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Side-by-side financial comparison of FENNEC PHARMACEUTICALS INC. (FENC) and Forward Industries, Inc. (FWDI). Click either name above to swap in a different company.
Forward Industries, Inc. is the larger business by last-quarter revenue ($21.4M vs $13.8M, roughly 1.6× FENNEC PHARMACEUTICALS INC.). FENNEC PHARMACEUTICALS INC. runs the higher net margin — -34.7% vs -2732.2%, a 2697.4% gap on every dollar of revenue. On growth, Forward Industries, Inc. posted the faster year-over-year revenue change (224.0% vs 73.8%). Over the past eight quarters, Forward Industries, Inc.'s revenue compounded faster (74.6% CAGR vs -26.3%).
Fennec Pharmaceuticals Inc. is a biopharmaceutical firm focused on developing and commercializing therapies to reduce treatment-related side effects in pediatric cancer patients. Its lead product targets chemotherapy-induced ototoxicity, with core North American markets serving oncology providers and vulnerable pediatric patient groups.
Melrose Industries plc is a British aerospace manufacturing company based in Birmingham, England. It is the parent company of GKN Aerospace. The company's shares are listed on the London Stock Exchange as a constituent of the FTSE 100 Index.
FENC vs FWDI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $13.8M | $21.4M |
| Net Profit | $-4.8M | $-585.7M |
| Gross Margin | — | 78.6% |
| Operating Margin | -18.5% | -2722.8% |
| Net Margin | -34.7% | -2732.2% |
| Revenue YoY | 73.8% | 224.0% |
| Net Profit YoY | -141.1% | -82611.5% |
| EPS (diluted) | $-0.17 | $-5.91 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $13.8M | $21.4M | ||
| Q3 25 | $12.5M | $7.9M | ||
| Q2 25 | $9.7M | $2.5M | ||
| Q1 25 | $8.8M | $3.1M | ||
| Q4 24 | $7.9M | $6.6M | ||
| Q3 24 | $7.0M | — | ||
| Q2 24 | $7.3M | $7.8M | ||
| Q1 24 | $25.4M | $5.1M |
| Q4 25 | $-4.8M | $-585.7M | ||
| Q3 25 | $-638.0K | $-164.0M | ||
| Q2 25 | $-3.2M | $-850.0K | ||
| Q1 25 | $-1.2M | $-1.5M | ||
| Q4 24 | $-2.0M | $-708.1K | ||
| Q3 24 | $-5.7M | — | ||
| Q2 24 | $-5.6M | $-399.6K | ||
| Q1 24 | $12.8M | $-553.2K |
| Q4 25 | — | 78.6% | ||
| Q3 25 | — | 61.1% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -5.7% | ||
| Q4 24 | — | 17.1% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 16.8% | ||
| Q1 24 | — | 26.2% |
| Q4 25 | -18.5% | -2722.8% | ||
| Q3 25 | -1.5% | -39.2% | ||
| Q2 25 | -28.3% | -102.6% | ||
| Q1 25 | -9.2% | -58.3% | ||
| Q4 24 | -11.8% | -13.6% | ||
| Q3 24 | -74.6% | — | ||
| Q2 24 | -69.4% | -5.9% | ||
| Q1 24 | 54.2% | -12.2% |
| Q4 25 | -34.7% | -2732.2% | ||
| Q3 25 | -5.1% | -2063.6% | ||
| Q2 25 | -32.7% | -34.1% | ||
| Q1 25 | -13.3% | -46.5% | ||
| Q4 24 | -25.0% | -10.7% | ||
| Q3 24 | -82.2% | — | ||
| Q2 24 | -76.5% | -5.1% | ||
| Q1 24 | 50.6% | -10.9% |
| Q4 25 | $-0.17 | $-5.91 | ||
| Q3 25 | $-0.02 | $-21.86 | ||
| Q2 25 | $-0.11 | $-0.77 | ||
| Q1 25 | $-0.04 | $-1.32 | ||
| Q4 24 | $-0.02 | $-0.64 | ||
| Q3 24 | $-0.21 | — | ||
| Q2 24 | $-0.20 | $-0.36 | ||
| Q1 24 | $0.41 | $-0.50 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $36.8M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $35.5M | $880.9M |
| Total Assets | $70.6M | $892.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $36.8M | — | ||
| Q3 25 | $21.9M | — | ||
| Q2 25 | $18.7M | — | ||
| Q1 25 | $22.7M | — | ||
| Q4 24 | $26.6M | — | ||
| Q3 24 | $40.3M | — | ||
| Q2 24 | $43.1M | — | ||
| Q1 24 | $51.2M | — |
| Q4 25 | — | — | ||
| Q3 25 | $19.4M | — | ||
| Q2 25 | $19.4M | — | ||
| Q1 25 | $19.4M | — | ||
| Q4 24 | $19.3M | — | ||
| Q3 24 | $32.1M | — | ||
| Q2 24 | $31.8M | — | ||
| Q1 24 | $31.3M | — |
| Q4 25 | $35.5M | $880.9M | ||
| Q3 25 | $-4.5M | $1.5B | ||
| Q2 25 | $-7.5M | $3.4M | ||
| Q1 25 | $-5.9M | $3.6M | ||
| Q4 24 | $-5.9M | $2.3M | ||
| Q3 24 | $-5.2M | — | ||
| Q2 24 | $-1.4M | $1.4M | ||
| Q1 24 | $3.0M | $1.8M |
| Q4 25 | $70.6M | $892.9M | ||
| Q3 25 | $49.3M | $1.5B | ||
| Q2 25 | $44.9M | $8.3M | ||
| Q1 25 | $46.4M | $12.3M | ||
| Q4 24 | $44.9M | — | ||
| Q3 24 | $58.9M | — | ||
| Q2 24 | $63.2M | $15.2M | ||
| Q1 24 | $69.2M | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 10.40× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-6.0M | $-7.9M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.0M | $-7.9M | ||
| Q3 25 | $1.5M | $-4.5M | ||
| Q2 25 | $-3.7M | $-1.2M | ||
| Q1 25 | $-4.3M | $-537.6K | ||
| Q4 24 | $-1.5M | $-434.3K | ||
| Q3 24 | $-2.2M | — | ||
| Q2 24 | $-8.4M | $436.0K | ||
| Q1 24 | $39.0M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $-4.5M | ||
| Q2 25 | — | $-1.2M | ||
| Q1 25 | — | $-539.0K | ||
| Q4 24 | — | $-439.7K | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $426.8K | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -57.0% | ||
| Q2 25 | — | -50.0% | ||
| Q1 25 | — | -17.3% | ||
| Q4 24 | — | -6.6% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 5.5% | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.1% | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 3.04× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FENC
Segment breakdown not available.
FWDI
| CODM | $17.4M | 81% |
| Design Segment | $4.1M | 19% |
