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Forward Air

Nasdaq:FWRD
Snowflake Description

Adequate balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FWRD
Nasdaq
$2B
Market Cap
  1. Home
  2. US
  3. Transportation
Company description

Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United State and Canada. The last earnings update was 84 days ago. More info.


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FWRD Share Price and Events
7 Day Returns
3%
NasdaqGS:FWRD
1.3%
US Logistics
-0.3%
US Market
1 Year Returns
0.6%
NasdaqGS:FWRD
-16.5%
US Logistics
3.4%
US Market
FWRD Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Forward Air (FWRD) 3% 1.6% -11.6% 0.6% 34.4% 27.1%
US Logistics 1.3% 1.2% -11.1% -16.5% 2.2% 8.2%
US Market -0.3% 2.9% 2.1% 3.4% 36.2% 41.3%
1 Year Return vs Industry and Market
  • FWRD outperformed the Logistics industry which returned -16.5% over the past year.
  • FWRD underperformed the Market in United States of America which returned 3.4% over the past year.
Price Volatility
FWRD
Industry
5yr Volatility vs Market

Value

 Is Forward Air undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Forward Air to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Forward Air.

NasdaqGS:FWRD Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.1%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:FWRD
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Logistics Unlevered Beta Simply Wall St/ S&P Global 1.01
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.012 (1 + (1- 21%) (10.55%))
1.064
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.06
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.064 * 5.96%)
9.07%

Discounted Cash Flow Calculation for NasdaqGS:FWRD using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Forward Air is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NasdaqGS:FWRD DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 9.07%)
2020 124.46 Analyst x3 114.11
2021 126.42 Est @ 1.58% 106.27
2022 128.85 Est @ 1.92% 99.30
2023 131.64 Est @ 2.16% 93.01
2024 134.72 Est @ 2.33% 87.26
2025 138.02 Est @ 2.45% 81.97
2026 141.52 Est @ 2.54% 77.05
2027 145.19 Est @ 2.59% 72.48
2028 149.02 Est @ 2.63% 68.20
2029 152.99 Est @ 2.66% 64.19
Present value of next 10 years cash flows $863.84
NasdaqGS:FWRD DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $152.99 × (1 + 2.73%) ÷ (9.07% – 2.73%)
$2,477.69
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $2,477.69 ÷ (1 + 9.07%)10
$1,039.60
NasdaqGS:FWRD Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $863.84 + $1,039.60
$1,903.44
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $1,903.44 / 28.70
$66.33
NasdaqGS:FWRD Discount to Share Price
Calculation Result
Value per share (USD) From above. $66.33
Current discount Discount to share price of $59.87
= -1 x ($59.87 - $66.33) / $66.33
9.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Forward Air is available for.
Intrinsic value
10%
Share price is $59.87 vs Future cash flow value of $66.33
Current Discount Checks
For Forward Air to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Forward Air's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Forward Air's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Forward Air's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Forward Air's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:FWRD PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $3.18
NasdaqGS:FWRD Share Price ** NasdaqGS (2019-07-18) in USD $59.87
United States of America Logistics Industry PE Ratio Median Figure of 14 Publicly-Listed Logistics Companies 19.29x
United States of America Market PE Ratio Median Figure of 3,083 Publicly-Listed Companies 17.88x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Forward Air.

NasdaqGS:FWRD PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:FWRD Share Price ÷ EPS (both in USD)

= 59.87 ÷ 3.18

18.83x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Forward Air is good value based on earnings compared to the US Logistics industry average.
  • Forward Air is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Forward Air's expected growth come at a high price?
Raw Data
NasdaqGS:FWRD PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 18.83x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
11.3%per year
United States of America Logistics Industry PEG Ratio Median Figure of 12 Publicly-Listed Logistics Companies 1.72x
United States of America Market PEG Ratio Median Figure of 2,124 Publicly-Listed Companies 1.57x

*Line of best fit is calculated by linear regression .

