FWDI
Forward Industries, Inc.
FWDI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
NIO
NIO Inc.
NIO has the edge over FWDI overall, supported by stronger fundamentals and lower modeled downside.
FWDI Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Weak | |
| Weak | |
| Strong |
FWDI's revenue and balance sheet are currently strong, but its profitability and cash flow are weak.
NIO Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Stable | |
| Stable | |
| Unavailable |
NIO's revenue is currently strong, and its profitability and cash flow are stable. There isn't enough data to rate its balance sheet.
FWDI PE Valuation
FWDI has no meaningful PE right now: it lost money over the past year.
NIO PE Valuation
NIO has no meaningful PE right now: it lost money over the past year.
FWDI Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| -- | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for FWDI, with profitability holding steady. However, they disagree widely on these estimates.
NIO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect NIO's losses to shrink, with revenue growing.
FWDI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.28 | — |
| Q2 2026 | -$31.55 | -$27.50 |
| Q1 2026 | -$31.52 | -$27.88 |
| Q4 2025 | -$29.86 | -$27.04 |
| Q3 2025 | -$24.59 | -$22.01 |
| Q2 2025 | -$4.05 | -$0.89 |
| Q1 2025 | -$3.64 | -$0.34 |
| Q4 2024 | -$2.82 | +$0.88 |
| Q3 2024 | -$2.58 | +$1.12 |
FWDI lost $31.55 per share over the past year, and its loss has widened in each of the last seven quarters.
NIO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$0.29 | +$1.45 |
| Q1 2026 | -$0.60 | +$1.16 |
| Q4 2025 | -$1.06 | +$0.60 |
| Q3 2025 | -$1.59 | +$0.02 |
| Q2 2025 | -$1.74 | -$0.10 |
| Q1 2025 | -$1.76 | +$0.06 |
| Q4 2024 | -$1.66 | +$0.21 |
| Q3 2024 | -$1.61 | +$0.32 |
NIO has the edge over FWDI on earnings, with more consistent year-over-year improvement.
FWDI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $10.8M | +332% |
| Q1 2026 | $13M | +315% |
| Q4 2025 | $21.4M | +224% |
| Q3 2025 | $7.9M | +8.4% |
| Q2 2025 | $2.5M | -68% |
| Q1 2025 | $3.1M | -60% |
| Q4 2024 | $6.6M | -7.5% |
| Q3 2024 | $7.3M | +44% |
FWDI's revenue has grown year over year for four quarters in a row: $11M last quarter, up 332% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -652% | -549 points |
| Q1 2026 | -2192% | -2134 points |
| Q4 2025 | -2723% | -2712 points |
| Q3 2025 | -39% | -31 points |
| Q2 2025 | -103% | -98 points |
| Q1 2025 | -58% | -51 points |
| Q4 2024 | -11% | -5.4 points |
| Q3 2024 | -8.6% | -48 points |
FWDI's operating margin was −652% last quarter, down 549 points from the same quarter a year ago, near the bottom of its range since 2019.
NIO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $4.8B | +69% |
| Q1 2026 | $3.8B | +112% |
| Q4 2025 | $5.2B | +76% |
| Q3 2025 | $3.3B | +17% |
| Q2 2025 | $2.9B | +9% |
| Q1 2025 | $1.8B | +21% |
| Q4 2024 | $3B | +15% |
| Q3 2024 | $2.8B | -2.1% |
NIO's revenue has grown year over year for seven quarters in a row: $4.8B last quarter, up 69% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -2.1% | +24 points |
| Q1 2026 | -1.2% | +52 points |
| Q4 2025 | 2.3% | +33 points |
| Q3 2025 | -16% | +12 points |
| Q2 2025 | -26% | +4 points |
| Q1 2025 | -53% | +1.1 points |
| Q4 2024 | -31% | +8.1 points |
| Q3 2024 | -28% | -2.6 points |
NIO has the edge over FWDI on profitability, with a higher operating margin.
