FORWARD AIR CORP (FWRD) Stock Fundamental Analysis

NASDAQ:FWRD • US34986A1043

24.66 USD
-0.63 (-2.49%)
Last: Mar 2, 2026, 09:51 AM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to FWRD. FWRD was compared to 23 industry peers in the Air Freight & Logistics industry. FWRD has a bad profitability rating. Also its financial health evaluation is rather negative. FWRD is quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

3

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.
  • In multiple years FWRD reported negative net income over the last 5 years.
  • FWRD had a positive operating cash flow in 4 of the past 5 years.
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 comparable to the rest of the industry.
  • FWRD has a worse Return On Equity (-95.11%) than 73.91% of its industry peers.
  • The Return On Invested Capital of FWRD (2.14%) is comparable to the rest of the industry.
  • The Average Return On Invested Capital over the past 3 years for FWRD is significantly below the industry average of 12.22%.
Industry RankSector Rank
ROA -3.96%
ROE -95.11%
ROIC 2.14%
ROA(3y)-9.49%
ROA(5y)-0.63%
ROE(3y)-163.82%
ROE(5y)-89.32%
ROIC(3y)2.33%
ROIC(5y)8.08%
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

  • With a decent Operating Margin value of 2.49%, FWRD is doing good in 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.
  • The Gross Margin of FWRD (41.14%) is better than 86.96% of its industry peers.
  • FWRD's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 2.49%
PM (TTM) N/A
GM 41.14%
OM growth 3Y-52.33%
OM growth 5Y-24.17%
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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ROAROEROICOperating and Profit MarginShow most profitable peers

2

2. Health

2.1 Basic Checks

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

  • Based on the Altman-Z score of 0.99, we must say that FWRD is in the distress zone and has some risk of bankruptcy.
  • Looking at the Altman-Z score, with a value of 0.99, FWRD is doing worse than 60.87% of the companies in the same industry.
  • The Debt to FCF ratio of FWRD is 113.02, which is on the high side as it means it would take FWRD, 113.02 years of fcf income to pay off all of its debts.
  • The Debt to FCF ratio of FWRD (113.02) is better than 65.22% of its industry peers.
  • A Debt/Equity ratio of 15.08 is on the high side and indicates that FWRD has dependencies on debt 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 0.99
ROIC/WACC0.4
WACC5.41%
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

  • FWRD has a Current Ratio of 1.22. 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 Current ratio of 1.22 is on the low side compared to the rest of the industry. FWRD is outperformed by 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. Growth

3.1 Past

  • The Earnings Per Share has grown by an nice 10.31% over the past year.
  • 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)10.31%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%90.54%
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 50.32% on average per year.
  • FWRD is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 5.79% yearly.
EPS Next Y79.94%
EPS Next 2Y50.32%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year4.76%
Revenue Next 2Y5.79%
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 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.
  • Besides the negative Price/Earnings Ratio, also the Forward Price/Earnings Ratio is negative for FWRD. No positive earnings are expected for the next year.
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 -40 -60

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 69.57% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 50.47
EV/EBITDA 11.22
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 50.32% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y50.32%
EPS Next 3YN/A

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.
  • FWRD's Dividend Yield is rather good when compared to the industry average which is at 1.08. FWRD pays more dividend than 82.61% of the companies in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.82, FWRD has a dividend comparable with the average S&P500 company.
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 2Y50.32%
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

FORWARD AIR CORP

NASDAQ:FWRD (3/2/2026, 9:51:13 AM)

24.66

-0.63 (-2.49%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryAir Freight & Logistics
Earnings (Last)02-23
Earnings (Next)N/A
Inst Owners82.37%
Inst Owner Change-6.78%
Ins Owners1.52%
Ins Owner Change2.31%
Market Cap770.63M
Revenue(TTM)2.50B
Net Income(TTM)-107.80M
Analysts80
Price Target36.38 (47.53%)
Short Float %19.3%
Short Ratio8.17
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)-75.33%
Min EPS beat(2)-143.02%
Max EPS beat(2)-7.65%
EPS beat(4)1
Avg EPS beat(4)-31.46%
Min EPS beat(4)-143.02%
Max EPS beat(4)121.79%
EPS beat(8)2
Avg EPS beat(8)-729.55%
EPS beat(12)3
Avg EPS beat(12)-491.28%
EPS beat(16)5
Avg EPS beat(16)-367.42%
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)1.9%
PT rev (3m)4.9%
EPS NQ rev (1m)-8.72%
EPS NQ rev (3m)-15.71%
EPS NY rev (1m)-40.98%
EPS NY rev (3m)-323.38%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-0.6%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-2.09%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 0.31
P/FCF 50.47
P/OCF 17.36
P/B 6.8
P/tB N/A
EV/EBITDA 11.22
EPS(TTM)-1.75
EYN/A
EPS(NY)-0.35
Fwd EYN/A
FCF(TTM)0.49
FCFY1.98%
OCF(TTM)1.42
OCFY5.76%
SpS79.84
BVpS3.63
TBVpS-42.12
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
Industry RankSector Rank
ROA -3.96%
ROE -95.11%
ROCE 2.71%
ROIC 2.14%
ROICexc 2.25%
ROICexgc 6.5%
OM 2.49%
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)2.33%
ROIC(5y)8.08%
ROICexc(3y)2.44%
ROICexc(5y)8.44%
ROICexgc(3y)4.57%
ROICexgc(5y)15.74%
ROCE(3y)2.95%
ROCE(5y)10.23%
ROICexgc growth 3Y-54.14%
ROICexgc growth 5Y-21.89%
ROICexc growth 3Y-60.37%
ROICexc growth 5Y-28.38%
OM growth 3Y-52.33%
OM growth 5Y-24.17%
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 7.96
Cap/Depr 19.08%
Cap/Sales 1.17%
Interest Coverage 250
Cash Conversion 20.66%
Profit Quality N/A
Current Ratio 1.22
Quick Ratio 1.22
Altman-Z 0.99
F-Score4
WACC5.41%
ROIC/WACC0.4
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)10.31%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%90.54%
EPS Next Y79.94%
EPS Next 2Y50.32%
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 Year4.76%
Revenue Next 2Y5.79%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y32.44%
EBIT growth 3Y-48.46%
EBIT growth 5Y-13.19%
EBIT Next Year119.08%
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 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 3 / 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 79.94% 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%.