NasdaqGS:FWRD PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 18.83x ÷ 11.3%

1.66x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Forward Air is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Forward Air's assets?
Raw Data
NasdaqGS:FWRD PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $19.48
NasdaqGS:FWRD Share Price * NasdaqGS (2019-07-18) in USD $59.87
United States of America Logistics Industry PB Ratio Median Figure of 16 Publicly-Listed Logistics Companies 2.74x
United States of America Market PB Ratio Median Figure of 5,245 Publicly-Listed Companies 1.8x
NasdaqGS:FWRD PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:FWRD Share Price ÷ Book Value per Share (both in USD)

= 59.87 ÷ 19.48

3.07x

* Primary Listing of Forward Air.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Forward Air is overvalued based on assets compared to the US Logistics industry average.
X
Value checks
We assess Forward Air's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Logistics industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Logistics industry average (and greater than 0)? (1 check)
  5. Forward Air has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Forward Air expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
11.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Forward Air expected to grow at an attractive rate?
  • Forward Air's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Forward Air's earnings growth is positive but not above the United States of America market average.
  • Forward Air's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:FWRD Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:FWRD Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 11.3%
NasdaqGS:FWRD Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 6.1%
United States of America Logistics Industry Earnings Growth Rate Market Cap Weighted Average 15.3%
United States of America Logistics Industry Revenue Growth Rate Market Cap Weighted Average 6.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.1%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:FWRD Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:FWRD Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 1,589 192 122 1
2020-12-31 1,495 159 103 8
2019-12-31 1,408 149 91 8
NasdaqGS:FWRD Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 1,340 153 92
2018-12-31 1,321 153 91
2018-09-30 1,289 139 98
2018-06-30 1,256 118 94
2018-03-31 1,210 107 90
2017-12-31 1,169 103 87
2017-09-30 1,109 113 65
2017-06-30 1,060 121 58
2017-03-31 1,015 130 29
2016-12-31 1,030 130 27
2016-09-30 974 123 38
2016-06-30 972 128 42

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Forward Air's earnings are expected to grow by 11.3% yearly, however this is not considered high growth (20% yearly).
  • Forward Air's revenue is expected to grow by 6.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:FWRD Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Forward Air Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:FWRD Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 4.59 4.59 4.59 1.00
2020-12-31 3.67 4.06 3.45 8.00
2019-12-31 3.20 3.26 3.05 8.00
NasdaqGS:FWRD Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 3.18
2018-12-31 3.14
2018-09-30 3.36
2018-06-30 3.20
2018-03-31 3.02
2017-12-31 2.90
2017-09-30 2.16
2017-06-30 1.94
2017-03-31 0.96
2016-12-31 0.90
2016-09-30 1.25
2016-06-30 1.36

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Forward Air is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Forward Air's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Forward Air has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Forward Air performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Forward Air's growth in the last year to its industry (Logistics).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Forward Air's year on year earnings growth rate has been positive over the past 5 years.
  • Forward Air's 1-year earnings growth is less than its 5-year average (2.3% vs 13.3%)
  • Forward Air's earnings growth has exceeded the US Logistics industry average in the past year (2.3% vs 2.1%).
Earnings and Revenue History
Forward Air's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Forward Air Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:FWRD Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 1,339.75 91.77 37.40
2018-12-31 1,320.89 91.17 35.18
2018-09-30 1,289.46 98.18 34.64
2018-06-30 1,256.38 94.28 33.28
2018-03-31 1,209.91 89.69 30.93
2017-12-31 1,169.35 86.56 29.58
2017-09-30 1,109.00 64.76 27.56
2017-06-30 1,060.27 58.45 26.88
2017-03-31 1,015.03 28.88 25.80
2016-12-31 1,030.21 27.30 25.39
2016-09-30 974.16 37.92 24.17
2016-06-30 971.70 41.64 22.16
2016-03-31 982.76 63.44 21.75
2015-12-31 959.13 55.21 21.48
2015-09-30 916.77 48.77 21.29
2015-06-30 871.15 49.94 19.88
2015-03-31 815.31 55.37 16.74
2014-12-31 780.96 60.77 15.74
2014-09-30 747.98 59.71 14.43
2014-06-30 716.54 57.16 13.98
2014-03-31 682.49 53.81 14.09
2013-12-31 652.48 54.47 12.62
2013-09-30 626.92 54.84 12.34
2013-06-30 600.40 52.91 12.15
2013-03-31 588.93 53.25 11.17
2012-12-31 584.45 52.67 11.31
2012-09-30 577.18 51.16 10.79

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Forward Air has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Forward Air used its assets more efficiently than the US Logistics industry average last year based on Return on Assets.
  • Forward Air's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Forward Air's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Logistics industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Forward Air has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Forward Air's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Forward Air's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Forward Air is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Forward Air's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Forward Air's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 4.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Forward Air Company Filings, last reported 3 months ago.

