27.88 USD
+0.27 (+0.98%)
At close: Jan 30, 2026
27.88 USD
0 (0%)
After Hours: 1/30/2026, 8:00:01 PM
FWRD gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals 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
- 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.
1.2 Ratios
- Looking at the Return On Assets, with a value of -5.28%, FWRD is in line with its industry, outperforming 52.17% of the companies in the same industry.
- FWRD has a worse Return On Equity (-105.62%) than 73.91% of its industry peers.
- FWRD has a Return On Invested Capital (2.33%) 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 12.29%.
- 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 Rank | Sector 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%
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.
- FWRD's Operating Margin has declined in the last couple of years.
- The Gross Margin of FWRD (41.38%) 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 | 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%
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.
- FWRD has more shares outstanding than it did 1 year ago.
- Compared to 5 years ago, FWRD has more shares outstanding
- The debt/assets ratio for FWRD has remained at the same level compared to a year ago.
2.2 Solvency
- FWRD has an Altman-Z score of 1.00. 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 1.00, FWRD is not doing good in the industry: 69.57% 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.
- The Debt to FCF ratio of FWRD (111.57) is better than 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.
- The Debt to Equity ratio of FWRD (12.24) is worse than 82.61% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 12.24 | ||
| Debt/FCF | 111.57 | ||
| Altman-Z | 1 |
ROIC/WACC0.31
WACC7.6%
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.
- FWRD's Quick ratio of 1.20 is on the low side compared to the rest of the industry. FWRD is outperformed by 73.91% of its industry peers.
| 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 -343.35% in the last year.
- Looking at the last year, FWRD shows a very negative growth in Revenue. The Revenue has decreased by -22.27% in the last year.
- The Revenue has been growing by 15.28% on average over the past years. This is quite good.
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
- FWRD is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 3.32% yearly.
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
- 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.
- Also next year FWRD is expected to report negative earnings again, which makes the also the Forward Price/Earnings Ratio negative.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | N/A |
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 65.22% of the companies listed in the same industry.
- Based on the Price/Free Cash Flow ratio, FWRD is valued a bit cheaper than 65.22% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 56.29 | ||
| EV/EBITDA | 11.06 |
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%
5. Dividend
5.1 Amount
- FWRD has a Yearly Dividend Yield of 1.48%.
- Compared to an average industry Dividend Yield of 1.12, 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 Rank | Sector 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
5.3 Sustainability
DP0%
EPS Next 2Y36.83%
EPS Next 3Y30.07%
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%.