15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $18M | -$167M | 28.5% | -46.1% | -$5M | — | $38M |
| 2024 | $20M | -$2M | 25.9% | -10.8% | $454616 | — | $3M |
| 2023 | $23M | -$4M | 31.5% | -0.3% | $1M | — | $3M |
| 2022 | $38M | -$1M | 23.0% | 1.5% | $1M | — | $2M |
| 2021 | $39M | $523805 | 20.8% | -2.0% | -$595518 | — | $1M |
| 2020 | $34M | -$2M | 19.3% | -5.7% | -$331402 | $2M | $3M |
| 2019 | $37M | -$4M | 17.6% | -8.3% | -$2M | $54027 | — |
| 2018 | $34M | $1M | 19.0% | 0.8% | $900604 | $224377 | — |
| 2017 | $25M | $579346 | 16.9% | 2.4% | -$137639 | $0 | — |
| 2016 | — | $606562 | — | — | $720163 | — | — |
| 2015 | — | -$1M | — | — | — | — | — |
| 2014 | — | -$799906 | — | — | — | — | — |
| 2013 | — | -$206886 | — | — | $2M | — | — |
| 2012 | $29403 | -$10M | 13230.5% | -11100.2% | -$11M | — | — |
| 2011 | $22763 | -$3M | 22321.2% | -9401.0% | -$2M | — | — |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $13M | -$283M | 70.0% | -2191.9% | -$5M | — | $17M |
| Dec '25 | $21M | -$586M | 78.6% | -2722.8% | -$8M | — | $25M |
| Sep '25 | $8M | -$164M | 61.1% | -39.2% | -$2M | — | $38M |
| Jun '25 | $2M | -$850022 | -24.9% | -102.6% | -$1M | — | $1M |
| Mar '25 | $3M | -$1M | -5.7% | -58.3% | -$539047 | — | $2M |
| Dec '24 | $5M | -$708065 | 24.5% | -19.4% | -$439701 | — | $2M |
| Sep '24 | $5M | -$643981 | 23.3% | -14.9% | $452129 | — | $3M |
| Jun '24 | $5M | -$399585 | 26.0% | -9.1% | $426797 | — | $2M |
| Mar '24 | $5M | -$553214 | 26.2% | -12.2% | -$520628 | — | $2M |
| Dec '23 | $7M | -$354220 | 23.0% | -5.3% | $96318 | — | $2M |
| Sep '23 | $8M | -$2M | 26.9% | 2.7% | $459305 | — | $3M |
| Jun '23 | $9M | -$536744 | 25.1% | 1.7% | $565450 | — | $3M |
| Mar '23 | $10M | -$870948 | 19.8% | -0.9% | $73907 | — | $2M |
| Dec '22 | $10M | -$430275 | 20.2% | -1.3% | -$193716 | — | $2M |
| Sep '22 | $6M | -$783027 | 35.3% | 19.0% | $347887 | — | $2M |
| Jun '22 | $11M | -$418913 | 18.1% | -3.6% | $786443 | — | $2M |
| Mar '22 | $10M | -$356335 | 21.8% | -3.1% | -$841033 | — | $2M |
| Dec '21 | $12M | $180024 | 22.5% | 1.8% | $1M | — | $2M |
| Sep '21 | $11M | -$84090 | 17.8% | -0.5% | -$196498 | — | $1M |
| Jun '21 | $10M | $243587 | 21.9% | 2.7% | $36776 | — | $2M |
How the market has priced FWDI against its own fundamentals since 2025-11 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, Forward Industries, Inc.'s revenue has declined 12.0% per year. These are computed facts, not advice.
As of FY2025, Forward Industries, Inc. reported — of total debt against $38M of cash; operating income covered interest expense -170.8×.
In FY2025, gross margin was 28.5%, operating margin -46.1%, and net margin -918.1%.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.