NasdaqGS:FWRD Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 553.44 47.58 42.17
2018-12-31 553.24 47.28 25.66
2018-09-30 548.41 40.72 28.91
2018-06-30 541.87 40.80 20.10
2018-03-31 526.44 40.87 12.74
2017-12-31 532.70 40.22 3.89
2017-09-30 505.59 41.16 12.42
2017-06-30 519.24 21.45 10.09
2017-03-31 500.63 13.88 14.34
2016-12-31 499.07 27.67 8.51
2016-09-30 495.84 42.68 11.31
2016-06-30 489.48 56.62 21.68
2016-03-31 510.57 70.56 38.04
2015-12-31 510.06 83.10 33.31
2015-09-30 492.36 98.73 47.44
2015-06-30 488.48 112.83 42.53
2015-03-31 477.01 126.98 54.50
2014-12-31 463.56 0.00 41.43
2014-09-30 446.58 0.00 24.57
2014-06-30 450.66 0.00 24.94
2014-03-31 453.38 0.00 41.04
2013-12-31 435.87 0.00 127.37
2013-09-30 418.44 0.10 98.55
2013-06-30 403.76 0.00 81.10
2013-03-31 380.45 0.22 71.63
2012-12-31 351.67 0.00 112.18
2012-09-30 336.98 0.00 92.99
  • Forward Air's level of debt (8.6%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (0.4% vs 8.6% today).
  • Debt is well covered by operating cash flow (322.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 61.4x coverage).
X
Financial health checks
We assess Forward Air's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Forward Air has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Forward Air's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.2%
Current annual income from Forward Air dividends. Estimated to be 1.3% next year.
If you bought $2,000 of Forward Air shares you are expected to receive $24 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Forward Air's pays a lower dividend yield than the bottom 25% of dividend payers in United States of America (1.43%).
  • Forward Air's dividend is below the markets top 25% of dividend payers in United States of America (3.76%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:FWRD Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
United States of America Logistics Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 2.7%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2017 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:FWRD Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31
2020-12-31 0.84 1.00
2019-12-31 0.72 1.00
NasdaqGS:FWRD Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-25 0.720 1.211
2019-04-24 0.720 1.072
2018-10-24 0.720 1.178
2018-07-26 0.600 0.919
2018-07-25 0.600 0.994
2018-04-26 0.600 1.020
2018-04-25 0.600 1.114
2017-10-25 0.600 1.067
2017-07-27 0.600 1.112
2017-07-26 0.600 1.150
2017-02-08 0.600 1.189
2016-10-26 0.600 1.266
2016-10-20 0.480 1.164
2016-04-29 0.480 1.071
2016-04-27 0.480 1.037
2016-04-21 0.480 1.027
2015-10-23 0.480 1.099
2015-07-23 0.480 1.067
2015-04-27 0.480 0.913
2015-04-24 0.480 0.908
2015-04-21 0.480 0.912
2014-10-23 0.480 0.959
2014-07-22 0.480 1.034
2014-04-28 0.480 1.061
2014-02-10 0.480 1.070
2013-10-24 0.400 0.936
2013-07-23 0.400 1.045
2013-04-23 0.400 1.041
2013-04-18 0.400 1.087
2012-10-25 0.400 1.124
2012-07-24 0.400 1.217
2012-04-23 0.280 0.867
2012-02-07 0.280 0.803
2011-10-28 0.280 0.848
2011-07-25 0.280 1.001
2011-04-25 0.280 0.839
2011-02-14 0.280 0.936
2010-10-22 0.280 0.993
2010-07-27 0.280 1.068
2010-04-26 0.280 1.002
2010-02-10 0.280 1.086
2009-10-23 0.280 1.178
2009-07-28 0.280 1.182
2009-04-24 0.280 1.372
2009-02-11 0.280 1.712
2008-10-24 0.280 1.298
2008-07-25 0.280 0.941

