Forward Industries (FWDI) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Forward Industries

NasdaqCM•Consumer Cyclical•Footwear & Accessories

$6.31-0.37(-0.06%)Market closed

Market Cap

$537.50M

P/S

10.5x

P/B

1.1x

Forward Industries, Inc. operates as a Solana (SOL) focused digital asset treasury company. The company operates through Digital Assets and Design segments. The Digital Assets segment captures SOL-based yield generated by participating in the Solana network's staking protocol. The Design segment offers hardware and software product design and engineering services to customers located in the United States. The company was incorporated in 1961 and is based in Austin, Texas.

How this company scores

WeakMetricSide Score: 32/100

Grade capped at D — Interest coverage below 1× (-455.2x) — earnings cannot cover interest. Strongest: Growth (15/25); weakest: Cash & Earnings Quality (3/25).

Profitability7/25

Growth15/25

Balance Sheet & Red Flags7/25

Cash & Earnings Quality3/25

Strengths

Growing revenueNet cash positionImproving margins

Grade capped at D

Interest coverage below 1× (-455.2x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 450.5x5y range 450.5x – 450.5x

P/S · 10.5x5y range 0.1x – 19.8x

Currently above its 20-quarter median.

P/B · 1.1x5y range 0.1x – 32.4x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $537.50M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $51.13M
Q. Revenue: $10.78M
TTM EBITDA: $-941.14M
TTM Op. Income: $-941.30M
Q. Op. Income: $-70.26M
TTM Net Income: $-1.10B
Q. Net Income: $-68.96M
EPS: $-0.8
Shares Out.: $86.69M

$51.13M in TTM revenue grew 161.4% YoY, reaching $10.78M last quarter. TTM EBITDA of $-941.14M and TTM operating income of $-941.30M show growth is flowing through to the bottom line. However, net income is negative at $1.10B — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 3 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 62.2%
EBITDA Margin: -651.6%
Op. Margin: -651.8%
Net Margin: -639.7%

Op. margin of -651.8% is down 549.2% YoY — costs are rising relative to revenue. Net margin at -639.7% and gross margin of 62.2% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 10.5x
P/B Ratio: 1.1x

P/S of 10.5x and P/B of 1.1x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $602.53M
Cash: $10.97M
Long-Term Debt: N/A
Book Value: $474.21M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-3.35M
TTM Free Cash Flow: $-18.38M
FCF Margin: -36.0%
FCF / Net Income: 0.0

TTM FCF of $-18.38M on $-3.35M in operating cash flow. The FCF / Net Income ratio of 0.0x means cash covers only part of net income — earnings quality needs attention. Across the last 8 quarters, free cash flow has fallen for 5 consecutive quarters — a weakening trend.