FWDI Stock Analysis: Forward Industries | NASDAQ
Footwear & Accessories | NASDAQ, USA | Market Cap: 371m USD | 12M Return: -46.5% | US3499321038 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 4.06M
Rev. Trend: 15.0%
Warnings
Tailwinds
Seasonality 11.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Forward Industries, Inc. (NASDAQ: FWDI) is an Austin, Texas-based company that operates as a Solana (SOL)-focused digital asset treasury, while also maintaining a legacy product design business. The company runs two segments: a Digital Assets segment that generates yield by staking SOL on the Solana proof-of-stake network, and a Design segment that provides hardware and software product design and engineering services to U.S. customers. Incorporated in 1961 and listed on NASDAQ in 1995, the company is classified within the Information Technology sector and the Technology Hardware, Storage & Peripherals sub-industry, reflecting the historical design business that predates its current digital asset focus. Solana staking involves locking SOL tokens with network validators to help secure the blockchain in exchange for protocol-level rewards, and design services firms in this space typically support OEMs with industrial design, prototyping, and engineering through the product development cycle.
- Solana price swings directly move SOL treasury valuation
- Staking yield revenue fluctuates with Solana network participation rates
- Crypto regulation uncertainty threatens digital asset strategy
- Legacy Design segment contracts provide secondary revenue stream
| Net Income: -1.10b TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.03 > 0.02 and ΔFCF/TA 17.89 > 1.0 |
| NWC/Revenue: -198.9% < 20% (prev 6.89%; Δ -205.8% < -1%) |
| CFO/TA -0.03 > 3% & CFO -18.4m > Net Income -1.10b |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 0.17 > 1.5 & < 3 |
| Outstanding Shares: last quarter (86.7m) vs 12m ago 678.5% < -2% |
| Gross Margin: 70.56% > 18% (prev 9.60%; Δ 60.97% > 0.5%) |
| Asset Turnover: 17.39% > 50% (prev 211.8%; Δ -194.4% > 0%) |
| Interest Coverage Ratio: -10.4k > 6 (EBIT TTM -508.9m / Interest Expense TTM 49.1k) |
| A: -0.18 (Total Current Assets 22.1m - Total Current Liabilities 127.8m) / Total Assets 602.5m |
| B: -1.87 (Retained Earnings -1.12b / Total Assets 602.5m) |
| C: -1.67 (EBIT TTM -508.9m / Avg Total Assets 305.4m) |
| D: 3.70 (Book Value of Equity 474.2m / Total Liabilities 128.3m) |
| Altman-Z'' = -14.55 = D |
| DSRI: 0.44 (Receivables 2.53m/1.92m, Revenue 53.1m/17.6m) |
| GMI: 0.14 (GM 9.60% / 70.56%) |
| AQI: 3.70 (AQ_t 0.96 / AQ_t-1 0.26) |
| SGI: 3.02 (Revenue 53.1m / 17.6m) |
| TATA: -1.80 (NI -1.10b - CFO -18.4m) / TA 602.5m) |
| Beneish M = -1.42 (Cap -4..+1) = D |
As of August 25, 2026, the stock is trading at USD 5.73 with a total of 4,723,583 shares traded. Over the past week, the price has changed by +33.88%, over one month by +47.30%, over three months by +21.91% and over the past year by -46.45%.
Current recommended Stop Loss: 4.80 (which is 16.2% or 2.8 ATR below the current price).
Forward Industries has no consensus analysts rating.
P/E Forward = 44.4444
P/S = 6.9786
P/B = 0.7677
P/EG = 2.5344
Revenue TTM = 53.1m USD
EBIT TTM = -508.9m USD
EBITDA TTM = -508.8m USD
Long Term Debt = 549k USD (estimated: total debt 118.5m - short term 118.0m)
Short Term Debt = 118.0m USD (from shortTermDebt, last quarter)
Debt = 121.5m USD (from shortLongTermDebtTotal, last quarter) + Leases 2.96m
Net Debt = 108.2m USD (calculated: Debt 121.5m - CCE 13.3m)
Enterprise Value = 478.9m USD (370.7m + Debt 121.5m - CCE 13.3m)
Interest Coverage Ratio = -10.4k (Ebit TTM -508.9m / Interest Expense TTM 49.1k)
EV/FCF = -26.05x (Enterprise Value 478.9m / FCF TTM -18.4m)
FCF Yield = -3.84% (FCF TTM -18.4m / Enterprise Value 478.9m)
FCF Margin = -34.61% (FCF TTM -18.4m / Revenue TTM 53.1m)
Net Margin = -2.07k% (Net Income TTM -1.10b / Revenue TTM 53.1m)
Gross Margin = 70.56% ((Revenue TTM 53.1m - Cost of Revenue TTM 15.6m) / Revenue TTM)
Gross Margin QoQ = 62.19% (prev 69.99%)
Tobins Q-Ratio = 0.79 (Enterprise Value 478.9m / Total Assets 602.5m)
Interest Expense / Debt = 0.04% (Interest Expense 49.1k / Debt 121.5m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -402.1m (EBIT -508.9m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 0.17 (Total Current Assets 22.1m / Total Current Liabilities 127.8m)
Debt / Equity = 0.26 (Debt 121.5m / totalStockholderEquity, last quarter 474.2m)
Debt / EBITDA = -0.21 (negative EBITDA) (Net Debt 108.2m / EBITDA -508.8m)
Debt / FCF = -5.88 (negative FCF - burning cash) (Net Debt 108.2m / FCF TTM -18.4m)
Total Stockholder Equity = 844.2m (last 4 quarters mean from totalStockholderEquity)
RoA = -360.7% (out of range, set to none)
RoE = -130.5% (Net Income TTM -1.10b / Total Stockholder Equity 844.2m)
RoCE = -60.25% (EBIT -508.9m / Capital Employed (Equity 844.2m + L.T.Debt 549k))
RoIC = -68.14% (negative operating profit) (NOPAT -402.1m / Invested Capital 590.1m)
WACC = 10.10% (E(370.7m)/V(492.2m) * Re(13.40%) + D(121.5m)/V(492.2m) * Rd(0.04%) * (1-Tc(0.21)))
Discount Rate = 13.40% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: 86.44 | Cagr: 160.4%
[DCF] Fair Price = unknown (Cash Flow -18.4m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 14.97 | Revenue CAGR: 5.59% | SUE: N/A | # QB: 0
EPS current Quarter (2026-12-31): EPS=0.08 | Chg30d=+33.33% | Revisions=+0% | Analysts=1
EPS current Year (2026-09-30): EPS=-10.21 | Chg30d=N/A | Revisions=+0% | GrowthEPS=+63.7% | GrowthRev=+0.0%
EPS next Year (2027-09-30): EPS=0.20 | Chg30d=-11.36% | Revisions=+0% | GrowthEPS=+101.9% | GrowthRev=-8.5%
[Analyst] Revisions Ratio: +0% (up=0, down=0)