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Side-by-side financial comparison of Forward Industries, Inc. (FWDI) and ROCKWELL MEDICAL, INC. (RMTI). Click either name above to swap in a different company.
Forward Industries, Inc. is the larger business by last-quarter revenue ($21.4M vs $18.3M, roughly 1.2× ROCKWELL MEDICAL, INC.). ROCKWELL MEDICAL, INC. runs the higher net margin — -3.0% vs -2732.2%, a 2729.2% gap on every dollar of revenue. On growth, Forward Industries, Inc. posted the faster year-over-year revenue change (224.0% vs -25.6%). Over the past eight quarters, Forward Industries, Inc.'s revenue compounded faster (74.6% CAGR vs -10.1%).
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.
Rockwell Medical Inc. is a publicly traded pharmaceutical company based in Wixom, Michigan and founded in 1996 that focuses on development and commercialization of treatments against diseases such as end-stage renal disease (ESRD) and chronic kidney disease (CKD).
FWDI vs RMTI — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $21.4M | $18.3M |
| Net Profit | $-585.7M | $-554.0K |
| Gross Margin | 78.6% | 21.1% |
| Operating Margin | -2722.8% | -2.2% |
| Net Margin | -2732.2% | -3.0% |
| Revenue YoY | 224.0% | -25.6% |
| Net Profit YoY | -82611.5% | 26.7% |
| EPS (diluted) | $-5.91 | $-0.01 |
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 | $21.4M | $18.3M | ||
| Q3 25 | $7.9M | $15.9M | ||
| Q2 25 | $2.5M | $16.1M | ||
| Q1 25 | $3.1M | $18.9M | ||
| Q4 24 | $6.6M | $24.7M | ||
| Q3 24 | — | $28.3M | ||
| Q2 24 | $7.8M | $25.8M | ||
| Q1 24 | $5.1M | $22.7M |
| Q4 25 | $-585.7M | $-554.0K | ||
| Q3 25 | $-164.0M | $-1.8M | ||
| Q2 25 | $-850.0K | $-1.5M | ||
| Q1 25 | $-1.5M | $-1.5M | ||
| Q4 24 | $-708.1K | $-756.0K | ||
| Q3 24 | — | $1.7M | ||
| Q2 24 | $-399.6K | $343.0K | ||
| Q1 24 | $-553.2K | $-1.7M |
| Q4 25 | 78.6% | 21.1% | ||
| Q3 25 | 61.1% | 14.3% | ||
| Q2 25 | — | 15.6% | ||
| Q1 25 | -5.7% | 16.1% | ||
| Q4 24 | 17.1% | 14.7% | ||
| Q3 24 | — | 22.0% | ||
| Q2 24 | 16.8% | 17.6% | ||
| Q1 24 | 26.2% | 13.5% |
| Q4 25 | -2722.8% | -2.2% | ||
| Q3 25 | -39.2% | -9.9% | ||
| Q2 25 | -102.6% | -8.4% | ||
| Q1 25 | -58.3% | -7.2% | ||
| Q4 24 | -13.6% | -2.1% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | -5.9% | 2.0% | ||
| Q1 24 | -12.2% | -5.8% |
| Q4 25 | -2732.2% | -3.0% | ||
| Q3 25 | -2063.6% | -11.0% | ||
| Q2 25 | -34.1% | -9.3% | ||
| Q1 25 | -46.5% | -8.0% | ||
| Q4 24 | -10.7% | -3.1% | ||
| Q3 24 | — | 5.9% | ||
| Q2 24 | -5.1% | 1.3% | ||
| Q1 24 | -10.9% | -7.6% |
| Q4 25 | $-5.91 | $-0.01 | ||
| Q3 25 | $-21.86 | $-0.05 | ||
| Q2 25 | $-0.77 | $-0.05 | ||
| Q1 25 | $-1.32 | $-0.04 | ||
| Q4 24 | $-0.64 | $-0.02 | ||
| Q3 24 | — | $0.04 | ||
| Q2 24 | $-0.36 | $0.01 | ||
| Q1 24 | $-0.50 | $-0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $10.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $880.9M | $37.0M |
| Total Assets | $892.9M | $57.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $10.7M | ||
| Q3 25 | — | $13.6M | ||
| Q2 25 | — | $12.5M | ||
| Q1 25 | — | $11.4M | ||
| Q4 24 | — | $15.7M | ||
| Q3 24 | — | $12.3M | ||
| Q2 24 | — | $11.9M | ||
| Q1 24 | — | $6.6M |
| Q4 25 | $880.9M | $37.0M | ||
| Q3 25 | $1.5B | $37.0M | ||
| Q2 25 | $3.4M | $30.4M | ||
| Q1 25 | $3.6M | $31.5M | ||
| Q4 24 | $2.3M | $32.6M | ||
| Q3 24 | — | $29.1M | ||
| Q2 24 | $1.4M | $23.5M | ||
| Q1 24 | $1.8M | $20.6M |
| Q4 25 | $892.9M | $57.1M | ||
| Q3 25 | $1.5B | $57.5M | ||
| Q2 25 | $8.3M | $52.6M | ||
| Q1 25 | $12.3M | $54.0M | ||
| Q4 24 | — | $59.2M | ||
| Q3 24 | — | $57.1M | ||
| Q2 24 | $15.2M | $53.0M | ||
| Q1 24 | $15.2M | $50.7M |
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 | $-7.9M | $2.3M |
| Free Cash FlowOCF − Capex | — | $2.2M |
| FCF MarginFCF / Revenue | — | 12.0% |
| Capex IntensityCapex / Revenue | 0.0% | 0.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-7.9M | $2.3M | ||
| Q3 25 | $-4.5M | $-1.3M | ||
| Q2 25 | $-1.2M | $1.8M | ||
| Q1 25 | $-537.6K | $-3.5M | ||
| Q4 24 | $-434.3K | $865.0K | ||
| Q3 24 | — | $4.3M | ||
| Q2 24 | $436.0K | $1.4M | ||
| Q1 24 | — | $-2.4M |
| Q4 25 | — | $2.2M | ||
| Q3 25 | $-4.5M | $-1.5M | ||
| Q2 25 | $-1.2M | $1.7M | ||
| Q1 25 | $-539.0K | $-3.5M | ||
| Q4 24 | $-439.7K | $470.0K | ||
| Q3 24 | — | $4.1M | ||
| Q2 24 | $426.8K | $1.2M | ||
| Q1 24 | — | $-2.5M |
| Q4 25 | — | 12.0% | ||
| Q3 25 | -57.0% | -9.6% | ||
| Q2 25 | -50.0% | 10.5% | ||
| Q1 25 | -17.3% | -18.8% | ||
| Q4 24 | -6.6% | 1.9% | ||
| Q3 24 | — | 14.4% | ||
| Q2 24 | 5.5% | 4.5% | ||
| Q1 24 | — | -11.1% |
| Q4 25 | 0.0% | 0.5% | ||
| Q3 25 | 0.3% | 1.4% | ||
| Q2 25 | 0.8% | 1.0% | ||
| Q1 25 | 0.0% | 0.3% | ||
| Q4 24 | 0.1% | 1.6% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | 0.1% | 1.1% | ||
| Q1 24 | — | 0.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.57× | ||
| Q2 24 | — | 4.20× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FWDI
| CODM | $17.4M | 81% |
| Design Segment | $4.1M | 19% |
RMTI
| US | $15.9M | 87% |
| Non Us | $2.4M | 13% |
