Forward Industries (FWDI) AI Stock Analysis

• Market Cap: $427.41M
• Dividend Yield: N/A
• Average Volume (3M): 749.81K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.64
• Revenue Growth: -33.17%
• EPS Growth: -150.77%
• Country: US
• Employees: 100
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Footwear & Accessories
• EPS (TTM): -1.90
• Shares Outstanding: 83,642,044
• 10 Day Avg. Volume: 715,196
• 30 Day Avg. Volume: 749,812
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.12
• Price to Sales (P/S): 9.55
• P/FCF Ratio: -35.27
• Enterprise Value/Market Cap: -0.06
• Enterprise Value/Revenue: -1.53
• Enterprise Value/Gross Profit: -5.35
• Enterprise Value/Ebitda: 0.16
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: $4.50 ▼(-35.25% Downside)

The score is driven primarily by weak financial performance (declining revenue, losses, and negative operating/free cash flow) and bearish technicals (price far below key moving averages with weak momentum). Valuation offers little support due to unprofitability and no stated dividend, while the CIO appointment is a modest positive but secondary factor.

Positive Factors

Diversified contract manufacturing & long-term contracts

FWDI’s mix of product sales and contract manufacturing with long-term client contracts provides recurring revenue visibility. This durable revenue base supports planning, steadier utilization of manufacturing capacity, and reduces sensitivity to short-term sales swings.

Specialized design and manufacturing capabilities

The company’s engineering, prototyping and custom soft-goods expertise creates a differentiated service offering for medical and industrial customers. These technical capabilities raise switching costs, enable higher-value contracts, and support sustainable margins versus commodity manufacturers.

Experienced CIO appointment strengthens strategic capability

Hiring a CIO with institutional investment experience can improve capital allocation, treasury and alternative-asset strategies. Over months this can diversify income sources, optimize liquidity management, and enhance risk-adjusted returns across the company’s balance sheet.

Negative Factors

Declining revenue trend

A ~33% revenue decline signals weakening demand or lost contracts, eroding scale benefits. Persistent top-line contraction compresses gross margins, limits reinvestment in R&D or capacity, and makes it harder to recover fixed costs, threatening medium-term competitiveness.

Negative operating and free cash flow

Negative operating and free cash flow indicate the business does not generate sufficient internal capital to fund operations or investments. Over several months this raises reliance on external financing, increases liquidity risk, and limits strategic flexibility to pursue growth.

Unprofitability and sizable operating losses

Sustained negative net margins and a large EBIT loss undermine return on equity and erode capital reserves. Continued unprofitability impairs the ability to invest, attract partners, or scale operations, and increases vulnerability to market or supply shocks.

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 a combination of product sales and contract manufacturing services. The company primarily earns money by designing and producing custom products for various sectors, including medical and industrial markets. Key revenue streams include the sale of medical devices and soft goods, as well as partnerships with companies that outsource their manufacturing needs to FWDI. Additionally, FWDI benefits from long-term contracts with clients, which provide a stable source of income. The company's focus on innovation and quality helps to maintain strong relationships with its partners, further contributing to its earnings.

Forward Industries Financial Statement Overview

Summary

Weak fundamentals: income statement shows declining revenue, negative net margin, and a sizable EBIT loss. Balance sheet leverage appears manageable, but negative ROE and ongoing losses undermine stability. Cash flow is also pressured with negative operating and free cash flow, signaling limited internal funding capacity.

Income Statement

Forward Industries has faced significant challenges in its income statement, with a notable decline in revenue and profitability. The company reported a negative net profit margin and a substantial EBIT loss, indicating operational inefficiencies. Revenue growth has been negative, reflecting a downward trend in sales. The gross profit margin has also decreased, suggesting pressure on cost management.

Balance Sheet

The balance sheet shows a mixed picture. While the company has a relatively low debt-to-equity ratio, indicating manageable leverage, the return on equity is negative, highlighting profitability issues. The equity ratio is stable, suggesting a solid asset base, but the overall financial health is weakened by persistent losses.

Cash Flow

Cash flow analysis reveals significant challenges, with negative operating and free cash flows. Although there was a notable increase in free cash flow growth, the operating cash flow to net income ratio is negative, indicating cash flow difficulties. The company needs to improve cash generation to support its operations.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	18.19M	18.19M	30.20M	36.69M	42.34M	39.02M
Gross Profit	5.19M	5.19M	6.21M	8.36M	8.37M	8.13M
EBITDA	-168.86M	-169.09M	-1.53M	598.81K	897.71K	1.02M
Net Income	-167.00M	-167.00M	-1.95M	-3.74M	-1.38M	523.80K
Balance Sheet
Total Assets	1.47B	1.47B	14.77M	17.39M	20.94M	19.86M
Cash, Cash Equivalents and Short-Term Investments	38.17M	38.17M	3.02M	3.18M	2.58M	1.41M
Total Debt	2.55M	2.55M	3.43M	4.35M	5.03M	5.50M
Total Liabilities	4.82M	4.82M	11.80M	14.77M	14.67M	12.41M
Stockholders Equity	1.47B	1.47B	2.97M	2.62M	6.27M	7.44M
Cash Flow
Free Cash Flow	-4.83M	-4.92M	341.97K	904.95K	1.37M	-595.52K
Operating Cash Flow	-4.81M	-4.90M	407.12K	1.04M	1.53M	-528.31K
Investing Cash Flow	-901.47M	-901.47M	-65.15K	-136.08K	-169.63K	-67.21K
Financing Cash Flow	941.36M	941.36M	-500.00K	-300.00K	-200.00K	-918.74K

Forward Industries Technical Analysis

• Last Price: 6.95

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FWDI, the sentiment is undefined. The current price of 6.95 is equal to the 20-day moving average (MA) of ―, equal to the 50-day MA of ―, and equal to the 200-day MA of ―, indicating a neutral trend. The MACD of ― indicates undefined momentum. The RSI at ― is undefined, neither overbought nor oversold. The STOCH value of ― is undefined, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a undefined sentiment for FWDI.

Forward Industries Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%

Forward Industries Corporate Events

Forward Industries Appoints New Chief Investment Officer

On December 1, 2025, Forward Industries appointed Mr. Ryan Navi as the company’s Chief Investment Officer. Mr. Navi brings extensive experience from his previous roles at ParaFi Capital, Pyxis Capital Management, and KKR & Co. Inc., enhancing Forward Industries’ strategic capabilities in investment management. His appointment is expected to strengthen the company’s position in alternative asset management and digital assets, potentially impacting its operations and market focus.

The most recent analyst rating on (FWDI) stock is a Hold with a $15.00 price target. To see the full list of analyst forecasts on Forward Industries stock, see the FWDI Stock Forecast page.