FORWARD AIR CORP (FWRD) Stock Fundamental Analysis

NASDAQ:FWRD • US34986A1043

25.43 USD
+0.14 (+0.55%)
At close: Mar 2, 2026
25.43 USD
0 (0%)
After Hours: 3/2/2026, 8:23:21 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

3

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 may be in some trouble as it scores bad on both profitability and health. FWRD is quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

3

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.
  • In multiple years FWRD reported negative net income over the last 5 years.
  • FWRD had a positive operating cash flow in 4 of the past 5 years.
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 2025 0 200M -200M -400M -600M -800M

1.2 Ratios

  • Looking at the Return On Assets, with a value of -3.96%, 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 -95.11%, FWRD is doing worse than 73.91% of the companies in the same industry.
  • FWRD has a Return On Invested Capital (2.14%) which is in line with its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for FWRD is significantly below the industry average of 12.02%.
Industry RankSector Rank
ROA -3.96%
ROE -95.11%
ROIC 2.14%
ROA(3y)-9.49%
ROA(5y)-0.63%
ROE(3y)-163.82%
ROE(5y)-89.32%
ROIC(3y)2.33%
ROIC(5y)8.08%
FWRD Yearly ROA, ROE, ROICFWRD Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 -100 -200 -300 -400

1.3 Margins

  • FWRD has a Operating Margin of 2.49%. 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.
  • FWRD has a better Gross Margin (41.14%) than 86.96% of its industry peers.
  • In the last couple of years the Gross Margin of FWRD has remained more or less at the same level.
Industry RankSector Rank
OM 2.49%
PM (TTM) N/A
GM 41.14%
OM growth 3Y-52.33%
OM growth 5Y-24.17%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-4.84%
GM growth 5Y-0.55%
FWRD Yearly Profit, Operating, Gross MarginsFWRD Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 -20 40

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ROAROEROICOperating and Profit MarginShow most profitable peers

2

2. Health

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), FWRD is destroying 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 is higher compared to a year ago.
FWRD Yearly Shares OutstandingFWRD Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 2025 500M 1B 1.5B 2B 2.5B

2.2 Solvency

  • Based on the Altman-Z score of 0.99, we must say that FWRD is in the distress zone and has some risk of bankruptcy.
  • Looking at the Altman-Z score, with a value of 0.99, FWRD is doing worse than 60.87% of the companies in the same industry.
  • FWRD has a debt to FCF ratio of 113.02. This is a negative value and a sign of low solvency as FWRD would need 113.02 years to pay back of all of its debts.
  • FWRD has a better Debt to FCF ratio (113.02) than 65.22% of its industry peers.
  • A Debt/Equity ratio of 15.08 is on the high side and indicates that FWRD has dependencies on debt financing.
  • FWRD has a Debt to Equity ratio of 15.08. This is amonst the worse of the industry: FWRD underperforms 82.61% of its industry peers.
Industry RankSector Rank
Debt/Equity 15.08
Debt/FCF 113.02
Altman-Z 0.99
ROIC/WACC0.4
WACC5.42%
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 2025 0 500M 1B 1.5B

2.3 Liquidity

  • A Current Ratio of 1.22 indicates that FWRD should not have too much problems paying its short term obligations.
  • With a Current ratio value of 1.22, FWRD is not doing good in the industry: 73.91% of the companies in the same industry are doing better.
  • FWRD has a Quick Ratio of 1.22. 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 1.22, FWRD is doing worse than 73.91% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.22
Quick Ratio 1.22
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 2025 100M 200M 300M 400M 500M

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

4

3. Growth

3.1 Past

  • FWRD shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 10.31%, which is quite good.
  • Looking at the last year, FWRD shows a small growth in Revenue. The Revenue has grown by 0.84% in the last year.
  • Measured over the past years, FWRD shows a quite strong growth in Revenue. The Revenue has been growing by 14.47% on average per year.
EPS 1Y (TTM)10.31%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%90.54%
Revenue 1Y (TTM)0.84%
Revenue growth 3Y8.13%
Revenue growth 5Y14.47%
Sales Q2Q%-0.26%

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 50.32% on average per year.
  • FWRD is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 5.79% yearly.
EPS Next Y79.94%
EPS Next 2Y50.32%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year4.76%
Revenue Next 2Y5.79%
Revenue Next 3YN/A
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

  • Based on the Enterprise Value to EBITDA ratio, FWRD is valued a bit cheaper than 65.22% of the companies in the same industry.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of FWRD indicates a somewhat cheap valuation: FWRD is cheaper than 69.57% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 52.05
EV/EBITDA 11.22
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

  • A more expensive valuation may be justified as FWRD's earnings are expected to grow with 50.32% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y50.32%
EPS Next 3YN/A

More info and screens

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

4

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 1.48%, FWRD has a reasonable but not impressive dividend return.
  • Compared to an average industry Dividend Yield of 1.08, FWRD pays a better dividend. On top of this FWRD pays more dividend than 82.61% of the companies listed in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.82, FWRD has a dividend comparable with the average S&P500 company.
Industry RankSector 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
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 2Y50.32%
EPS Next 3YN/A
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 2025 0 200M -200M -400M -600M -800M

