FWDIForward Industries, Inc.
Is the business good?
Margins compressing. That is the only one of 4 checks this filer's data supports, so take it as a single data point rather than a settled answer.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is FWDI?
Forward Industries, Inc. spent more than it took in: an operating loss of $941M on $53M of revenue, 12 months to Q3 2026.
Operating loss · on $53M of revenue · 12 months to Q3 2026
- Share count, year on year
- +7685%
Share count, year on year · shareholders own a smaller slice than a year ago
- Gross margin
- 71%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −5.8% |
| FY2021 | −2.0% |
| FY2022 | 1.5% |
| FY2023 | 0.44% |
| FY2024 | −11% |
| FY2025 | −46% |
Details›
- Gross margin12 months to Q3 2026
- 71%
- Operating margin12 months to Q3 2026
- −1772%
- Net margin12 months to Q3 2026
- −2074%
- Free cash flow margin
- −35%
- Revenue, trailing twelve months
- $53M
- Free cash flow, trailing twelve months
- −$18M
- Net income, trailing twelve months
- −$1.10B
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from FWDI and who it buys from, as the companies report it.
- One design segment customer12%
Share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; FWDI’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Footwear & Accessories
Ranks #8 of 9 by RyuScore