# Forward Industries share price today (Forward Industries, Inc., FWDI)

> Forward Industries, Inc.'s share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. FWDI · Consumer Discretionary · Footwear & Accessories · data as of 3 November 2026. Page: https://www.sectoralpha.in/us/stocks/fwdi

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## Key numbers

- Price: $6.15 (−57.3% in a year)
- Revenue (Jun 2026): ₹0.0 B
- Profit (Jun 2026), incl. one-off: −₹0.1 B (one-off item, see below)
- Operating margin: −6.8% (+95.8 points on a year ago)

Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. ## What is the Forward Industries share price today? Forward Industries, Inc.'s share price was $6.15 at the close on 3 November 2026. That is 16.5% above its average price over the last 200 trading days. In the last 52 weeks it traded between $4 and $10, and at that close it sat 37% of the way up from that low. Over the past 13 weeks it has done better than the S&P 500, and it has stayed ahead for 12 weeks in a row. Over the last 1 year the share price moved −24% while the S&P 500 moved +21%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What dividend does Forward Industries pay? Forward Industries, Inc. pays no dividend. In the last 12 reported quarters it declared no dividend per share, so there is no payout history to chart and no yield to show. Companies like this usually keep their earnings in the business, so the cash-flow sections show where that cash goes. ## Which stock lists is Forward Industries on? Forward Industries is not in the Nasdaq 100, the S&P 500 or the Dow Jones 30, and is not on the US tech stocks list. ## Is Forward Industries profitable? Forward Industries, Inc. posted a net loss of ₹0.1 B in the Jun 2026 quarter. That quarter includes a one-off gain bigger than its revenue, so the comparison with last year does not reflect normal business. The full FY25 year was a loss of ₹0.2 B. That loss is 639.7% of the quarter's revenue. The same quarter a year earlier lost ₹0.001 B. 12 of the last 12 reported quarters were loss-making. Read this profit with care: at −₹0.1 B it is bigger than the quarter's whole revenue of ₹0.0 B. No business earns more than it takes in from sales, so this is a one-off item (for example a debt settlement, a tax write-back or an asset sale), not money the business earned. The underlying business is running at a −6.8% operating margin. The jump on last year, and any P/E built on this profit, come from the one-off, not from a real turn in earnings. This company reports in its home currency, not US dollars, so the money charts are left out here. The figures in the text are in that currency (₹); nothing is converted. ## How much revenue does Forward Industries make, and is it growing? Forward Industries, Inc. reported ₹0.0 B of revenue in the Jun 2026 quarter, +332.1% on the same quarter a year earlier. That is the 4th quarter in a row with growth on the year before. Over 4 years it has grown −17.4% a year on average. The last full year, FY25, came in at ₹0.0 B. The last four reported quarters add to ₹0.1 B. FY25 revenue was ₹0.0 B, −9.0% on the year before. Recent pace: the last four quarters grew +269.6% on average, against −17.4% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +254.5%, against +49.6% a year over the last 8 quarters (accelerating). This company reports in its home currency, not US dollars, so the money charts are left out here. The figures in the text are in that currency (₹); nothing is converted. ## How much of its sales does Forward Industries keep? Forward Industries, Inc.'s operating margin was −6.8% in the Jun 2026 quarter, 95.8 percentage points higher than the same quarter a year ago. Across 5 years it has been between −35.0% and 1.5%. The latest quarter is within that range. Why the margin moved: operating margin changed +95.8 percentage points on the year while gross margin changed +87.1 points. So the gain came mostly from the gross margin, which means input costs and prices charged. ## Is Forward Industries' profit turning into cash? Forward Industries, Inc.'s cash-flow history is too short to judge how much of its profit turns into cash. In FY25 its operations used ₹0.0 B of cash, against −₹0.2 B of profit. After ₹0.0 B of spending on assets, free cash was ₹0.0 B: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. What to look at next: it spends almost nothing on new assets, so the cash goes on running the business. The next section shows the spending figures. This company reports in its home currency, not US dollars, so the money charts are left out here. The figures in the text are in that currency (₹); nothing is converted. ## Where does Forward Industries' cash go? Forward Industries, Inc. does not report the customer, stock and supplier day counts a cash cycle needs, so this section looks at its spending on assets instead. It spent ₹0.0 B on assets over the last 3 years. Nothing is estimated in place of the missing day counts, so no cash-cycle chart is drawn. Spending on assets: ₹0.0 B over the last 3 years. In short: almost nothing is being spent on new assets, so the cash goes on running the business. This company reports in its home currency, not US dollars, so the money charts are left out here. The figures in the text are in that currency (₹); nothing is converted. ## What is Forward Industries' P/E ratio, and how does it