FORWARD AIR CORP (FWRD) Stock Fundamental Analysis

USA • Nasdaq • NASDAQ:FWRD • US34986A1043

28.16 USD
-1.59 (-5.34%)
At close: Feb 5, 2026
28.05 USD
-0.11 (-0.39%)
After Hours: 2/5/2026, 8:00:01 PM
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 has a medium profitability rating, but doesn't score so well on its financial health evaluation. FWRD is valued expensive and it does not seem to be growing.


Dividend Valuation Growth Profitability Health

4

1. Profitability

1.1 Basic Checks

  • FWRD had negative earnings in the past year.
  • In the past year FWRD had a positive cash flow from operations.
  • Of the past 5 years FWRD 4 years were profitable.
  • 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 0 200M -200M -400M -600M -800M

1.2 Ratios

  • FWRD has a Return On Assets (-5.28%) which is comparable to the rest of the industry.
  • FWRD has a worse Return On Equity (-105.62%) than 73.91% of its industry peers.
  • FWRD's Return On Invested Capital of 2.33% is in line compared to the rest of the industry. FWRD outperforms 56.52% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for FWRD is below the industry average of 12.38%.
  • The last Return On Invested Capital (2.33%) for FWRD is well below the 3 year average (8.28%), which needs to be investigated, but indicates that FWRD had better years and this may not be a problem.
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's Operating Margin of 2.88% is fine compared to the rest of the industry. FWRD outperforms 60.87% of its industry peers.
  • In the last couple of years the Operating Margin of FWRD has declined.
  • 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

More info and screens

ROAROEROICOperating and Profit MarginShow most profitable peers

2

2. Health

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), FWRD is creating some value.
  • FWRD has more shares outstanding than it did 1 year ago.
  • Compared to 5 years ago, FWRD has more shares outstanding
  • FWRD has about the same debt/assets ratio as last year.
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

  • Based on the Altman-Z score of 1.02, we must say that FWRD is in the distress zone and has some risk of bankruptcy.
  • With a Altman-Z score value of 1.02, 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 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.
  • FWRD has a Debt to FCF ratio of 111.57. This is in the better half of the industry: FWRD outperforms 60.87% of its industry peers.
  • FWRD has a Debt/Equity ratio of 12.24. This is a high value indicating a heavy dependency on external financing.
  • Looking at the Debt to Equity ratio, with a value of 12.24, FWRD is doing worse than 82.61% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 12.24
Debt/FCF 111.57
Altman-Z 1.02
ROIC/WACC0.31
WACC7.62%
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

  • A Current Ratio of 1.20 indicates that FWRD should not have too much problems paying its short term obligations.
  • With a Current ratio value of 1.20, FWRD is not doing good in the industry: 78.26% of the companies in the same industry are doing better.
  • 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 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

More info and screens

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

3

3. Growth

3.1 Past

  • FWRD shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -343.35%.
  • Looking at the last year, FWRD shows a very negative growth in Revenue. The Revenue has decreased by -22.27% in the last year.
  • Measured over the past years, FWRD shows a quite strong growth in Revenue. The Revenue has been growing by 15.28% on average per year.
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

  • The Earnings Per Share is expected to grow by 30.07% 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 3.32% on average per year.
EPS Next Y40.63%
EPS Next 2Y36.83%
EPS Next 3Y30.07%
EPS Next 5YN/A
Revenue Next Year-0.39%
Revenue Next 2Y2.15%
Revenue Next 3Y3.32%
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 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.
  • 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 -50 -100

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, FWRD is valued a bit cheaper than the industry average as 65.22% of the companies are valued more expensively.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of FWRD indicates a somewhat cheap valuation: FWRD is cheaper than 65.22% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 56.85
EV/EBITDA 11.36
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 30.07% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y36.83%
EPS Next 3Y30.07%

More info and screens

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

4

5. Dividend

5.1 Amount

  • FWRD has a Yearly Dividend Yield of 1.48%. Purely for dividend investing, there may be better candidates out there.
  • Compared to an average industry Dividend Yield of 1.10, FWRD pays a better dividend. On top of this FWRD pays more dividend than 82.61% of the companies listed in the same industry.
  • FWRD's Dividend Yield is comparable with the S&P500 average which is at 1.82.
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 2Y36.83%
EPS Next 3Y30.07%
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

More info and screens

Find the best dividend stocksShow peers with best dividend

FORWARD AIR CORP

NASDAQ:FWRD (2/5/2026, 8:00:01 PM)

After market: 28.05 -0.11 (-0.39%)

28.16

-1.59 (-5.34%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryAir Freight & Logistics
Earnings (Last)11-05
Earnings (Next)N/A
Inst Owners82.37%
Inst Owner Change-0.3%
Ins Owners1.52%
Ins Owner Change-0.03%
Market Cap880.00M
Revenue(TTM)2.50B
Net Income(TTM)-147.64M
Analysts80
Price Target35.7 (26.78%)
Short Float %19.65%
Short Ratio8.62
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)2.94%
PT rev (3m)-3.67%
EPS NQ rev (1m)-21.37%
EPS NQ rev (3m)-31.48%
EPS NY rev (1m)-17.49%
EPS NY rev (3m)-22.31%
Revenue NQ rev (1m)-1.51%
Revenue NQ rev (3m)-1.89%
Revenue NY rev (1m)-0.39%
Revenue NY rev (3m)-1.09%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 0.35
P/FCF 56.85
P/OCF 20.23
P/B 6.3
P/tB N/A
EV/EBITDA 11.36
EPS(TTM)-4.43
EYN/A
EPS(NY)-0.25
Fwd EYN/A
FCF(TTM)0.5
FCFY1.76%
OCF(TTM)1.39
OCFY4.94%
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 1.02
F-Score3
WACC7.62%
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 Y40.63%
EPS Next 2Y36.83%
EPS Next 3Y30.07%
EPS Next 5YN/A
Revenue 1Y (TTM)-22.27%
Revenue growth 3Y14.17%
Revenue growth 5Y15.28%
Sales Q2Q%-3.69%
Revenue Next Year-0.39%
Revenue Next 2Y2.15%
Revenue Next 3Y3.32%
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 4 / 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 40.63% 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%.