(FWDI) Forward Industries - Overview
Sector: Consumer Cyclical | Industry: Footwear & Accessories | Exchange: NASDAQ (USA) | Market Cap: 342m USD | Total Return: -35% in 12m
Avg Turnover: 4.62M
Rev. Trend: -30.5%
Warnings
Share dilution 762.1% YoY
Interest Coverage Ratio -1825.2 is critical
Altman Z'' -15.00 < 1.0 - financial distress zone
Fakeout
Tailwinds
No distinct edge detected
Forward Industries, Inc. (FWDI) is an Austin-based firm that has transitioned into a digital asset treasury company with a primary focus on the Solana (SOL) ecosystem. The company operates through two distinct segments: Digital Assets and Design. Its Digital Assets division generates yield by participating in the Solana network’s staking protocol, while its Design segment provides hardware and software engineering services to U.S. clients.
The company’s dual-model approach combines traditional fee-for-service engineering with the high-volatility environment of blockchain infrastructure. Staking protocols are a critical component of Proof-of-Stake (PoS) networks, where participants lock digital assets to validate transactions in exchange for programmatic rewards. Investors may find ValueRay useful for analyzing the underlying components of this transition. This hybrid structure exposes the firm to both the cyclical demand for product design and the price fluctuations of the SOL token.
- Solana staking yields and network participation drive primary digital asset revenue
- Hardware and software engineering service demand dictates Design segment profitability
- Volatility in SOL token price directly impacts treasury valuation and net assets
- Expansion of Solana ecosystem adoption influences long-term digital asset growth potential
- US corporate R&D spending levels determine outsourced design and engineering service volume
| Net Income: -1.03b TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.03 > 0.02 and ΔFCF/TA -2.32 > 1.0 |
| NWC/Revenue: -73.50% < 20% (prev 5.30%; Δ -78.80% < -1%) |
| CFO/TA -0.03 > 3% & CFO -16.3m > Net Income -1.03b |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 0.40 > 1.5 & < 3 |
| Outstanding Shares: last quarter (94.9m) vs 12m ago 762.1% < -2% |
| Gross Margin: 67.26% > 18% (prev 0.17%; Δ 6.71k% > 0.5%) |
| Asset Turnover: 14.44% > 50% (prev 186.1%; Δ -171.6% > 0%) |
| Interest Coverage Ratio: -1.83k > 6 (EBITDA TTM -154.1m / Interest Expense TTM 84.5k) |
| A: -0.05 (Total Current Assets 21.6m - Total Current Liabilities 54.6m) / Total Assets 608.5m |
| B: -1.73 (Retained Earnings -1.06b / Total Assets 608.5m) |
| C: -0.50 (EBIT TTM -154.3m / Avg Total Assets 310.4m) |
| D: -18.48 (Book Value of Equity -1.05b / Total Liabilities 57.1m) |
| Altman-Z'' = -28.75 = D |
| DSRI: 0.47 (Receivables 2.42m/2.64m, Revenue 44.8m/23.0m) |
| GMI: 0.25 (GM 67.26% / 17.04%) |
| AQI: 5.99 (AQ_t 0.96 / AQ_t-1 0.16) |
| SGI: 1.95 (Revenue 44.8m / 23.0m) |
| TATA: -1.67 (NI -1.03b - CFO -16.3m) / TA 608.5m) |
| Beneish M = -2.22 (Cap -4..+1) = BB |
As of May 30, 2026, the stock is trading at USD 4.70 with a total of 1,241,853 shares traded.
Over the past week, the price has changed by -0.84%,
over one month by +11.11%,
over three months by +10.85% and
over the past year by -34.99%.
Forward Industries has no consensus analysts rating.
P/E Forward = 44.4444
P/S = 7.6284
P/B = 0.6216
P/EG = 2.5344
Revenue TTM = 44.8m USD
EBIT TTM = -154.3m USD
EBITDA TTM = -154.1m USD
Long Term Debt = 2.48m USD (estimated: total debt 2.96m - short term 481k)
Short Term Debt = 481k USD (from shortTermDebt, last quarter)
Debt = 2.96m USD (from shortLongTermDebtTotal, last quarter) (leases 2.96m already included)
Net Debt = -13.7m USD (calculated: Debt 2.96m - CCE 16.6m)
Enterprise Value = 328.4m USD (342.0m + Debt 2.96m - CCE 16.6m)
Interest Coverage Ratio = -1.83k (Ebit TTM -154.3m / Interest Expense TTM 84.5k)
EV/FCF = -20.17x (Enterprise Value 328.4m / FCF TTM -16.3m)
FCF Yield = -4.96% (FCF TTM -16.3m / Enterprise Value 328.4m)
FCF Margin = -36.31% (FCF TTM -16.3m / Revenue TTM 44.8m)
Net Margin = -2.31k% (Net Income TTM -1.03b / Revenue TTM 44.8m)
Gross Margin = 67.26% ((Revenue TTM 44.8m - Cost of Revenue TTM 14.7m) / Revenue TTM)
Gross Margin QoQ = 69.99% (prev 78.61%)
Tobins Q-Ratio = 0.54 (Enterprise Value 328.4m / Total Assets 608.5m)
Interest Expense / Debt = 2.85% (Interest Expense 84.5k / Debt 2.96m)
Taxrate = 21.0% (US default 21%)
NOPAT = -121.9m (EBIT -154.3m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 0.40 (Total Current Assets 21.6m / Total Current Liabilities 54.6m)
Debt / Equity = 0.01 (Debt 2.96m / totalStockholderEquity, last quarter 551.5m)
Debt / EBITDA = 0.09 (negative EBITDA) (Net Debt -13.7m / EBITDA -154.1m)
Debt / FCF = 0.84 (negative FCF - burning cash) (Net Debt -13.7m / FCF TTM -16.3m)
Total Stockholder Equity = 726.4m (last 4 quarters mean from totalStockholderEquity)
RoA = -332.9% (out of range, set to none)
RoE = -58.01% (Net Income TTM -1.03b / Total Stockholder Equity 1.78b)
RoCE = -8.65% (EBIT -154.3m / Capital Employed (Equity 1.78b + L.T.Debt 2.48m))
RoIC = -21.98% (negative operating profit) (NOPAT -121.9m / Invested Capital 554.4m)
WACC = 10.46% (E(342.0m)/V(345.0m) * Re(10.53%) + D(2.96m)/V(345.0m) * Rd(2.85%) * (1-Tc(0.21)))
Discount Rate = 10.53% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 76.83 | Cagr: 171.2%
[DCF] Fair Price = unknown (Cash Flow -16.3m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: -30.48 | Revenue CAGR: -9.47% | SUE: N/A | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.00 | Chg30d=-99.82% | Revisions=N/A | Analysts=1
EPS current Year (2026-09-30): EPS=-0.06 | Chg30d=-12.97% | Revisions=N/A | GrowthEPS=+0.0% | GrowthRev=+0.0%
EPS next Year (2027-09-30): EPS=0.00 | Chg30d=N/A | Revisions=N/A | GrowthEPS=+102.9% | GrowthRev=-9.1%