Forward Industries, Inc.

US$5.70As of Sun 8 Nov 2026, 12:00 UTC

NASDAQ:FWDIFinancials

Country USA

PE (Fwd) •••

TSR 10Y CAGR (6.52%)

Div yield —

ROE (461.37%)

Capital Markets

Beta (5Y) 0.90

PE TTM —

TSR TTM (60.39%)

Mkt cap US$420.9M

ROIC 1.72%

SE Grade™

Value

Quality

Moat

Consensus

Reference

$5.57

(2.30%)

(82.61%)

Hold 0|2|1|2|1

TTM

FYE 30 Sep USD

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026E

FY2027E

Trend

10Y

Peers

33.41

Revenue$M

75.90

80.45

85.93

91.40

94.46

96.56

101.6

105.2

110.1

37.13

41.09

3.79%

4.65%

13.73

Revenue growth%

6.43

7.15

8.19

6.95

8.85

8.64

10.65

9.07

8.46

29.41

7.87

8.85

8.32

5.37

Gross margin%

8.07

9.82

10.78

11.31

9.50

10.73

11.74

14.60

12.33

22.72

4.87

11.74

10.75

24.28

Operating margin%

1.14

0.40

2.52

3.04

4.05

1.93

23.21

29.49

2.52

1.54

8.51

Net margin%

20.15

21.12

21.11

22.42

23.61

20.80

19.09

18.43

19.86

11.98

22.92

19.86

20.47

29.82

P/E ratio (avg)x

38.25

39.05

40.01

41.20

39.21

40.23

39.55

37.37

43.05

14.87

29.63

39.55

39.70

20.32

EV/EBITx

28.97

29.94

32.61

32.93

31.05

29.83

32.91

32.49

36.98

8.993

29.10

32.49

31.77

2.13

FCF yield (avg)%

7.77

8.71

10.11

7.13

5.74

3.79

3.92

2.42

4.52

11.19

12.57

3.92

6.43

19.39

FCF margin%

14.14

13.62

11.14

10.28

9.54

7.17

5.65

7.69

9.22

9.73

8.24

7.69

9.91

1.582

FCF / Net incomex

0.238

0.251

0.264

0.248

0.244

0.243

0.220

0.223

0.236

1.784

1.188

0.236

0.240

17.72

ROIC%

13.57

15.15

12.64

11.62

14.32

14.21

14.39

11.58

10.40

25.21

16.74

14.21

13.11

19.14

Return on equity%

18.16

17.81

15.15

14.20

13.45

12.81

10.64

10.55

13.12

27.47

8.17

12.81

13.83

17.56

Return on assets%

3.37

3.70

4.82

7.31

4.83

4.48

2.36

1.15

1.59

21.53

24.83

2.36

3.54

0.61

EPS$

0.32

0.35

0.33

0.30

0.33

0.36

0.38

0.41

0.64

0.69

6.57%

2.56%

—

29.27

EPS growth%

3.88

6.56

9.19

9.12

9.27

7.72

9.81

11.90

9.36

2.55

10.85

9.36

9.15

0.39

Bookvalue per sh$

0.88

0.98

0.96

1.15

1.17

1.14

1.19

1.32

1.49

0.40

0.39

5.30%

6.51%

—

0.12

FCF per share$

0.80

0.91

0.89

0.88

0.94

1.06

1.14

1.10

1.12

0.21

0.13

5.02%

6.19%

—

0.55

Dividend per sh$

0.31

0.32

0.35

0.32

0.30

0.31

0.33

0.10

0.56

0.44%

(0.32%)

—

26.59

Div yield (avg)%

13.09

15.12

15.20

16.74

16.04

16.13

18.17

15.56

15.70

19.45

9.75

16.04

15.63

20.73

Payout ratio%

25.91

25.34

24.34

24.69

25.58

26.59

24.21

24.16

21.86

18.99

29.05

24.21

24.52

74.55

Shares (diluted)M

134.8

157.0

165.9

160.7

175.0

193.9

215.0

226.3

244.5

72.71

75.70

8.76%

7.70%

11.35

Buyback yield%

3.88

3.38

2.15

1.00

1.94

2.67

2.24

0.49

0.40

22.87

11.49

1.94

2.20

0.697

D/E ratiox

0.171

0.190

0.195

0.220

0.240

0.227

0.237

0.217

0.236

1.257

0.607

0.236

0.218

47.05

Enterprise value$M

9.331

8.470

8.709

9.520

10.32

10.00

10.28

9.999

8.992

65.35

19.90

(1.13%)

(1.28%)

72.49

LT debt$M

51.32

51.88

46.64

44.32

42.70

38.04

34.65

35.14

32.39

8.607

34.58

(6.08%)

(5.28%)

Peers (US$420.9M)

Cap (US$)

Chaince Digital…

566.5M

—

American Bitcoin Corp.

389.6M

—

Gemini Space Station…

318.9M

—

Share India Securities…

430.8M

10.63x

Capital

TTM

10Y

Leveragex

7.846

(0.021)

(0.019)

EBIT/Intx

0.702

1.000

0.670

Own earn%

19.85

42.69

45.32

Sh yield%

37.94

17.98

17.86

Owners

Insiders/Inst%

0.93

51.95

Short interest%

2.57

SBC / revenue%

3.89

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

Op margin range%

0–4

$1 testx

−1.7

Incr. ROIC%

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.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Revenue

$110.1M

4.65%

1.00×

Cost of revenue

$59.97M

4.79%

1.01×

Operating expenses

$13.41M

4.63%

1.00×