>
Switch to:

Forward Industries Piotroski F-Score

: 5 (As of Today)
View and export this data going back to 1995. Start your Free Trial

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Forward Industries has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Forward Industries's Piotroski F-Score or its related term are showing as below:

NAS:FORD' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 5   Max: 9
Current: 5

1
9

During the past 13 years, the highest Piotroski F-Score of Forward Industries was 9. The lowest was 1. And the median was 5.


Forward Industries Piotroski F-Score Historical Data

The historical data trend for Forward Industries's Piotroski F-Score 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.

* Premium members only.

Forward Industries Annual Data
Trend Sep11 Sep12 Sep13 Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 Sep20
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 3.00 5.00 3.00 4.00

Forward Industries Quarterly Data
Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 4.00 7.00 5.00 5.00

Competitive Comparison

For the Footwear & Accessories subindustry, Forward Industries's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score 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 Piotroski F-Score Distribution

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Forward Industries's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Forward Industries's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* 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.

This Year (Jun21) TTM:Last Year (Jun20) TTM:
Net Income was -0.107 + 1.199 + -0.835 + 0.244 = $0.50 Mil.
Cash Flow from Operations was 0.497 + -0.511 + 0.113 + 0.06 = $0.16 Mil.
Revenue was 8.605 + 9.718 + 8.395 + 9.965 = $36.68 Mil.
Gross Profit was 1.691 + 2.263 + 1.743 + 2.183 = $7.88 Mil.
Average Total Assets from the begining of this year (Jun20)
to the end of this year (Jun21) was
(18.64 + 19.356 + 18.609 + 17.199 + 18.931) / 5 = $18.547 Mil.
Total Assets at the begining of this year (Jun20) was $18.64 Mil.
Long-Term Debt & Capital Lease Obligation was $5.25 Mil.
Total Current Assets was $11.70 Mil.
Total Current Liabilities was $6.13 Mil.
Net Income was -1.839 + -0.082 + -1.372 + -0.215 = $-3.51 Mil.

Revenue was 9.144 + 8.393 + 7.931 + 9.549 = $35.02 Mil.
Gross Profit was 2.073 + 1.72 + 1.453 + 1.775 = $7.02 Mil.
Average Total Assets from the begining of last year (Jun19)
to the end of last year (Jun20) was
(17.368 + 16.094 + 18.705 + 16.185 + 18.64) / 5 = $17.3984 Mil.
Total Assets at the begining of last year (Jun19) was $17.37 Mil.
Long-Term Debt & Capital Lease Obligation was $4.05 Mil.
Total Current Assets was $12.58 Mil.
Total Current Liabilities was $8.40 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Forward Industries's current Net Income (TTM) was 0.50. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Forward Industries's current Cash Flow from Operations (TTM) was 0.16. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Jun20)
=0.501/18.64
=0.02687768

ROA (Last Year)=Net Income/Total Assets (Jun19)
=-3.508/17.368
=-0.20198065

Forward Industries's return on assets of this year was 0.02687768. Forward Industries's return on assets of last year was -0.20198065. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Forward Industries's current Net Income (TTM) was 0.50. Forward Industries's current Cash Flow from Operations (TTM) was 0.16. ==> 0.16 <= 0.50 ==> CFROA <= ROA ==> Score 0.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=5.245/18.547
=0.28279506

Gearing (Last Year: Jun20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun19 to Jun20
=4.054/17.3984
=0.23300993

Forward Industries's gearing of this year was 0.28279506. Forward Industries's gearing of last year was 0.23300993. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Jun21)=Total Current Assets/Total Current Liabilities
=11.696/6.125
=1.90955102

Current Ratio (Last Year: Jun20)=Total Current Assets/Total Current Liabilities
=12.58/8.404
=1.49690624

Forward Industries's current ratio of this year was 1.90955102. Forward Industries's current ratio of last year was 1.49690624. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Forward Industries's number of shares in issue this year was 10.513. Forward Industries's number of shares in issue last year was 9.534. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=7.88/36.683
=0.2148134

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=7.021/35.017
=0.20050261

Forward Industries's gross margin of this year was 0.2148134. Forward Industries's gross margin of last year was 0.20050261. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Jun20)
=36.683/18.64
=1.9679721

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun19)
=35.017/17.368
=2.01617918

Forward Industries's asset turnover of this year was 1.9679721. Forward Industries's asset turnover of last year was 2.01617918. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+0+0+1+0+1+0
=5

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Forward Industries has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Forward Industries  (NAS:FORD) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Forward Industries Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Forward Industries's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Forward Industries Business Description

Forward Industries logo
Traded in Other Exchanges
N/A
Address
700 Veterans Memorial Highway, Suite 100, Hauppauge, New York, NY, USA, 11788
Forward Industries Inc is a provider of carrying and protective solutions. It designs and distributes product protection for handheld electronic devices. Forward Industries sells soft-sided carrying cases for blood glucose diagnostic kits and portable consumer electronic devices such as smartphones, tablets, personal computers, notebooks, and Global Positioning System devices. It also offers bags, clips, hand straps, protective plates, and other accessories made of leather, nylon, vinyl, plastic, PVC, and other synthetic materials. It operates in two segments: distribution and design. The company sells its products globally and generates its revenue from the sale of protective solutions for diabetic products. It generates the majority of its revenue from the United States.
Executives
Maiman Mitchell officer: President of Subsidiary 700 VETERANS MEMORIAL HIGHWAY SUITE 100 HAUPPAUGE NY 11788
Terence Bernard Wise director, 10 percent owner, officer: Chief Executive Officer 700 VETERANS MEMORIAL HWY, #100 HAUPPAUGE NY 11788
Severino Paul Jean officer: COO of Subsidiary 700 VETERANS MEMORIAL HIGHWAY SUITE 100 HAUPPAUGE NY 11788
Camarda Anthony officer: Chief Financial Officer 700 VETERANS HWY SUITE 100 HAUPPAUGE NY 11788
Shah Sangita director C/O FORWARD INDUSTRIES, INC. 477 ROSEMARY AVE., STE. 219 WEST PALM BEACH FL 33401
Morgan Howard J director C/O FORWARD INDUSTRIES, INC. 3110 MAIN STREET, SUITE 400 SANTA MONICA CA 90405
Ziglar James W director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: ZIGLAR JAMES W a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Matthews Douglas David officer: Sr VP/Chief Operating Officer 477 S. ROSEMARY AVE. SUITE 219 WEST PALM BEACH FL 33401
Yu Jenny P. 10 percent owner 9255 DOHENY ROAD APT. 2905 WEST HOLLYWOOD CA 90069
Frost James M director 477 S. ROSEMARY AVE., SUITE 219 WEST PALM BEACH FL 33401
Fine N Scott director 600 3RD AVE NEW YORK NY 10016
Hrynkow Sharon director C/O FORWARD INDUSTRIES, INC. 477 ROSEMARY AVE., STE. 219 WEST PALM BEACH FL 33401
Luetkemeyer Michael L. director 411 LANDMARK DRIVE WILMINGTON NC 28412
Matte Michael D officer: Chief Financial Officer PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: MATTE MICHAEL D a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Freitag Eric director 477 ROSEMARY AVE. STE. 219 WEST PALM BEACH FL 33401
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)