FORWARD AIR CORP (FWRD) Stock Fundamental Analysis
USA - NASDAQ:FWRD - US34986A1043 - Common Stock
18.96 USD
-0.06 (-0.32%)
19.36 USD
+0.4 (+2.11%)
Overall FWRD gets a fundamental rating of 3 out of 10. We evaluated FWRD against 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 does not seem to be growing, but still is valued expensively.
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.
FWRD had positive earnings in 4 of the past 5 years.
Of the past 5 years FWRD 4 years had a positive operating cash flow.
1.2 Ratios
With a Return On Assets value of -7.41%, FWRD perfoms like the industry average, outperforming 52.17% of the companies in the same industry.
The Return On Equity of FWRD (-134.72%) is worse than 73.91% of its industry peers.
FWRD has a Return On Invested Capital (2.81%) which is in line with its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for FWRD is below the industry average of 11.80%.
The last Return On Invested Capital (2.81%) 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 Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -7.41% | ||
| ROE | -134.72% | ||
| ROIC | 2.81% |
ROA(3y)-2.87%
ROA(5y)0.6%
ROE(3y)-123.07%
ROE(5y)-69.45%
ROIC(3y)8.28%
ROIC(5y)8.77%
1.3 Margins
Looking at the Operating Margin, with a value of 3.49%, FWRD is in the better half of the industry, outperforming 69.57% of the companies in the same industry.
FWRD's Operating Margin has declined in the last couple of years.
The Gross Margin of FWRD (41.44%) is better than 86.96% of its industry peers.
In the last couple of years the Gross Margin of FWRD has declined.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 3.49% | ||
| PM (TTM) | N/A | ||
| GM | 41.44% |
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%
2. Health
2.1 Basic Checks
The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so FWRD is still creating some value.
The number of shares outstanding for FWRD has been increased compared to 1 year ago.
FWRD has more shares outstanding than it did 5 years ago.
FWRD has about the same debt/assets ratio as last year.
2.2 Solvency
FWRD has an Altman-Z score of 0.98. This is a bad value and indicates that FWRD is not financially healthy and even has some risk of bankruptcy.
FWRD has a worse Altman-Z score (0.98) than 65.22% of its industry peers.
The Debt to FCF ratio of FWRD is 266.51, which is on the high side as it means it would take FWRD, 266.51 years of fcf income to pay off all of its debts.
FWRD's Debt to FCF ratio of 266.51 is in line compared to the rest of the industry. FWRD outperforms 56.52% of its industry peers.
FWRD has a Debt/Equity ratio of 11.27. This is a high value indicating a heavy dependency on external financing.
With a Debt to Equity ratio value of 11.27, FWRD is not doing good in the industry: 78.26% of the companies in the same industry are doing better.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 11.27 | ||
| Debt/FCF | 266.51 | ||
| Altman-Z | 0.98 |
ROIC/WACC0.38
WACC7.38%
2.3 Liquidity
A Current Ratio of 1.20 indicates that FWRD should not have too much problems paying its short term obligations.
The Current ratio of FWRD (1.20) is worse than 78.26% of its industry peers.
A Quick Ratio of 1.20 indicates that FWRD should not have too much problems paying its short term obligations.
With a Quick ratio value of 1.20, FWRD is not doing good in the industry: 73.91% of the companies in the same industry are doing better.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.2 | ||
| Quick Ratio | 1.2 |
3. Growth
3.1 Past
The earnings per share for FWRD have decreased strongly by -226.59% in the last year.
Looking at the last year, FWRD shows a very negative growth in Revenue. The Revenue has decreased by -15.11% 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)-226.59%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-98.23%
Revenue 1Y (TTM)-15.11%
Revenue growth 3Y14.17%
Revenue growth 5Y15.28%
Sales Q2Q%-3.86%
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 45.97% on average per year.
Based on estimates for the next years, FWRD will show a small growth in Revenue. The Revenue will grow by 4.20% on average per year.
EPS Next Y50.13%
EPS Next 2Y45.97%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year1.21%
Revenue Next 2Y4.2%
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.
4. Valuation
4.1 Price/Earnings Ratio
The Price/Earnings Ratio is negative for FWRD. In the last year negative earnings were reported.
The Price/Forward Earnings ratio is 74.35, which means the current valuation is very expensive for FWRD.
FWRD's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. FWRD is cheaper than 60.87% of the companies in the same industry.
