# Forward Air Corporation (FWRD) fundamentals

Data as of 2026-09-08. NASDAQ, United States. Sector: Industrials / Air Freight & Logistics. Price $17.89, market value $604 million.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Forward Air Corporation reported negative earnings over the last twelve months, so the P/E is not meaningful; use price-to-sales, EV/EBITDA and free-cash-flow yield instead.
- **PEG: 0.47**. A PEG of 0.47 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 0.2×**. Each dollar of revenue is priced at 0.2×, a low multiple typical of thin-margin businesses or out-of-favour stocks.
- **Free-cash-flow yield: 8.0%** (5-yr avg 2.1%). Free cash flow equals 8.0% of the market value, above its five-year average of 2.1%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.

## Profitability
- **Operating margin: -6.7%**. Operating margin is negative: the business loses money before interest and tax.
- **Net margin: -4.3%**. The company reported a net loss over the last twelve months.
- **Return on equity: -95.1%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: -7.9%**. Return on all capital, debt included, is -7.9%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -10.5%**. Each dollar of assets produces -10.5% of profit.

## Growth
- **Revenue growth (1 yr): 0.8%** (3-yr 14.1%/yr, 5-yr 14.5%/yr). Revenue grew 0.8% over the last year, against 14.5% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 88.5%**. Earnings per share rose 88.5%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): -58.3%/yr**. Free cash flow has compounded at -58.3% a year over three years.

## Financial health
- **Debt to equity: 14.89**. Debt is 14.89 times equity, a leveraged balance sheet that needs steady cash flow to service.
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. Forward Air Corporation does not currently pay a dividend.

## Price and momentum
- **Total return (1 yr): -41.1%** (YTD -28.4%, 3-mo 72.7%). The shares are down 41.1% over twelve months including dividends.
- **From 52-week high: -42.6%** (127.6% above the low). Trading 43% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 56**. An RSI of 56 is neutral.
- **Beta (1 yr): 1.67** (volatility 85%). Beta of 1.67 against the S&P 500: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=FWRD · Page: https://foliofundamentals.com/stocks/fwrd

Not investment advice.