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Forward Air's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4.8x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Forward Air's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Forward Air afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Forward Air has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Forward Air's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Tom Schmitt
COMPENSATION $4,363,909
AGE 54
TENURE AS CEO 0.8 years
CEO Bio

Mr. Thomas Schmitt, also known as Tom, is the President, Chief Executive Officer and Director of Forward Air Corporation, since September 1, 2018 and also serves as its Chairman of the Board. He serves as the Independent Non Executive Director at Ferguson plc Sine February 11, 2019. He served as the Chief Executive Officer and President of Aquaterra Corporation Ltd. Mr. Schmitt served as Chief Commercial Officer and Member of Management Board at Schenker AG and was responsible for Contract Logistics/SCM. He served as the Chief Executive Officer and President of Purolator Inc. He started his career at British Petroleum in London and Cleveland. He served as the Chief Executive Officer and President of Purolator Holdings Ltd., since September 9, 2010. He served as the Chief Executive Officer and President at FedEx SupplyChain Systems, Inc. Mr. Schmitt served as Senior Vice President of FedEx Solutions at FedEx Corporation. He served as President and Chief Executive Officer for FedEx Global Supply Chain Services in Memphis from 1998 to 2010 and Senior Engagement Manager at McKinsey & Company in Atlanta and Austria from 1993 to 1998. He served as the Chief Executive Officer, President and Senior Vice President of Fedex Global Supply Chain Services Inc. He served as the President of Fedex Supply Chain Services, Inc. and also served as its Chief Executive Officer from 2006 to 2009. He served as the Chairman of The Greater Memphis Chamber until August 2010. He serves on the Board of LOGTECH, an advisory organization to the Department of Defense, and as an Advisory Panel Member of the Corporate Executive Board. He serves as a Director of Dicom Transportation Group, L.P. He served as a Director of Purolator Inc. since September 2010. He also serves as a Director on the Executive Board of the Memphis Regional Chamber of Commerce and serves on the Board of Directors and the Executive Committee for Ballet Memphis. He served as a Director of Purolator Holdings Ltd. He served as Non Executive Director of Zooplus AG. He served as a Director of Univar Inc. since October 2008. Mr. Schmitt holds degrees from Harvard Business School (MBA with highest distinction) and Middlesex University (BA with First Class Honors) in London.

CEO Compensation
  • Insufficient data for Tom to compare compensation growth.
  • Tom's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Forward Air management team in years:

1.1
Average Tenure
53.5
Average Age
  • The average tenure for the Forward Air management team is less than 2 years, this suggests a new team.
Management Team

Tom Schmitt

TITLE
Chairman
COMPENSATION
$4M
AGE
54
TENURE
0.8 yrs

Mike Morris

TITLE
CFO, Senior VP & Treasurer
COMPENSATION
$1M
AGE
50
TENURE
3.1 yrs

Chris Ruble

TITLE
Chief Operating Officer
COMPENSATION
$2M
AGE
56
TENURE
1.1 yrs

Michael Hance

TITLE
Senior VP
COMPENSATION
$1M
AGE
47
TENURE
5.2 yrs

Matt Jewell

TITLE
Chief Commercial Officer
COMPENSATION
$2M
AGE
53
TENURE
17 yrs

Bruce Campbell

TITLE
Consultant
COMPENSATION
$4M
AGE
67
TENURE
0.2 yrs

Christina Bottomley

TITLE
Chief Accounting Officer
TENURE
0.2 yrs

Jay Tomasello

TITLE
Chief Information Officer

Kyle Mitchin

TITLE
Chief People Officer

Matt Casey

TITLE
Senior Vice President of Safety
Board of Directors Tenure

Average tenure and age of the Forward Air board of directors in years:

3.3
Average Tenure
67
Average Age
  • The tenure for the Forward Air board of directors is about average.
Board of Directors

