FORWARD AIR CORP (FWRD) Fundamental Analysis & Valuation

NASDAQ:FWRD • US34986A1043

Current stock price

17.41 USD
+0.18 (+1.04%)
At close:
17.41 USD
0 (0%)
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.
  • 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.
  • 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

  • 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 (2.34%) which is comparable to the rest of the industry.
  • Measured over the past 3 years, the Average Return On Invested Capital for FWRD is significantly below the industry average of 11.93%.
Industry RankSector Rank
ROA -3.96%
ROE -95.11%
ROIC 2.34%
ROA(3y)-9.49%
ROA(5y)-0.63%
ROE(3y)-163.82%
ROE(5y)-89.32%
ROIC(3y)2.69%
ROIC(5y)8.3%
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

  • Looking at the Operating Margin, with a value of 2.72%, FWRD is in the better half of the industry, outperforming 60.87% of the companies in the same industry.
  • In the last couple of years the Operating Margin of FWRD has declined.
  • With an excellent Gross Margin value of 41.14%, 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 remained more or less at the same level.
Industry RankSector Rank
OM 2.72%
PM (TTM) N/A
GM 41.14%
OM growth 3Y-41.34%
OM growth 5Y-14.11%
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

  • With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), FWRD is destroying value.
  • Compared to 1 year ago, FWRD has more shares outstanding
  • FWRD has more shares outstanding than it did 5 years ago.
  • 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

  • FWRD has an Altman-Z score of 0.94. This is a bad value and indicates that FWRD is not financially healthy and even has some risk of bankruptcy.
  • With a Altman-Z score value of 0.94, FWRD is not doing good in the industry: 60.87% of the companies in the same industry are doing better.
  • 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.
  • Looking at the Debt to FCF ratio, with a value of 113.02, FWRD is in the better half of the industry, outperforming 69.57% of the companies in the same industry.
  • FWRD has a Debt/Equity ratio of 15.08. This is a high value indicating a heavy dependency on external 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 0.94
ROIC/WACC0.29
WACC7.96%
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.
  • The Current ratio of FWRD (1.22) is worse than 73.91% of its industry peers.
  • A Quick Ratio of 1.22 indicates that FWRD should not have too much problems paying its short term obligations.
  • FWRD has a worse Quick ratio (1.22) 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%.
  • Looking at the last year, FWRD shows a small growth in Revenue. The Revenue has grown by 0.84% in the last year.
  • FWRD shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 14.47% yearly.
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

  • Based on estimates for the next years, FWRD will show a very strong growth in Earnings Per Share. The EPS will grow by 45.93% on average per year.
  • The Revenue is expected to grow by 5.60% on average over the next years.
EPS Next Y74.53%
EPS Next 2Y45.93%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year4.56%
Revenue Next 2Y5.6%
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

  • 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 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 -30

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of FWRD indicates a somewhat cheap valuation: FWRD is cheaper than 73.91% of the companies listed in the same industry.
  • 78.26% of the companies in the same industry are more expensive than FWRD, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 35.98
EV/EBITDA 9.83
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

3

5. FWRD Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 1.48%, FWRD has a reasonable but not impressive dividend return.
  • In the last 3 months the price of FWRD has falen by -30.72%. A price decline artificially increases the dividend yield. It may be a sign investors do not expect the dividend to last.
  • Compared to an average industry Dividend Yield of 1.19, FWRD pays a bit more dividend than its industry peers.
  • Compared to the average S&P500 Dividend Yield of 1.89, FWRD is paying slightly less dividend.
Industry RankSector Rank
Dividend Yield 1.48%

5.2 History

  • FWRD has paid a dividend for at least 10 years, which is 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 (4/2/2026, 8:00:01 PM)

After market: 17.41 0 (0%)

17.41

+0.18 (+1.04%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryAir Freight & Logistics
Earnings (Last)02-23
Earnings (Next)N/A
Inst Owners75.76%
Inst Owner Change0%
Ins Owners1.83%
Ins Owner Change2.66%
Market Cap549.29M
Revenue(TTM)2.50B
Net Income(TTM)-107.80M
Analysts80
Price Target36.04 (107.01%)
Short Float %18.74%
Short Ratio5.8
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)-0.93%
PT rev (3m)3.92%
EPS NQ rev (1m)2.53%
EPS NQ rev (3m)-32.86%
EPS NY rev (1m)0%
EPS NY rev (3m)-14000%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-1.61%
Revenue NY rev (1m)0.3%
Revenue NY rev (3m)-0.23%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 0.22
P/FCF 35.98
P/OCF 12.38
P/B 4.85
P/tB N/A
EV/EBITDA 9.83
EPS(TTM)-2.26
EYN/A
EPS(NY)-0.58
Fwd EYN/A
FCF(TTM)0.48
FCFY2.78%
OCF(TTM)1.41
OCFY8.08%
SpS79.08
BVpS3.59
TBVpS-41.72
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
Industry RankSector Rank
ROA -3.96%
ROE -95.11%
ROCE 2.96%
ROIC 2.34%
ROICexc 2.46%
ROICexgc 7.1%
OM 2.72%
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)2.69%
ROIC(5y)8.3%
ROICexc(3y)2.82%
ROICexc(5y)8.67%
ROICexgc(3y)5.67%
ROICexgc(5y)16.39%
ROCE(3y)3.41%
ROCE(5y)10.51%
ROICexgc growth 3Y-43.56%
ROICexgc growth 5Y-11.53%
ROICexc growth 3Y-51.23%
ROICexc growth 5Y-18.87%
OM growth 3Y-41.34%
OM growth 5Y-14.11%
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 7.75
Cap/Depr 19.08%
Cap/Sales 1.17%
Interest Coverage 0.41
Cash Conversion 20.13%
Profit Quality N/A
Current Ratio 1.22
Quick Ratio 1.22
Altman-Z 0.94
F-Score4
WACC7.96%
ROIC/WACC0.29
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 Year4.56%
Revenue Next 2Y5.6%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y44.68%
EBIT growth 3Y-36.57%
EBIT growth 5Y-1.68%
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.


Can you provide the valuation status for FORWARD AIR CORP?

ChartMill assigns a valuation rating of 2 / 10 to FORWARD AIR CORP (FWRD). This can be considered as Overvalued.


What is the profitability of FWRD stock?

FORWARD AIR CORP (FWRD) has a profitability rating of 3 / 10.


How financially healthy is FORWARD AIR CORP?

The financial health rating of FORWARD AIR CORP (FWRD) is 2 / 10.