FORWARD AIR CORP (FWRD) Stock Fundamental Analysis

NASDAQ:FWRD • US34986A1043

27.78 USD
+0.18 (+0.65%)
At close: Feb 19, 2026
28.04 USD
+0.26 (+0.94%)
After Hours: 2/19/2026, 4:11:47 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

3

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.


Dividend Valuation Growth Profitability Health

4

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.
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 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M -400M -600M -800M

1.2 Ratios

  • FWRD has a Return On Assets (-5.28%) which is in line with its industry peers.
  • The Return On Equity of FWRD (-105.62%) is worse than 73.91% of its industry peers.
  • FWRD has a Return On Invested Capital of 2.33%. This is comparable to the rest of the industry: FWRD outperforms 56.52% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for FWRD is below the industry average of 12.20%.
  • 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 RankSector 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%
FWRD Yearly ROA, ROE, ROICFWRD Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 -100 -200 -300 -400

1.3 Margins

  • Looking at the Operating Margin, with a value of 2.88%, FWRD is in the better half of the industry, outperforming 60.87% of the companies in the same industry.
  • FWRD's Operating Margin has declined in the last couple of years.
  • FWRD has a better Gross Margin (41.38%) than 86.96% of its industry peers.
  • FWRD's Gross Margin has declined in the last couple of years.
Industry RankSector 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%
FWRD Yearly Profit, Operating, Gross MarginsFWRD Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 -20 40

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ROAROEROICOperating and Profit MarginShow most profitable peers

2

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.
  • 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.
FWRD Yearly Shares OutstandingFWRD Yearly Shares OutstandingYearly Shares Outstanding 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 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B 2.5B

2.2 Solvency

  • FWRD has an Altman-Z score of 1.00. 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 1.00, FWRD is doing worse than 60.87% 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.
  • With a decent Debt to FCF ratio value of 111.57, FWRD is doing good in the industry, outperforming 60.87% of the companies in the same industry.
  • FWRD has a Debt/Equity ratio of 12.24. This is a high value indicating a heavy dependency on external 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 RankSector Rank
Debt/Equity 12.24
Debt/FCF 111.57
Altman-Z 1
ROIC/WACC0.31
WACC7.54%
FWRD Yearly LT Debt VS Equity VS FCFFWRD Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M 1B 1.5B

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.
  • Looking at the Current ratio, with a value of 1.20, FWRD is doing worse than 78.26% of the companies in the same industry.
  • 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 RankSector Rank
Current Ratio 1.2
Quick Ratio 1.2
FWRD Yearly Current Assets VS Current LiabilitesFWRD Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

3

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 30.70% on average over the next years. This is a very strong growth
  • FWRD is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 3.69% yearly.
EPS Next Y40.24%
EPS Next 2Y34.91%
EPS Next 3Y30.7%
EPS Next 5YN/A
Revenue Next Year-0.39%
Revenue Next 2Y2.15%
Revenue Next 3Y3.69%
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.
FWRD Yearly Revenue VS EstimatesFWRD Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 500M 1B 1.5B 2B 2.5B
FWRD Yearly EPS VS EstimatesFWRD Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0 2 4 6

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Find the best growth stocksShow best growing peers

2

4. Valuation

4.1 Price/Earnings Ratio

  • The Price/Earnings Ratio is negative for FWRD. In the last year negative earnings were reported.
  • Besides the negative Price/Earnings Ratio, also the Forward Price/Earnings Ratio is negative for FWRD. No positive earnings are expected for the next year.
Industry RankSector Rank
PE N/A
Fwd PE N/A
FWRD Price Earnings VS Forward Price EarningsFWRD Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 20 -20 -40 -60

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 RankSector Rank
P/FCF 56.09
EV/EBITDA 11.06
FWRD Per share dataFWRD EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 -20 40 -40 60

4.3 Compensation for Growth

  • FWRD's earnings are expected to grow with 30.70% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y34.91%
EPS Next 3Y30.7%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

3

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 1.48%, FWRD has a reasonable but not impressive dividend return.
  • FWRD's Dividend Yield is a higher than the industry average which is at 1.08.
  • FWRD's Dividend Yield is slightly below the S&P500 average, which is at 1.85.
Industry RankSector 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
FWRD Yearly Dividends per shareFWRD Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 0.2 0.4 0.6 0.8

5.3 Sustainability

DP0%
EPS Next 2Y34.91%
EPS Next 3Y30.7%
FWRD Yearly Income VS Free CF VS DividendFWRD Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M -400M -600M -800M

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Find the best dividend stocksShow peers with best dividend

FORWARD AIR CORP

NASDAQ:FWRD (2/19/2026, 4:11:47 PM)

After market: 28.04 +0.26 (+0.94%)

27.78

+0.18 (+0.65%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryAir Freight & Logistics
Earnings (Last)11-05
Earnings (Next)02-23
Inst Owners82.37%
Inst Owner Change-0.57%
Ins Owners1.52%
Ins Owner Change-0.06%
Market Cap868.13M
Revenue(TTM)2.50B
Net Income(TTM)-147.64M
Analysts80
Price Target36.38 (30.96%)
Short Float %19.3%
Short Ratio8.17
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)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)4.9%
PT rev (3m)0%
EPS NQ rev (1m)-2%
EPS NQ rev (3m)-36.6%
EPS NY rev (1m)-0.66%
EPS NY rev (3m)-23.11%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-0.64%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.63%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 0.35
P/FCF 56.09
P/OCF 19.96
P/B 6.21
P/tB N/A
EV/EBITDA 11.06
EPS(TTM)-4.43
EYN/A
EPS(NY)-0.35
Fwd EYN/A
FCF(TTM)0.5
FCFY1.78%
OCF(TTM)1.39
OCFY5.01%
SpS79.9
BVpS4.47
TBVpS-42.01
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
Industry RankSector 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 RankSector 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 1
F-Score3
WACC7.54%
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 Y40.24%
EPS Next 2Y34.91%
EPS Next 3Y30.7%
EPS Next 5YN/A
Revenue 1Y (TTM)-22.27%
Revenue growth 3Y14.17%
Revenue growth 5Y15.28%
Sales Q2Q%-3.69%
Revenue Next Year-0.39%
Revenue Next 2Y2.15%
Revenue Next 3Y3.69%
Revenue Next 5YN/A
EBIT growth 1Y-61.31%
EBIT growth 3Y-33.46%
EBIT growth 5Y-16.03%
EBIT Next Year85.25%
EBIT Next 3Y31.12%
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 40.24% 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%.