Mike Lynch

TITLE
Independent Director
COMPENSATION
$205K
AGE
75
TENURE
14 yrs

Tom Schmitt

TITLE
Chairman
COMPENSATION
$4M
AGE
54

Ron Allen

TITLE
Independent Director
COMPENSATION
$213K
AGE
77
TENURE
4.7 yrs

R. Carlock

TITLE
Lead Independent Director
COMPENSATION
$198K
AGE
52
TENURE
0.2 yrs

Bob Campbell

TITLE
Lead Independent Director
COMPENSATION
$237K
AGE
74
TENURE
5.2 yrs

C. Langley

TITLE
Independent Director
COMPENSATION
$188K
AGE
73
TENURE
15.3 yrs

Ana Amicarella

TITLE
Independent Director
COMPENSATION
$188K
AGE
52
TENURE
2 yrs

Valerie Bonebrake

TITLE
Independent Director
COMPENSATION
$220K
AGE
67
TENURE
1.5 yrs

Gil West

TITLE
Independent Director
COMPENSATION
$101K
AGE
58
TENURE
0.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
04. Mar 19 Sell Bruce Campbell Individual 28. Feb 19 28. Feb 19 -16,651 $65.01 $-1,082,482
28. Feb 19 Sell Bruce Campbell Individual 27. Feb 19 27. Feb 19 -92 $65.02 $-5,982
28. Feb 19 Sell Bruce Campbell Individual 26. Feb 19 26. Feb 19 -8,148 $65.20 $-531,250
26. Feb 19 Sell Bruce Campbell Individual 22. Feb 19 25. Feb 19 -24,921 $67.10 $-1,653,081
22. Feb 19 Sell Chris Ruble Individual 21. Feb 19 21. Feb 19 -2,000 $68.10 $-136,200
02. Nov 18 Sell George Lynch Individual 01. Nov 18 01. Nov 18 -1,965 $60.52 $-118,922
01. Aug 18 Sell Chris Ruble Individual 30. Jul 18 30. Jul 18 -2,000 $62.50 $-125,000
X
Management checks
We assess Forward Air's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Forward Air has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Does Forward Air Corporation's (NASDAQ:FWRD) 2.3% Earnings Growth Reflect The Long-Term Trend?

After reading Forward Air Corporation's (NASDAQ:FWRD) latest earnings update (31 March 2019), I found it beneficial to look back at how the company has performed in the past and compare this against the most recent numbers. … View our latest analysis for Forward Air How Did FWRD's Recent Performance Stack Up Against Its Past? … However, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 13%, indicating the rate at which FWRD is growing has slowed down.

Simply Wall St -

Should We Be Delighted With Forward Air Corporation's (NASDAQ:FWRD) ROE Of 17%?

One way to conceptualize this, is that for each $1 of shareholders' equity it has, the company made $0.17 in profit. … The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Forward Air: 17% = US$92m ÷ US$553m (Based on the trailing twelve months to March 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … If you would prefer check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.

Simply Wall St -

Calculating The Intrinsic Value Of Forward Air Corporation (NASDAQ:FWRD)

We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. … Generally we assume that a dollar today is more valuable than a dollar in the future, and so the sum of these future cash flows is then discounted to today's value: 10-year free cash flow (FCF) estimate 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF ($, Millions) $123.12 $124.46 $126.42 $128.85 $131.64 $134.72 $138.02 $141.52 $145.19 $149.02 Growth Rate Estimate Source Analyst x3 Analyst x3 Est @ 1.58% Est @ 1.92% Est @ 2.16% Est @ 2.33% Est @ 2.45% Est @ 2.54% Est @ 2.59% Est @ 2.63% Present Value ($, Millions) Discounted @ 9% $112.95 $104.75 $97.62 $91.28 $85.55 $80.32 $75.49 $71.01 $66.84 $62.93 Present Value of 10-year Cash Flow (PVCF)= $848.75m "Est" = FCF growth rate estimated by Simply Wall St The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. … The Gordon Growth formula is used to calculate Terminal Value at a future annual growth rate equal to the 10-year government bond rate of 2.7%.

Simply Wall St -

What Is Forward Air Corporation's (NASDAQ:FWRD) Share Price Doing?

It’s trading around 17% below my intrinsic value, which means if you buy Forward Air today, you’d be paying a fair price for it. … This is because Forward Air’s beta (a measure of share price volatility) is high, meaning its price movements will be exaggerated relative to the rest of the market. … FWRD’s optimistic future growth appears to have been factored into the current share price, with shares trading around its fair value.

