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FORWARD AIR CORP (FWRD) Stock Fundamental Analysis

NASDAQ:FWRD - Nasdaq - US3498531017 - Common Stock - Currency: USD

24.54  -0.61 (-2.43%)

After market: 24.54 0 (0%)

Fundamental Rating

2

Overall FWRD gets a fundamental rating of 2 out of 10. We evaluated FWRD against 22 industry peers in the Air Freight & Logistics industry. FWRD may be in some trouble as it scores bad on both profitability and health. FWRD is valued expensive and it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

In the past year FWRD has reported negative net income.
In the past year FWRD had a positive cash flow from operations.
Of the past 5 years FWRD 4 years were profitable.
Of the past 5 years FWRD 4 years had a positive operating cash flow.
FWRD Yearly Net Income VS EBIT VS OCF VS FCFFWRD Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M -400M -600M -800M

1.2 Ratios

With a Return On Assets value of -29.11%, FWRD is not doing good in the industry: 63.64% of the companies in the same industry are doing better.
FWRD has a worse Return On Equity (-527.77%) than 81.82% of its industry peers.
FWRD has a Return On Invested Capital of 2.22%. This is comparable to the rest of the industry: FWRD outperforms 50.00% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for FWRD is below the industry average of 12.73%.
The last Return On Invested Capital (2.22%) for FWRD is well below the 3 year average (8.28%), which needs to be investigated, but indicates that FWRD had better years and this may not be a problem.
Industry RankSector Rank
ROA -29.11%
ROE -527.77%
ROIC 2.22%
ROA(3y)-2.87%
ROA(5y)0.6%
ROE(3y)-123.07%
ROE(5y)-69.45%
ROIC(3y)8.28%
ROIC(5y)8.77%
FWRD Yearly ROA, ROE, ROICFWRD Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 -100 -200 -300 -400

1.3 Margins

Looking at the Operating Margin, with a value of 2.73%, FWRD is in line with its industry, outperforming 59.09% of the companies in the same industry.
In the last couple of years the Operating Margin of FWRD has declined.
FWRD has a better Gross Margin (41.40%) than 86.36% of its industry peers.
In the last couple of years the Gross Margin of FWRD has declined.
Industry RankSector Rank
OM 2.73%
PM (TTM) N/A
GM 41.4%
OM growth 3Y-41.72%
OM growth 5Y-27.16%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-2.2%
GM growth 5Y-1.79%
FWRD Yearly Profit, Operating, Gross MarginsFWRD Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 -20 40

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1

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), FWRD is creating some value.
FWRD has more shares outstanding than it did 1 year ago.
Compared to 5 years ago, FWRD has more shares outstanding
FWRD has about the same debt/assets ratio as last year.
FWRD Yearly Shares OutstandingFWRD Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M
FWRD Yearly Total Debt VS Total AssetsFWRD Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B 2.5B

2.2 Solvency

Based on the Altman-Z score of 0.99, we must say that FWRD is in the distress zone and has some risk of bankruptcy.
FWRD has a Altman-Z score of 0.99. This is in the lower half of the industry: FWRD underperforms 68.18% of its industry peers.
A Debt/Equity ratio of 11.08 is on the high side and indicates that FWRD has dependencies on debt financing.
FWRD's Debt to Equity ratio of 11.08 is on the low side compared to the rest of the industry. FWRD is outperformed by 77.27% of its industry peers.
Industry RankSector Rank
Debt/Equity 11.08
Debt/FCF N/A
Altman-Z 0.99
ROIC/WACC0.29
WACC7.56%
FWRD Yearly LT Debt VS Equity VS FCFFWRD Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M 1B 1.5B

2.3 Liquidity

FWRD has a Current Ratio of 1.13. This is a normal value and indicates that FWRD is financially healthy and should not expect problems in meeting its short term obligations.
With a Current ratio value of 1.13, FWRD is not doing good in the industry: 68.18% of the companies in the same industry are doing better.
FWRD has a Quick Ratio of 1.13. This is a normal value and indicates that FWRD is financially healthy and should not expect problems in meeting its short term obligations.
FWRD's Quick ratio of 1.13 is on the low side compared to the rest of the industry. FWRD is outperformed by 63.64% of its industry peers.
Industry RankSector Rank
Current Ratio 1.13
Quick Ratio 1.13
FWRD Yearly Current Assets VS Current LiabilitesFWRD Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

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3

3. Growth

3.1 Past

FWRD shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -217.39%.
FWRD shows a decrease in Revenue. In the last year, the revenue decreased by -6.69%.
FWRD shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 15.28% yearly.
EPS 1Y (TTM)-217.39%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-75%
Revenue 1Y (TTM)-6.69%
Revenue growth 3Y14.17%
Revenue growth 5Y15.28%
Sales Q2Q%13.19%

3.2 Future

FWRD is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 43.95% yearly.
Based on estimates for the next years, FWRD will show a small growth in Revenue. The Revenue will grow by 4.84% on average per year.
EPS Next Y28.08%
EPS Next 2Y43.95%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year2.31%
Revenue Next 2Y4.84%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
FWRD Yearly Revenue VS EstimatesFWRD Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 500M 1B 1.5B 2B 2.5B
FWRD Yearly EPS VS EstimatesFWRD Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0 2 4 6

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2

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings Ratio is negative for FWRD. In the last year negative earnings were reported.
FWRD is valuated quite expensively with a Price/Forward Earnings ratio of 174.34.
FWRD's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. FWRD is cheaper than 63.64% of the companies in the same industry.
FWRD is valuated expensively when we compare the Price/Forward Earnings ratio to 21.49, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE N/A
Fwd PE 174.34
FWRD Price Earnings VS Forward Price EarningsFWRD Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 50 100 150

