Is Forward Industries, Inc. financially healthy?

Forward Industries, Inc. scores 4 out of 8 on the Piotroski F-score. Only 8 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Its Altman Z-score puts it in the safe zone. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Who are the largest institutional holders of Forward Industries, Inc.?

Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), GEODE CAPITAL MANAGEMENT, LLC (adding), STATE STREET CORP (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

Forward Industries, Inc. (FWDI)

Nasdaq · Common Stock · Finance Services

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

4 / 8

FAILReturn on assets positiveROA -11.3%
FAILOperating cash flow positiveOCF -5M
PASSReturn on assets improving-13.2% → -11.3%
PASSCash flow exceeds earningsOCF -5M vs NI -167M
FAILLong-term debt ratio fallingno debt reported
PASSCurrent ratio improving1.03 → 15.14
FAILNo share dilution1M → 7M shares
PASSGross margin improving20.6% → 28.5%
FAILAsset turnover improving2.04× → 0.01×

Altman Z-score

69.59safe

Bankruptcy-risk screen combining working capital, retained earnings, operating income, market value against liabilities, and asset turnover. Above 2.99 is the safe zone; below 1.81 is distress.

Cash conversion: 2.7%
Share count change: 516.8%

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	$34.5M	−$1.8M	−$331,402	19.3%	9,583,441
FY2021	$39.0M	$523,805	−$595,518	20.8%	10,443,018
FY2022	$42.3M	−$1.4M	$1.4M	19.8%	10,061,185
FY2023	$36.7M	−$3.7M	$904,946	22.8%	10,061,185
FY2024	$30.2M	−$2.0M	$341,968	20.6%	1,101,069

Ownership flow

10 institutions tracked — 7 added, 1 reduced, 2 opened a new position.

Institutional holders of Forward Industries, Inc. and their share-count change
Manager	Kind	Shares	Change	Value
BlackRock, Inc.	Index	3,710,811	+3,498,852	$15.7M
GEODE CAPITAL MANAGEMENT, LLC	Index	1,943,824	+868,896	$14.3M
STATE STREET CORP	Index	988,926	+671,735	$4.2M
RENAISSANCE TECHNOLOGIES LLC	Hedge fund	188,854	−211,370	$796,964

Capital returned

What the company actually paid out and bought back, as reported — the record behind any yield figure.

Shares repurchased

2025Q4: $10.9M
2024Q4: $0
2014Q4: $12,199

Identity

CIK: 0000038264
LEI: 25490013M5T813R19941
FIGI: BBG020WJG333
SIC: 6199 · Finance Services
Incorporated: TX
Headquarters: AUSTIN, TX

Ownership

Institutional: 42.8%
Institutions: 125
Insiders: 30.7%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Questions about Forward Industries, Inc.

Is Forward Industries, Inc. financially healthy?: Forward Industries, Inc. scores 4 out of 8 on the Piotroski F-score. Only 8 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Its Altman Z-score puts it in the safe zone. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.
Who are the largest institutional holders of Forward Industries, Inc.?: Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), GEODE CAPITAL MANAGEMENT, LLC (adding), STATE STREET CORP (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

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The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.