When comparing the Price/Forward Earnings ratio of FWRD to the average of the S&P500 Index (23.33), we can say FWRD is valued expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | 74.35 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, FWRD is valued a bit cheaper than 69.57% of the companies in the same industry.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of FWRD is on the same level as its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 90.06 | ||
| EV/EBITDA | 9.82 |
4.3 Compensation for Growth
FWRD's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
FWRD's earnings are expected to grow with 45.97% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y45.97%
EPS Next 3YN/A
5. Dividend
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 -40.95%. A price decline artificially increases the dividend yield. It may be a sign investors do not expect the dividend to last.
FWRD's Dividend Yield is a higher than the industry average which is at 3.76.
Compared to the average S&P500 Dividend Yield of 2.35, FWRD is paying slightly less dividend.
| Industry Rank | Sector 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
5.3 Sustainability
DP0%
EPS Next 2Y45.97%
EPS Next 3YN/A
18.96
-0.06 (-0.32%)
Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryAir Freight & Logistics
Earnings (Last)
Earnings (Next)
Inst Owners81.87%
Inst Owner Change0.05%
Ins Owners1.54%
Ins Owner Change10.63%
Market Cap583.78M
Revenue(TTM)2.52B
Net Income(TTM)-204495000
Analysts80
Price Target37.06 (95.46%)
Short Float %16.95%
Short Ratio5.98
Dividend
| Industry Rank | Sector 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)12.41%
Min EPS beat(2)-96.96%
Max EPS beat(2)121.79%
EPS beat(4)1
Avg EPS beat(4)-1782.06%
Min EPS beat(4)-6208.61%
Max EPS beat(4)121.79%
EPS beat(8)2
Avg EPS beat(8)-714.67%
EPS beat(12)3
Avg EPS beat(12)-480.16%
EPS beat(16)7
Avg EPS beat(16)-357.44%
Revenue beat(2)0
Avg Revenue beat(2)-3.58%
Min Revenue beat(2)-3.78%
Max Revenue beat(2)-3.39%
Revenue beat(4)0
Avg Revenue beat(4)-4.04%
Min Revenue beat(4)-7.04%
Max Revenue beat(4)-1.94%
Revenue beat(8)0
Avg Revenue beat(8)-6.48%
Revenue beat(12)0
Avg Revenue beat(12)-6.81%
Revenue beat(16)3
Avg Revenue beat(16)-5.05%
PT rev (1m)0%
PT rev (3m)14.49%
EPS NQ rev (1m)0%
EPS NQ rev (3m)43.38%
EPS NY rev (1m)18.17%
EPS NY rev (3m)29.38%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-0.76%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-1.07%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | 74.35 | ||
| P/S | 0.23 | ||
| P/FCF | 90.06 | ||
| P/OCF | 14.31 | ||
| P/B | 3.85 | ||
| P/tB | N/A | ||
| EV/EBITDA | 9.82 |
EPS(TTM)-5.76
EYN/A
EPS(NY)0.26
Fwd EY1.34%
FCF(TTM)0.21
FCFY1.11%
OCF(TTM)1.32
OCFY6.99%
SpS81.87
BVpS4.93
TBVpS-43
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -7.41% | ||
| ROE | -134.72% | ||
| ROCE | 3.72% | ||
| ROIC | 2.81% | ||
| ROICexc | 2.93% | ||
| ROICexgc | 8.37% | ||
| OM | 3.49% | ||
| PM (TTM) | N/A | ||
| GM | 41.44% | ||
| FCFM | 0.26% |
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 Turnover0.91
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 11.27 | ||
| Debt/FCF | 266.51 | ||
| Debt/EBITDA | 7.58 | ||
| Cap/Depr | 24.92% | ||
| Cap/Sales | 1.36% | ||
| Interest Coverage | 250 | ||
| Cash Conversion | 18.08% | ||
| Profit Quality | N/A | ||
| Current Ratio | 1.2 | ||
| Quick Ratio | 1.2 | ||
| Altman-Z | 0.98 |
F-Score3
WACC7.38%
ROIC/WACC0.38
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)-226.59%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-98.23%
EPS Next Y50.13%
EPS Next 2Y45.97%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-15.11%
Revenue growth 3Y14.17%
Revenue growth 5Y15.28%
Sales Q2Q%-3.86%
Revenue Next Year1.21%
Revenue Next 2Y4.2%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-46.49%
EBIT growth 3Y-33.46%
EBIT growth 5Y-16.03%
EBIT Next Year86.1%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-97.26%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-85.21%
OCF growth 3YN/A
OCF growth 5YN/A