compare with its own history? Forward Industries, Inc. has no P/E right now, because its earnings are negative. The revenue and margin sections are where a turn would show first. The P/E comes back here once profit turns positive. ## Is the Forward Industries business getting better or worse? Forward Industries, Inc.'s business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 12 quarters of 2 measures, with some gaps. Why it matters: with too little history, we say so rather than guess a direction. The latest quarter’s profit includes a one-off item bigger than the normal business, so the profit line is shown but does not count in this reading. There are fewer than eight usable quarters, so this page does not guess a direction from so little history. ## How much does Forward Industries earn on its capital? Forward Industries, Inc. earned a ROE of −11% in FY25. That is up from a low of −143% in FY23. Its return on capital used (ROIC) is left out: on sales this small it reads −53%, a number that says nothing useful about the business. It comes from a −918.2% net margin and 0.01× asset turnover (sales divided by assets). Why the return is what it is (FY25): a −918.2% net margin × 0.01× asset turnover × 1.00× leverage (assets divided by equity) ≈ −9.2% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. ## Does Forward Industries have too much debt? Forward Industries, Inc. has total debt of ₹0.1 B against shareholder equity of ₹0.5 B as of Jun 2026, so its debt is 0.25× its equity, which is very little. Year by year, that ratio went from 0.74 in FY21 to 0.00 in FY25. So the returns on this page come from the business, not from borrowed money. This company reports in its home currency, not US dollars, so the money charts are left out here. The figures in the text are in that currency (₹); nothing is converted. ## What is the Forward Industries shareholding pattern? 6.6% of Forward Industries, Inc.'s tradable shares are in short positions, which are bets that the price will fall, so some traders are betting against it. At normal trading volumes, closing those positions would take about 1.7 days. US companies do not publish a quarter-by-quarter list of owners, so this page uses short interest instead. It is a single reading at one point in time; we do not have its history. Why it is at this level: the figure does not say who holds the short positions or why, so we show the level without guessing the story. ## How far is Forward Industries from balance-sheet trouble? For Forward Industries, Inc., the Z-score is 0.29. A Z-score above about 3 is safe and below about 1.8 signals danger, so this is in the danger zone. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. Why it matters: a Z-score of 0.29 is inside the danger zone, so the balance sheet is a real risk. ## How does Forward Industries rank in its industry? 53.0 out of 100, rank 5 of 13 in Footwear & Accessories, with 64% of the evidence available. Forward Industries, Inc. scores 53.0 out of 100 against the 13 companies it is compared with in Footwear & Accessories, ranking 5. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 25.8 + 3.6 + 11.5 + 12.1 = 53. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Forward Industries compared with? Forward Industries ranks 5 of 13 Footwear & Accessories companies on the 4-Factor Sector Score, with 53.0 out of 100. 1. [Weyco Group, Inc.](https://www.sectoralpha.in/us/stocks/weys) WEYS · leader · Most evidence points up · 81% evidence 70.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.1/35 · Revenue 0% · Profit 34.6% · Operating margin change 20.9 points · 83% evidence Capital efficiency 16.5/25 · ROCE 15.1% · Operating margin 27.5% · 76% evidence Valuation 14.1/20 · P/E 10.7× · PEG 0.3 · 65% evidence Relative strength 14.8/20 · Lead over its industry 19.9% · Lead over S&P 500 33.6% · 1 year 62.3% · 100% evidence · 12 of 12 weeks ahead Exact sum: 25.1 + 16.5 + 14.1 + 14.8 = 70.5 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Crocs, Inc.](https://www.sectoralpha.in/us/stocks/crox) CROX · turning · Evidence leans up · 74% evidence 60.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 9.2/35 · Revenue -2% · Profit 100% · Operating margin change -2.8 points · 62% evidence Capital efficiency 20.1/25 · ROCE 23.3% · Operating margin 24.2% · 76% evidence Valuation 14.9/20 · P/E 10.1× · PEG 0.24 · 65% evidence Relative strength 16.3/20 · Lead over its industry 23.8% · Lead over S&P 500 37.8% · 1 year 94.8% · 100% evidence · 3 of 12 weeks ahead Exact sum: 9.2 + 20.1 + 14.9 + 16.3 = 60.5 · What this means: Relative strength against the index is 37.8%, and revenue and profit growth are weak. 3. [Steven Madden, Ltd.](https://www.sectoralpha.in/us/stocks/shoo) SHOO · quiet · Evidence leans up · 74% evidence 56.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.3/35 · Revenue 18.1% · Profit 58.2% · Operating margin change 2.7 points · 62% evidence Capital efficiency 15.5/25 · ROCE 17.9% · Operating margin 6.7% · 76% evidence Valuation 12.0/20 · P/E 21.5× · PEG 0.37 · 65% evidence Relative strength 5.2/20 · Lead over its industry -9.5% · Lead over S&P 500 0.9% · 1 year 15.2% · 100% evidence · 2 of 12 weeks ahead Exact sum: 23.3 + 15.5 + 12 + 5.2 = 56 · What this means: Earnings are strong; relative strength in its sector is -9.5% and the one-year return is 15.2%. 