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Side-by-side financial comparison of Forward Industries, Inc. (FWDI) and Neuronetics, Inc. (STIM). Click either name above to swap in a different company.
Neuronetics, Inc. is the larger business by last-quarter revenue ($41.8M vs $21.4M, roughly 1.9× Forward Industries, Inc.). Neuronetics, Inc. runs the higher net margin — -17.2% vs -2732.2%, a 2714.9% gap on every dollar of revenue. On growth, Forward Industries, Inc. posted the faster year-over-year revenue change (224.0% vs 85.7%). Over the past eight quarters, Forward Industries, Inc.'s revenue compounded faster (74.6% CAGR vs 54.9%).
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.
Neuronetics is a Malvern, PA based, publicly traded company incorporated in Delaware in April 2003, that develops non-invasive treatments for psychiatric disorders that have shown resistance or lack of improvement using traditional medicine. The treatments are based upon neuromodulation technology.
FWDI vs STIM — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $21.4M | $41.8M |
| Net Profit | $-585.7M | $-7.2M |
| Gross Margin | 78.6% | 52.0% |
| Operating Margin | -2722.8% | -12.1% |
| Net Margin | -2732.2% | -17.2% |
| Revenue YoY | 224.0% | 85.7% |
| Net Profit YoY | -82611.5% | 43.2% |
| EPS (diluted) | $-5.91 | $-0.10 |
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 | $41.8M | ||
| Q3 25 | $7.9M | $37.3M | ||
| Q2 25 | $2.5M | $38.1M | ||
| Q1 25 | $3.1M | $32.0M | ||
| Q4 24 | $6.6M | $22.5M | ||
| Q3 24 | — | $18.5M | ||
| Q2 24 | $7.8M | $16.4M | ||
| Q1 24 | $5.1M | $17.4M |
| Q4 25 | $-585.7M | $-7.2M | ||
| Q3 25 | $-164.0M | $-9.0M | ||
| Q2 25 | $-850.0K | $-10.1M | ||
| Q1 25 | $-1.5M | $-12.7M | ||
| Q4 24 | $-708.1K | $-12.7M | ||
| Q3 24 | — | $-13.3M | ||
| Q2 24 | $-399.6K | $-9.8M | ||
| Q1 24 | $-553.2K | $-7.9M |
| Q4 25 | 78.6% | 52.0% | ||
| Q3 25 | 61.1% | 45.9% | ||
| Q2 25 | — | 46.6% | ||
| Q1 25 | -5.7% | 49.2% | ||
| Q4 24 | 17.1% | 66.2% | ||
| Q3 24 | — | 75.6% | ||
| Q2 24 | 16.8% | 74.0% | ||
| Q1 24 | 26.2% | 75.1% |
| Q4 25 | -2722.8% | -12.1% | ||
| Q3 25 | -39.2% | -19.6% | ||
| Q2 25 | -102.6% | -21.1% | ||
| Q1 25 | -58.3% | -34.4% | ||
| Q4 24 | -13.6% | -51.0% | ||
| Q3 24 | — | -41.7% | ||
| Q2 24 | -5.9% | -51.7% | ||
| Q1 24 | -12.2% | -39.4% |
| Q4 25 | -2732.2% | -17.2% | ||
| Q3 25 | -2063.6% | -24.3% | ||
| Q2 25 | -34.1% | -26.6% | ||
| Q1 25 | -46.5% | -39.6% | ||
| Q4 24 | -10.7% | -56.4% | ||
| Q3 24 | — | -72.0% | ||
| Q2 24 | -5.1% | -59.8% | ||
| Q1 24 | -10.9% | -45.2% |
| Q4 25 | $-5.91 | $-0.10 | ||
| Q3 25 | $-21.86 | $-0.13 | ||
| Q2 25 | $-0.77 | $-0.15 | ||
| Q1 25 | $-1.32 | $-0.21 | ||
| Q4 24 | $-0.64 | $-0.34 | ||
| Q3 24 | — | $-0.44 | ||
| Q2 24 | $-0.36 | $-0.33 | ||
| Q1 24 | $-0.50 | $-0.27 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $28.1M |
| Total DebtLower is stronger | — | $65.8M |
| Stockholders' EquityBook value | $880.9M | $22.4M |
| Total Assets | $892.9M | $141.6M |
| Debt / EquityLower = less leverage | — | 2.94× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $28.1M | ||
| Q3 25 | — | $28.0M | ||
| Q2 25 | — | $11.0M | ||
| Q1 25 | — | $20.2M | ||
| Q4 24 | — | $18.5M | ||
| Q3 24 | — | $20.9M | ||
| Q2 24 | — | $42.6M | ||
| Q1 24 | — | $47.7M |
| Q4 25 | — | $65.8M | ||
| Q3 25 | — | $65.7M | ||
| Q2 25 | — | $55.5M | ||
| Q1 25 | — | $55.3M | ||
| Q4 24 | — | $55.2M | ||
| Q3 24 | — | $46.0M | ||
| Q2 24 | — | $59.8M | ||
| Q1 24 | — | $59.4M |
| Q4 25 | $880.9M | $22.4M | ||
| Q3 25 | $1.5B | $27.4M | ||
| Q2 25 | $3.4M | $27.1M | ||
| Q1 25 | $3.6M | $35.5M | ||
| Q4 24 | $2.3M | $27.7M | ||
| Q3 24 | — | $9.4M | ||
| Q2 24 | $1.4M | $19.4M | ||
| Q1 24 | $1.8M | $27.7M |
| Q4 25 | $892.9M | $141.6M | ||
| Q3 25 | $1.5B | $145.5M | ||
| Q2 25 | $8.3M | $134.7M | ||
| Q1 25 | $12.3M | $142.0M | ||
| Q4 24 | — | $140.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | $15.2M | $96.8M | ||
| Q1 24 | $15.2M | $103.8M |
| Q4 25 | — | 2.94× | ||
| Q3 25 | — | 2.40× | ||
| Q2 25 | — | 2.05× | ||
| Q1 25 | — | 1.56× | ||
| Q4 24 | — | 1.99× | ||
| Q3 24 | — | 4.90× | ||
| Q2 24 | — | 3.08× | ||
| Q1 24 | — | 2.15× |
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 | $908.0K |
| Free Cash FlowOCF − Capex | — | $692.0K |
| FCF MarginFCF / Revenue | — | 1.7% |
| Capex IntensityCapex / Revenue | 0.0% | 0.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-21.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-7.9M | $908.0K | ||
| Q3 25 | $-4.5M | $-785.0K | ||
| Q2 25 | $-1.2M | $-3.5M | ||
| Q1 25 | $-537.6K | $-17.0M | ||
| Q4 24 | $-434.3K | $-8.6M | ||
| Q3 24 | — | $-5.4M | ||
| Q2 24 | $436.0K | $-5.0M | ||
| Q1 24 | — | $-12.0M |
| Q4 25 | — | $692.0K | ||
| Q3 25 | $-4.5M | $-899.0K | ||
| Q2 25 | $-1.2M | $-3.8M | ||
| Q1 25 | $-539.0K | $-17.2M | ||
| Q4 24 | $-439.7K | $-8.7M | ||
| Q3 24 | — | $-5.8M | ||
| Q2 24 | $426.8K | $-5.6M | ||
| Q1 24 | — | $-12.4M |
| Q4 25 | — | 1.7% | ||
| Q3 25 | -57.0% | -2.4% | ||
| Q2 25 | -50.0% | -9.9% | ||
| Q1 25 | -17.3% | -53.8% | ||
| Q4 24 | -6.6% | -38.6% | ||
| Q3 24 | — | -31.3% | ||
| Q2 24 | 5.5% | -34.0% | ||
| Q1 24 | — | -71.1% |
| Q4 25 | 0.0% | 0.5% | ||
| Q3 25 | 0.3% | 0.3% | ||
| Q2 25 | 0.8% | 0.7% | ||
| Q1 25 | 0.0% | 0.7% | ||
| Q4 24 | 0.1% | 0.4% | ||
| Q3 24 | — | 2.1% | ||
| Q2 24 | 0.1% | 3.7% | ||
| Q1 24 | — | 2.2% |
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% |
STIM
Segment breakdown not available.
