FORWARD AIR CORP (FWRD) Stock Fundamental Analysis
NASDAQ:FWRD - US3498531017 - Common Stock
30.03 USD
-0.38 (-1.25%)
30.03 USD
0 (0%)
Overall FWRD gets a fundamental rating of 3 out of 10. We evaluated FWRD against 22 industry peers in the Air Freight & Logistics industry. FWRD has a medium profitability rating, but doesn't score so well on its financial health evaluation. FWRD is valued expensive and it does not seem to be growing.
1. Profitability
1.1 Basic Checks
FWRD had negative earnings in the past year.
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.
1.2 Ratios
FWRD's Return On Assets of -7.41% is in line compared to the rest of the industry. FWRD outperforms 50.00% of its industry peers.
FWRD has a Return On Equity of -134.72%. This is in the lower half of the industry: FWRD underperforms 77.27% of its industry peers.
FWRD has a Return On Invested Capital of 2.81%. This is comparable to the rest of the industry: FWRD outperforms 54.55% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for FWRD is below the industry average of 12.49%.
The 3 year average ROIC (8.28%) for FWRD is well above the current ROIC(2.81%). The reason for the recent decline needs to be investigated.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -7.41% | ||
| ROE | -134.72% | ||
| ROIC | 2.81% |
ROA(3y)-2.87%
ROA(5y)0.6%
ROE(3y)-123.07%
ROE(5y)-69.45%
ROIC(3y)8.28%
ROIC(5y)8.77%
1.3 Margins
With a decent Operating Margin value of 3.49%, FWRD is doing good in the industry, outperforming 68.18% of the companies in the same industry.
FWRD's Operating Margin has declined in the last couple of years.
The Gross Margin of FWRD (41.44%) is better than 86.36% of its industry peers.
In the last couple of years the Gross Margin of FWRD has declined.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 3.49% | ||
| PM (TTM) | N/A | ||
| GM | 41.44% |
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%
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.
Compared to 1 year ago, FWRD has more shares outstanding
FWRD has more shares outstanding than it did 5 years ago.
Compared to 1 year ago, FWRD has about the same debt to assets ratio.
2.2 Solvency
FWRD has an Altman-Z score of 1.06. This is a bad value and indicates that FWRD is not financially healthy and even has some risk of bankruptcy.
FWRD has a worse Altman-Z score (1.06) than 68.18% of its industry peers.
The Debt to FCF ratio of FWRD is 266.51, which is on the high side as it means it would take FWRD, 266.51 years of fcf income to pay off all of its debts.
With a Debt to FCF ratio value of 266.51, FWRD perfoms like the industry average, outperforming 50.00% of the companies in the same industry.
FWRD has a Debt/Equity ratio of 11.27. This is a high value indicating a heavy dependency on external financing.
FWRD has a worse Debt to Equity ratio (11.27) than 77.27% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 11.27 | ||
| Debt/FCF | 266.51 | ||
| Altman-Z | 1.06 |
ROIC/WACC0.37
WACC7.62%
2.3 Liquidity
A Current Ratio of 1.20 indicates that FWRD should not have too much problems paying its short term obligations.
FWRD has a worse Current ratio (1.20) than 72.73% of its industry peers.
A Quick Ratio of 1.20 indicates that FWRD should not have too much problems paying its short term obligations.
FWRD has a worse Quick ratio (1.20) than 68.18% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.2 | ||
| Quick Ratio | 1.2 |
3. Growth
3.1 Past
FWRD shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -226.59%.
FWRD shows a very negative growth in Revenue. In the last year, the Revenue has decreased by -15.11%.
Measured over the past years, FWRD shows a quite strong growth in Revenue. The Revenue has been growing by 15.28% on average per year.
EPS 1Y (TTM)-226.59%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-98.23%
Revenue 1Y (TTM)-15.11%
Revenue growth 3Y14.17%
Revenue growth 5Y15.28%
Sales Q2Q%-3.86%
3.2 Future
FWRD is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 46.97% yearly.
FWRD is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 4.43% yearly.
EPS Next Y39.06%
EPS Next 2Y46.97%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year1.41%
Revenue Next 2Y4.43%
Revenue Next 3YN/A
Revenue Next 5YN/A
3.3 Evolution
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
The Price/Earnings Ratio is negative for FWRD. In the last year negative earnings were reported.
Based on the Price/Forward Earnings ratio of 96.21, the valuation of FWRD can be described as expensive.
Compared to the rest of the industry, the Price/Forward Earnings ratio of FWRD indicates a somewhat cheap valuation: FWRD is cheaper than 63.64% of the companies listed in the same industry.
