Is Forward Industries, Inc. (FWDI) Halal?
Shariah Screening — 5 Standards
Based on financial data from September 2025
| Standard | Debt Ratio | Cash Ratio | Receivables | Income | Status |
|---|---|---|---|---|---|
| AAOIFI | 0.6% / 30% | 9.5% / 30% | 0.7% / 30% | 0.39% / 5% | ✓ HALAL |
| DJIM | 0.6% / 33% | 9.5% / 33% | 0.7% / 33% | 0.39% / 5% | ✓ HALAL |
| MSCI | 0.2% / 33% | 2.6% / 33% | 0.2% / 33% | 0.39% / 5% | ✓ HALAL |
| S&P | 0.6% / 33% | 9.5% / 33% | 0.7% / 33% | 0.39% / 5% | ✓ HALAL |
| FTSE | 0.2% / 33% | 2.6% / 33% | 0.2% / 50% | 0.39% / 5% | ✓ HALAL |
Financial Highlights
Profitability
| Gross Margin | 59.7% | |
| Operating Margin | 44.9% | |
| Net Margin | 0.0% | |
| Return on Equity (ROE) | -170.7% | |
| Return on Assets (ROA) | 0.5% |
Cash Flow & Balance Sheet
| Operating Cash Flow | -$5M |
| Free Cash Flow | -$5M |
| Total Debt | $3M |
| Debt-to-Equity | 0.7 |
| Current Ratio | 6.2 |
| Total Assets | $1.5B |
Price & Trading
| Last Close | $4.54 |
| 50-Day MA | $5.40 |
| 200-Day MA | $11.48 |
| Avg Volume | 887K |
| Beta | 0.8 |
|
52-Week Range
$3.97
| |
About Forward Industries, Inc. (FWDI)
Forward Industries, Inc., together with its subsidiaries, provides hardware and software product design and engineering services primarily in the United States. The company operates through Design and Digital Assets segments. It offers design, engineering, and development services for consumer and industrial electronics products, such as medical products, smart displays, beverage vending, enterprise and mobile software applications, lighting, security and detections systems, cameras, wearables, and vehicle controls. The company also provides electrical, mechanical, software, and optical engineering services; industrial design and user experience/user interface design and development; and program management, IoT system architecture, and IT support services. Forward Industries, Inc. was incorporated in 1961 and is based in Hauppauge, New York.
Purification Calculator
As a halal stock with 0.39% impermissible income, you need to purify your dividends.
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Frequently Asked Questions
Is Forward Industries, Inc. (FWDI) halal to invest in?
Based on our screening using AAOIFI Standard 21 (the strictest methodology), Forward Industries, Inc. is Halal. The company passes all financial ratio thresholds for debt, cash, receivables, and impermissible income. We screen against all 5 major standards: AAOIFI, DJIM, MSCI, S&P, and FTSE.
What is Forward Industries, Inc.'s debt ratio?
Forward Industries, Inc.'s debt ratio is 0.6% under the AAOIFI standard (which uses market capitalization as the denominator). The AAOIFI threshold is 30%. Under MSCI and FTSE (which use total assets as the denominator), the debt ratio is 0.2%.
Does Forward Industries, Inc. require dividend purification?
Yes, Forward Industries, Inc. has an impermissible income ratio of 0.39%, which means 0.39% of any dividends received should be donated to charity as purification. This is because a small portion of the company's revenue comes from non-Shariah-compliant sources.
What are Forward Industries, Inc.'s key financial metrics?
Forward Industries, Inc. has a market capitalization of $358M, and revenue of $18M. Return on equity stands at -170.7%.
How often is the screening data updated?
Our screening data is updated regularly using the latest available financial statements and market data. Stock prices and market caps are refreshed frequently, while financial statements are updated quarterly when companies report earnings.
Disclaimer: HalalStockGuide.com provides Shariah compliance screening for educational and informational purposes only. This is not a fatwa, financial advice, or a recommendation to buy or sell any security. Screening results are based on publicly available financial data and established methodologies. Always consult a qualified Islamic scholar and a licensed financial advisor before making investment decisions.