4. [Wolverine World Wide, Inc.](https://www.sectoralpha.in/us/stocks/www) WWW · leader · Too little evidence to rank firmly · 58% evidence 55.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.0/35 · Revenue n/a · Profit n/a · Operating margin change 1.3 points · 45% evidence Capital efficiency 11.7/25 · ROCE 14.1% · Operating margin 9.9% · 76% evidence Valuation 9.8/20 · P/E 12.8× · PEG n/a · 15% evidence Relative strength 15.5/20 · Lead over its industry 2.4% · Lead over S&P 500 14.1% · 1 year 35.9% · 100% evidence · 11 of 12 weeks ahead Exact sum: 18 + 11.7 + 9.8 + 15.5 = 55 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 5. Forward Industries, Inc. this page FWDI · breaking out · Evidence leans up · 64% evidence 53.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.8/35 · Revenue 100% · Profit n/a · Operating margin change 95.8 points · 62% evidence Capital efficiency 3.6/25 · ROCE 2.1% · Operating margin -6.8% · 76% evidence Valuation 11.5/20 · P/E -31.7× · PEG n/a · 15% evidence Relative strength 12.1/20 · Lead over its industry -9.4% · Lead over S&P 500 1.3% · 1 year -40.7% · 100% evidence · 12 of 12 weeks ahead Exact sum: 25.8 + 3.6 + 11.5 + 12.1 = 53 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Rocky Brands, Inc.](https://www.sectoralpha.in/us/stocks/rcky) RCKY · turning · Evidence leans up · 81% evidence 51.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.8/35 · Revenue 9.1% · Profit 52.6% · Operating margin change -4.4 points · 83% evidence Capital efficiency 8.1/25 · ROCE 7% · Operating margin 2.4% · 76% evidence Valuation 15.0/20 · P/E 10.8× · PEG 0.2 · 65% evidence Relative strength 12.6/20 · Lead over its industry 13.6% · Lead over S&P 500 26.5% · 1 year 75.2% · 100% evidence · 9 of 12 weeks ahead Exact sum: 15.8 + 8.1 + 15 + 12.6 = 51.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [On Holding AG](https://www.sectoralpha.in/us/stocks/onon) ONON · basing · Evidence leans up · 74% evidence 50.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.4/35 · Revenue 18.4% · Profit 100% · Operating margin change 1.6 points · 62% evidence Capital efficiency 16.1/25 · ROCE 18.2% · Operating margin 14% · 76% evidence Valuation 6.5/20 · P/E 23.9× · PEG 1.89 · 65% evidence Relative strength 6.8/20 · Lead over its industry -19.3% · Lead over S&P 500 -9.9% · 1 year 4.3% · 100% evidence · 0 of 12 weeks ahead Exact sum: 21.4 + 16.1 + 6.5 + 6.8 = 50.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Deckers Outdoor Corporation](https://www.sectoralpha.in/us/stocks/deck) DECK · basing · Evidence leans down · 85% evidence 49.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.4/35 · Revenue 6.3% · Profit 4.4% · Operating margin change 0.4 points · 95% evidence Capital efficiency 21.2/25 · ROCE 44.1% · Operating margin 23.2% · 76% evidence Valuation 13.0/20 · P/E 10× · PEG 0.87 · 65% evidence Relative strength 1.5/20 · Lead over its industry -27.5% · Lead over S&P 500 -19.1% · 1 year 2.8% · 100% evidence · 0 of 12 weeks ahead Exact sum: 13.4 + 21.2 + 13 + 1.5 = 49.1 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 9. [Fossil Group, Inc.](https://www.sectoralpha.in/us/stocks/fosl) FOSL · leader · Too little evidence to rank firmly · 58% evidence 46.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 11.5/35 · Revenue n/a · Profit n/a · Operating margin change -3.7 points · 45% evidence Capital efficiency 5.7/25 · ROCE 4.8% · Operating margin 3.5% · 76% evidence Valuation 11.3/20 · P/E -11.7× · PEG n/a · 15% evidence Relative strength 17.5/20 · Lead over its industry 26% · Lead over S&P 500 39.8% · 1 year 252.1% · 100% evidence · 11 of 12 weeks ahead Exact sum: 11.5 + 5.7 + 11.3 + 17.5 = 46 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 10. [NIKE, Inc.](https://www.sectoralpha.in/us/stocks/nke) NKE · basing · Evidence leans down · 85% evidence 40.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.1/35 · Revenue -1.2% · Profit 6.8% · Operating margin change 0 points · 95% evidence Capital efficiency 15.2/25 · ROCE 15.4% · Operating margin 7.9% · 76% evidence Valuation 5.1/20 · P/E 18.7× · PEG 2.6 · 65% evidence Relative strength 5.0/20 · Lead over its industry -33.9% · Lead over S&P 500 -26.1% · 1 year -37% · 100% evidence · 0 of 12 weeks ahead Exact sum: 15.1 + 15.2 + 5.1 + 5 = 40.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Birkenstock Holding plc](https://www.sectoralpha.in/us/stocks/birk) BIRK · basing · Evidence leans down · 81% evidence 40.0 out of 100 Growth Capital Valuation Relative
12. [Designer Brands Inc.](https://www.sectoralpha.in/us/stocks/dbi) DBI · quiet · Evidence leans down · 67% evidence 35.3 out of 100 Growth Capital Valuation Relative
13. Vera Bradley, Inc. VRA · Too little evidence to rank firmly · 47% evidence 44.1 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led S&P 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led S&P 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Footwear & Accessories](https://www.sectoralpha.in/us/sectors/footwear-accessories), all 13 compared on one page. ## Which companies are close to Forward Industries in size? Forward Industries is the 9th largest of 12 Footwear & Accessories companies on Sector Alpha by market value (scores of 3 November 2026). Just above it: Steven Madden, Wolverine World Wide, Inc. and Weyco Group, Inc. Just below it: Rocky Brands, Inc., Fossil Group, Inc. and Designer Brands Inc. ### Footwear & Accessories companies close in size

