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Forward Industries Beneish M-Score

: -2.66 (As of Today)
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The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NAS:FORD' s Beneish M-Score Range Over the Past 10 Years
Min: -4.88   Med: -2.53   Max: 77.41
Current: -2.66

-4.88
77.41

During the past 13 years, the highest Beneish M-Score of Forward Industries was 77.41. The lowest was -4.88. And the median was -2.53.


Forward Industries Beneish M-Score Historical Data

The historical data trend for Forward Industries's Beneish M-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
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.79 -1.85 75.07 -3.10 -1.93

Forward Industries Quarterly Data
Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21
Beneish M-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 -2.76 -1.93 -2.78 -2.84 -2.66

Competitive Comparison

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

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

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



Forward Industries Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Forward Industries for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.8875+0.528 * 0.9334+0.404 * 1.2973+0.892 * 1.0476+0.115 * 0.9653
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8872+4.679 * -0.0543-0.327 * 0.8986
=-2.66

* 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:
Accounts Receivable was $7.68 Mil.
Revenue was 9.965 + 8.395 + 9.718 + 8.605 = $36.68 Mil.
Gross Profit was 2.183 + 1.743 + 2.263 + 1.691 = $7.88 Mil.
Total Current Assets was $11.70 Mil.
Total Assets was $18.93 Mil.
Property, Plant and Equipment(Net PPE) was $4.03 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.32 Mil.
Selling, General, & Admin. Expense(SGA) was $8.71 Mil.
Total Current Liabilities was $6.13 Mil.
Long-Term Debt & Capital Lease Obligation was $5.25 Mil.
Net Income was 0.244 + -0.835 + 1.199 + -0.107 = $0.50 Mil.
Non Operating Income was -0.011 + -0.005 + 1.39 + -0.004 = $1.37 Mil.
Cash Flow from Operations was 0.06 + 0.113 + -0.511 + 0.497 = $0.16 Mil.
Accounts Receivable was $8.27 Mil.
Revenue was 9.549 + 7.931 + 8.393 + 9.144 = $35.02 Mil.
Gross Profit was 1.775 + 1.453 + 1.72 + 2.073 = $7.02 Mil.
Total Current Assets was $12.58 Mil.
Total Assets was $18.64 Mil.
Property, Plant and Equipment(Net PPE) was $3.63 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.28 Mil.
Selling, General, & Admin. Expense(SGA) was $9.37 Mil.
Total Current Liabilities was $8.40 Mil.
Long-Term Debt & Capital Lease Obligation was $4.05 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(7.684 / 36.683) / (8.265 / 35.017)
=0.20947033 / 0.23602821
=0.8875

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(7.021 / 35.017) / (7.88 / 36.683)
=0.20050261 / 0.2148134
=0.9334

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (11.696 + 4.032) / 18.931) / (1 - (12.58 + 3.629) / 18.64)
=0.16919339 / 0.13041845
=1.2973

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=36.683 / 35.017
=1.0476

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(0.279 / (0.279 + 3.629)) / (0.322 / (0.322 + 4.032))
=0.07139202 / 0.07395498
=0.9653

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(8.707 / 36.683) / (9.368 / 35.017)
=0.2373579 / 0.2675272
=0.8872

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((5.245 + 6.125) / 18.931) / ((4.054 + 8.404) / 18.64)
=0.60060219 / 0.66834764
=0.8986

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(0.501 - 1.37 - 0.159) / 18.931
=-0.0543

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Forward Industries has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.


Forward Industries Beneish M-Score Related Terms

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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
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