Simply Wall St -

Is Forward Air Corporation (NASDAQ:FWRD) Undervalued After Accounting For Its Future Growth?

FWRD is available at a PE (price-to-earnings) ratio of 18.97x today, which tells us the stock is overvalued based on current earnings compared to the Logistics industry average of 18.88x , and overvalued compared to the US market average ratio of 17.74x. … However, to be able to properly assess the value of a high-growth stock such as Forward Air, we must incorporate its earnings growth in our valuation. … This tells us that when we include its growth in our analysis Forward Air's stock can be considered a bit overvalued , based on fundamental analysis.

Simply Wall St -

Did Forward Air Corporation (NASDAQ:FWRD) Insiders Sell Shares?

So we'll take a look at whether insiders have been buying or selling shares in Forward Air Corporation (NASDAQ:FWRD). … Check out our latest analysis for Forward Air Forward Air Insider Transactions Over The Last Year Over the last year, we can see that the biggest insider sale was by the Consultant, Bruce Campbell, for US$1.7m worth of shares, at about US$67.10 per share. … Insider Ownership For a common shareholder, it is worth checking how many shares are held by company insiders.

Simply Wall St -

How Much Are Forward Air Corporation (NASDAQ:FWRD) Insiders Taking Off The Table?

So we'll take a look at whether insiders have been buying or selling shares in Forward Air Corporation (NASDAQ:FWRD). … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … While insider selling is a negative, to us, it is more negative if the shares are sold at a lower price

Simply Wall St -

One Thing To Remember About The Forward Air Corporation (NASDAQ:FWRD) Share Price

Every stock in the market is exposed to this volatility, which is linked to the fact that stocks prices are correlated in an efficient market. … Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

Does Forward Air Corporation's (NASDAQ:FWRD) 5.3% Earnings Growth Reflect The Long-Term Trend?

Did FWRD's recent earnings growth beat the long-term trend and the industry. … FWRD's trailing twelve-month earnings (from 31 December 2018) of US$91m has. … However, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 12%, indicating the rate at which FWRD is growing has slowed down

Simply Wall St -

Forward Air Corporation (NASDAQ:FWRD): Cash Is King

Today we will examine Forward Air’s ability to generate cash flows, as well as the level of capital expenditure it is expected to incur over the next couple of years, which will result in how much money goes to you. … What is Forward Air's cash yield. … The two ways to assess whether Forward Air’s FCF is sufficient, is to compare the FCF yield to the market index yield, as well as determine whether the top-line operating cash flows will continue to grow

Simply Wall St -

Company Info

Description

Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United State and Canada. The company operates through four segments: Expedited Less-Than-Truckload (LTL), Truckload Premium Services (TLS), Intermodal, and Pool Distribution (Pool). The Expedited LTL segment provides expedited regional, inter-regional, and national LTL services, as well as local pick-up and delivery services. It also offers shipment consolidation and deconsolidation, warehousing, final mile, customs brokerage, and other handling services. This segment provides its transportation services through a network of terminals located at or near airports. The TLS segment offers expedited truckload brokerage, dedicated fleet, and high security and temperature-controlled logistics services. The Intermodal segment provides intermodal container drayage services; and contract, and container freight station warehouse and handling services. The Pool segment offers high-frequency handling and distribution of time-sensitive products to various destinations. Forward Air Corporation was founded in 1981 and is headquartered in Greeneville, Tennessee.

Details
Name: Forward Air Corporation
FWRD
Exchange: NasdaqGS
Founded: 1981
$1,718,028,621
28,695,985
Website: http://www.forwardair.com
Address: Forward Air Corporation
Building N,
1915 Snapps Ferry Road,
Greeneville,
Tennessee, 37745,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS FWRD Common Stock Nasdaq Global Select US USD 16. Nov 1993
Number of employees
Current staff
Staff numbers
4,866
Forward Air employees.
Industry
Air Freight and Logistics
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/18 23:41
End of day share price update: 2019/07/18 00:00
Last estimates confirmation: 2019/07/10
Last earnings filing: 2019/04/25
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.