1. [Steven Madden, Ltd.](https://www.sectoralpha.in/us/stocks/shoo) $3.2 billion
2. [Wolverine World Wide, Inc.](https://www.sectoralpha.in/us/stocks/www) $1.8 billion
3. [Weyco Group, Inc.](https://www.sectoralpha.in/us/stocks/weys) $493 million
4. Forward Industries, Inc. $454 million
5. [Rocky Brands, Inc.](https://www.sectoralpha.in/us/stocks/rcky) $392 million
6. [Fossil Group, Inc.](https://www.sectoralpha.in/us/stocks/fosl) $379 million
7. [Designer Brands Inc.](https://www.sectoralpha.in/us/stocks/dbi) $326 million

[All 12 Footwear & Accessories companies, largest first](https://www.sectoralpha.in/us/sectors/footwear-accessories#all-companies)

### Companies close in size in other industries

1. [Backblaze, Inc.](https://www.sectoralpha.in/us/stocks/blze) $470 million · Software - Infrastructure
2. [Gravity Co., Ltd.](https://www.sectoralpha.in/us/stocks/grvy) $469 million · Electronic Gaming & Multimedia
3. Forward Industries, Inc. $469 million
4. [Braskem S.A.](https://www.sectoralpha.in/us/stocks/bak) $466 million · Chemicals
5. [Gray Media, Inc.](https://www.sectoralpha.in/us/stocks/gtn-a) $466 million · Broadcasting

## What else do people ask about Forward Industries? ### What were Forward Industries's latest quarterly results? Forward Industries, Inc. reported revenue of ₹0.0 B and a net loss of ₹0.1 B for the Jun 2026 quarter. The operating margin was −6.8%, 95.8 percentage points higher than a year earlier (as of 3 November 2026). ### What is Forward Industries's market cap? Forward Industries, Inc.'s market capitalisation is $454 M at a stock price of $6.15. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Forward Industries performing? Forward Industries, Inc.'s latest readings are below. Over the past 13 weeks it has done better than the S&P 500, for 12 weeks running. This describes what the data did, not a rating (as of 3 November 2026). ### Will Forward Industries's stock price go up? This page does not forecast Forward Industries, Inc.'s stock price. What it shows instead: the stock price is $6.15. Nobody can reliably say which way a price will move, and this site does not try (as of 3 November 2026). ### Where is Forward Industries in its business cycle? Forward Industries, Inc.'s FY25 operating margin was −35.0%, against a 5-year range of −35.0% to 1.5%: the low end of its own range, which is often where recoveries start. The latest quarter was −6.8%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Forward Industries story? Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Forward Industries a stock worth studying right now? What the numbers show: Forward Industries, Inc.'s share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). This is research, not advice. We’re not SEBI-registered.