FORWARD AIR CORP (FWRD) Fundamental Analysis & Valuation

NASDAQ:FWRD • US34986A1043

Current stock price

21.33 USD
+0.27 (+1.28%)
At close:
21.33 USD
0 (0%)
After Hours:

This FWRD fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

3

1. FWRD Profitability Analysis

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.
  • In multiple years FWRD reported negative net income over the last 5 years.
  • FWRD had a positive operating cash flow in 4 of the past 5 years.
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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 200M -200M -400M -600M -800M

1.2 Ratios

  • With a Return On Assets value of -3.96%, FWRD perfoms like the industry average, outperforming 43.48% of the companies in the same industry.
  • FWRD's Return On Equity of -95.11% is on the low side compared to the rest of the industry. FWRD is outperformed by 73.91% of its industry peers.
  • The Return On Invested Capital of FWRD (2.34%) is comparable to the rest of the industry.
  • The Average Return On Invested Capital over the past 3 years for FWRD is significantly below the industry average of 9.38%.
Industry RankSector Rank
ROA -3.96%
ROE -95.11%
ROIC 2.34%
ROA(3y)-9.49%
ROA(5y)-0.63%
ROE(3y)-163.82%
ROE(5y)-89.32%
ROIC(3y)2.69%
ROIC(5y)8.3%
FWRD Yearly ROA, ROE, ROICFWRD Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 -100 -200 -300 -400

1.3 Margins

  • FWRD has a better Operating Margin (2.72%) than 60.87% of its industry peers.
  • In the last couple of years the Operating Margin of FWRD has declined.
  • The Gross Margin of FWRD (41.14%) is better than 86.96% of its industry peers.
  • In the last couple of years the Gross Margin of FWRD has remained more or less at the same level.
Industry RankSector Rank
OM 2.72%
PM (TTM) N/A
GM 41.14%
OM growth 3Y-41.34%
OM growth 5Y-14.11%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-4.84%
GM growth 5Y-0.55%
FWRD Yearly Profit, Operating, Gross MarginsFWRD Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 -20 40

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2

2. FWRD Health Analysis

2.1 Basic Checks

  • FWRD has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
  • Compared to 1 year ago, FWRD has more shares outstanding
  • Compared to 5 years ago, FWRD has more shares outstanding
  • FWRD has a worse debt/assets ratio than last year.
FWRD Yearly Shares OutstandingFWRD Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10M 20M 30M
FWRD Yearly Total Debt VS Total AssetsFWRD Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B 2B 2.5B

2.2 Solvency

  • FWRD has an Altman-Z score of 0.97. This is a bad value and indicates that FWRD is not financially healthy and even has some risk of bankruptcy.
  • FWRD has a Altman-Z score of 0.97. This is in the lower half of the industry: FWRD underperforms 60.87% of its industry peers.
  • FWRD has a debt to FCF ratio of 113.02. This is a negative value and a sign of low solvency as FWRD would need 113.02 years to pay back of all of its debts.
  • FWRD has a better Debt to FCF ratio (113.02) than 65.22% of its industry peers.
  • A Debt/Equity ratio of 15.08 is on the high side and indicates that FWRD has dependencies on debt financing.
  • FWRD has a Debt to Equity ratio of 15.08. This is amonst the worse of the industry: FWRD underperforms 86.96% of its industry peers.
Industry RankSector Rank
Debt/Equity 15.08
Debt/FCF 113.02
Altman-Z 0.97
ROIC/WACC0.29
WACC8.02%
FWRD Yearly LT Debt VS Equity VS FCFFWRD Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 500M 1B 1.5B

2.3 Liquidity

  • A Current Ratio of 1.22 indicates that FWRD should not have too much problems paying its short term obligations.
  • FWRD has a worse Current ratio (1.22) than 69.57% of its industry peers.
  • FWRD has a Quick Ratio of 1.22. This is a normal value and indicates that FWRD is financially healthy and should not expect problems in meeting its short term obligations.
  • FWRD has a Quick ratio of 1.22. This is in the lower half of the industry: FWRD underperforms 69.57% of its industry peers.
Industry RankSector Rank
Current Ratio 1.22
Quick Ratio 1.22
FWRD Yearly Current Assets VS Current LiabilitesFWRD Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M 500M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. FWRD Growth Analysis

