Forward Air Corp

Consumer Discretionary
Oil Refining/Marketing
www.forwardaircorp.com

Earnings Score
Moat Score
Safety Score

Market Cap $914.99M
PE -1
Debt $1.69B
Cash $138.16M
EV $2.47B
FCF -$43.11M

Earnings

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Sales & Net Margins

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Earnings	-$993.38M
EBIT	-$1.15B
ROE	-295%
ROA	-38%
FCF	-$43.11M
Equity	$336.53M
Growth Stability	27%
PE	-0.92
PEG	-0.06
PB	2.72
P/FCF	-21.23
P/S	0.46
Price/Cash	0.15
Debt/Equity	5.02
Debt/FCF	-39.21
Net Margins	-59%
Op. Margins	-58%
Earnings CAGR	8%
Sales Growth YoY	59%
Sales Growth QoQ	2%
Sales CAGR	8%
FCF CAGR	7%
Equity CAGR	3%
Earnings Stability	0.17
Earnings Growth YoY	-483%
Earnings Growth QoQ	-96%
Earnings CAGR 5Y	16%

Sales CAGR 5Y	7%
FCF CAGR 5Y	8%
Equity CAGR 5Y	2%
Earnings CAGR 3Y	-3%
Sales CAGR 3Y	-3%
FCF CAGR 3Y	-1%
Equity CAGR 3Y	-8%
Market Cap	$914.99M
Revenue	$1.97B
Dividend Yield	1%
Payout Ratio	-1%
Assets	$3.06B
Total Debt	$1.69B
Cash	$138.16M
Shares Outstanding	26.98M
EV	2.47B
Earnings Score	9%
Moat Score	1%
Safety Score	28%
Final Score	13%
Working Capital	96.38M
Current Ratio	1.21
Shares Growth 3y	0%
Equity Growth QoQ	-8%
Equity Growth YoY	-49%

Assets & ROA

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Stockholders Equity & ROE

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Forward Air Corp is an asset-light freight and logistics company. The company's operating segment includes Expedited Freight and Intermodal. It generates maximum revenue from the Expedited Freight segment. Expedited Freight segment operates a comprehensive national network to provide expedited regional, inter-regional and national LTL (less-than-truckload) services. It also offers customers local pick-up and delivery and other services including final mile, truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling.

SEC Filings

Direct access to Forward Air Corp (FWRD) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Forward Air Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Forward Air Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 8%

Stability 17%

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Forward Air Corp Discounted Cash Flow

Fully customizable DCF calculator online for Forward Air Corp.

Years

Calculation mode

= -$696M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	-$43M	-$46M	-$49M	-$53M	-$56M	-$60M	-$65M	-$69M	-$74M	-$79M	-$84M	-$844M
DCF		-$42M	-$41M	-$40M	-$39M	-$37M	-$36M	-$35M	-$34M	-$33M	-$33M	-$326M
Value	-$696M

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	8%	6%	3%	8%	7%	6%	2%	6%	10%	12%	-59%
ROA	-	12%	9%	16%	16%	12%	7%	14%	22%	3%	-38%
ROE	-	11%	6%	16%	17%	15%	4%	18%	27%	22%	-295%

Bad Net Margins (-59.49%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	1.87	0.33	0.63	0.43	0.59	1.57	1.9	0.54	0.08	-39.21
Debt over Equity	0	0.17	0.06	0.08	0.09	0.13	0.22	0.27	0.17	0.02	5.02
Growth Stability	-	-	-	100%	100%	100%	27%	100%	100%	100%	27%

Good Debt/FCF ratio (-39.21)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Bad Debt/Equity ratio (5.02)

The company is overleveraged and has a bad balance between equity and debt.

Bad Graham’s Stability (27%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	23%	2%	12%	20%	7%	-10%	31%	19%	-31%	7%
Earnings YoY growth	-	-9%	-50%	216%	5%	-5%	-73%	346%	82%	-13%	16%
Equity YoY growth	-	10%	-2%	7%	4%	4%	-5%	8%	19%	8%	2%
FCF YoY growth	-	-13%	95%	-26%	69%	19%	-42%	13%	155%	-23%	8%