Forward Industries vs Intchains Group
Intchains Group is the larger business, with $30.7m of revenue in fiscal 2025 against $18.2m for Forward Industries (1.7 times as much). Forward Industries grew faster (-9.0% against -21.5%). Intchains Group kept more of each dollar of sales as profit: a net margin of -21.5% against -918.1%.
| Latest fiscal year | Forward IndustriesFWDI, 2025 | Intchains GroupICG, 2025 |
|---|---|---|
| Revenue | $18.2m | $30.7m |
| Revenue growth | -9.0% | -21.5% |
| Net income | −$167m | −$6.6m |
| Operating margin | -46.1% | -47.4% |
| Net margin | -918.1% | -21.5% |
| Return on equity | -22.7% | -4.8% |
| Free cash flow | −$4.5m | −$13.6m |
| Cash | $38.2m | $31.7m |
| Total debt | — | $0 |
| Debt to equity | — | 0.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | — | — |
| Market value | $452m | $82.0m |
| Price vs our value range | — | — |
| Moat score | 23 (Weak) | — |
| Insider trades, 12 months | 3 buys, 0 sales | 0 buys, 0 sales |