FWDI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$3.4M | -$2.1M |
| Q1 2026 | -$4.8M | -$4.2M |
| Q4 2025 | -$7.9M | -$7.5M |
| Q3 2025 | -$2.3M | -597% |
| Q2 2025 | -$1.2M | -379% |
| Q1 2025 | -$563.2K | +$101.7K |
| Q4 2024 | -$415.6K | -531% |
| Q3 2024 | $463.7K | +1% |
FWDI has burned cash in seven of the last eight quarters: −$18M over the past year, against −$2M the year before.
NIO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $0 | +$2.1B |
| Q1 2026 | $0 | $0 |
| Q4 2025 | $0 | +$391.3M |
| Q3 2025 | $0 | $0 |
| Q2 2025 | -$2.1B | +$73.9M |
| Q1 2025 | $0 | $0 |
| Q4 2024 | -$391.3M | -386% |
| Q2 2024 | -$2.2B | +$337.9M |
NIO has the edge over FWDI on cash flow, with more consistent year-over-year improvement.
FWDI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -8.7% | -8.2M shares |
| 1 year | +7774% | +85.6M shares |
| 3 years | +8517% | +85.7M shares |
| 5 years | +8649% | +85.7M shares |
| Available history | +8995% | +85.7M shares |
FWDI has 87M diluted shares, up 7774% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $11.8M |
| Q1 2026 | $47.1M |
| Q4 2025 | $10.9M |
NIO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +15.6M shares |
| 1 year | +12% | +267M shares |
| 3 years | +51% | +844M shares |
| 5 years | +60% | +933M shares |
| Available history | +143% | +1.5B shares |
NIO has the edge over FWDI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
NIO hasn't bought back shares in the past year.
FWDI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2024 | -1.9x | Net Cash |
| Q1 2024 | -1.7x | Net Cash |
| Q4 2023 | -3.9x | Net Cash |
| Q3 2023 | -4.4x | Net Cash |
| Q1 2022 | -0.1x | Net Cash |
FWDI has more cash than debt.
NIO Net Leverage
NIO's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
FWDI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.1 | Neutral |
| Stochastic | 37.8 | Neutral |
FWDI's weekly RSI is 43 (neutral) and its Stochastic is 38 (neutral).
NIO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 30.7 | Neutral |
| Stochastic | 6.9 | Oversold |
NIO's weekly RSI is 31 (neutral) and its Stochastic is 7 (oversold).
FWDI PE vs Consumer Cyclical Sector
| Metric | FWDI | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 18x | — |
FWDI has no meaningful PE right now: it lost money over the past year.
NIO PE vs Consumer Cyclical Sector
NIO has no meaningful PE right now: it lost money over the past year.
FWDI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.85 | 26% below |
| 20 week MA | $5.80 | 12% below |
| 50 week MA | $5.57 | 8.8% below |
| 100 week MA | $7.85 | 35% below |
| 200 week MA | $7.50 | 32% below |
FWDI is in a downtrend: it's below all five of its weekly moving averages, and 32% below its 200-week average.
NIO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $3.36 | 9.2% below |
| 20 week MA | $4.01 | 24% below |
| 50 week MA | $4.81 | 37% below |
| 100 week MA | $4.85 | 37% below |
| 200 week MA | $6.03 | 49% below |
NIO is in a downtrend: it's below all five of its weekly moving averages, and 49% below its 200-week average.
FWDI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $9.94 | $18.8 | +89% |
| 2021 | $18.8 | $16.0 | -15% |
| 2022 | $16.0 | $11.2 | -30% |
| 2023 | $11.2 | $7.29 | -35% |
| 2024 | $7.29 | $5.16 | -29% |
| 2025 | $5.16 | $7.03 | +36% |
| 2026 YTD | $7.03 | $5.08 | -28% |
FWDI has the edge over NIO on returns for 2026, with the stronger performance.
NIO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $2.42 | $45.8 | +1791% |
| 2021 | $45.8 | $30.5 | -33% |
| 2022 | $30.5 | $11.0 | -64% |
| 2023 | $11.0 | $9.07 | -17% |
| 2024 | $9.07 | $4.48 | -51% |
| 2025 | $4.48 | $5.10 | +14% |
| 2026 YTD | $5.10 | $3.05 | -40% |
NIO's yearly returns have swung widely, from +1791% in 2020 to −64% in 2022. It's down 40% so far in 2026.