Forward Industries (FORD)
Market Price (11/17/2025): $9.11 | Market Cap: $10.1 MilSector: Consumer Discretionary | Industry: Footwear
Forward Industries (FORD)
Market Price (11/17/2025): $9.11Market Cap: $10.1 MilSector: Consumer DiscretionaryIndustry: Footwear
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Megatrend and thematic driversMegatrends include Advanced Manufacturing & Industrial Design, Healthcare Innovation & Infrastructure, and Consumer Lifestyle & Tech Accessories. Themes include Custom Protective Enclosures, Show more. | Weak multi-year price returns2Y Excs Rtn is -26%, 3Y Excs Rtn is -106% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.2 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -19% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 128% | ||
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13%, Rev Chg QQuarterly Revenue Change % is -50% | ||
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -6.8%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -6.9% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -40% | ||
| High stock price volatilityVol 12M is 127% | ||
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 44% |
| Megatrend and thematic driversMegatrends include Advanced Manufacturing & Industrial Design, Healthcare Innovation & Infrastructure, and Consumer Lifestyle & Tech Accessories. Themes include Custom Protective Enclosures, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -26%, 3Y Excs Rtn is -106% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.2 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -19% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 128% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13%, Rev Chg QQuarterly Revenue Change % is -50% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -6.8%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -6.9% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -40% |
| High stock price volatilityVol 12M is 127% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 44% |
Market Valuation & Key Metrics
FORD Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Key points for Forward Industries (FORD) stock movement from 7/31/2025 to 11/15/2025
1. Poor Q3 2025 Earnings Report: Forward Industries released its Q3 2025 earnings on August 14, 2025, reporting a significant 50.5% year-over-year decline in revenue from continuing operations. The company's gross margin for the quarter dropped to -24.9% from 26.0% in the prior year, and its operating loss increased to $2.6 million, compared to $0.5 million in Q3 2024. This financial underperformance likely contributed significantly to investor concern.
2. Strategic Shift to Solana Treasury Strategy: In September 2025, Forward Industries initiated a strategic shift by adopting a Solana treasury strategy, dedicating itself to acquiring SOL (Solana cryptocurrency) and increasing SOL-per-share through active management. The company's initial liquid SOL purchases amounted to 6,822,000 SOL at an average price of $232 per SOL, totaling approximately $1.58 billion. This significant investment in a volatile cryptocurrency may have introduced heightened risk and uncertainty for investors, potentially impacting the stock negatively, especially if the value of SOL declined during the period.
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Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FORD Return | 84% | -14% | -31% | -32% | -32% | 84% | -8% |
| Peers Return | -7% | 14% | -36% | 6% | 61% | -8% | 5% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| FORD Win Rate | 67% | 33% | 33% | 25% | 17% | 50% | |
| Peers Win Rate | 25% | 47% | 32% | 42% | 43% | 43% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 70% | |
Max Drawdowns [4] | |||||||
| FORD Max Drawdown | -9% | -17% | -33% | -41% | -55% | -30% | |
| Peers Max Drawdown | -34% | -3% | -41% | -21% | -15% | -33% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: WWW, WEYS, FOSL, FMFC, ONON.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/14/2025 (YTD)
How Low Can It Go
| Event | FORD | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -87.1% | -25.4% |
| % Gain to Breakeven | 677.3% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -27.3% | -33.9% |
| % Gain to Breakeven | 37.6% | 51.3% |
| Time to Breakeven | 65 days | 148 days |
| 2018 Correction | ||
| % Loss | -71.3% | -19.8% |
| % Gain to Breakeven | 248.1% | 24.7% |
| Time to Breakeven | 487 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -69.6% | -56.8% |
| % Gain to Breakeven | 228.5% | 131.3% |
| Time to Breakeven | 314 days | 1480 days |
Compare to WWW, WEYS, FOSL, FMFC, ONON
In The Past
Forward Industries's stock fell -87.1% during the 2022 Inflation Shock from a high on 2/16/2021. A -87.1% loss requires a 677.3% gain to breakeven.
