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Forward IndustriesFWDI -0.70%37 Debt-to-Equity is 0.25 as of Jun. 2026, which is 67% below its 10-year median of 0.75. GuruFocus rates FWDI with a GF Score™ of 37/100 and a GF Value™ of $0.18 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 931 Manufacturing - Apparel & Accessories companies, Forward Industries ranks better than 63.8% on this metric.
A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.
The historical rank and industry rank for Forward Industries's Debt-to-Equity or its related term are showing as below:
FWDI'
s Debt-to-Equity Range Over the Past 10 Years
Min: 0 Med: 0.75 Max: 2.55
Current: 0.25
During the past 13 years, the highest Debt-to-Equity Ratio of Forward Industries was 2.55. The lowest was 0.00. And the median was 0.75.
Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.
Forward Industries Debt-to-Equity Related Terms
Forward Industries Debt-to-Equity Historical Data
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The historical data trend for Forward Industries's Debt-to-Equity can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
FWDI vs DBI, RCKY, FOSL: Debt-to-Equity Comparison
For the Footwear & Accessories subindustry, Forward Industries's Debt-to-Equity, along with its competitors' market caps and Debt-to-Equity data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Forward Industries Debt-to-Equity vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Forward Industries's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where Forward Industries's Debt-to-Equity falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Forward Industries (FWDI) has a Debt-to-Equity of 0.25 as of Jun. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Forward Industries and its competitors. This is 67% below median its historical median of 0.75. According to the industry distribution chart, Forward Industries ranks #337 out of 931 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 36.2%.
Is Forward Industries' Debt-to-Equity too high?
Forward Industries' current Debt-to-Equity of 0.25 is 67% below median its 10-year median of 0.75. The Manufacturing - Apparel & Accessories industry median Debt-to-Equity is 0.42. Forward Industries' value of 0.25 is 40.5% below this industry median. Based on the distribution chart, Forward Industries ranks #337 out of 931 companies in the Manufacturing - Apparel & Accessories industry, which is above the industry midpoint. Overall, Forward Industries has a GF Score™ of 37/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Forward Industries' Debt-to-Equity compare to DBI and RCKY?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Forward Industries ranks #337 out of 931 companies for Debt-to-Equity. This puts Forward Industries in the upper half of its industry. The industry median Debt-to-Equity is 0.42. Forward Industries' value of 0.25 is 40.5% below this benchmark. While the company's 10-year median is 0.75 vs. the industry median of 0.42, Forward Industries has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-Equity for a Manufacturing - Apparel & Accessories company?
The median Debt-to-Equity among Manufacturing - Apparel & Accessories companies is 0.42, based on 931 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Forward Industries's current Debt-to-Equity of 0.25 is 40.5% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Forward Industries and its competitors. For the Manufacturing - Apparel & Accessories industry, the median Debt-to-Equity is 0.42 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Forward Industries's current Debt-to-Equity is 0.25, which is 67% below median its own 10-year median of 0.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Forward Industries stock overvalued right now?
Based on GuruFocus' analysis, Forward Industries (FWDI) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.18, compared to a current price of $4.25 — trading 2261.1% above its estimated fair value. The current Debt-to-Equity is 0.25, which is 67% below median its 10-year median of 0.75 and 40.5% below the Manufacturing - Apparel & Accessories industry median of 0.42. Forward Industries' overall GF Score™ is 37/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For Forward Industries (FWDI), the current Debt-to-Equity is 0.25 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Forward Industries (FWDI) Overvalued in 2026?
Based on GuruFocus' analysis, Forward Industries stock appears to be overvalued.
The current stock price of $4.25 is trading 2261.1% above its estimated GF Value™ of $0.18.
GuruFocus considers Forward Industries to be Significantly Overvalued.
Key valuation signals for FWDI:
Debt-to-Equity: 0.25 (67% below median its 10-year median of 0.75)
GF Value™: $0.18 vs. price of $4.25 (2261.1% above fair value)
Industry Position: 40.5% below the Manufacturing - Apparel & Accessories median (#337 of 931)
No single metric tells the full story. See the FWDI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Forward Industries Inc is a Solana-focused digital asset treasury company, with the idea to buy, hold, stake, trade, invest in, and grow SOL and SOL-related digital assets, protocols, and businesses. Its mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with, providing tools to, and investing in the Solana network, Solana developers, and Solana-related projects in order to increase shareholder value. In connection with a private placement transaction in September 2025, it launched a digital asset treasury idea supported by investors and operating partners, including Galaxy Digital and Jump Crypto.
37GF Score
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