27.06 USD
+0.81 (+3.09%)
27.06 USD
0 (0%)
FWRD gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 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 does not seem to be growing, but still is valued expensively.
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.
FWRD had a positive operating cash flow in 4 of the past 5 years.
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 Return On Equity of -105.62%. This is in the lower half of the industry: FWRD underperforms 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 12.36%.
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's Operating Margin of 2.88% is fine compared to the rest of the industry. FWRD outperforms 60.87% of its industry peers.
In the last couple of years the Operating Margin of FWRD has declined.
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.
In the last couple of years the Gross Margin of FWRD has declined.
| 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.
FWRD has more shares outstanding than it did 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.
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.
With a Altman-Z score value of 1.00, FWRD is not doing good in the industry: 69.57% of the companies in the same industry are doing better.
FWRD has a debt to FCF ratio of 111.57. This is a negative value and a sign of low solvency as FWRD would need 111.57 years to pay back of all of its debts.
FWRD has a Debt to FCF ratio of 111.57. This is in the better half of the industry: FWRD outperforms 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 | 1 |
ROIC/WACC0.31
WACC7.57%
2.3 Liquidity
A Current Ratio of 1.20 indicates that FWRD should not have too much problems paying its short term obligations.
With a Current ratio value of 1.20, FWRD is not doing good in the industry: 78.26% of the companies in the same industry are doing better.
A Quick Ratio of 1.20 indicates that FWRD should not have too much problems paying 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
The earnings per share for FWRD have decreased strongly by -343.35% in the last year.
Looking at the last year, FWRD shows a very negative growth in Revenue. The Revenue has decreased by -22.27% in the last year.
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
FWRD is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 30.50% yearly.
The Revenue is expected to grow by 3.68% on average over the next years.
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
Based on the Enterprise Value to EBITDA ratio, FWRD is valued a bit cheaper than 65.22% of the companies 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 | 54.63 | ||
| EV/EBITDA | 10.98 |
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%. Purely for dividend investing, there may be better candidates out there.
Compared to an average industry Dividend Yield of 1.14, FWRD pays a bit more dividend than its industry peers.
Compared to the average S&P500 Dividend Yield of 1.92, 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%
27.06
+0.81 (+3.09%)
Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryAir Freight & Logistics
Earnings (Last)
Earnings (Next)
Inst Owners82.37%
Inst Owner Change0.1%
Ins Owners1.52%
Ins Owner Change-0.03%
Market Cap845.63M
Revenue(TTM)2.50B
Net Income(TTM)-147.64M
Analysts80
Price Target34.68 (28.16%)
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)0%
EPS NY rev (3m)-1.33%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-1.39%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-1.2%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | N/A | ||
| P/S | 0.34 | ||
| P/FCF | 54.63 | ||
| P/OCF | 19.44 | ||
| P/B | 6.05 | ||
| P/tB | N/A | ||
| EV/EBITDA | 10.98 |
EPS(TTM)-4.43
EYN/A
EPS(NY)0
Fwd EYN/A
FCF(TTM)0.5
FCFY1.83%
OCF(TTM)1.39
OCFY5.14%
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 | 1 |
F-Score3
WACC7.57%
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%.