3.1 Past

  • FWRD shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -15.85%.
  • Looking at the last year, FWRD shows a small growth in Revenue. The Revenue has grown by 0.84% in the last year.
  • The Revenue has been growing by 14.47% on average over the past years. This is quite good.
EPS 1Y (TTM)-15.85%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%73.31%
Revenue 1Y (TTM)0.84%
Revenue growth 3Y8.13%
Revenue growth 5Y14.47%
Sales Q2Q%-0.26%

3.2 Future

  • Based on estimates for the next years, FWRD will show a very strong growth in Earnings Per Share. The EPS will grow by 47.36% on average per year.
  • FWRD is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 5.60% yearly.
EPS Next Y74.94%
EPS Next 2Y47.36%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year4.56%
Revenue Next 2Y5.6%
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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 500M 1B 1.5B 2B 2.5B
FWRD Yearly EPS VS EstimatesFWRD Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0 2 -2 4 6

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2

4. FWRD Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings Ratio is negative for FWRD. In the last year negative earnings were reported.
  • Besides the negative Price/Earnings Ratio, also the Forward Price/Earnings Ratio is negative for FWRD. No positive earnings are expected for the next year.
Industry RankSector Rank
PE N/A
Fwd PE N/A
FWRD Price Earnings VS Forward Price EarningsFWRD Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 20 -20

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 73.91% of the companies listed in the same industry.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of FWRD indicates a somewhat cheap valuation: FWRD is cheaper than 78.26% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 44.08
EV/EBITDA 10.4
FWRD Per share dataFWRD EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 -20 40 -40 60

4.3 Compensation for Growth

  • FWRD's earnings are expected to grow with 47.36% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y47.36%
EPS Next 3YN/A

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

4

5. FWRD Dividend Analysis

5.1 Amount

  • FWRD has a Yearly Dividend Yield of 1.48%. Purely for dividend investing, there may be better candidates out there.
  • In the last 3 months the price of FWRD has falen by -23.49%. A price decline artificially increases the dividend yield. It may be a sign investors do not expect the dividend to last.
  • Compared to an average industry Dividend Yield of 1.11, FWRD pays a better dividend. On top of this FWRD pays more dividend than 86.96% of the companies listed in the same industry.
  • FWRD's Dividend Yield is comparable with the S&P500 average which is at 1.80.
Industry RankSector Rank
Dividend Yield 1.48%

5.2 History

  • FWRD has paid a dividend for at least 10 years, which is 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 2016 2017 2018 2019 2020 2021 2022 2023 0.2 0.4 0.6 0.8

5.3 Sustainability

DP0%
EPS Next 2Y47.36%
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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 200M -200M -400M -600M -800M

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FWRD Fundamentals: All Metrics, Ratios and Statistics

FORWARD AIR CORP

NASDAQ:FWRD (5/1/2026, 8:00:01 PM)

After market: 21.33 0 (0%)

