FORWARD AIR CORP (FWRD) Stock Fundamental Analysis

NASDAQ:FWRD • US34986A1043

25.26 USD
-0.51 (-1.98%)
At close: Feb 27, 2026
25.2918 USD
+0.03 (+0.13%)
After Hours: 2/27/2026, 4:06:06 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. FWRD has a bad profitability rating. Also its financial health evaluation is rather negative. FWRD has a expensive valuation and it also scores bad on growth.


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.
  • The reported net income has been mixed in the past 5 years: FWRD reported negative net income in multiple years.
  • The reported operating cash flow has been mixed in the past 5 years: FWRD reported negative operating cash flow in multiple 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 0 200M -200M -400M -600M -800M

1.2 Ratios

  • The Return On Assets of FWRD (-5.28%) is comparable to the rest of the industry.
  • Looking at the Return On Equity, with a value of -105.62%, FWRD is doing worse than 73.91% of the companies in the same industry.
  • 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.
  • Measured over the past 3 years, the Average Return On Invested Capital for FWRD is below the industry average of 12.20%.
  • 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 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

  • FWRD has a Operating Margin of 2.88%. 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'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 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

3

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.
  • There is no outstanding debt for FWRD. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.
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 0.99. 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 0.99. This is comparable to the rest of the industry: FWRD outperforms 43.48% of its industry peers.
  • 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.
  • Looking at the Debt to FCF ratio, with a value of 111.57, FWRD is in the better half of the industry, outperforming 65.22% of the companies in the same industry.
  • A Debt/Equity ratio of 12.24 is on the high side and indicates that FWRD has dependencies on debt financing.
  • FWRD has a worse Debt to Equity ratio (12.24) than 82.61% of its industry peers.
Industry RankSector Rank
Debt/Equity 12.24
Debt/FCF 111.57
Altman-Z 0.99
ROIC/WACC0.31
WACC7.51%
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.
  • The Current ratio of FWRD (1.20) is worse than 73.91% 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 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

2

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.
EPS 1Y (TTM)10.31%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%90.54%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%-0.26%

3.2 Future

  • FWRD is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 50.32% yearly.
  • The Revenue is expected to grow by 5.79% on average over the next years.
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

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

  • 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 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

  • 65.22% of the companies in the same industry are more expensive than FWRD, based on the Enterprise Value to EBITDA ratio.
  • FWRD's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. FWRD is cheaper than 69.57% of the companies in the same industry.
Industry RankSector Rank
P/FCF 51
EV/EBITDA 10.8
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

3

5. Dividend

5.1 Amount

  • FWRD has a Yearly Dividend Yield of 1.48%.
  • Compared to an average industry Dividend Yield of 1.09, FWRD pays a bit more dividend than its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.80, 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 0 200M -200M -400M -600M -800M

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Find the best dividend stocksShow peers with best dividend

FORWARD AIR CORP

NASDAQ:FWRD (2/27/2026, 4:06:06 PM)

After market: 25.2918 +0.03 (+0.13%)

25.26

-0.51 (-1.98%)

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-6.76%
Ins Owners1.52%
Ins Owner Change-0.02%
Market Cap789.38M
Revenue(TTM)N/A
Net Income(TTM)-147.64M
Analysts80
Price Target36.38 (44.02%)
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)1.9%
PT rev (3m)0%
EPS NQ rev (1m)-7.74%
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 0.32
P/FCF 51
P/OCF 18.15
P/B 5.65
P/tB N/A
EV/EBITDA 10.8
EPS(TTM)-1.75
EYN/A
EPS(NY)-0.35
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 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 0.99
F-Score3
WACC7.51%
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)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)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%-0.26%
Revenue Next Year4.76%
Revenue Next 2Y5.79%
Revenue Next 3YN/A
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 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 3 / 10 and the dividend payout ratio is 0%.