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FORWARD AIR CORP (FWRD) Stock Fundamental Analysis

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

26.5  +0.18 (+0.68%)

After market: 26.5 0 (0%)

Fundamental Rating

2

FWRD gets a fundamental rating of 2 out of 10. The analysis compared the fundamentals against 22 industry peers in the Air Freight & Logistics industry. Both the profitability and financial health of FWRD have multiple concerns. 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

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.
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

The Return On Assets of FWRD (-29.11%) is worse than 63.64% of its industry peers.
Looking at the Return On Equity, with a value of -527.77%, FWRD is doing worse than 81.82% of the companies in the same industry.
The Return On Invested Capital of FWRD (2.22%) is comparable to the rest of the industry.
The Average Return On Invested Capital over the past 3 years for FWRD is below the industry average of 12.73%.
The 3 year average ROIC (8.28%) for FWRD is well above the current ROIC(2.22%). The reason for the recent decline needs to be investigated.
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

FWRD has a Operating Margin of 2.73%. This is comparable to the rest of the industry: FWRD outperforms 59.09% of its industry peers.
FWRD's Operating Margin has declined in the last couple of years.
Looking at the Gross Margin, with a value of 41.40%, FWRD belongs to the top of the industry, outperforming 86.36% of the companies in the same industry.
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

FWRD has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
The number of shares outstanding for FWRD has been increased compared to 1 year ago.
The number of shares outstanding for FWRD has been increased compared to 5 years ago.
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 1.00, we must say that FWRD is in the distress zone and has some risk of bankruptcy.
FWRD has a worse Altman-Z score (1.00) than 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 has a Debt to Equity ratio of 11.08. This is in the lower half of the industry: FWRD underperforms 77.27% of its industry peers.
Industry RankSector Rank
Debt/Equity 11.08
Debt/FCF N/A
Altman-Z 1
ROIC/WACC0.29
WACC7.6%
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

A Current Ratio of 1.13 indicates that FWRD should not have too much problems paying its short term obligations.
FWRD has a worse Current ratio (1.13) than 68.18% of its industry peers.
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 has a Quick ratio of 1.13. This is in the lower half of the industry: FWRD underperforms 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

The earnings per share for FWRD have decreased strongly by -217.39% in the last year.
Looking at the last year, FWRD shows a decrease in Revenue. The Revenue has decreased by -6.69% 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)-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

Based on estimates for the next years, FWRD will show a very strong growth in Earnings Per Share. The EPS will grow by 43.95% on average per year.
FWRD is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 4.84% yearly.
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

FWRD reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
With a Price/Forward Earnings ratio of 188.26, 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 63.64% of the companies listed in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 21.90, FWRD is valued quite expensively.
Industry RankSector Rank
PE N/A
Fwd PE 188.26
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

FWRD's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. FWRD is cheaper than 63.64% of the companies in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 11.05
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 an expensive valuation of the company.
A more expensive valuation may be justified as FWRD's earnings are expected to grow with 43.95% in the coming years.
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

FWRD has a Yearly Dividend Yield of 1.48%.
FWRD's Dividend Yield is a higher than the industry average which is at 3.93.
FWRD's Dividend Yield is slightly below the S&P500 average, which is at 2.42.
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 (7/3/2025, 7:30:17 PM)

After market: 26.5 0 (0%)

26.5

+0.18 (+0.68%)

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 Cap806.13M
Analysts76.67
Price Target32.37 (22.15%)
Short Float %18.22%
Short Ratio6.1
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 188.26
P/S 0.32
P/FCF N/A
P/OCF 205.02
P/B 5.21
P/tB N/A
EV/EBITDA 11.05
EPS(TTM)-2.43
EYN/A
EPS(NY)0.14
Fwd EY0.53%
FCF(TTM)-1.32
FCFYN/A
OCF(TTM)0.13
OCFY0.49%
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 1
F-Score3
WACC7.6%
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