10 Year Financial Data of Forward Air Corporation (FWRD)

38.92 (1y: +23%)

Market Cap	1.15 B	P/E(ttm)	21.80
Enterprise Value	1.08 B	P/B	3.28

FWRD- NAS (USA)
Forward Air Corporation

Currently 3/5

Business Predictability Rank: 3-Star
Back Testing Results:
Average gain of all 3-Star stocks: 8.2% per year.
% of Stocks that are in still loss if held for 10yrs: 11%.
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$38.92

2 Medium Warning Signs 3 Good Signs

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Annual Rates (per share)	10 yrs*	5 yrs*	12 months*
Revenue Growth (%)	11.3	6.4	5.3
EBITDA Growth (%)	6.6	13.5	0.6
Free Cash Flow Growth (%)	8.4	14.3	-5
Book Value Growth (%)	10.2	12.4	21.1

*12-month growth rate is calculated with the per share revenue (EBITDA, FCF, earnings) of the last 12 months over the per share revenue (EBITDA, FCF, earnings) over the previous 12 months. 5-year and 10-year growth rates are calculated with least-square regression based on the 5-year and 10-year numbers.

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See this page for the explanation of the data and charts * All numbers are in millions except for per share data

Per Share Data	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Revenue per Share ($)	7.42	8.61	9.93	11.18	13.11	16.35	14.40	16.62	18.22	19.79	19.80	4.67	5.04	4.84	5.24	4.68
EBITDA per Share	1.46	1.84	2.36	2.67	2.73	2.99	1.32	2.55	3.33	3.54	3.48	0.75	0.97	0.84	0.98	0.69
Free Cashflow per Share	0.92	0.80	0.90	1.17	0.51	1.12	1.01	1.33	1.89	1.60	1.71	0.17	0.03	0.66	0.74	0.28
Earnings per Share ($)	0.79	1.05	1.39	1.55	1.50	1.47	0.34	1.10	1.60	1.78	1.79	0.35	0.48	0.41	0.54	0.36
Dividends Per Share	--	--	0.24	0.28	0.28	0.28	0.28	0.28	0.28	0.34	0.37	0.07	0.07	0.10	0.10	0.10
Book Value per Share	4.54	5.52	5.53	5.87	5.73	7.46	7.74	8.80	9.75	11.91	12.57	10.38	10.83	11.36	11.84	12.57
Month End Stock Price	18.33	29.80	36.65	28.93	31.17	24.27	25.03	28.38	32.05	35.01	37.29	36.67	32.27	30.41	35.01	37.29
Ratios	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Return on Equity %	17.50	19.00	25.10	26.40	26.20	19.70	4.40	12.50	16.50	15.00	11.60	13.60	17.60	14.40	18.00	11.60
Return on Assets %	14.70	16.00	21.10	23.00	18.60	13.80	3.10	9.20	13.80	13.20	9.60	11.20	15.20	12.80	16.00	9.60
Return on Capital - Joel Greenblatt %	81.50	90.20	84.10	82.00	49.70	41.90	11.20	31.40	43.50	43.50	30.40	36.40	46.00	40.00	50.00	30.40
Debt to Equity	0.01	0.01	0.01	0.01	0.19	0.25	0.24	0.20	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Gross Margin %	44.20	45.50	46.60	46.70	45.40	57.70	56.50	56.60	56.60	48.30	47.90	55.00	54.40	54.40	31.00	47.90
Operating Margin %	16.60	19.00	21.00	21.40	18.10	14.80	4.40	11.10	14.40	14.30	11.20	12.20	15.60	13.70	15.50	11.20
Net Margin %	10.70	12.20	14.00	13.90	11.40	9.00	2.30	6.60	8.80	9.00	7.70	7.50	9.60	8.50	10.30	7.70

Days Sales Outstanding	47.50	54.50	57.90	53.70	55.50	46.60	48.70	47.30	48.30	47.00	50.20	50.00	47.60	47.50	44.00	50.20
Days Inventory	1.10	1.00	1.20	1.00	1.00	1.20	1.90	1.40	1.40	1.30	--	--	--	--	1.20	--
Inventory Turnover	338	364	302	375	384	300	194	253	265	292	--	--	--	--	75.40	--

Debt to Revenue	0.00	0.00	0.01	0.00	0.08	0.12	0.13	0.11	0.00	0.00	0.00	0.01	0.00	0.00	0.00	0.00
COGS to Revenue	0.56	0.54	0.53	0.53	0.55	0.42	0.44	0.43	0.43	0.45	0.45	0.45	0.46	0.46	0.44	0.45
Inventory to Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	--	--	--	--	0.01	--
Interest Exp. to Revenue %	-0.03	-0.02	-0.03	-0.02	-0.13	-0.26	-0.16	-0.15	-0.12	-0.07	-0.09	-0.04	-0.05	-0.08	-0.10	-0.09