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Asset Allocation
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Latest Trefis Analyses
| Title | Topic | |
|---|---|---|
| DASHBOARDS | ||
| Would You Still Hold Forward Industries Stock If It Fell Another 30%? | Return |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select past ideas related to FORD. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 10312025 | LRN | Stride | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -5.8% | -5.8% | -5.8% |
| 10312025 | DECK | Deckers Outdoor | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 1.6% | 1.6% | -2.4% |
| 10312025 | ATGE | Adtalem Global Education | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | -1.6% | -1.6% | -5.9% |
| 10242025 | GNTX | Gentex | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -3.2% | -3.2% | -3.2% |
| 10172025 | LNW | Light & Wonder | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 12.4% | 12.4% | -6.2% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 10312025 | LRN | Stride | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -5.8% | -5.8% | -5.8% |
| 10312025 | DECK | Deckers Outdoor | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 1.6% | 1.6% | -2.4% |
| 10312025 | ATGE | Adtalem Global Education | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | -1.6% | -1.6% | -5.9% |
| 10242025 | GNTX | Gentex | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -3.2% | -3.2% | -3.2% |
| 10172025 | LNW | Light & Wonder | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 12.4% | 12.4% | -6.2% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Forward Industries
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 12.28 |
| Mkt Cap | 0.3 |
| Rev LTM | 1,084 |
| Op Inc LTM | 33 |
| FCF LTM | 33 |
| FCF 3Y Avg | 44 |
| CFO LTM | 34 |
| CFO 3Y Avg | 47 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.6% |
| Rev Chg 3Y Avg | -10.6% |
| Rev Chg Q | -8.9% |
| QoQ Delta Rev Chg LTM | -2.0% |
| Op Mgn LTM | 7.6% |
| Op Mgn 3Y Avg | 3.4% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 4.1% |
| CFO/Rev 3Y Avg | 9.8% |
| FCF/Rev LTM | 2.9% |
| FCF/Rev 3Y Avg | 6.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.3 |
| P/S | 0.7 |
| P/EBIT | 8.8 |
| P/E | 12.7 |
| P/CFO | 9.6 |
| Total Yield | 0.5% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 0.6% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -30.0% |
| 3M Rtn | -35.6% |
| 6M Rtn | 5.6% |
| 12M Rtn | -2.6% |
| 3Y Rtn | 60.0% |
| 1M Excs Rtn | -36.2% |
| 3M Excs Rtn | -37.1% |
| 6M Excs Rtn | -7.4% |
| 12M Excs Rtn | -10.8% |
| 3Y Excs Rtn | -37.3% |
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/10/2024 | -2.2% | -0.5% | -2.0% |
| 12/20/2023 | 14.7% | 11.4% | 11.7% |
| 8/14/2023 | -3.5% | -7.4% | -8.8% |
| 5/12/2023 | -0.1% | -0.6% | -0.6% |
| 2/14/2023 | 0.0% | -13.6% | -19.7% |
| 8/10/2022 | -0.6% | -3.4% | -17.5% |
| 5/12/2022 | 0.0% | 3.4% | 0.7% |
| 12/16/2021 | -8.0% | -8.0% | -12.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 8 | 8 |
| # Negative | 10 | 9 | 9 |
| Median Positive | 0.9% | 5.1% | 8.4% |
| Median Negative | -1.5% | -7.4% | -10.7% |
| Max Positive | 14.7% | 28.1% | 41.6% |
| Max Negative | -12.3% | -13.6% | -19.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 6302025 | 8142025 | 10-Q 6/30/2025 |
| 3312025 | 5142025 | 10-Q 3/31/2025 |
| 12312024 | 2132025 | 10-Q 12/31/2024 |
| 9302024 | 12272024 | 10-K 9/30/2024 |
| 6302024 | 8142024 | 10-Q 6/30/2024 |
| 3312024 | 5102024 | 10-Q 3/31/2024 |
| 12312023 | 2142024 | 10-Q 12/31/2023 |
| 9302023 | 12212023 | 10-K 9/30/2023 |
| 6302023 | 8142023 | 10-Q 6/30/2023 |
| 3312023 | 5122023 | 10-Q 3/31/2023 |
| 12312022 | 2142023 | 10-Q 12/31/2022 |
| 9302022 | 12162022 | 10-K 9/30/2022 |
| 6302022 | 8102022 | 10-Q 6/30/2022 |
| 3312022 | 5122022 | 10-Q 3/31/2022 |
| 12312021 | 2102022 | 10-Q 12/31/2021 |
| 9302021 | 12162021 | 10-K 9/30/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |