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Side-by-side financial comparison of Forward Industries, Inc. (FWDI) and Valneva SE (VALN). Click either name above to swap in a different company.
Valneva SE is the larger business by last-quarter revenue ($36.2M vs $21.4M, roughly 1.7× Forward Industries, Inc.). Valneva SE runs the higher net margin — -54.1% vs -2732.2%, a 2678.1% gap on every dollar of revenue.
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.
Valneva SE is a specialty vaccine company registered in Saint-Herblain, France, developing, producing and commercializing vaccines for infectious diseases. It has manufacturing sites in Livingston, Scotland; Solna, Sweden, and Vienna, Austria; with other offices in France, Canada and the United States.
FWDI vs VALN — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2023
| Metric | | |
|---|---|---|
| Revenue | $21.4M | $36.2M |
| Net Profit | $-585.7M | $-19.6M |
| Gross Margin | 78.6% | 38.9% |
| Operating Margin | -2722.8% | -49.5% |
| Net Margin | -2732.2% | -54.1% |
| Revenue YoY | 224.0% | — |
| Net Profit YoY | -82611.5% | — |
| EPS (diluted) | $-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 | $21.4M | — | ||
| Q3 25 | $7.9M | — | ||
| Q2 25 | $2.5M | — | ||
| Q1 25 | $3.1M | — | ||
| Q4 24 | $6.6M | — | ||
| Q2 24 | $7.8M | — | ||
| Q1 24 | $5.1M | — | ||
| Q4 23 | $7.0M | — |
| Q4 25 | $-585.7M | — | ||
| Q3 25 | $-164.0M | — | ||
| Q2 25 | $-850.0K | — | ||
| Q1 25 | $-1.5M | — | ||
| Q4 24 | $-708.1K | — | ||
| Q2 24 | $-399.6K | — | ||
| Q1 24 | $-553.2K | — | ||
| Q4 23 | — | — |
| Q4 25 | 78.6% | — | ||
| Q3 25 | 61.1% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -5.7% | — | ||
| Q4 24 | 17.1% | — | ||
| Q2 24 | 16.8% | — | ||
| Q1 24 | 26.2% | — | ||
| Q4 23 | 47.4% | — |
| Q4 25 | -2722.8% | — | ||
| Q3 25 | -39.2% | — | ||
| Q2 25 | -102.6% | — | ||
| Q1 25 | -58.3% | — | ||
| Q4 24 | -13.6% | — | ||
| Q2 24 | -5.9% | — | ||
| Q1 24 | -12.2% | — | ||
| Q4 23 | — | — |
| Q4 25 | -2732.2% | — | ||
| Q3 25 | -2063.6% | — | ||
| Q2 25 | -34.1% | — | ||
| Q1 25 | -46.5% | — | ||
| Q4 24 | -10.7% | — | ||
| Q2 24 | -5.1% | — | ||
| Q1 24 | -10.9% | — | ||
| Q4 23 | — | — |
| Q4 25 | $-5.91 | — | ||
| Q3 25 | $-21.86 | — | ||
| Q2 25 | $-0.77 | — | ||
| Q1 25 | $-1.32 | — | ||
| Q4 24 | $-0.64 | — | ||
| Q2 24 | $-0.36 | — | ||
| Q1 24 | $-0.50 | — | ||
| Q4 23 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $274.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $880.9M | $221.2M |
| Total Assets | $892.9M | $637.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $880.9M | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $3.4M | — | ||
| Q1 25 | $3.6M | — | ||
| Q4 24 | $2.3M | — | ||
| Q2 24 | $1.4M | — | ||
| Q1 24 | $1.8M | — | ||
| Q4 23 | — | — |
| Q4 25 | $892.9M | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $8.3M | — | ||
| Q1 25 | $12.3M | — | ||
| Q4 24 | — | — | ||
| Q2 24 | $15.2M | — | ||
| Q1 24 | $15.2M | — | ||
| Q4 23 | $16.3M | — |
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 | $-26.3M |
| 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 | $-7.9M | — | ||
| Q3 25 | $-4.5M | — | ||
| Q2 25 | $-1.2M | — | ||
| Q1 25 | $-537.6K | — | ||
| Q4 24 | $-434.3K | — | ||
| Q2 24 | $436.0K | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | $-4.5M | — | ||
| Q2 25 | $-1.2M | — | ||
| Q1 25 | $-539.0K | — | ||
| Q4 24 | $-439.7K | — | ||
| Q2 24 | $426.8K | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | -57.0% | — | ||
| Q2 25 | -50.0% | — | ||
| Q1 25 | -17.3% | — | ||
| Q4 24 | -6.6% | — | ||
| Q2 24 | 5.5% | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 0.1% | — | ||
| Q2 24 | 0.1% | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
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% |
VALN
Segment breakdown not available.