Asset Turnover	1.38	1.32	1.51	1.66	1.62	1.54	1.32	1.39	1.57	1.46	0.32	0.38	0.40	0.37	0.39	0.32
Buyback Ratio	-11.30	-21.40	-13.90	-9.50	-2.80	-0.60	-2.40	-0.60	-0.50	-0.50	--	--	-0.80	--	-0.90	--
Dividend Payout Ratio	--	--	0.17	0.18	0.19	0.19	0.83	0.25	0.18	0.19	0.28	0.20	0.15	0.24	0.19	0.28
Income Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Revenue	242	282	321	353	393	474	417	484	536	584	589	137	148	144	156	142
Cost of Goods Sold	135	154	171	188	214	201	182	210	233	263	265	61.74	67.66	65.42	67.94	64.01
Gross Profit	107	129	150	165	178	274	236	274	303	282	275	75.34	80.67	78.09	48.28	67.85

Selling, General, &Admin. Expense	59.42	68.11	73.29	80.42	88.80	149	156	164	167	174	175	43.08	41.60	41.69	47.94	43.66
Earnings Before DDA	47.45	60.42	76.38	84.33	81.87	86.90	38.27	74.19	98.10	105	104	21.91	28.48	25.05	29.12	20.98

Depreciation, Depletion and Amortization	7.26	6.82	8.95	8.93	10.82	16.62	19.72	20.45	20.99	21.02	21.09	5.12	5.39	5.43	5.08	5.19

Operating Income	40.18	53.60	67.44	75.40	71.05	70.29	18.55	53.74	77.11	83.53	82.53	16.79	23.08	19.63	24.03	15.79
Interest Income/Expense	-0.07	-0.06	-0.10	-0.08	-0.49	-1.24	-0.67	-0.73	-0.62	-0.39	-0.47	-0.05	-0.08	-0.11	-0.15	-0.13
Net Income	25.82	34.42	44.91	48.92	44.93	42.54	9.80	32.04	47.20	52.67	53.25	10.27	14.17	12.27	15.96	10.86

Earnings per Share ($)	0.79	1.05	1.39	1.55	1.50	1.47	0.34	1.10	1.60	1.78	1.79	0.35	0.48	0.41	0.54	0.36
Total Shares Outstanding	32.54	32.78	32.31	31.56	29.96	29.03	28.99	29.11	29.44	29.54	30.26	29.36	29.45	29.66	29.69	30.26
Balance Sheet	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Cash and cash equivalents	86.54	112	79.33	69.88	5.43	22.09	42.04	74.50	58.80	112	71.63	69.40	68.83	92.99	112	71.63
Accounts Receivable	31.46	42.14	50.94	51.89	59.73	60.63	55.72	62.76	70.92	75.26	78.09	75.38	77.56	74.88	75.26	78.09
Inventory	0.40	0.42	0.57	0.50	0.56	0.67	0.94	0.83	0.88	0.90	--	--	--	--	0.90	--
Other Current Assets	4.77	5.18	5.89	5.29	5.73	8.19	8.53	7.87	9.11	10.05	14.80	10.67	15.71	13.61	10.05	14.80
Total Current Assets	123	159	137	128	71.45	91.59	107	146	140	198	165	155	162	181	198	165

Property, Plant and Equipment	32.91	37.29	47.22	53.32	103	123	129	126	130	134	147	139	139	137	134	147
Intangible Assets	15.59	15.59	27.60	26.32	66.04	90.94	79.18	74.59	70.00	65.43	133	68.85	67.71	66.56	65.43	133
Other Long Term Assets	3.42	2.26	1.05	5.82	1.36	2.02	1.60	1.81	1.57	1.80	2.55	1.86	1.89	1.82	1.80	2.55
Total Assets	175	215	213	213	242	308	317	349	341	399	446	365	371	387	399	446

Accounts Payable	15.67	21.19	20.04	14.48	21.71	23.95	28.17	26.54	32.91	27.19	32.42	39.73	32.00	29.37	27.19	32.42
Current Portion of Long-Term Debt	0.03	0.04	1.54	0.04	0.83	1.60	0.92	0.64	0.55	0.28	0.18	0.52	0.47	0.39	0.28	0.18
Other Current Liabilities	4.60	4.42	4.38	4.61	4.28	0.61	0.70	0.43	0.47	0.46	--	--	0.00	0.00	0.46	--
Total Current Liabilities	20.29	25.66	25.96	19.13	26.82	26.16	29.78	27.61	33.93	27.92	32.60	40.25	32.48	29.76	27.92	32.60

Long-Term Debt	0.91	0.87	0.84	0.80	31.49	53.04	52.17	50.88	0.33	0.06	0.04	0.23	0.14	0.09	0.06	0.04
Other Long-Term Liabilities	6.18	7.03	6.98	7.86	11.85	11.90	10.27	14.22	19.99	19.54	33.12	19.53	19.38	19.80	19.54	33.12
Total Liabilities	27.38	33.55	33.78	27.79	70.15	91.09	92.22	92.71	54.25	47.52	65.76	60.00	52.00	49.64	47.52	65.76

