What is the 13F Pro Quality Score for FWDI?

13F Pro ranks Forward Industries, Inc. (FWDI) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View FWDI's current score at https://13fpro.ai/company/FWDI (free sign-up required for the full ranking).

Which hedge funds own the most FWDI stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of FWDI include Galaxy Digital, J Digital 6, BlackRock,. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/company/FWDI as soon as new 13F filings post.

Where does 13F Pro source FWDI data?

All Forward Industries, Inc. fundamentals and ownership data come directly from SEC EDGAR. Forward Industries, Inc. files with the SEC under CIK 38264. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is FWDI in?

Forward Industries, Inc. (FWDI) is classified in the Financials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/financials.

How often is FWDI research updated on 13F Pro?

FWDI's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

Forward Industries, Inc.(FWDI)Stock Analysis

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SEC EDGAR: CIK 38264 FWDI stock profile & AI dashboard →

13F Pro Quality Score

33.3/100

Rank #2,397 of 2,962 stocks

View Financials peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Nov 14, 2026.

Revenue Growth

92.2/100

Profitability

1.7/100

Balance Sheet

0.1/100

Earnings Quality

15.3/100

Free Cash Flow

11.1/100

Institutional Flow

82.1/100

Revenue Scale

9.4/100

Dilution Risk

11.2/100

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Two-page plain-English analysis: business, thesis, and three scenarios for the next two years. Refreshed every quarter.

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Why FWDI Scores 33/100

exact factor attribution · 2026-09-11

FWDI's composite is driven by revenue growth and institutional flow, held back by profitability and scale. Bars show each factor's exact push vs. a median company, using the same weights the ranking engine applies.

Revenue growth

+11.3 pts

92th pct

Institutional flow

+2.1 pts

82th pct

Shareholder dilution

-2.6 pts

11th pct

Earnings growth

-3.1 pts

4th pct

Earnings quality

-3.5 pts

15th pct

Free cash flow

-5.8 pts

11th pct

Capital efficiency

-6.7 pts

0th pct

Scale

-8.1 pts

9th pct

Profitability

-9.7 pts

2th pct

Latest change (2026-08-12): 24 → 28 · ↑ Capital efficiency 2→34; ↑ Profit margin 2→19; despite ↓ Revenue growth 88→56

Factor percentiles are cross-sectional ranks across the ~2,800-stock scored universe, computed from SEC EDGAR filings. Not investment advice.

FWDI Stock Analysis & AI Quality Score

Data updated 2026-09-11

AI stock analysis and institutional research for Forward Industries, Inc. (FWDI), a Financials sector company. 13F Pro's AI-powered ranking engine scores FWDI at 33.3/100 on a 32-signal composite quality model, placing it at rank #2,397 of 2,962 stocks — the bottom half of the AI-ranked universe. FWDI scores in the top quartile across revenue growth (92.2), institutional flow (82.1). Areas of concern include balance sheet strength (0.1) and profitability (1.7), which score below median versus the broader universe. Shareholder dilution risk is elevated at 11.2/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), Forward Industries, Inc. reports quarterly revenue of $10.8M, net income of $-69.0M, free cash flow of $-3.4M. Top institutional holders of FWDI by reported 13-F value include Galaxy Digital, J Digital 6, BlackRock, based on the most recent SEC filings. FWDI trades on the Nasdaq exchange and files with the SEC under CIK 38264. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate FWDI daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Forward Industries, Inc. directly from SEC EDGAR. Forward Industries, Inc.'s 13F Pro composite quality score has ranged between 16 and 36 since 2026, currently 33.3 — an improving long-term trajectory across 48 quarterly and live scoring snapshots.

✦

Fun facts about Forward Industries, Inc.

Quirks, history, and lore behind FWDI — the kind of stuff that makes a stock memorable.

1
The Basics
A micro-cap U.S. company with a history in protective carry solutions — cases, pouches, and enclosures — for specialized electronic devices.
2
The Numbers
With revenues in the low millions, this is firmly small-company territory — the kind of stock where a single press release can move the needle dramatically.
3
The History
The company has been around for decades, originally focused on custom-designed soft goods packaging for OEM clients in medical and industrial markets.
4
The Secret
Its business has undergone significant pivots over the years, making its current sector classification feel like a plot twist compared to its origins.
5
The Lore
It once served clients needing rugged, custom-fitted protection for handheld medical and scanning devices — the unglamorous but necessary armor of the tech world.
6
The Giveaway
Ticker FWDI, the word "Forward" in the name, and a corporate history that started with protective cases and kept reinventing itself.

