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Forward Industries Altman Z-Score

: 2.46 (As of Today)
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Warning Sign:

Altman Z-score of 2.47 is in grey area. The implies that the company is in some kind of financial stress. If it is below 1.8, the company may faces bankrupcy risk.

Forward Industries has a Altman Z-Score of 2.46, indicating it is in Grey Zones. This implies that Forward Industries is in some kind of financial stress. If it is below 1.81, the company may face bankrupcy risk.

The zones of discrimination were as such:

When Altman Z-Score <= 1.8, it is in Distress Zones.
When Altman Z-Score >= 3, it is in Safe Zones.
When Altman Z-Score is between 1.8 and 3, it is in Grey Zones.

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

NAS:FORD' s Altman Z-Score Range Over the Past 10 Years
Min: 1.18   Med: 3.94   Max: 20.05
Current: 2.47

1.18
20.05

During the past 13 years, Forward Industries's highest Altman Z-Score was 20.05. The lowest was 1.18. And the median was 3.94.


Forward Industries Altman Z-Score Historical Data

The historical data trend for Forward Industries's Altman Z-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
Altman Z-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 3.94 3.40 2.91 1.57 1.42

Forward Industries Quarterly Data
Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21
Altman Z-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 1.18 1.42 2.25 3.18 3.05

Competitive Comparison

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

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

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



Forward Industries Altman Z-Score Calculation

Altman Z-Score model is an accurate forecaster of failure up to two years prior to distress. It can be considered the assessment of the distress of industrial corporations.

Forward Industries's Altman Z-Score for today is calculated with this formula:

Z=1.2*X1+1.4*X2+3.3*X3+0.6*X4+1.0*X5
=1.2*0.2943+1.4*-0.6597+3.3*0.0366+0.6*1.6222+1.0*1.9377
=2.46

* 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. GuruFocus does not calculate Altman Z-Score when X4 or X5 value is 0.

Trailing Twelve Months (TTM) ended in Jun. 2021:
Total Assets was $18.93 Mil.
Total Current Assets was $11.70 Mil.
Total Current Liabilities was $6.13 Mil.
Retained Earnings was $-12.49 Mil.
Pre-Tax Income was 0.244 + -0.835 + 1.199 + -0.098 = $0.51 Mil.
Interest Expense was -0.046 + -0.047 + -0.046 + -0.043 = $-0.18 Mil.
Revenue was 9.965 + 8.395 + 9.718 + 8.605 = $36.68 Mil.
Market Cap (Today) was $18.56 Mil.
Total Liabilities was $11.44 Mil.

* Note that for stock reported semi-annually or annually, GuruFocus uses latest annual data as the TTM data.

X1=Working Capital/Total Assets
=(Total Current Assets - Total Current Liabilities)/Total Assets
=(11.696 - 6.125)/18.931
=0.2943

X2=Retained Earnings/Total Assets
=-12.488/18.931
=-0.6597

X3=Earnings Before Interest and Taxes/Total Assets
=(Pre-Tax Income - Interest Expense)/Total Assets
=(0.51 - -0.182)/18.931
=0.0366

X4=Market Value Equity/Book Value of Total Liabilities
=Market Cap/Total Liabilities
=18.558/11.44
=1.6222

X5=Revenue/Total Assets
=36.683/18.931
=1.9377

The zones of discrimination were as such:

Distress Zones - 1.81 < Grey Zones < 2.99 - Safe Zones

Forward Industries has a Altman Z-Score of 2.46 indicating it is in Grey Zones.

Study by Altman found that companies that are in Distress Zone have more than 80% of chances of bankruptcy in two years.


Forward Industries  (NAS:FORD) Altman Z-Score Explanation

X1: The Working Capital/Total Assets (WC/TA) ratio is a measure of the net liquid assets of the firm relative to the total capitalization. Working capital is defined as the difference between current assets and current liabilities. Ordinarily, a firm experiencing consistent operating losses will have shrinking current assets in relation to total assets. Altman found this one proved to be the most valuable liquidity ratio comparing with the current ratio and the quick ratio. This is however the least significant of the five factors.

X2: Retained Earnings/Total Assets: the RE/TA ratio measures the leverage of a firm. Retained earnings is the account which reports the total amount of reinvested earnings and/or losses of a firm over its entire life. Those firms with high RE, relative to TA, have financed their assets through retention of profits and have not utilized as much debt.

X3, Earnings Before Interest and Taxes/Total Assets (EBIT/TA): This ratio is a measure of the true productivity of the firm's assets, independent of any tax or leverage factors. Since a firm's ultimate existence is based on the earning power of its assets, this ratio appears to be particularly appropriate for studies dealing with corporate failure. This ratio continually outperforms other profitability measures, including cash flow.

X4, Market Value of Equity/Book Value of Total Liabilities (MVE/TL): The measure shows how much the firm's assets can decline in value (measured by market value of equity plus debt) before the liabilities exceed the assets and the firm becomes insolvent.

X5, Revenue/Total Assets (S/TA): The capital-turnover ratio is a standard financial ratio illustrating the sales generating ability of the firm's assets.

Read more about Altman Z-Score and the original research.


Be Aware

Altman Z-Score does not apply to financial companies.


Forward Industries Altman Z-Score Related Terms

Thank you for viewing the detailed overview of Forward Industries's Altman Z-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
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