25.26 USD
+0.28 (+1.12%)
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.
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.
FWRD had a positive operating cash flow in 4 of the past 5 years.
1.2 Ratios
FWRD has a Return On Assets of -5.28%. This is comparable to the rest of the industry: FWRD outperforms 52.17% of its industry peers.
The Return On Equity of FWRD (-105.62%) is worse than 73.91% of its industry peers.
Looking at the Return On Invested Capital, with a value of 2.33%, FWRD is in line with its industry, outperforming 56.52% of the companies in the same industry.
FWRD had an Average Return On Invested Capital over the past 3 years of 8.28%. This 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
With a decent Operating Margin value of 2.88%, FWRD is doing good in 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's Gross Margin of 41.38% is amongst the best of the industry. FWRD outperforms 86.96% of its industry peers.
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.
The number of shares outstanding for FWRD has been increased compared to 1 year ago.
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 0.98, 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.
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.
Looking at the Debt to FCF ratio, with a value of 111.57, FWRD is in the better half of 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.
FWRD's Debt to Equity ratio of 12.24 is on the low side compared to the rest of the industry. FWRD is outperformed by 82.61% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 12.24 | ||
| Debt/FCF | 111.57 | ||
| Altman-Z | 0.98 |
ROIC/WACC0.31
WACC7.54%
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.
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.
The Quick ratio of FWRD (1.20) is worse than 73.91% of its industry peers.
| 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.
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
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.
FWRD is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 3.68% yearly.
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
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
FWRD reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
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
FWRD's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. FWRD is 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 | 51 | ||
| 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
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 1.17.
Compared to the average S&P500 Dividend Yield of 1.87, 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 (12/23/2025, 1:18:05 PM)
25.26
+0.28 (+1.12%)
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 Change0.51%
Market Cap789.38M
Revenue(TTM)2.50B
Net Income(TTM)-147.64M
Analysts80
Price Target34.68 (37.29%)
Short Float %19.55%
Short Ratio5.37
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)-6.42%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-19.39%
EPS NY rev (1m)-4.09%
EPS NY rev (3m)17.08%
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 | 0.32 | ||
| P/FCF | 51 | ||
| P/OCF | 18.15 | ||
| P/B | 5.65 | ||
| P/tB | N/A | ||
| EV/EBITDA | 10.69 |
EPS(TTM)-4.43
EYN/A
EPS(NY)0
Fwd EYN/A
FCF(TTM)0.5
FCFY1.96%
OCF(TTM)1.39
OCFY5.51%
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
WACC7.54%
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 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.