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Financial distress

Forward Air

NSQ:FWRD · US34986A1043
Air Freight & LogisticsLarge

360

26
EV / EBIT17
Price / Owner Earnings25
Owner Earnings Yield41
Dividend Yield1
Price/Sales97
EV / Gross Profit60
Price/Book22
Return on Capital33
Cash Return on Capital40
Return on Equity4
EBIT Margin21
Gross Profitability79
Accruals65
Owner Earnings Margin37
Sales growth14
Profit Growth15
Long-Term EPS Growth45
Reinvestment65
Price momentum1
Debt load8
Refinancing97
Debt Payback3
Liquidity20
Analyst ratings64
Opinion Changes50
Price Target Upside70
Market mood4
Value Creation10/20creating some value
  • Creates more value than its capital costs
  • Owner earnings growing
  • Owner earnings per share growing
  • Reinvests at strong returns
  • Solid earnings base

What this means

Forward Air clears its cost of capital, but the record is mixed across the five tests. Real value creation, just not yet consistent.

Profile

CountryUSA
IndustryAir Freight & Logistics
SizeLarge
TypePublic Company
ExchangeNASDAQGS
Founded1981
Employees1,463
Websiteforwardair.com
ISINUS34986A1043
Last UpdateApr 2, 2026
Indices
NASDAQ (USA)
Themes
Freight ServiceLogisticsService IndustryTransportation

Description

Forward Air Corporation (Forward) operates as an asset-light provider of transportation services. The company provides ground transportation, air and ocean forwarding, intermodal drayage services, and contract logistics across North and South Americ…

Analysis

Middle-of-the-road

Forward Air Corporation sits in the middle of our grid: average quality, average price, no obvious signal in either direction.

On valuation, the picture is attractive. The owner-earnings multiple stands at 10.4×; owner earnings: the cash an owner could take out each year.

Growth is tepid; the safety picture is stretched. The company scores 10/20 on our value-creation score: creating some value. Analysts lean positive.

No flags apply to this company at this time: accounts, balance sheet, and cash quality all pass. A clean bill of health is meaningful, not just the absence of a warning. This analysis describes numbers; it is not investment advice.

360° rank · history

1007550250
23
2023202420252026

All-time high

86

Jan 2023

All-time low

23

Jun 2026

Average rank

41

across all years

Detailed & Historical Ranks

Deep dive into 15 detailed ranks and 3 years of history.

Current202520242023
Price/Sales
97
87
47
33
Price/Earnings
95
1
65
24
Price/Book
22
35
37
31
Dividend Yield
1
91
71
58
Value (overall)
61
61
67
27

Cells are coloured by rank band (red weak → green strong). Sentiment & 360° history begins 2023.

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Make Sense of the Ranks

Every rank runs 1–100 against true peers. Higher is always better.

360° View
1 · Watch OutGood· 100
Value
1 · ExpensiveGood Value· 100
Quality
1 · Weak FundamentalsHigh Quality· 100
Growth
1 · Tough TimesHigh Growth· 100
Safety
1 · High LeverageWell-Financed· 100
Sentiment
1 · SkepticismPositive· 100
Learn More →