Forward Industries, Inc.

FWDI

Consumer CyclicalApparel - Footwear & AccessoriesNASDAQ

$4.79

Market Cap: $8.23M

Forward Industries, Inc. (FWDI) Valuation Summary

Updated May 11, 2026 01:17

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.30 – $24.92	$4.53	-5.4%
Revenue DCF 10Y	$1.56 – $13.91	$2.22	-53.7%
▸ Trading Multiples
EV/Revenue	$6.86 – $12.63	$10.71	+123.7%

Valuation History

DCF Analysis

Forward Industries, Inc. (FWDI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.22

Market Price

$4.79

Upside / Downside

-53.7%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -35.0% to a target of 7.7% over 5 years, discounted at a WACC of 7.0%, Forward Industries, Inc. (FWDI) has an intrinsic value of $2.22 per share (range: $1.56 – $13.91).

Key Assumptions

Current Operating Margin

-35.0%

Target Operating Margin

7.7%

WACC

7.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.3%

Target CapEx/Rev

6.0%

D&A/Revenue

1.1%

Tax Rate

3.9%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	72	294.3%	-26.5%	-19	-19	1	(1)	12	-31	-30
2027	44	-38.6%	-17.9%	-8	-8	0	(1)	-5	-3	-3
2028	49	11.4%	-9.4%	-5	-5	1	(1)	1	-6	-5
2029	44	-10.0%	-0.8%	-0	-0	0	(1)	-1	-0	-0
2030	40	-10.0%	7.7%	3	3	0	(1)	-1	3	2
2031	36	-10.0%	7.7%	3	3	0	(1)	-1	2	2
2032	32	-10.0%	7.7%	2	2	0	(1)	-1	2	1
2033	30	-7.2%	7.7%	2	2	0	(1)	-0	2	1
2034	29	-3.8%	7.7%	2	2	0	(2)	-0	1	1
2035	29	-0.4%	7.7%	2	2	0	(2)	-0	1	0

Enterprise Value Bridge

Sum of PV(FCFF)-30

Terminal Value (Gordon Growth at 3.0%)19

PV of Terminal Value10

Enterprise Value-21

(–) Net Debt-36

Equity Value15

(÷) Shares Outstanding7

Fair Value per Share$2.22

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
5.0%	$-1	$-0	$4	$9	$14
6.0%	$-1	$-0	$3	$6	$9
7.0%	$-1	$-0	$2	$5	$7
8.0%	$-1	$-0	$2	$4	$6
9.0%	$-1	$-0	$2	$3	$5

Current price: $4.79. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 18.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Forward Industries, Inc. (FWDI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.53

Market Price

$4.79

Upside / Downside

-5.4%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-35.0%

Target Operating Margin

7.7%

WACC

7.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.3%

Target CapEx/Rev

6.0%

D&A/Revenue

1.1%

Tax Rate

3.9%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	72	294.3%	-26.5%	-19	-19	1	(1)	12	-31	-30
2027	44	-38.6%	-17.9%	-8	-8	0	(1)	-5	-4	-3
2028	49	11.4%	-9.4%	-5	-5	1	(2)	1	-7	-6
2029	44	-10.0%	-0.8%	-0	-0	0	(2)	-1	-1	-1
2030	40	-10.0%	7.7%	3	3	0	(2)	-1	2	1

Enterprise Value Bridge

Sum of PV(FCFF)-38

Terminal Value (Gordon Growth at 3.0%)46

PV of Terminal Value34

Enterprise Value-5

(–) Net Debt-36

Equity Value31

(÷) Shares Outstanding7

Fair Value per Share$4.53

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
5.0%	$-2	$3	$10	$18	$25
6.0%	$-1	$2	$6	$11	$16
7.0%	$-1	$1	$5	$8	$12
8.0%	$-1	$1	$3	$6	$9
9.0%	$-1	$0	$3	$5	$8

Current price: $4.79. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 18.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$10.71

Market Price

$4.79

Upside / Downside

+123.7%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Forward Industries, Inc. (FWDI) has a fair value of $10.71 based on 8 comparable companies in the Apparel - Footwear & Accessories industry.