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of FWRD indicates a somewhat cheap valuation: FWRD is cheaper than 63.64% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 10.86
FWRD Per share dataFWRD EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 -20 40 -40 60 80

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates FWRD does not grow enough to justify the current Price/Earnings ratio.
FWRD's earnings are expected to grow with 43.95% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y43.95%
EPS Next 3YN/A

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3

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 1.48%, FWRD has a reasonable but not impressive dividend return.
FWRD's Dividend Yield is a higher than the industry average which is at 3.95.
Compared to the average S&P500 Dividend Yield of 2.42, FWRD is paying slightly less dividend.
Industry RankSector Rank
Dividend Yield 1.48%

5.2 History

FWRD has been paying a dividend for at least 10 years, so it has a reliable track record.
Dividend Growth(5Y)N/A
Div Incr Years0
Div Non Decr Years0
FWRD Yearly Dividends per shareFWRD Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 0.2 0.4 0.6 0.8

5.3 Sustainability

DP0%
EPS Next 2Y43.95%
EPS Next 3YN/A
FWRD Yearly Income VS Free CF VS DividendFWRD Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M -400M -600M -800M

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FORWARD AIR CORP

NASDAQ:FWRD (6/30/2025, 4:30:01 PM)

After market: 24.54 0 (0%)

24.54

-0.61 (-2.43%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryAir Freight & Logistics
Earnings (Last)05-07 2025-05-07/amc
Earnings (Next)08-05 2025-08-05/amc
Inst Owners83.58%
Inst Owner Change0.88%
Ins Owners1.35%
Ins Owner Change16.86%
Market Cap746.51M
Analysts76.67
Price Target32.37 (31.91%)
Short Float %18.32%
Short Ratio5.21
Dividend
Industry RankSector Rank
Dividend Yield 1.48%
Yearly Dividend0
Dividend Growth(5Y)N/A
DP0%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-3152.78%
Min EPS beat(2)-6208.61%
Max EPS beat(2)-96.96%
EPS beat(4)1
Avg EPS beat(4)-1334.29%
Min EPS beat(4)-6208.61%
Max EPS beat(4)1912.87%
EPS beat(8)1
Avg EPS beat(8)-733.66%
EPS beat(12)3
Avg EPS beat(12)-489.29%
EPS beat(16)7
Avg EPS beat(16)-364.27%
Revenue beat(2)0
Avg Revenue beat(2)-5.41%
Min Revenue beat(2)-7.04%
Max Revenue beat(2)-3.78%
Revenue beat(4)0
Avg Revenue beat(4)-3.65%
Min Revenue beat(4)-7.04%
Max Revenue beat(4)-1.85%
Revenue beat(8)0
Avg Revenue beat(8)-7.67%
Revenue beat(12)1
Avg Revenue beat(12)-6.48%
Revenue beat(16)4
Avg Revenue beat(16)-4.51%
PT rev (1m)-2.31%
PT rev (3m)-5.52%
EPS NQ rev (1m)-18.71%
EPS NQ rev (3m)-272.97%
EPS NY rev (1m)-79.35%
EPS NY rev (3m)-475%
Revenue NQ rev (1m)-1.08%
Revenue NQ rev (3m)-4.69%
Revenue NY rev (1m)-0.65%
Revenue NY rev (3m)-2.97%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE 174.34
P/S 0.29
P/FCF N/A
P/OCF 189.85
P/B 4.83
P/tB N/A
EV/EBITDA 10.86
EPS(TTM)-2.43
EYN/A
EPS(NY)0.14
Fwd EY0.57%
FCF(TTM)-1.32
FCFYN/A
OCF(TTM)0.13
OCFY0.53%
SpS83.69
BVpS5.08
TBVpS-44.19
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -29.11%
ROE -527.77%
ROCE 2.93%
ROIC 2.22%
ROICexc 2.33%
ROICexgc 6.99%
OM 2.73%
PM (TTM) N/A
GM 41.4%
FCFM N/A
ROA(3y)-2.87%
ROA(5y)0.6%
ROE(3y)-123.07%
ROE(5y)-69.45%
ROIC(3y)8.28%
ROIC(5y)8.77%
ROICexc(3y)8.66%
ROICexc(5y)9.16%
ROICexgc(3y)15.75%
ROICexgc(5y)16.83%
ROCE(3y)10.95%
ROCE(5y)11.6%
ROICexcg growth 3Y-43.13%
ROICexcg growth 5Y-25.33%
ROICexc growth 3Y-51.15%
ROICexc growth 5Y-32.28%
OM growth 3Y-41.72%
OM growth 5Y-27.16%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-2.2%
GM growth 5Y-1.79%
F-Score3
Asset Turnover0.91
Health
Industry RankSector Rank
Debt/Equity 11.08
Debt/FCF N/A
Debt/EBITDA 7.82
Cap/Depr 29.42%
Cap/Sales 1.73%
Interest Coverage 250
Cash Conversion 1.8%
Profit Quality N/A
Current Ratio 1.13
Quick Ratio 1.13
Altman-Z 0.99
F-Score3
WACC7.56%
ROIC/WACC0.29
Cap/Depr(3y)55.04%
Cap/Depr(5y)63.72%
Cap/Sales(3y)1.93%
Cap/Sales(5y)1.95%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-217.39%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-75%
EPS Next Y28.08%
EPS Next 2Y43.95%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-6.69%
Revenue growth 3Y14.17%
Revenue growth 5Y15.28%
Sales Q2Q%13.19%
Revenue Next Year2.31%
Revenue Next 2Y4.84%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-62.99%
EBIT growth 3Y-33.46%
EBIT growth 5Y-16.03%
EBIT Next Year87.42%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-117.81%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-98.5%
OCF growth 3YN/A
OCF growth 5YN/A