FORWARD AIR CORP (FWRD) Stock Fundamental Analysis
USA - NASDAQ:FWRD - US34986A1043 - Common Stock
21.23 USD
-1.14 (-5.1%)
21.23 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. There are concerns on the financial health of FWRD while its profitability can be described as average. FWRD is quite expensive at the moment. It does show a decent growth rate.
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.
FWRD had positive earnings in 4 of the past 5 years.
Of the past 5 years FWRD 4 years had a positive operating cash flow.
1.2 Ratios
FWRD has a Return On Assets of -7.41%. This is comparable to the rest of the industry: FWRD outperforms 52.17% of its industry peers.
FWRD has a worse Return On Equity (-134.72%) than 73.91% of its industry peers.
FWRD has a Return On Invested Capital of 2.81%. This is comparable to the rest of the industry: FWRD outperforms 56.52% of 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 11.54%.
The last Return On Invested Capital (2.81%) 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 | -7.41% | ||
| ROE | -134.72% | ||
| ROIC | 2.81% |
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's Operating Margin of 3.49% is fine compared to the rest of the industry. FWRD outperforms 69.57% of its industry peers.
FWRD's Operating Margin has declined in the last couple of years.
FWRD has a Gross Margin of 41.44%. This is amongst the best in the industry. FWRD outperforms 86.96% of its industry peers.
FWRD's Gross Margin has declined in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 3.49% | ||
| PM (TTM) | N/A | ||
| GM | 41.44% |
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.
Compared to 1 year ago, FWRD has about the same debt to assets ratio.
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.
FWRD has a Altman-Z score of 1.01. This is in the lower half of the industry: FWRD underperforms 65.22% of its industry peers.
The Debt to FCF ratio of FWRD is 266.51, which is on the high side as it means it would take FWRD, 266.51 years of fcf income to pay off all of its debts.
With a Debt to FCF ratio value of 266.51, FWRD perfoms like the industry average, outperforming 56.52% of the companies in the same industry.
A Debt/Equity ratio of 11.27 is on the high side and indicates that FWRD has dependencies on debt financing.
FWRD's Debt to Equity ratio of 11.27 is on the low side compared to the rest of the industry. FWRD is outperformed by 78.26% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 11.27 | ||
| Debt/FCF | 266.51 | ||
| Altman-Z | 1.01 |
ROIC/WACC0.38
WACC7.44%
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.
FWRD has a Quick 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 Quick ratio, with a value of 1.20, FWRD is doing worse than 73.91% of the companies in the same industry.
| 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 -349.45%.
FWRD shows a strong growth in Revenue. In the last year, the Revenue has grown by 80.51%.
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)-349.45%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%70.11%
Revenue 1Y (TTM)80.51%
Revenue growth 3Y14.17%
Revenue growth 5Y15.28%
Sales Q2Q%5.21%
3.2 Future
FWRD is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 29.36% yearly.
FWRD is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 3.99% yearly.
EPS Next Y51.46%
EPS Next 2Y44.24%
EPS Next 3Y29.36%
EPS Next 5YN/A
Revenue Next Year0.24%
Revenue Next 2Y3.24%
Revenue Next 3Y3.99%
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
FWRD reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
The Price/Forward Earnings ratio is 135.15, which means the current valuation is very expensive for FWRD.
Based on the Price/Forward Earnings ratio, FWRD is valued a bit cheaper than 60.87% of the companies in the same industry.
FWRD is valuated expensively when we compare the Price/Forward Earnings ratio to 34.57, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | 135.15 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, FWRD is valued a bit cheaper than the industry average as 65.22% of the companies are valued more expensively.
FWRD's Price/Free Cash Flow ratio is in line with the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 100.84 | ||
| EV/EBITDA | 10.29 |
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 29.36% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y44.24%
EPS Next 3Y29.36%
5. Dividend
5.1 Amount
FWRD has a Yearly Dividend Yield of 1.48%.
In the last 3 months the price of FWRD has falen by -28.69%. A price decline artificially increases the dividend yield. It may be a sign investors do not expect the dividend to last.
FWRD's Dividend Yield is a higher than the industry average which is at 3.58.
