Forward Industries, Inc. (FWDI) fair value: what the stock is really worth
As of Oct 30, 2026: fair value (intrinsic value) of Forward Industries, Inc. stock $11.80, price $6.35, upside +85.8%, quality 24 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 30, 2026.
How to read this chart
60‑month range $3.30 – $39.00 · fair‑value band $8.85 – $14.75 · the $6.35 price screens below the $11.80 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 3 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Oct 30, 2026.
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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.
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The Design segment offers hardware and software product design and engineering services to customers located in the United States. The company was incorporated in 1961 and is based in Austin, Texas.
Stock analysis
Forward Industries, Inc. (FWDI) currently trades at $6.35, while our model-based Fair Value estimate is $11.80, implying the stock looks roughly 46.2% undervalued today.
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Valuation
How firm this estimate is: it rests on 2 models at a data quality of 96/100, which puts the data coverage at low.
Scenario range: $8.85 (bear) to $14.75 (bull), the price of $6.35 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 24/100 (below-average quality), in the Financial Services sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Forward Industries, Inc. reported revenue of $18.2M in FY2025 versus $39.0M in FY2021, a compound −17.4%/yr. Reported net income was −$167M in FY2025.
Key figures
Market cap $551M Small · P/S ratio 9.97 · EPS (TTM) $−30.27 · Return on equity −461% · Return on assets (EBIT) −4.5% · Operating margin −6.8% · Revenue (TTM) $53.1M · Revenue growth (YoY) +332%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 10 out of 100 (low confidence).
What moves the price
The share trades about 56% below its 52-week high and 79% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −20% fair-value upside, at 86%, FWDI screens cheaper than that median.
Fair Value models
Bear$8.85Fair Value $11.80Bull$14.75
Price $6.35 · Upside +85.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
P/B Multiple$12.29$16.38$20.4855
NCAV (Graham)$0.3100$0.4800$0.600054
All 2 models by family
Multiples
P/B Multiple$12.29$16.38$20.4855
Asset-Based
NCAV (Graham)$0.3100$0.4800$0.600054
The fair value above starts from this blend and is adjusted for dilution from new shares.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−39.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−24.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−12.0%
Start year 2020 (pandemic). Over 10 years: −4.9% a year
Revenue growth 30 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.5%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−2.8% (2020) → −35.0% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
Compare Forward Industries, Inc. with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 652 stocks
Beats the industry median on 4/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score24 · Bottom 25%
Fair Value upside+70.0% · Above median
Profitability
Return on assets−11.3% · Bottom 25%
Operating margin (12 months)−6.8% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)332.1% · Top 25%
Balance sheet
Debt / equity0.00× · Below median
Valuation Multiplesvs Asset Management median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Forward Industries, Inc. Fair Value". https://www.fairvalue-calculator.com/stock/FWDI
Frequently asked questions
Is Forward Industries, Inc. (FWDI) overvalued or undervalued?
As of Oct 30, 2026, our model estimates a fair value of $11.80 versus a price of $6.35, about +86% upside (undervalued).
What is the fair value of FWDI?
Our model-based fair value for Forward Industries, Inc. is $11.80 (as of Oct 30, 2026), built from audited fundamentals. The current price: $6.35.
What is the quality score of FWDI?
Forward Industries, Inc. has a Quality Score of 24/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Forward Industries, Inc. (FWDI)?
Our model-based price target is the fair value of $11.80 (as of Oct 30, 2026) from 2 valuation models. Cautious scenario $8.85, optimistic scenario $14.75. It is a calculation from audited fundamentals, not an analyst target.
What is the Forward Industries, Inc. stock forecast for 2026?
Our models put fair value at $11.80, about +86% upside versus a price of $6.35 (undervalued). Cautious scenario $8.85, optimistic scenario $14.75. The calculation is refreshed regularly with new filings.
What is the revenue of Forward Industries, Inc. (FWDI)?
Forward Industries, Inc. reported trailing-twelve-month revenue of about $53.1M (latest available figure, as of Oct 30, 2026).
What is the intrinsic value of Forward Industries, Inc. (FWDI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Forward Industries, Inc. it is $11.80 per share (as of Oct 30, 2026), against a price of $6.35. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Forward Industries, Inc. stock overvalued or undervalued in 2026?
As of Oct 30, 2026, FWDI trades below its calculated fair value: price $6.35, fair value $11.80, a gap of about +86% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FWDI?
No. The price is what the market pays today ($6.35); the fair value is what the company's own numbers justify ($11.80). For Forward Industries, Inc. the two are $5.45 per share apart. That gap is exactly why we show both numbers side by side.
How much is Forward Industries, Inc. worth?
The market values Forward Industries, Inc. at about $551M (market capitalisation, as of Oct 30, 2026). Per share that is $6.35; our models calculate a fair value of $11.80 per share.
What do the bullish and bearish scenarios say about FWDI?
Our models span a range for Forward Industries, Inc.: cautious scenario $8.85, base $11.80, optimistic $14.75 per share (as of Oct 30, 2026, price $6.35). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of FWDI?
The PEG ratio of Forward Industries, Inc. is 2.53 (P/E divided by earnings growth, as of Oct 30, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Forward Industries, Inc. (FWDI)?
Balance-sheet figures for Forward Industries, Inc. (as of Oct 30, 2026): return on equity −461.4%, debt of 0.00 per unit of equity. They feed the Quality Score of 24/100, which measures business quality independently of the share price.
How far is FWDI from its 52-week high?
Forward Industries, Inc. trades at $6.35, about 56% below its 52-week high of $14.39 and 79% above the low of $3.54 (as of Oct 30, 2026). Distance from the high says nothing about value: that is what the fair value of $11.80 is for.
Which stocks are comparable to Forward Industries, Inc.?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Forward Industries, Inc. stock attractive at the current price?
The data as of Oct 30, 2026: price $6.35, calculated fair value $11.80 (+86%), Quality Score 24/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FWDI calculated?
We run Forward Industries, Inc. through 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $11.80, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.4 % above its aggregate fair value. Forward Industries, Inc. currently trades 46 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Forward Industries, Inc. (FWDI)?
The closing price on Oct 30, 2026 was $6.35. Our model-based fair value is $11.80, about +86% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Forward Industries, Inc. right now?
The large discount to fair value meets weak quality (24/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case ($8.85). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Forward Industries, Inc.
How large is the market capitalisation of Forward Industries, Inc. (FWDI)?
The market capitalisation of Forward Industries, Inc. is $551M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Forward Industries, Inc. (FWDI)?
The price-to-sales ratio of Forward Industries, Inc. is 9.97 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Forward Industries, Inc. (FWDI)?
Earnings per share at Forward Industries, Inc. are $−30.27. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Forward Industries, Inc. (FWDI)?
The return on equity (ROE) of Forward Industries, Inc. is −461% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Forward Industries, Inc. (FWDI)?
On an EBIT basis the return on assets of Forward Industries, Inc. is −4.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Forward Industries, Inc. (FWDI)?
The operating margin of Forward Industries, Inc. is −6.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Forward Industries, Inc. (FWDI)?
Revenue at Forward Industries, Inc. is growing +332% versus a year earlier (3y avg −24.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Forward Industries, Inc. (FWDI) generate?
The free cash flow of Forward Industries, Inc. is −$4.5M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Forward Industries, Inc. (FWDI) hold?
Forward Industries, Inc. holds more cash than debt, $35.6M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Oct 30, 2026