EV/Revenue Valuation — Apparel - Footwear & Accessories

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Forward Industries, Inc.FWDI	33	-0.2x	-0.1x
EVgo, Inc.EVGO	618	1.5x	1.3x
High Roller Technologies, Inc.ROLR	64	3.1x	2.3x
Ark Restaurants Corp.ARKR	25	0.6x	1.4x
Millennium Group International Holdings LimitedMGIH	17	0.5x	—
Birks Group Inc.BGI	13	0.9x	—
Solo Brands, Inc.SBDS	13	0.0x	0.0x
Robo.ai Inc.AIIO	13	2.8x	—
JBDI Holdings LimitedJBDI	12	1.4x	—
Industry Median		1.2x	1.3x
(*) Revenue		18	39
= Enterprise Value		21	53
(-) Net Debt		-36	-36
Equity Value		57	89
(/) Outstanding shares		7	7
Fair Price		$8	$13

Selected Fair Value (avg of trailing + forward)

$10.71

+123.7%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.30 – $24.92

$4.53

-5.4%

Revenue DCF 10Y

$1.56 – $13.91

$2.22

-53.7%

▸ Trading Multiples

EV/Revenue

$6.86 – $12.63

$10.71

+123.7%

DCF Analysis

Forward Industries, Inc. (FWDI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.22

Market Price

$4.79

Upside / Downside

-53.7%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-35.0%

Target Operating Margin

7.7%

WACC

7.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.3%

Target CapEx/Rev

6.0%

D&A/Revenue

1.1%

Tax Rate

3.9%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	72	294.3%	-26.5%	-19	-19	1	(1)	12	-31	-30
2027	44	-38.6%	-17.9%	-8	-8	0	(1)	-5	-3	-3
2028	49	11.4%	-9.4%	-5	-5	1	(1)	1	-6	-5
2029	44	-10.0%	-0.8%	-0	-0	0	(1)	-1	-0	-0
2030	40	-10.0%	7.7%	3	3	0	(1)	-1	3	2
2031	36	-10.0%	7.7%	3	3	0	(1)	-1	2	2
2032	32	-10.0%	7.7%	2	2	0	(1)	-1	2	1
2033	30	-7.2%	7.7%	2	2	0	(1)	-0	2	1
2034	29	-3.8%	7.7%	2	2	0	(2)	-0	1	1
2035	29	-0.4%	7.7%	2	2	0	(2)	-0	1	0

Enterprise Value Bridge

Sum of PV(FCFF)-30

Terminal Value (Gordon Growth at 3.0%)19

PV of Terminal Value10

Enterprise Value-21

(–) Net Debt-36

Equity Value15

(÷) Shares Outstanding7

Fair Value per Share$2.22

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
5.0%	$-1	$-0	$4	$9	$14
6.0%	$-1	$-0	$3	$6	$9
7.0%	$-1	$-0	$2	$5	$7
8.0%	$-1	$-0	$2	$4	$6
9.0%	$-1	$-0	$2	$3	$5

Current price: $4.79. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 18.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$10.71

Market Price

$4.79

Upside / Downside

+123.7%

Verdict

Undervalued

EV/Revenue Valuation — Apparel - Footwear & Accessories

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Forward Industries, Inc.FWDI	33	-0.2x	-0.1x
EVgo, Inc.EVGO	618	1.5x	1.3x
High Roller Technologies, Inc.ROLR	64	3.1x	2.3x
Ark Restaurants Corp.ARKR	25	0.6x	1.4x
Millennium Group International Holdings LimitedMGIH	17	0.5x	—
Birks Group Inc.BGI	13	0.9x	—
Solo Brands, Inc.SBDS	13	0.0x	0.0x
Robo.ai Inc.AIIO	13	2.8x	—
JBDI Holdings LimitedJBDI	12	1.4x	—
Industry Median		1.2x	1.3x
(*) Revenue		18	39
= Enterprise Value		21	53
(-) Net Debt		-36	-36
Equity Value		57	89
(/) Outstanding shares		7	7
Fair Price		$8	$13

Selected Fair Value (avg of trailing + forward)

$10.71

+123.7%