FWRD's Price/Forward Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 22.78.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | 96.21 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, FWRD is valued a bit cheaper than 63.64% of the companies in the same industry.
FWRD's Price/Free Cash Flow is on the same level as the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 142.64 | ||
| EV/EBITDA | 11.38 |
4.3 Compensation for Growth
The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
FWRD's earnings are expected to grow with 46.97% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y46.97%
EPS Next 3YN/A
5. Dividend
5.1 Amount
FWRD has a Yearly Dividend Yield of 1.48%.
FWRD's Dividend Yield is a higher than the industry average which is at 3.79.
Compared to the average S&P500 Dividend Yield of 2.34, FWRD is paying slightly less dividend.
| Industry Rank | Sector 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
5.3 Sustainability
DP0%
EPS Next 2Y46.97%
EPS Next 3YN/A
30.03
-0.38 (-1.25%)
Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryAir Freight & Logistics
Earnings (Last)
Earnings (Next)
Inst Owners82.86%
Inst Owner Change-2.37%
Ins Owners1.57%
Ins Owner Change10.5%
Market Cap924.62M
Analysts80
Price Target35.94 (19.68%)
Short Float %15.94%
Short Ratio5.55
Dividend
| Industry Rank | Sector 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)1
Avg EPS beat(2)12.41%
Min EPS beat(2)-96.96%
Max EPS beat(2)121.79%
EPS beat(4)1
Avg EPS beat(4)-1782.06%
Min EPS beat(4)-6208.61%
Max EPS beat(4)121.79%
EPS beat(8)2
Avg EPS beat(8)-714.67%
EPS beat(12)3
Avg EPS beat(12)-480.16%
EPS beat(16)7
Avg EPS beat(16)-357.44%
Revenue beat(2)0
Avg Revenue beat(2)-3.58%
Min Revenue beat(2)-3.78%
Max Revenue beat(2)-3.39%
Revenue beat(4)0
Avg Revenue beat(4)-4.04%
Min Revenue beat(4)-7.04%
Max Revenue beat(4)-1.94%
Revenue beat(8)0
Avg Revenue beat(8)-6.48%
Revenue beat(12)0
Avg Revenue beat(12)-6.81%
Revenue beat(16)3
Avg Revenue beat(16)-5.05%
PT rev (1m)4.45%
PT rev (3m)8.47%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-152.84%
EPS NY rev (1m)13.7%
EPS NY rev (3m)-51.96%
Revenue NQ rev (1m)-1.35%
Revenue NQ rev (3m)-7.78%
Revenue NY rev (1m)-0.88%
Revenue NY rev (3m)-1.52%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | 96.21 | ||
| P/S | 0.37 | ||
| P/FCF | 142.64 | ||
| P/OCF | 22.66 | ||
| P/B | 6.09 | ||
| P/tB | N/A | ||
| EV/EBITDA | 11.38 |
EPS(TTM)-5.76
EYN/A
EPS(NY)0.31
Fwd EY1.04%
FCF(TTM)0.21
FCFY0.7%
OCF(TTM)1.32
OCFY4.41%
SpS81.87
BVpS4.93
TBVpS-43
PEG (NY)N/A
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -7.41% | ||
| ROE | -134.72% | ||
| ROCE | 3.72% | ||
| ROIC | 2.81% | ||
| ROICexc | 2.93% | ||
| ROICexgc | 8.37% | ||
| OM | 3.49% | ||
| PM (TTM) | N/A | ||
| GM | 41.44% | ||
| FCFM | 0.26% |
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 Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 11.27 | ||
| Debt/FCF | 266.51 | ||
| Debt/EBITDA | 7.58 | ||
| Cap/Depr | 24.92% | ||
| Cap/Sales | 1.36% | ||
| Interest Coverage | 250 | ||
| Cash Conversion | 18.08% | ||
| Profit Quality | N/A | ||
| Current Ratio | 1.2 | ||
| Quick Ratio | 1.2 | ||
| Altman-Z | 1.06 |
F-Score3
WACC7.62%
ROIC/WACC0.37
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)-226.59%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-98.23%
EPS Next Y39.06%
EPS Next 2Y46.97%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-15.11%
Revenue growth 3Y14.17%
Revenue growth 5Y15.28%
Sales Q2Q%-3.86%
Revenue Next Year1.41%
Revenue Next 2Y4.43%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-46.49%
EBIT growth 3Y-33.46%
EBIT growth 5Y-16.03%
EBIT Next Year87.73%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-97.26%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-85.21%
OCF growth 3YN/A
OCF growth 5YN/A