FWRD's Dividend Yield is slightly below the S&P500 average, which is at 2.36.
| 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 2Y44.24%
EPS Next 3Y29.36%
21.23
-1.14 (-5.1%)
Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryAir Freight & Logistics
Earnings (Last)
Earnings (Next)
Inst Owners81.87%
Inst Owner Change1.82%
Ins Owners1.54%
Ins Owner Change5.18%
Market Cap653.67M
Revenue(TTM)2.47B
Net Income(TTM)-204.50M
Analysts80
Price Target36.38 (71.36%)
Short Float %21.02%
Short Ratio5.82
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)12.41%
Min EPS beat(2)-96.96%
Max EPS beat(2)121.79%
EPS beat(4)1
Avg EPS beat(4)-1782.06%
Min EPS beat(4)-6208.61%
Max EPS beat(4)121.79%
EPS beat(8)2
Avg EPS beat(8)-714.67%
EPS beat(12)3
Avg EPS beat(12)-480.16%
EPS beat(16)7
Avg EPS beat(16)-357.44%
Revenue beat(2)0
Avg Revenue beat(2)-3.58%
Min Revenue beat(2)-3.78%
Max Revenue beat(2)-3.39%
Revenue beat(4)0
Avg Revenue beat(4)-4.04%
Min Revenue beat(4)-7.04%
Max Revenue beat(4)-1.94%
Revenue beat(8)0
Avg Revenue beat(8)-6.48%
Revenue beat(12)0
Avg Revenue beat(12)-6.81%
Revenue beat(16)3
Avg Revenue beat(16)-5.05%
PT rev (1m)-1.83%
PT rev (3m)5.73%
EPS NQ rev (1m)-79.35%
EPS NQ rev (3m)-39.83%
EPS NY rev (1m)2.66%
EPS NY rev (3m)31.26%
Revenue NQ rev (1m)-1.57%
Revenue NQ rev (3m)-2.32%
Revenue NY rev (1m)-0.97%
Revenue NY rev (3m)-2.03%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | 135.15 | ||
| P/S | 0.26 | ||
| P/FCF | 100.84 | ||
| P/OCF | 16.02 | ||
| P/B | 4.31 | ||
| P/tB | N/A | ||
| EV/EBITDA | 10.29 |
EPS(TTM)-4.54
EYN/A
EPS(NY)0.16
Fwd EY0.74%
FCF(TTM)0.21
FCFY0.99%
OCF(TTM)1.32
OCFY6.24%
SpS81.87
BVpS4.93
TBVpS-43
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -7.41% | ||
| ROE | -134.72% | ||
| ROCE | 3.72% | ||
| ROIC | 2.81% | ||
| ROICexc | 2.93% | ||
| ROICexgc | 8.37% | ||
| OM | 3.49% | ||
| PM (TTM) | N/A | ||
| GM | 41.44% | ||
| FCFM | 0.26% |
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 Turnover0.91
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 11.27 | ||
| Debt/FCF | 266.51 | ||
| Debt/EBITDA | 7.58 | ||
| Cap/Depr | 24.92% | ||
| Cap/Sales | 1.36% | ||
| Interest Coverage | 250 | ||
| Cash Conversion | 18.08% | ||
| Profit Quality | N/A | ||
| Current Ratio | 1.2 | ||
| Quick Ratio | 1.2 | ||
| Altman-Z | 1.01 |
F-Score3
WACC7.44%
ROIC/WACC0.38
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)-349.45%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%70.11%
EPS Next Y51.46%
EPS Next 2Y44.24%
EPS Next 3Y29.36%
EPS Next 5YN/A
Revenue 1Y (TTM)80.51%
Revenue growth 3Y14.17%
Revenue growth 5Y15.28%
Sales Q2Q%5.21%
Revenue Next Year0.24%
Revenue Next 2Y3.24%
Revenue Next 3Y3.99%
Revenue Next 5YN/A
EBIT growth 1Y-46.49%
EBIT growth 3Y-33.46%
EBIT growth 5Y-16.03%
EBIT Next Year86.1%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-97.26%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-85.21%
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 51.46% in the next year.