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Revenue

Q2 2026

$10.8M

Net Income

Q2 2026

$-69.0M

Free Cash Flow

Q2 2026

$-3.4M

ROIC

Q2 2026

-59.3%

Period

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro

Revenue

-9.0% YoY

$18.2MFY 2025

FY22 $38.2MFY23 $36.7MFY24 $20.0MFY25 $18.2M

Net Income

-8460.2% YoY

$-167.0MFY 2025

FY22 $-1.4MFY23 $-3.7MFY24 $-2.0MFY25 $-167.0M

Operating Income

-290.1% YoY

$-8.4MFY 2025

FY22 $588.5KFY23 $159.7KFY24 $-2.2MFY25 $-8.4M

EPS (Diluted)

-1289.3% YoY

$-24.59FY 2025

FY22 $-0.14FY23 $-3.39FY24 $-1.77FY25 $-24.59

Total Assets

+9887.2% YoY

$1.47BFY 2025

FY22 $20.9MFY23 $17.4MFY24 $14.8MFY25 $1.47B

Total Debt

—FY 2025

FY22 —FY23 —FY24 —FY25 —

Op. Cash Flow

-966.2% YoY

$-4.5MFY 2025

FY22 $1.5MFY23 $1.0MFY24 $519.8KFY25 $-4.5M

Free Cash Flow

-1096.0% YoY

$-4.5MFY 2025

FY22 $1.4MFY23 $904.9KFY24 $454.6KFY25 $-4.5M

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$18.2M -9.0%	$20.0M -45.5%	$36.7M -4.0%	$38.2M -2.1%	$39.0M +13.2%	$34.5M
Net Income	$-167.0M -8460.2%	$-2.0M +47.8%	$-3.7M -171.1%	$-1.4M -363.1%	$523.8K +129.5%	$-1.8M
Operating Income	$-8.4M -290.1%	$-2.2M -1447.3%	$159.7K -72.9%	$588.5K +176.9%	$-765.0K +61.4%	$-2.0M
EPS (Diluted)	$-24.59 -1289.3%	$-1.77 +47.8%	$-3.39 -2321.4%	$-0.14 -380.0%	$0.05 +126.3%	$-0.19
Total Assets	$1.47B +9887.2%	$14.8M -15.1%	$17.4M -17.0%	$20.9M +5.5%	$19.9M +2.6%	$19.4M
Total Debt	—	—	—	—	—	$1.5M
Operating Cash Flow	$-4.5M -966.2%	$519.8K -50.1%	$1.0M -32.2%	$1.5M +390.5%	$-528.3K -100.9%	$-262.9K
Free Cash Flow	$-4.5M -1096.0%	$454.6K -49.8%	$904.9K -33.7%	$1.4M +329.2%	$-595.5K -79.7%	$-331.4K

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Available Research

13F Pro tracks comprehensive data for Forward Industries, Inc. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of FWDI

Galaxy Digital Inc.
$34.2M8,108,108 sh
J Digital 6 LLC
$33.5M7,947,843 sh
BlackRock, Inc.
$15.7M3,710,811 sh
GEODE CAPITAL MANAGEMENT, LLC
$14.3M1,943,824 sh
Alyeska Investment Group, L.P.
$13.7M3,250,161 sh
VANGUARD CAPITAL MANAGEMENT LLC
$11.3M2,682,734 sh
Ghisallo Capital Management LLC
$4.2M1,006,882 sh
Long Corridor Asset Management Ltd
$4.2M994,164 sh
STATE STREET CORP
$4.2M988,926 sh
Weiss Asset Management LP
$3.8M904,581 sh

Fund	Value	Shares
Galaxy Digital Inc.	$34.2M	8,108,108
J Digital 6 LLC	$33.5M	7,947,843
BlackRock, Inc.	$15.7M	3,710,811
GEODE CAPITAL MANAGEMENT, LLC	$14.3M	1,943,824
Alyeska Investment Group, L.P.	$13.7M	3,250,161
VANGUARD CAPITAL MANAGEMENT LLC	$11.3M	2,682,734
Ghisallo Capital Management LLC	$4.2M	1,006,882
Long Corridor Asset Management Ltd	$4.2M	994,164
STATE STREET CORP	$4.2M	988,926
Weiss Asset Management LP	$3.8M	904,581

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Is FWDI a good stock to buy?

13F Pro's AI-powered analysis of Forward Industries, Inc. (FWDI) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Financials sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for FWDI are available on the FWDI stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing. FWDI is classified as a small company.

Which hedge funds own FWDI?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling FWDI. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Forward Industries, Inc.'s investment landscape.