FORWARD AIR CORP (FWRD) Stock Fundamental Analysis
USA - NASDAQ:FWRD - US34986A1043 - Common Stock
20.59 USD
-0.23 (-1.1%)
We assign a fundamental rating of 3 out of 10 to FWRD. FWRD was compared to 23 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
In the past year FWRD has reported negative net income.
FWRD had a positive operating cash flow in the past year.
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 has a Return On Assets (-7.41%) which is comparable to the rest of the industry.
With a Return On Equity value of -134.72%, FWRD is not doing good in the industry: 73.91% of the companies in the same industry are doing better.
FWRD's Return On Invested Capital of 2.81% is in line compared to the rest of the industry. FWRD outperforms 56.52% of its industry peers.
FWRD had an Average Return On Invested Capital over the past 3 years of 8.28%. This is below the industry average of 11.80%.
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
Looking at the Operating Margin, with a value of 3.49%, FWRD is in the better half of the industry, outperforming 69.57% of the companies in the same industry.
FWRD's Operating Margin has declined in the last couple of years.
FWRD has a Gross Margin of 41.44%. This is amongst the best in the industry. FWRD outperforms 86.96% of its industry peers.
FWRD's Gross Margin has declined in the last couple of years.
| 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.
FWRD has more shares outstanding than it did 1 year ago.
Compared to 5 years ago, FWRD has more shares outstanding
The debt/assets ratio for FWRD has remained at the same level compared to a year ago.
2.2 Solvency
Based on the Altman-Z score of 1.00, we must say that FWRD is in the distress zone and has some risk of bankruptcy.
FWRD's Altman-Z score of 1.00 is on the low side compared to the rest of the industry. FWRD is outperformed by 65.22% 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.
Looking at the Debt to FCF ratio, with a value of 266.51, FWRD is in line with its industry, outperforming 56.52% of the companies in the same industry.
A Debt/Equity ratio of 11.27 is on the high side and indicates that FWRD has dependencies on debt financing.
FWRD has a worse Debt to Equity ratio (11.27) than 78.26% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 11.27 | ||
| Debt/FCF | 266.51 | ||
| Altman-Z | 1 |
ROIC/WACC0.38
WACC7.43%
2.3 Liquidity
A Current Ratio of 1.20 indicates that FWRD should not have too much problems paying its short term obligations.
FWRD's Current ratio of 1.20 is on the low side compared to the rest of the industry. FWRD is outperformed by 78.26% of its industry peers.
A Quick Ratio of 1.20 indicates that FWRD should not have too much problems paying its short term obligations.
Looking at the Quick ratio, with a value of 1.20, FWRD is doing worse than 73.91% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.2 | ||
| Quick Ratio | 1.2 |
3. Growth
3.1 Past
The earnings per share for FWRD have decreased strongly by -226.59% in the last year.
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 45.97% yearly.
The Revenue is expected to grow by 4.20% on average over the next years.
EPS Next Y50.13%
EPS Next 2Y45.97%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year1.21%
Revenue Next 2Y4.2%
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.
With a Price/Forward Earnings ratio of 80.75, FWRD can be considered very expensive at the moment.
Compared to the rest of the industry, the Price/Forward Earnings ratio of FWRD indicates a somewhat cheap valuation: FWRD is cheaper than 60.87% of the companies listed in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.85, FWRD is valued quite expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | 80.75 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, FWRD is valued a bit cheaper than 69.57% of the companies in the same industry.
FWRD's Price/Free Cash Flow ratio is in line with the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 97.8 | ||
| EV/EBITDA | 10.07 |
4.3 Compensation for Growth
The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
A more expensive valuation may be justified as FWRD's earnings are expected to grow with 45.97% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y45.97%
EPS Next 3YN/A
5. Dividend
5.1 Amount
FWRD has a Yearly Dividend Yield of 1.48%.
In the last 3 months the price of FWRD has falen by -22.34%. 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 3.76, FWRD pays a bit more dividend than its industry peers.
FWRD's Dividend Yield is slightly below the S&P500 average, which is at 2.38.
| Industry Rank | Sector 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
5.3 Sustainability
DP0%
EPS Next 2Y45.97%
EPS Next 3YN/A
NASDAQ:FWRD (10/17/2025, 12:37:42 PM)
20.59
-0.23 (-1.1%)
Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryAir Freight & Logistics
Earnings (Last)
Earnings (Next)
Inst Owners81.87%
Inst Owner Change0%
Ins Owners1.54%
Ins Owner Change10.63%
Market Cap633.97M
Analysts80
Price Target37.06 (79.99%)
Short Float %16.95%
Short Ratio5.98
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)-0.91%
PT rev (3m)14.49%
EPS NQ rev (1m)0%
EPS NQ rev (3m)43.38%
EPS NY rev (1m)18.17%
EPS NY rev (3m)30.67%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-0.76%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-1.07%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | 80.75 | ||
| P/S | 0.25 | ||
| P/FCF | 97.8 | ||
| P/OCF | 15.54 | ||
| P/B | 4.18 | ||
| P/tB | N/A | ||
| EV/EBITDA | 10.07 |
EPS(TTM)-5.76
EYN/A
EPS(NY)0.26
Fwd EY1.24%
FCF(TTM)0.21
FCFY1.02%
OCF(TTM)1.32
OCFY6.44%
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 |
F-Score3
WACC7.43%
ROIC/WACC0.38
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 Y50.13%
EPS Next 2Y45.97%
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 Year1.21%
Revenue Next 2Y4.2%
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 Year86.1%
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