25.51 USD
+0.01 (+0.04%)
Taking everything into account, FWRD scores 3 out of 10 in our fundamental rating. FWRD was compared to 23 industry peers in the Air Freight & Logistics industry. While FWRD is still in line with the averages on profitability rating, there are concerns on its financial health. FWRD has a expensive valuation and it also scores bad on growth.
1. Profitability
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.
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 -5.28% is in line compared to the rest of the industry. FWRD outperforms 52.17% of its industry peers.
FWRD has a worse Return On Equity (-105.62%) than 73.91% of its industry peers.
FWRD has a Return On Invested Capital (2.33%) which is in line with 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 12.34%.
The 3 year average ROIC (8.28%) for FWRD is well above the current ROIC(2.33%). The reason for the recent decline needs to be investigated.
| 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 Operating Margin of 2.88%. This is in the better half of the industry: FWRD outperforms 60.87% of its industry peers.
FWRD's Operating Margin has declined in the last couple of years.
The Gross Margin of FWRD (41.38%) is better than 86.96% of its industry peers.
FWRD's Gross Margin has declined in the last couple of years.
| 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
FWRD has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
Compared to 1 year ago, FWRD has more shares outstanding
The number of shares outstanding for FWRD has been increased compared to 5 years ago.
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 0.99, we must say that FWRD is in the distress zone and has some risk of bankruptcy.
FWRD has a Altman-Z score of 0.99. This is in the lower half of the industry: FWRD underperforms 69.57% of its industry peers.
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 has a better Debt to FCF ratio (111.57) than 60.87% of its industry peers.
FWRD has a Debt/Equity ratio of 12.24. This is a high value indicating a heavy dependency on external financing.
With a Debt to Equity ratio value of 12.24, FWRD is not doing good in the industry: 82.61% of the companies in the same industry are doing better.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 12.24 | ||
| Debt/FCF | 111.57 | ||
| Altman-Z | 0.99 |
ROIC/WACC0.31
WACC7.53%
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.
FWRD has a Quick ratio of 1.20. This is in the lower half of the industry: FWRD underperforms 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%.
The Revenue for FWRD has decreased by -22.27% in the past year. This is quite bad
The Revenue has been growing by 15.28% on average over the past years. This is quite good.
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
Based on estimates for the next years, FWRD will show a very strong growth in Earnings Per Share. The EPS will grow by 30.50% on average per year.
Based on estimates for the next years, FWRD will show a small growth in Revenue. The Revenue will grow by 3.68% on average per year.
EPS Next Y49.47%
EPS Next 2Y41.35%
EPS Next 3Y30.5%
EPS Next 5YN/A
Revenue Next Year0%
Revenue Next 2Y2.17%
Revenue Next 3Y3.68%
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.
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
Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of FWRD indicates a somewhat cheap valuation: FWRD is cheaper than 65.22% of the companies listed in the same industry.
Based on the Price/Free Cash Flow ratio, FWRD is valued a bit cheaper than 65.22% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 51.5 | ||
| EV/EBITDA | 10.76 |
4.3 Compensation for Growth
FWRD's earnings are expected to grow with 30.50% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y41.35%
EPS Next 3Y30.5%
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 a higher than the industry average which is at 3.45.