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Find the best dividend stocksShow peers with best dividend

FORWARD AIR CORP

NASDAQ:FWRD (3/2/2026, 8:23:21 PM)

After market: 25.43 0 (0%)

25.43

+0.14 (+0.55%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryAir Freight & Logistics
Earnings (Last)02-23
Earnings (Next)N/A
Inst Owners82.37%
Inst Owner Change-6.78%
Ins Owners1.52%
Ins Owner Change2.31%
Market Cap794.69M
Revenue(TTM)2.50B
Net Income(TTM)-107.80M
Analysts80
Price Target36.38 (43.06%)
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)0
Avg EPS beat(2)-75.33%
Min EPS beat(2)-143.02%
Max EPS beat(2)-7.65%
EPS beat(4)1
Avg EPS beat(4)-31.46%
Min EPS beat(4)-143.02%
Max EPS beat(4)121.79%
EPS beat(8)2
Avg EPS beat(8)-729.55%
EPS beat(12)3
Avg EPS beat(12)-491.28%
EPS beat(16)5
Avg EPS beat(16)-367.42%
Revenue beat(2)0
Avg Revenue beat(2)-2.45%
Min Revenue beat(2)-3.22%
Max Revenue beat(2)-1.68%
Revenue beat(4)0
Avg Revenue beat(4)-3.02%
Min Revenue beat(4)-3.78%
Max Revenue beat(4)-1.68%
Revenue beat(8)0
Avg Revenue beat(8)-4.37%
Revenue beat(12)0
Avg Revenue beat(12)-6.57%
Revenue beat(16)2
Avg Revenue beat(16)-5.28%
PT rev (1m)1.9%
PT rev (3m)4.9%
EPS NQ rev (1m)-8.72%
EPS NQ rev (3m)-15.71%
EPS NY rev (1m)-40.98%
EPS NY rev (3m)-323.38%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-0.6%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-2.09%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 0.32
P/FCF 52.05
P/OCF 17.9
P/B 7.01
P/tB N/A
EV/EBITDA 11.22
EPS(TTM)-1.75
EYN/A
EPS(NY)-0.35
Fwd EYN/A
FCF(TTM)0.49
FCFY1.92%
OCF(TTM)1.42
OCFY5.59%
SpS79.84
BVpS3.63
TBVpS-42.12
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
Industry RankSector Rank
ROA -3.96%
ROE -95.11%
ROCE 2.71%
ROIC 2.14%
ROICexc 2.25%
ROICexgc 6.5%
OM 2.49%
PM (TTM) N/A
GM 41.14%
FCFM 0.61%
ROA(3y)-9.49%
ROA(5y)-0.63%
ROE(3y)-163.82%
ROE(5y)-89.32%
ROIC(3y)2.33%
ROIC(5y)8.08%
ROICexc(3y)2.44%
ROICexc(5y)8.44%
ROICexgc(3y)4.57%
ROICexgc(5y)15.74%
ROCE(3y)2.95%
ROCE(5y)10.23%
ROICexgc growth 3Y-54.14%
ROICexgc growth 5Y-21.89%
ROICexc growth 3Y-60.37%
ROICexc growth 5Y-28.38%
OM growth 3Y-52.33%
OM growth 5Y-24.17%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-4.84%
GM growth 5Y-0.55%
F-Score4
Asset Turnover0.92
Health
Industry RankSector Rank
Debt/Equity 15.08
Debt/FCF 113.02
Debt/EBITDA 7.96
Cap/Depr 19.08%
Cap/Sales 1.17%
Interest Coverage 250
Cash Conversion 20.66%
Profit Quality N/A
Current Ratio 1.22
Quick Ratio 1.22
Altman-Z 0.99
F-Score4
WACC5.42%
ROIC/WACC0.4
Cap/Depr(3y)32.78%
Cap/Depr(5y)56.59%
Cap/Sales(3y)1.64%
Cap/Sales(5y)1.86%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)10.31%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%90.54%
EPS Next Y79.94%
EPS Next 2Y50.32%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)0.84%
Revenue growth 3Y8.13%
Revenue growth 5Y14.47%
Sales Q2Q%-0.26%
Revenue Next Year4.76%
Revenue Next 2Y5.79%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y32.44%
EBIT growth 3Y-48.46%
EBIT growth 5Y-13.19%
EBIT Next Year119.08%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y113.58%
FCF growth 3Y-58.81%
FCF growth 5Y-25.01%
OCF growth 1Y158.86%
OCF growth 3Y-44.46%
OCF growth 5Y-12.12%

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 3 / 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 79.94% in the next year.


Is the dividend of FORWARD AIR CORP sustainable?

The dividend rating of FORWARD AIR CORP (FWRD) is 4 / 10 and the dividend payout ratio is 0%.