Common Stock	0.22	0.32	0.31	0.30	0.29	0.29	0.29	0.29	0.29	0.29	0.30	0.29	0.29	0.29	0.29	0.30
Retained Earnings	110	144	179	185	171	206	208	231	244	287	294	252	264	274	287	294
Additional Paid-In Capital	37.52	36.28	--	--	--	10.25	16.63	24.30	42.21	64.64	86.39	52.21	54.10	62.97	64.64	86.39
Total Equity	148	181	179	185	172	216	225	256	287	352	380	305	319	337	352	380
Cashflow Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Net Income	25.82	34.42	44.91	48.92	44.93	42.54	9.80	32.04	47.20	52.67	53.25	10.27	14.17	12.27	15.96	10.86
Depreciation, Depletion and Amortization	7.26	6.82	8.95	8.93	10.82	16.62	19.72	20.45	20.99	21.02	21.09	5.12	5.39	5.43	5.08	5.19
Cash Flow from Others	-0.34	-3.82	-2.62	-5.39	6.64	-0.07	20.66	1.51	8.77	-5.10	-3.10	2.56	-13.60	4.07	1.87	4.56
Cash Flow from Operations	32.74	37.42	51.23	52.47	62.39	59.08	50.18	54.00	76.96	68.59	71.24	17.96	5.97	21.76	22.91	20.60

Investment for Property, Plant & Equipement	-2.87	-11.20	-22.08	-15.45	-47.03	-26.70	-20.85	-15.15	-21.22	-21.35	-20.44	-13.10	-5.22	-2.18	-0.85	-12.18
Cash Flow from Acquisitions	--	--	-12.75	--	-48.63	-29.57	--	--	--	--	-45.22	--	--	--	--	-45.22
Cash Flow from Investing	14.72	-51.45	3.10	0.79	-34.07	-56.19	-20.21	-13.89	-19.67	-20.71	-64.80	-13.20	-4.73	-1.97	-0.81	-57.29

Net Issuance of Stock	2.91	-2.22	-47.84	-37.09	-53.86	0.26	0.24	0.20	-25.85	0.26	0.26	--	0.12	--	0.14	--
Net Issuance of Debt	--	--	--	--	--	18.40	-1.55	-0.90	-50.64	-0.55	-20.64	-0.14	-0.14	-0.14	-0.14	-20.23
Cash Flow for Dividends	--	--	-7.67	-8.69	-8.31	-8.09	-8.11	-8.12	-8.19	-9.95	-10.88	-2.03	-2.04	-2.94	-2.94	-2.97
Other Financing	-0.47	-0.03	1.43	0.42	30.52	3.73	-0.61	1.19	11.69	15.74	27.06	8.01	0.26	7.44	0.03	19.33
Cash Flow from Financing	2.44	-2.25	-54.08	-45.36	-31.65	14.29	-10.03	-7.64	-72.99	5.50	-4.20	5.84	-1.80	4.37	-2.91	-3.86

Net Change in Cash	49.90	-16.28	0.25	7.90	-3.32	17.18	19.94	32.47	-15.70	53.38	2.23	10.60	-0.57	24.16	19.19	-40.55

Free Cash Flow	29.87	26.22	29.16	37.01	15.37	32.38	29.33	38.85	55.74	47.23	50.80	4.86	0.75	19.58	22.05	8.42
Valuation Ratios (Daily)	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

PE Ratio(ttm)
Price to Tangible Book
Price-to-Free-Cash-Flow ratio
PS Ratio
EV-to-Revenue
EV-to-EBITDA
EV-to-EBIT
Earnings Yield (Joel Greenblatt)
Forward Rate of Return
Shiller PE Ratio
Valuation and Quality	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Market Cap
Enterprise Value
Month End Stock Price
Net Cash (per share)
Net Current Asset Value (per share)
DCF (per share)
Median PS (per share)
Peter Lynch Fair Value (per share)
Graham Number (per share)
Altman Z-Score
Piotroski F-Score
Beneish M-Score

Switch to Another Stock:

FWRD Quarterly/Annuals Reports

FWRD: 10-Q - FORWARD AIR CORP (0000912728) (Filer): (10-Q) - 2012-10-26
FWRD: 10-Q - FORWARD AIR CORP (0000912728) (Filer): (10-Q) - 2012-07-27
FWRD: 10-Q - FORWARD AIR CORP (0000912728) (Filer): (10-Q) - 2012-04-26
FWRD: 10-K - FORWARD AIR CORP (0000912728) (Filer): (10-K) - 2012-02-24
FWRD: 10-Q - FORWARD AIR CORP (0000912728) (Filer): (10-Q) - 2011-10-28

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