FWDI vs RCKY

Forward Industries, Inc. vs Rocky Brands, Inc. — Valuation Comparison 2026

By CirclFi Research Team · Updated 2026-06-03 · Data from SEC EDGAR, FRED & GDELT

Quick Summary — RCKY scores higher on quality with 7.2/10 vs FWDI's 4.4/10. FWDI trades at $4.49 while RCKY trades at $38.47. Both analyzed daily using SEC EDGAR data across 13 institutional models.

FWDI

Footwear & Accessories
Forward Industries, Inc.
Quality
4.4
out of 10
Value Trap
46
WARN
Price
$4.49
Last close
Models
12/13
Active
VS

RCKY

Footwear & Accessories
Rocky Brands, Inc.
Quality
7.2
out of 10
Value Trap
11
SAFE
Price
$38.47
Last close
Models
12/13
Active
FWDI
2 models active
Value Trap 46/100 — caution
RCKY
2 models active
Limited to 2/13 visible models

FWDI vs RCKY — Fair Value Comparison

FWDI
$0$2$4$5 Price$4.49 Bayesian …$0.18 (-96.1%) Earnings …$0.59 (-86.7%)
RCKY
$0$15$30$45 Price$38.47 Bayesian …$25.34 (-34.1%) Earnings …$15.45 (-59.8%)
Market Price Model 1 Model 2

Model-by-Model Comparison

ModelType FWDI Fair ValueFWDI Upside RCKY Fair ValueRCKY Upside
Bayesian DCF Intrinsic $0.18 -96.1% $25.34 -34.1%
Earnings Power Value Intrinsic $0.59 -86.7% $15.45 -59.8%
EROIC Spread Intrinsic $•••.•• ••.•% $•••.•• ••.•%
First Chicago Scenario $•••.•• ••.•% $•••.•• ••.•%
Markov DDM Intrinsic $•••.•• ••.•% $•••.•• ••.•%
ML-RIV Intrinsic $•••.•• ••.•% $•••.•• ••.•%
Dynamic NAV Asset-Based $•••.•• ••.•% $•••.•• ••.•%
PWERM Option-Based $•••.•• ••.•% $•••.•• ••.•%
Regime Cross-Sectional Relative $•••.•• ••.•% $•••.•• ••.•%
Sentiment SOTP Hybrid $•••.•• ••.•% $•••.•• ••.•%
CUCE Ensemble Ensemble $•••.•• ••.•% $•••.•• ••.•%
FTNN Topology Relative $•••.•• ••.•% $•••.•• ••.•%
RCMH-DCF Intrinsic $•••.•• ••.•% $•••.•• ••.•%

FWDI vs RCKY — Which Stock Is More Undervalued in 2026?

RCKY scores higher with a 7.2/10 quality rating vs FWDI's 4.4/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

How Do FWDI and RCKY Valuations Compare?

At $4.49, FWDI trades +96.1% above its Bayesian DCF fair value of $0.18, while RCKY at $38.47 trades +34.1% above its estimate of $25.34. FWDI shows a wider gap between price and intrinsic value.

Quality of Company: FWDI vs RCKY

FWDI earns a Quality of Company score of 4.4/10 compared to RCKY's 7.2/10. This moderate difference suggests one company has an edge in fundamental quality, though both may offer investment merit depending on valuation. The QOC score synthesizes 32 signals spanning profitability margins, revenue growth, free cash flow, capital allocation, and leverage.

Value Trap Risk: FWDI vs RCKY

FWDI carries a WARN value trap risk (46/100) while RCKY shows SAFE risk (11/100). Stocks with value trap scores above 40 may appear undervalued but face deteriorating fundamentals — declining margins, rising debt, or shrinking revenue can make the apparent discount a trap.

Both in Footwear & Accessories

Both FWDI and RCKY operate in Footwear & Accessories, which has 14 stocks tracked by CirclFi. Same-industry comparisons provide the most direct insight into relative valuation since both companies face similar regulatory environments, market dynamics, and competitive pressures. Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN), and ensemble methods (CUCE).

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FWDI
View Full Forward Industries, Inc. Analysis →
RCKY
View Full Rocky Brands, Inc. Analysis →