21.33

+0.27 (+1.28%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryAir Freight & Logistics
Industry Strength57.14
Industry Growth16.77
Earnings (Last)02-23
Earnings (Next)N/A
Inst Owners74.95%
Inst Owner Change-0.73%
Ins Owners1.88%
Ins Owner Change2.57%
Market Cap672.96M
Revenue(TTM)2.50B
Net Income(TTM)-107.80M
Analysts80
Price Target35.7 (67.37%)
Short Float %19.13%
Short Ratio6.02
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)-173.37%
Min EPS beat(2)-203.73%
Max EPS beat(2)-143.02%
EPS beat(4)1
Avg EPS beat(4)-80.48%
Min EPS beat(4)-203.73%
Max EPS beat(4)121.79%
EPS beat(8)2
Avg EPS beat(8)-754.06%
EPS beat(12)3
Avg EPS beat(12)-507.62%
EPS beat(16)5
Avg EPS beat(16)-379.68%
Revenue beat(2)0
Avg Revenue beat(2)-2.45%
Min Revenue beat(2)-3.22%
Max Revenue beat(2)-1.68%
Revenue beat(4)0
Avg Revenue beat(4)-3.02%
Min Revenue beat(4)-3.78%
Max Revenue beat(4)-1.68%
Revenue beat(8)0
Avg Revenue beat(8)-4.37%
Revenue beat(12)0
Avg Revenue beat(12)-6.57%
Revenue beat(16)2
Avg Revenue beat(16)-5.28%
PT rev (1m)-0.94%
PT rev (3m)0%
EPS NQ rev (1m)-0.54%
EPS NQ rev (3m)-25.5%
EPS NY rev (1m)1.6%
EPS NY rev (3m)-127.46%
Revenue NQ rev (1m)-0.33%
Revenue NQ rev (3m)-1.33%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.19%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 0.27
P/FCF 44.08
P/OCF 15.16
P/B 5.94
P/tB N/A
EV/EBITDA 10.4
EPS(TTM)-2.26
EYN/A
EPS(NY)-0.57
Fwd EYN/A
FCF(TTM)0.48
FCFY2.27%
OCF(TTM)1.41
OCFY6.6%
SpS79.08
BVpS3.59
TBVpS-41.72
PEG (NY)N/A
PEG (5Y)N/A
Graham Number0 (-100%)
Profitability
Industry RankSector Rank
ROA -3.96%
ROE -95.11%
ROCE 2.96%
ROIC 2.34%
ROICexc 2.46%
ROICexgc 7.1%
OM 2.72%
PM (TTM) N/A
GM 41.14%
FCFM 0.61%
ROA(3y)-9.49%
ROA(5y)-0.63%
ROE(3y)-163.82%
ROE(5y)-89.32%
ROIC(3y)2.69%
ROIC(5y)8.3%
ROICexc(3y)2.82%
ROICexc(5y)8.67%
ROICexgc(3y)5.67%
ROICexgc(5y)16.39%
ROCE(3y)3.41%
ROCE(5y)10.51%
ROICexgc growth 3Y-43.56%
ROICexgc growth 5Y-11.53%
ROICexc growth 3Y-51.23%
ROICexc growth 5Y-18.87%
OM growth 3Y-41.34%
OM growth 5Y-14.11%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-4.84%
GM growth 5Y-0.55%
F-Score4
Asset Turnover0.92
Health
Industry RankSector Rank
Debt/Equity 15.08
Debt/FCF 113.02
Debt/EBITDA 7.75
Cap/Depr 19.08%
Cap/Sales 1.17%
Interest Coverage 0.41
Cash Conversion 20.13%
Profit Quality N/A
Current Ratio 1.22
Quick Ratio 1.22
Altman-Z 0.97
F-Score4
WACC8.02%
ROIC/WACC0.29
Cap/Depr(3y)32.78%
Cap/Depr(5y)56.59%
Cap/Sales(3y)1.64%
Cap/Sales(5y)1.86%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-15.85%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%73.31%
EPS Next Y74.94%
EPS Next 2Y47.36%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)0.84%
Revenue growth 3Y8.13%
Revenue growth 5Y14.47%
Sales Q2Q%-0.26%
Revenue Next Year4.56%
Revenue Next 2Y5.6%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y44.68%
EBIT growth 3Y-36.57%
EBIT growth 5Y-1.68%
EBIT Next Year114.42%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y113.58%
FCF growth 3Y-58.81%
FCF growth 5Y-25.01%
OCF growth 1Y158.86%
OCF growth 3Y-44.46%
OCF growth 5Y-12.12%

FORWARD AIR CORP / FWRD Fundamental Analysis FAQ

Can you provide the ChartMill fundamental rating for FORWARD AIR CORP?

ChartMill assigns a fundamental rating of 3 / 10 to FWRD.


Can you provide the valuation status for FORWARD AIR CORP?

ChartMill assigns a valuation rating of 2 / 10 to FORWARD AIR CORP (FWRD). This can be considered as Overvalued.


What is the profitability of FWRD stock?

FORWARD AIR CORP (FWRD) has a profitability rating of 3 / 10.


How financially healthy is FORWARD AIR CORP?

The financial health rating of FORWARD AIR CORP (FWRD) is 2 / 10.