Forward Industries, Inc. (FWDI) intrinsic value & 10-year financials
Forward Industries, Inc. (FWDI) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 4.5% a year to $18.2M, with an average return on invested capital of -16.6%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $6.91
- Market cap
- $46.9M
- Revenue (FY2025)
- $18.2M
- Revenue growth (10-yr CAGR)
- -4.5%
- ROIC (10-yr avg)
- -16.6%
- Free cash flow (FY2025)
- -$4.5M
FWDI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $18.2M | -$167.0M | -$24.59 | -$4.5M | -46.1% | -1.2% |
| FY2024 | $29.6M | -$2.0M | -$0.29 | $342.0K | -6.5% | -83.2% |
| FY2023 | $36.1M | -$3.7M | -$0.06 | $904.9K | 0.4% | 3.5% |
| FY2022 | $42.3M | -$1.4M | -$0.02 | $1.4M | -2.9% | -15.0% |
| FY2021 | $39.0M | $523.8K | $0.01 | -$595.5K | -2.0% | -8.9% |
| FY2020 | $34.5M | -$1.8M | -$0.03 | -$331.4K | -5.7% | -32.6% |
| FY2019 | $37.4M | -$3.6M | -$0.06 | -$2.0M | -8.3% | -54.3% |
| FY2018 | $34.5M | $1.4M | $0.02 | $900.6K | 0.8% | 4.7% |
| FY2017 | $24.8M | $579.3K | $0.01 | -$137.6K | 2.4% | 13.9% |
| FY2016 | $27.5M | $606.6K | $0.01 | $720.2K | 2.2% | 7.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Forward Industries, Inc. is facing top-line stagnation, with revenue contracting over the decade.
Forward Industries, Inc. has historically struggled to out-earn its cost of capital, averaging just -16.6% ROIC.
Over the decade, Forward Industries, Inc. shows that management has aggressively returned capital to shareholders by retiring 87.0% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Forward Industries, Inc. is modeled at -4.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-0.00 per share.