cash Flow	-150.00K	-500.00K	-300.00K	-200.00K	-918.74K	484.82K

Forward Industries Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 13.34
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FORD, the sentiment is Positive. The current price of 13.34 is above the 20-day moving average (MA) of 12.47, above the 50-day MA of 9.91, and above the 200-day MA of 6.52, indicating a bullish trend. The MACD of 0.36 indicates Positive momentum. The RSI at 60.53 is Neutral, neither overbought nor oversold. The STOCH value of 39.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FORD.

Forward Industries Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RCKY	77 Outperform	$223.53M	12.04	8.05%	2.02%	-0.09%	24.18%
WWW	69 Neutral	$2.56B	30.44	27.52%	1.26%	-2.83%	―
WEYS	68 Neutral	$290.47M	11.35	10.36%	9.96%	-6.39%	-14.72%
Sector *	61 Neutral	$17.75B	12.56	-5.49%	3.02%	1.43%	-14.12%
FORD	50 Neutral	$19.95M	―	-235.29%	―	-30.05%	-5.28%
VRA	43 Neutral	$56.70M	―	-36.91%	―	-24.95%	-1959.79%
AREB	38 Underperform	$8.20M	―	-342.34%	―	-37.77%	58.11%