FORWARD AIR CORP (FWRD) Fundamental Analysis & Valuation

NASDAQ:FWRD • US34986A1043

Current stock price

15.8 USD
-0.77 (-4.62%)
At close:
15.7728 USD
-0.03 (-0.17%)
After Hours:

This FWRD fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

3

1. FWRD Profitability Analysis

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.
  • The reported net income has been mixed in the past 5 years: FWRD reported negative net income in multiple years.
  • Of the past 5 years FWRD 4 years had a positive operating cash flow.
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

  • FWRD has a Return On Assets (-3.96%) which is in line with its industry peers.
  • FWRD has a worse Return On Equity (-95.11%) than 73.91% of its industry peers.
  • With a Return On Invested Capital value of 2.14%, FWRD perfoms like the industry average, outperforming 56.52% of the companies in the same industry.
  • FWRD had an Average Return On Invested Capital over the past 3 years of 2.33%. This is significantly below the industry average of 11.97%.
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 better Operating Margin (2.49%) than 60.87% of its industry peers.
  • FWRD's Operating Margin has declined in the last couple of years.
  • Looking at the Gross Margin, with a value of 41.14%, FWRD belongs to the top of the industry, outperforming 86.96% of the companies in the same industry.
  • FWRD's Gross Margin has been stable in the last couple of years.
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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2

2. FWRD Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so 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
  • FWRD has a worse debt/assets ratio than last year.
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 0.92, we must say that FWRD is in the distress zone and has some risk of bankruptcy.
  • FWRD has a Altman-Z score (0.92) which is in line with its industry peers.
  • 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's Debt to FCF ratio of 113.02 is fine compared to the rest of the industry. FWRD outperforms 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 worse Debt to Equity ratio (15.08) than 82.61% of its industry peers.
Industry RankSector Rank
Debt/Equity 15.08
Debt/FCF 113.02
Altman-Z 0.92
ROIC/WACC0.42
WACC5.06%
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

  • FWRD has a Current 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 Current ratio, with a value of 1.22, FWRD is doing worse than 73.91% of the companies in the same industry.
  • 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.
  • The Quick ratio of FWRD (1.22) is worse than 73.91% of its industry peers.
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. FWRD Growth Analysis

3.1 Past

  • FWRD shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -15.85%.
  • The Revenue has been growing slightly by 0.84% in the past year.
  • The Revenue has been growing by 14.47% on average over the past years. This is quite good.
EPS 1Y (TTM)-15.85%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%73.31%
Revenue 1Y (TTM)0.84%
Revenue growth 3Y8.13%
Revenue growth 5Y14.47%
Sales Q2Q%-0.26%

3.2 Future

  • The Earnings Per Share is expected to grow by 45.93% on average over the next years. This is a very strong growth
  • Based on estimates for the next years, FWRD will show a small growth in Revenue. The Revenue will grow by 5.42% on average per year.
EPS Next Y74.53%
EPS Next 2Y45.93%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year4.25%
Revenue Next 2Y5.42%
Revenue Next 3YN/A
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.
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 -2 4 6

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2

4. FWRD Valuation Analysis

4.1 Price/Earnings Ratio

  • FWRD reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
  • 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 10 -10 20 -20

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.
  • Based on the Price/Free Cash Flow ratio, FWRD is valued a bit cheaper than the industry average as 73.91% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 32.34
EV/EBITDA 9.95
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 45.93% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y45.93%
EPS Next 3YN/A

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

4

5. FWRD Dividend Analysis

5.1 Amount

  • FWRD has a Yearly Dividend Yield of 1.48%. Purely for dividend investing, there may be better candidates out there.
  • The stock price of FWRD dropped by -37.97% in the last 3 months. With lower prices the dividend yield is higher, but it may be a sign investors do not trust the long term dividend.
  • FWRD's Dividend Yield is rather good when compared to the industry average which is at 1.10. FWRD pays more dividend than 82.61% of the companies 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 2Y45.93%
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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FWRD Fundamentals: All Metrics, Ratios and Statistics

FORWARD AIR CORP

NASDAQ:FWRD (3/13/2026, 8:00:00 PM)

After market: 15.7728 -0.03 (-0.17%)

15.8

-0.77 (-4.62%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryAir Freight & Logistics
Earnings (Last)02-23
Earnings (Next)N/A
Inst Owners75.76%
Inst Owner Change-6.78%
Ins Owners1.83%
Ins Owner Change2.31%
Market Cap493.75M
Revenue(TTM)2.50B
Net Income(TTM)-107.80M
Analysts80
Price Target36.38 (130.25%)
Short Float %20.79%
Short Ratio8.4
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)-173.37%
Min EPS beat(2)-203.73%
Max EPS beat(2)-143.02%
EPS beat(4)1
Avg EPS beat(4)-80.48%
Min EPS beat(4)-203.73%
Max EPS beat(4)121.79%
EPS beat(8)2
Avg EPS beat(8)-754.06%
EPS beat(12)3
Avg EPS beat(12)-507.62%
EPS beat(16)5
Avg EPS beat(16)-379.68%
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)0%
PT rev (3m)4.9%
EPS NQ rev (1m)-28.08%
EPS NQ rev (3m)-36.31%
EPS NY rev (1m)-63.95%
EPS NY rev (3m)-14000%
Revenue NQ rev (1m)-1.01%
Revenue NQ rev (3m)-1.61%
Revenue NY rev (1m)-0.49%
Revenue NY rev (3m)-0.53%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 0.2
P/FCF 32.34
P/OCF 11.12
P/B 4.36
P/tB N/A
EV/EBITDA 9.95
EPS(TTM)-2.26
EYN/A
EPS(NY)-0.58
Fwd EYN/A
FCF(TTM)0.49
FCFY3.09%
OCF(TTM)1.42
OCFY8.99%
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 0.92
F-Score4
WACC5.06%
ROIC/WACC0.42
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)-15.85%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%73.31%
EPS Next Y74.53%
EPS Next 2Y45.93%
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 Year4.25%
Revenue Next 2Y5.42%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y32.44%
EBIT growth 3Y-48.46%
EBIT growth 5Y-13.19%
EBIT Next Year114.42%
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 Fundamental Analysis 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 74.53% 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%.