28.515 USD
+0.64 (+2.28%)
Last: Feb 2, 2026, 02:39 PM
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. There are concerns on the financial health of FWRD while its profitability can be described as average. FWRD has a expensive valuation and it also scores bad on growth.
1. Profitability
1.1 Basic Checks
- FWRD had negative earnings in the past year.
- FWRD had a positive operating cash flow in the past year.
- FWRD had positive earnings in 4 of the past 5 years.
- FWRD had a positive operating cash flow in 4 of the past 5 years.
1.2 Ratios
- With a Return On Assets value of -5.28%, FWRD perfoms like the industry average, outperforming 52.17% of the companies in the same industry.
- FWRD's Return On Equity of -105.62% is on the low side compared to the rest of the industry. FWRD is outperformed by 73.91% of its industry peers.
- With a Return On Invested Capital value of 2.33%, FWRD perfoms like the industry average, outperforming 56.52% of the companies in the same industry.
- FWRD had an Average Return On Invested Capital over the past 3 years of 8.28%. This is below the industry average of 12.29%.
- The last Return On Invested Capital (2.33%) 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 Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -5.28% | ||
| ROE | -105.62% | ||
| ROIC | 2.33% |
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
- FWRD has a better Operating Margin (2.88%) than 60.87% of its industry peers.
- In the last couple of years the Operating Margin of FWRD has declined.
- FWRD has a Gross Margin of 41.38%. This is amongst the best in the industry. FWRD outperforms 86.96% of its industry peers.
- In the last couple of years the Gross Margin of FWRD has declined.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 2.88% | ||
| PM (TTM) | N/A | ||
| GM | 41.38% |
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
- FWRD has an Altman-Z score of 1.01. This is a bad value and indicates that FWRD is not financially healthy and even has some risk of bankruptcy.
- Looking at the Altman-Z score, with a value of 1.01, FWRD is doing worse than 65.22% of the companies in the same industry.
- The Debt to FCF ratio of FWRD is 111.57, which is on the high side as it means it would take FWRD, 111.57 years of fcf income to pay off all of its debts.
- FWRD's Debt to FCF ratio of 111.57 is fine compared to the rest of the industry. FWRD outperforms 60.87% of its industry peers.
- A Debt/Equity ratio of 12.24 is on the high side and indicates that FWRD has dependencies on debt financing.
- FWRD has a worse Debt to Equity ratio (12.24) than 82.61% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 12.24 | ||
| Debt/FCF | 111.57 | ||
| Altman-Z | 1.01 |
ROIC/WACC0.31
WACC7.61%
2.3 Liquidity
- A Current Ratio of 1.20 indicates that FWRD should not have too much problems paying its short term obligations.
- With a Current ratio value of 1.20, FWRD is not doing good in the industry: 78.26% of the companies in the same industry are doing better.
- 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 73.91% 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 -343.35%.
- Looking at the last year, FWRD shows a very negative growth in Revenue. The Revenue has decreased by -22.27% in the last year.
- 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)-343.35%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%76.49%
Revenue 1Y (TTM)-22.27%
Revenue growth 3Y14.17%
Revenue growth 5Y15.28%
Sales Q2Q%-3.69%
3.2 Future
- The Earnings Per Share is expected to grow by 30.07% on average over the next years. This is a very strong growth
- Based on estimates for the next years, FWRD will show a small growth in Revenue. The Revenue will grow by 3.32% on average per year.
EPS Next Y40.63%
EPS Next 2Y36.83%
EPS Next 3Y30.07%
EPS Next 5YN/A
Revenue Next Year-0.39%
Revenue Next 2Y2.15%
Revenue Next 3Y3.32%
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.
- Also next year FWRD is expected to report negative earnings again, which makes the also the Forward Price/Earnings Ratio negative.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | N/A |
4.2 Price Multiples
- Based on the Enterprise Value to EBITDA ratio, FWRD is valued a bit cheaper than 65.22% of the companies in the same industry.
- FWRD's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. FWRD is cheaper than 65.22% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 57.57 | ||
| EV/EBITDA | 11.1 |
4.3 Compensation for Growth
- FWRD's earnings are expected to grow with 30.07% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y36.83%
EPS Next 3Y30.07%
5. Dividend
5.1 Amount
- FWRD has a Yearly Dividend Yield of 1.48%. Purely for dividend investing, there may be better candidates out there.
- FWRD's Dividend Yield is rather good when compared to the industry average which is at 1.11. FWRD pays more dividend than 82.61% of the companies in the same industry.
- Compared to an average S&P500 Dividend Yield of 1.83, FWRD has a dividend comparable with the average S&P500 company.
| 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 2Y36.83%
EPS Next 3Y30.07%
FORWARD AIR CORP / FWRD FAQ
Can you provide the ChartMill fundamental rating for FORWARD AIR CORP?
ChartMill assigns a fundamental rating of 3 / 10 to FWRD.
What is the valuation status for FWRD stock?
ChartMill assigns a valuation rating of 2 / 10 to FORWARD AIR CORP (FWRD). This can be considered as Overvalued.
Can you provide the profitability details for FORWARD AIR CORP?
FORWARD AIR CORP (FWRD) has a profitability rating of 4 / 10.
What is the expected EPS growth for FORWARD AIR CORP (FWRD) stock?
The Earnings per Share (EPS) of FORWARD AIR CORP (FWRD) is expected to grow by 40.63% in the next year.
Is the dividend of FORWARD AIR CORP sustainable?
The dividend rating of FORWARD AIR CORP (FWRD) is 4 / 10 and the dividend payout ratio is 0%.