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Forward Industries

FWDI on Nasdaq. Forward Industries designs hardware and software products for medical and technology customers. Market value $599m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to September 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Financial services stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Return on equity
five annual reports to September 2025
-22.7%five-year median

Yearly profit per dollar of owners' money: -23 cents. Above 10 is good.

Price to book
quarterly report to June 2026
1.3×

What you pay for each dollar of net assets: $1.27.

Earnings yield
past 12 months to June 2026
-183.3%

Profit per $100 you pay: $-183.27.

Quality score: 40 of 100. Price score: 43 of 100. Our list needs 70 on quality and 60 on price.

$8.14 a share, 134% above its 1-year low

Over the past year the price has ranged from $3.48 to $26.65.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
$39m$38m$37m$20m$18m
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.01bn0.01bn0.00bn0.00bn0.07bn

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsShrinking, 12.0% a year
  • Buying back its own sharesNo, 634% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $11 million last quarter, up 332% on a year ago.
  • A loss of $69 million, compared with a loss of $850,022 a year ago.
  • Over the past 12 months it spent $18 million more cash than it brought in, compared with $2 million a year earlier.
  • 7685% more shares than a year ago. Each share owns a bit less of the company.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$5m
December 2024$5m
March 2025$3m
June 2025$2m
September 2025Not reported
December 2025$21m
March 2026$13m
June 2026$11m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$643,568
December 2024-$708,065
March 2025-$1m
June 2025-$850,022
September 2025-$164m
December 2025-$586m
March 2026-$283m
June 2026-$69m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
11 December 2025
Next quarterly (estimated, 10-Q)
11 November 2026

Who owns it

None of the long-term investors we follow own it. 87 funds in all.

Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

  • Pyahm Samani
    15.7%
    Since 11 September 2025
    What they said

    The information set forth in or incorporated by reference in Item 3 of this Schedule 13D is hereby incorporated by reference in its entirety into this Item 4. In connection with the Private Placement and MCMF LP's right to nominate an Investor Designee pursuant to the Lead…

    Read the filing
  • Galaxy Digital Inc.
    Passive investor
    at least 10.0%
    (filed with 5 related holders)
    Since 11 September 2025
    What they said

    The information set forth in Items 3 and 6 of this Schedule 13D is incorporated by reference into this Item 4. The Reporting Persons acquired the securities described in this Schedule 13D for investment purposes and intend to review their investments in the Issuer on a…

    Read the filing
  • J Digital 6 LLC
    Passive investor
    at least 9.6%+0.3 pts
    (filed with 5 related holders)
    Since 3 March 2026
  • J Digital 6 LLC
    Passive investor
    9.3%
    Since 11 September 2025
    What they said

    The Reporting Persons purchased the Common Stock and Lead Investor Warrant for investment purposes. Subject to applicable legal requirements, one or more of the Reporting Persons may purchase additional securities of the Issuer from time to time in open market or private…

    Read the filing
  • at least 5.1%
    (filed with 2 related holders)
    Since 30 June 2026
  • C/M CAPITAL PARTNERS, LP
    Passive investor
    at least 1.6%−7.7 pts
    (filed with 3 related holders)
    Since 30 September 2025
  • Sold down below 5%
    Since 30 April 2026
    What they said

    Item 4 of the Original Schedule 13D is hereby amended and supplemented to add the following at the end thereof: On May 5, 2026, MCMF LP transferred 1,783,519 shares of Common Stock to Lemmings Holdings, LLC. On April 30, 2026, pursuant to the terms of the Lead Investor Agreement…

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 2 insiders bought $80,320 of shares on the open market.

  • Pruitt Michael D
    Chief Executive Officer, Director
    Bought
    Date
    19 May 2026
    Shares
    500
    Price
    $4.16
    Value
    $2,080
  • Navi Ryan David
    Chief Investment Officer
    Bought
    Date
    19 December 2025
    Shares
    10,000
    Price
    $7.08
    Value
    $70,800
  • Pruitt Michael D
    Chief Executive Officer
    Bought
    Date
    15 December 2025
    Shares
    1,000
    Price
    $7.44
    Value
    $7,440

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 11 Dec 2025, plus the 10-Q filed 12 Aug 2026 and 13 later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “On March 28, 2025, the Board of Directors and Audit Committee of Forward Industries, Inc. (the “Company”), approved the dismissal of CohnReznick LLP (“CohnReznick”), as the independent registered public accounting firm of the Company, effective immediately.”

    From an 8-K filed 31 March 2025: Change of auditor. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • Sales have shrunk: 12.0% a year.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.