25 USD
-0.29 (-1.15%)
25 USD
0 (0%)
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. FWRD has a medium profitability rating, but doesn't score so well on its financial health evaluation. FWRD does not seem to be growing, but still is valued expensively.
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.
FWRD had a positive operating cash flow in 4 of the past 5 years.
1.2 Ratios
Looking at the Return On Assets, with a value of -5.28%, FWRD is in line with its industry, outperforming 52.17% of the companies in the same industry.
Looking at the Return On Equity, with a value of -105.62%, FWRD is doing worse than 73.91% of the companies in the same industry.
FWRD's Return On Invested Capital of 2.33% is in line compared to the rest of the industry. FWRD outperforms 56.52% of its industry peers.
The Average Return On Invested Capital over the past 3 years for FWRD is below the industry average of 12.36%.
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 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.
With an excellent Gross Margin value of 41.38%, FWRD belongs to the best of the industry, outperforming 86.96% of the companies in the same industry.
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
With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), FWRD is creating some value.
The number of shares outstanding for FWRD has been increased compared to 1 year ago.
FWRD has more shares outstanding than it did 5 years ago.
Compared to 1 year ago, FWRD has about the same debt to assets ratio.
2.2 Solvency
Based on the Altman-Z score of 0.98, we must say that FWRD is in the distress zone and has some risk of bankruptcy.
FWRD has a Altman-Z score of 0.98. 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.
The Debt to FCF ratio of FWRD (111.57) is better than 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.
Looking at the Debt to Equity ratio, with a value of 12.24, FWRD is doing worse than 82.61% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 12.24 | ||
| Debt/FCF | 111.57 | ||
| Altman-Z | 0.98 |
ROIC/WACC0.31
WACC7.53%
2.3 Liquidity
FWRD has a Current Ratio of 1.20. 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 worse Current ratio (1.20) than 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 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%.
The Revenue for FWRD has decreased by -22.27% in the past year. This is quite bad
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 30.50% 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 3.68% 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.
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 | 50.47 | ||
| EV/EBITDA | 10.69 |
4.3 Compensation for Growth
A more expensive valuation may be justified as FWRD's earnings are expected to grow with 30.50% in the coming years.
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%.
Compared to an average industry Dividend Yield of 1.17, FWRD pays a bit more dividend than its industry peers.
Compared to the average S&P500 Dividend Yield of 2.00, FWRD is paying slightly less dividend.
| 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 2Y41.35%
EPS Next 3Y30.5%
25
-0.29 (-1.15%)
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 Change0.54%
Market Cap781.25M
Revenue(TTM)2.50B
Net Income(TTM)-147.64M
Analysts80
Price Target34.68 (38.72%)
Short Float %19.34%
Short Ratio6.11
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)0%
PT rev (3m)-6.42%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-19.39%
EPS NY rev (1m)-4.09%
EPS NY rev (3m)-1.33%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-1.39%
Revenue NY rev (1m)-0.23%
Revenue NY rev (3m)-1.2%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | N/A | ||
| P/S | 0.31 | ||
| P/FCF | 50.47 | ||
| P/OCF | 17.96 | ||
| P/B | 5.59 | ||
| P/tB | N/A | ||
| EV/EBITDA | 10.69 |
EPS(TTM)-4.43
EYN/A
EPS(NY)0
Fwd EYN/A
FCF(TTM)0.5
FCFY1.98%
OCF(TTM)1.39
OCFY5.57%
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 | 0.98 |
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 Year85.63%
EBIT Next 3Y32.43%
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 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 49.47% in the next year.
Is the dividend of FORWARD AIR CORP sustainable?
The dividend rating of FORWARD AIR CORP (FWRD) is 3 / 10 and the dividend payout ratio is 0%.