Compared to the average S&P500 Dividend Yield of 2.31, 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 2Y41.35%
EPS Next 3Y30.5%
NASDAQ:FWRD (12/12/2025, 12:00:55 PM)
25.51
+0.01 (+0.04%)
Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryAir Freight & Logistics
Earnings (Last)
Earnings (Next)
Inst Owners82.19%
Inst Owner Change4.36%
Ins Owners1.52%
Ins Owner Change5.17%
Market Cap797.19M
Revenue(TTM)2.50B
Net Income(TTM)-147.64M
Analysts80
Price Target34.68 (35.95%)
Short Float %19.06%
Short Ratio5
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)-10.62%
Min EPS beat(2)-143.02%
Max EPS beat(2)121.79%
EPS beat(4)1
Avg EPS beat(4)-1581.7%
Min EPS beat(4)-6208.61%
Max EPS beat(4)121.79%
EPS beat(8)2
Avg EPS beat(8)-730.93%
EPS beat(12)3
Avg EPS beat(12)-492.02%
EPS beat(16)6
Avg EPS beat(16)-366.63%
Revenue beat(2)0
Avg Revenue beat(2)-3.3%
Min Revenue beat(2)-3.39%
Max Revenue beat(2)-3.22%
Revenue beat(4)0
Avg Revenue beat(4)-4.36%
Min Revenue beat(4)-7.04%
Max Revenue beat(4)-3.22%
Revenue beat(8)0
Avg Revenue beat(8)-6.46%
Revenue beat(12)0
Avg Revenue beat(12)-7.01%
Revenue beat(16)3
Avg Revenue beat(16)-5.06%
PT rev (1m)-4.67%
PT rev (3m)-7.27%
EPS NQ rev (1m)-4.46%
EPS NQ rev (3m)-178.57%
EPS NY rev (1m)-4.09%
EPS NY rev (3m)17.08%
Revenue NQ rev (1m)0.88%
Revenue NQ rev (3m)-1.69%
Revenue NY rev (1m)-0.23%
Revenue NY rev (3m)-1.39%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | N/A | ||
| P/S | 0.32 | ||
| P/FCF | 51.5 | ||
| P/OCF | 18.33 | ||
| P/B | 5.7 | ||
| P/tB | N/A | ||
| EV/EBITDA | 10.76 |
EPS(TTM)-4.43
EYN/A
EPS(NY)0
Fwd EYN/A
FCF(TTM)0.5
FCFY1.94%
OCF(TTM)1.39
OCFY5.46%
SpS79.9
BVpS4.47
TBVpS-42.01
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -5.28% | ||
| ROE | -105.62% | ||
| ROCE | 3.08% | ||
| ROIC | 2.33% | ||
| ROICexc | 2.48% | ||
| ROICexgc | 7.33% | ||
| OM | 2.88% | ||
| PM (TTM) | N/A | ||
| GM | 41.38% | ||
| FCFM | 0.62% |
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%
ROICexgc growth 3Y-43.13%
ROICexgc 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 Turnover0.89
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 12.24 | ||
| Debt/FCF | 111.57 | ||
| Debt/EBITDA | 7.72 | ||
| Cap/Depr | 18.73% | ||
| Cap/Sales | 1.12% | ||
| Interest Coverage | 250 | ||
| Cash Conversion | 19.64% | ||
| Profit Quality | N/A | ||
| Current Ratio | 1.2 | ||
| Quick Ratio | 1.2 | ||
| Altman-Z | 0.99 |
F-Score3
WACC7.53%
ROIC/WACC0.31
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)-343.35%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%76.49%
EPS Next Y49.47%
EPS Next 2Y41.35%
EPS Next 3Y30.5%
EPS Next 5YN/A
Revenue 1Y (TTM)-22.27%
Revenue growth 3Y14.17%
Revenue growth 5Y15.28%
Sales Q2Q%-3.69%
Revenue Next Year0%
Revenue Next 2Y2.17%
Revenue Next 3Y3.68%
Revenue Next 5YN/A
EBIT growth 1Y-61.31%
EBIT growth 3Y-33.46%
EBIT growth 5Y-16.03%
EBIT Next Year84.26%
EBIT Next 3Y32.77%
EBIT Next 5YN/A
FCF growth 1Y-91.54%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-80.38%
OCF growth 3YN/A
OCF growth 5YN/A
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 of FORWARD AIR CORP (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.
How financially healthy is FORWARD AIR CORP?
The financial health rating of FORWARD AIR CORP (FWRD) is 2 / 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 49.47% in the next year.