Home 
Today's Top Picks 
Top Performers 
Watchlist 
My Robo Portfolios 
ETF Zone - Chart
- Upturn Summary
- Highlights
- Revenue
- Valuation
Upturn AI Summary - About
Forward Industries, Inc.(FWDI)
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for FWDI
11/13/2026: FWDI (4-star) is currently NOT-A-BUY. Pass it for now.
Forward Industries is a small-cap provider of protective carrying solutions for portable medical and consumer electronics. The company is known for its specialized focus on medical device accessories, which helps provide stable B2B demand compared to generic consumer markets. Its primary growth story revolves around continuing to partner with medical OEMs as portable health-monitoring technology expands globally. Key risks include high customer concentration, sensitivity to supply chain costs, and intense competition from larger manufacturers. This stock is generally not suited for dividend or low-risk investors, and it may best suit those monitoring niche medical device industry trends and operational efficiency improvements.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
Company fundamentals, valuation, risks, and news provide supporting context about the business.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Weak fit | The company has historically exhibited limited organic growth potential, making it a challenging fit for growth-focused investors. |
| Momentum investor | Mixed fit | Momentum investors might consider the stock only during periods of sustained positive price action, contingent on an upturn signal. |
| Value investor | Mixed fit | Value investors may find interest if the stock trades at a significant discount to net assets, though risks to the core business remain. |
| Dividend investor | Weak fit | The company does not pay a dividend, making it unsuitable for income-focused investors. |
| Low-risk investor | Weak fit | Small-cap volatility and customer concentration risks make this stock unsuitable for low-risk investors. |
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Price volatility | High | As a small-cap stock, FWDI shares can experience significant price swings on low trading volume. |
| Valuation risk | Medium | Market sentiment can impact valuation independent of fundamental business performance. |
| Competition risk (specialized accessory market) | High | Intense competition from larger or lower-cost providers threatens market share and margins. |
| Business quality | Medium | The business relies on B2B contracts which, while stable, limit the potential for rapid expansion. |
| Dividend income | Low / none | The company does not provide a yield, offering no protection through income during market downturns. |
| Execution risk | Medium | Success depends heavily on maintaining efficient global supply chains and securing long-term contracts. |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 413.71M USD | Price to earnings Ratio - | 1Y Target Price 11.83 |
Price to earnings Ratio - | 1Y Target Price 11.83 | ||
Volume (30-day avg) 1.6M shares | Beta 0.9 | 52 Weeks Range 3.48 - 9.43 | Updated Date 11/13/2026 |
52 Weeks Range 3.48 - 9.43 | Updated Date 11/13/2026 | ||
Dividends yield (FY) - | Basic EPS (TTM) -30.27 |
Sector & Industry Intelligence
Sector
Financial Services
Constructive- Sentiment
- Bullish
- Momentum
- BUY Breadth Improving
- BUY participation
- 50.4%
- Active BUY / eligible
- 61 / 121
- 30-Day BUY Count Change
- +45
- Market state
- Bullish
More qualifying stocks are receiving or maintaining BUY advisories, indicating improving market participation.
Industry
Asset Management
- BUY participation
- 52.9%
- Active BUY / eligible
- 9 / 17
- 30-Day BUY Count Change
- +3
Sector signal summarizes BUY breadth conditions for the sector. It does not override this stock’s BUY, SELL, or PASS advisory.
Price Behavior
Strong Uptrend
The stock has maintained a strong upward price trend across the last three quarters.
Highly Choppy
The stock has experienced frequent, large price swings that make its near-term movement less predictable.
Analysis of Past Performance
Type Stock | Historic Profit 144.01% | Avg. Invested days 27 | Today’s Advisory PASS |
Upturn Advisory Rating  | Upturn Advisory Performance  5.0 | Stock Returns Performance  5.0 |
| Profits based on simulation | Last Close 11/13/2026 |
Upturn Scorecard
Upturn Star Rating 
Company Fundamentals
Financial Health Rating
Growth Momentum Score
Ownership
Top 5 Institutional Investors
Unit Economics (Per $1K Revenue)
Economic Dimensions
Quantitative Style Profile
Style Classification
Quality Focused
How Company Makes Money
| Business area | What it includes | Retail investor read |
|---|---|---|
| Carrying Solutions | Design and sourcing of cases for electronics and medical devices. | The company generates revenue by selling protective gear to businesses that bundle these items with their own products. |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Valuation
Trailing PE - | Forward PE 44.44 | Enterprise Value 518.94M | Price to Sales(TTM) 7.79 |
Enterprise Value 518.94M | Price to Sales(TTM) 7.79 | ||
Enterprise Value to Revenue 10.21 | Enterprise Value to EBITDA 20.8 | Shares Outstanding 81.44M | Shares Floating 61.30M |
Shares Outstanding 81.44M | Shares Floating 61.30M | ||
Percent Insiders 30.72 | Percent Institutions 43.58 |
Financial Metrics
🧭 Investment Snapshot
Total Revenue (Scale)
Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.
Net Income (Profit)
Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.
Free Cash Flow (Cash Strength)
Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.
📈 Growth & Strength
Operating Income (Core Profit)
Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.
EBITDA (Cash Earnings)
Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.
Gross Profit (Unit Profitability)
Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.
🛡️ Financial Safety
Cash (Liquidity Buffer)
Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.
Total Debt (Leverage Risk)
Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.
Net Working Capital (Short-Term Health)
Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.
🧱 Balance Sheet Strength
Stockholder Equity (Net Worth)
Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.
Total Assets (Asset Base)
The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.
Income Before Tax (Pre-Tax Earnings)
Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.
⚙️ Cost & Drag Factors
Cost of Revenue (Production Cost)
Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.
Total Operating Expenses (Operating Cost)
Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.
Income Tax Expense (Tax Drag)
Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.
Note: This website is maintained by Upturn Corporation, which is an investment adviser registered with the U.S. Securities and Exchange Commission. Such registration does not imply a certain level of skill or training. Investing in securities has risks. Past performance is no guarantee of future returns. No assurance is provided as to any particular investment return, and you may lose money using our services. You are strongly advised to consult appropriate counsel before making any investments in companies you learn about through our services. You should obtain appropriate legal, tax, investment, accounting, and other advice that takes into account your investment portfolio and overall financial situation. You are solely responsible for conducting due diligence on a potential investment. We do not affect trades for you. You will select your own broker through which to transact. Investments are not FDIC insured, they are not guaranteed, and they may lose value. Please see the Privacy Policy, Terms of Use, and Disclosure for more information.
All company names, trademarks, logos, and brands are the property of their respective owners and are used for identification and informational purposes only. Use of these names, trademarks, and logos does not imply endorsement by their respective owners.