FORWARD AIR CORP (FWRD) Fundamental Analysis & Valuation

NASDAQ:FWRD • US34986A1043

Current stock price

19.31 USD
+0.17 (+0.89%)
At close:
19.31 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

  • FWRD had negative earnings in the past year.
  • 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 Return On Equity of -95.11%. This is in the lower half of the industry: FWRD underperforms 73.91% of its industry peers.
  • FWRD has a Return On Invested Capital of 2.34%. This is comparable to the rest of the industry: FWRD outperforms 47.83% of its industry peers.
  • FWRD had an Average Return On Invested Capital over the past 3 years of 2.69%. This is significantly below the industry average of 9.36%.
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

  • FWRD's Operating Margin of 2.72% 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.
  • The Gross Margin of FWRD (41.14%) is better than 86.96% of its industry peers.
  • 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
  • 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

  • FWRD has an Altman-Z score of 0.95. This is a bad value and indicates that FWRD is not financially healthy and even has some risk of bankruptcy.
  • FWRD's Altman-Z score of 0.95 is on the low side compared to the rest of the industry. FWRD is outperformed by 60.87% of 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.
  • With a decent Debt to FCF ratio value of 113.02, FWRD is doing good in the industry, outperforming 65.22% 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 86.96% of its industry peers.
Industry RankSector Rank
Debt/Equity 15.08
Debt/FCF 113.02
Altman-Z 0.95
ROIC/WACC0.29
WACC7.98%
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.
  • FWRD has a Current ratio of 1.22. This is in the lower half of the industry: FWRD underperforms 78.26% of its industry peers.
  • A Quick Ratio of 1.22 indicates that FWRD should not have too much problems paying its short term obligations.
  • With a Quick ratio value of 1.22, FWRD is not doing good in the industry: 78.26% of the companies in the same industry are doing better.
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

  • The earnings per share for FWRD have decreased strongly by -15.85% in the last year.
  • FWRD shows a small growth in Revenue. In the last year, the Revenue has grown by 0.84%.
  • 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 47.36% on average over the next years. This is a very strong growth
  • The Revenue is expected to grow by 5.60% on average over the next years.
EPS Next Y74.94%
EPS Next 2Y47.36%
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

  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
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 20 -20

4.2 Price Multiples

  • 73.91% of the companies in the same industry are more expensive than FWRD, based on the Enterprise Value to EBITDA ratio.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of FWRD indicates a somewhat cheap valuation: FWRD is cheaper than 73.91% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 39.9
EV/EBITDA 10.08
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 47.36% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y47.36%
EPS Next 3YN/A

More info and screens

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

3

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 -32.44% 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.
  • Compared to an average industry Dividend Yield of 1.17, FWRD pays a bit more dividend than its industry peers.
  • 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 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 2Y47.36%
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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Find the best dividend stocksShow peers with best dividend

FWRD Fundamentals: All Metrics, Ratios and Statistics

FORWARD AIR CORP

NASDAQ:FWRD (4/13/2026, 8:00:01 PM)

After market: 19.31 0 (0%)

19.31

+0.17 (+0.89%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryAir Freight & Logistics
Earnings (Last)02-23
Earnings (Next)N/A
Inst Owners74.95%
Inst Owner Change0%
Ins Owners1.88%
Ins Owner Change2.66%
Market Cap609.23M
Revenue(TTM)2.50B
Net Income(TTM)-107.80M
Analysts80
Price Target36.04 (86.64%)
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)0%
EPS NQ rev (3m)-32.86%
EPS NY rev (1m)1.6%
EPS NY rev (3m)-13775%
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 0.24
P/FCF 39.9
P/OCF 13.73
P/B 5.38
P/tB N/A
EV/EBITDA 10.08
EPS(TTM)-2.26
EYN/A
EPS(NY)-0.57
Fwd EYN/A
FCF(TTM)0.48
FCFY2.51%
OCF(TTM)1.41
OCFY7.29%
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 0.95
F-Score4
WACC7.98%
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 Y74.94%
EPS Next 2Y47.36%
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.