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Forward Industries, Inc. key statistics and ratios

In fiscal 2025, Forward Industries, Inc. had return on equity of -22.7%, an operating margin of -46.1% and a current ratio of 15.14. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2011Sept 20112012Sept 20122013Sept 20132017Sept 20172018Sept 20182019Sept 20192020Sept 20202021Sept 20212022Sept 20222023Sept 20232024Sept 20242025Sept 2025LTMJun 2026
Gross margin——20.6%16.9%19.0%17.6%19.3%20.8%23.0%22.8%25.9%28.5%70.6%
Operating margin<−999%<−999%2.3%2.4%0.8%−8.3%−5.7%−2.0%1.5%0.4%−10.8%−46.1%<−999%
Net margin<−999%<−999%−0.7%2.3%4.0%−9.6%−5.1%1.3%−3.6%−10.2%−9.8%−918.1%<−999%
Free-cash-flow margin<−999%<−999%7.0%−0.6%2.6%−5.4%−1.0%−1.5%3.6%2.5%2.3%−24.9%−34.6%
Return on equity−15.5%−69.1%−2.2%6.3%13.8%−38.3%−24.8%7.5%−20.1%−84.1%−69.9%−22.7%−113.3%
Return on assets−13.0%−48.9%−1.3%4.1%8.5%−20.4%−10.0%2.7%−6.8%−19.5%−12.1%−22.4%−106.1%
Asset turnover0.000.001.921.762.132.121.951.991.871.911.240.020.05
Current ratio—2.143.123.132.001.431.381.781.441.051.0315.140.17
Debt to equity0.0%0.0%0.0%0.0%18.0%17.6%38.2%21.5%22.3%42.0%20.2%—0.0%
Interest cover (operating income ÷ interest)————2.3xn/mn/mn/m4.8x1.5xn/mn/mn/m
Effective tax rate——8.5%0.0%———0.0%0.6%11.2%———
Capital spending as % of revenue>999%−246.5%0.2%0.0%0.2%0.1%0.2%0.2%0.4%0.4%0.3%0.1%0.0%
Free cash flow ÷ net income———−23.8%65.3%——−113.7%—————
Dividends and buybacks ÷ free cash flow——0.7%——————————

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

23 /100

Weak moat

How hard Forward Industries's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -5.0% of total assets over 10 years.

  • Pricing power 0 / 20

    Gross margin has been a median 20.5%, moving by 15.8 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -3.0%; its worst year was -1771.6%.

  • Cash conversion 7 / 20

    Free cash flow was positive in 6 of 10 years, at a median 1.0% of revenue.

  • Discipline 11 / 20

    The diluted share count rose 15.7% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (28 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: FWDI vs TACTFWDI vs OSSFWDI vs ICG

More: Technology Hardware, Storage & Peripherals stocks compared, Technology sector, rankings of US companies

Figures from Forward Industries, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Forward Industries, Inc.