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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 8/10

vs
industry
vs
history
Cash to Debt 1768.99
FWRD's Cash to Debt is ranked higher than
93% of the 1004 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 0.33 vs. FWRD: 1768.99 )
FWRD' s 10-Year Cash to Debt Range
Min: 0.02   Max: No Debt
Current: 1768.99

Equity to Asset 0.86
FWRD's Equity to Asset is ranked higher than
98% of the 971 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 0.47 vs. FWRD: 0.86 )
FWRD' s 10-Year Equity to Asset Range
Min: 0.34   Max: 0.88
Current: 0.86

0.34
0.88
Interest Coverage 158.56
FWRD's Interest Coverage is ranked higher than
89% of the 640 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 5.52 vs. FWRD: 158.56 )
FWRD' s 10-Year Interest Coverage Range
Min: 13.28   Max: 974.51
Current: 158.56

13.28
974.51
F-Score: 4
Z-Score: 14.97
M-Score: -2.56
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 8/10

vs
industry
vs
history
Operating margin (%) 12.93
FWRD's Operating margin (%) is ranked higher than
84% of the 997 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 6.62 vs. FWRD: 12.93 )
FWRD' s 10-Year Operating margin (%) Range
Min: 4.44   Max: 21.37
Current: 12.93

4.44
21.37
Net-margin (%) 8.35
FWRD's Net-margin (%) is ranked higher than
82% of the 998 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 3.99 vs. FWRD: 8.35 )
FWRD' s 10-Year Net-margin (%) Range
Min: 2.35   Max: 13.99
Current: 8.35

2.35
13.99
ROE (%) 12.50
FWRD's ROE (%) is ranked higher than
88% of the 974 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 6.43 vs. FWRD: 12.50 )
FWRD' s 10-Year ROE (%) Range
Min: 4.37   Max: 53.24
Current: 12.5

4.37
53.24
ROA (%) 10.76
FWRD's ROA (%) is ranked higher than
97% of the 1000 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 3.11 vs. FWRD: 10.76 )
FWRD' s 10-Year ROA (%) Range
Min: 3.09   Max: 22.97
Current: 10.76

3.09
22.97
ROC (Joel Greenblatt) (%) 39.56
FWRD's ROC (Joel Greenblatt) (%) is ranked higher than
94% of the 997 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 7.59 vs. FWRD: 39.56 )
FWRD' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: 11.24   Max: 90.21
Current: 39.56

11.24
90.21
Revenue Growth (%) 8.50
FWRD's Revenue Growth (%) is ranked higher than
84% of the 839 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 4.40 vs. FWRD: 8.50 )
FWRD' s 10-Year Revenue Growth (%) Range
Min: -42.7   Max: 90.2
Current: 8.5

-42.7
90.2
EBITDA Growth (%) 11.20
FWRD's EBITDA Growth (%) is ranked higher than
84% of the 731 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 2.50 vs. FWRD: 11.20 )
FWRD' s 10-Year EBITDA Growth (%) Range
Min: -38.1   Max: 115.7
Current: 11.2

-38.1
115.7
EPS Growth (%) 17.20
FWRD's EPS Growth (%) is ranked higher than
84% of the 608 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 7.30 vs. FWRD: 17.20 )
FWRD' s 10-Year EPS Growth (%) Range
Min: -39.7   Max: 73.6
Current: 17.2

-39.7
73.6
» FWRD's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q1 2013

FWRD Guru Trades in Q1 2013

Paul Tudor Jones 18,300 sh (New)
Jim Simons 236,439 sh (+66.62%)
Chuck Royce 2,538,078 sh (+8.55%)
Columbia Wanger 2,276,050 sh (+3.21%)
Steven Cohen Sold Out
James Barrow 1,665,553 sh (-1.65%)
Joel Greenblatt 30,024 sh (-20.14%)
» More
Q2 2013

FWRD Guru Trades in Q2 2013

Jim Simons 287,271 sh (+21.5%)
Chuck Royce 2,709,504 sh (+6.75%)
Columbia Wanger 2,276,050 sh (unchged)
Paul Tudor Jones Sold Out
James Barrow 1,632,663 sh (-1.97%)
Joel Greenblatt 8,814 sh (-70.64%)
» More
Q3 2013

FWRD Guru Trades in Q3 2013

Steven Cohen 73,300 sh (New)
Joel Greenblatt Sold Out
James Barrow 1,619,196 sh (-0.82%)
Chuck Royce 2,682,492 sh (-1%)
Columbia Wanger 2,192,000 sh (-3.69%)
Jim Simons 273,239 sh (-4.88%)
» More
Q4 2013

FWRD Guru Trades in Q4 2013

Paul Tudor Jones 6,314 sh (New)
Chuck Royce 2,646,992 sh (-1.32%)
James Barrow 1,594,251 sh (-1.54%)
Columbia Wanger 2,152,000 sh (-1.82%)
Jim Simons 219,700 sh (-19.59%)
Steven Cohen 14,784 sh (-79.83%)
» More
» Details

Insider Trades

Latest Guru Trades with FWRD

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Joel Greenblatt 2013-09-30 Sold Out 0.01%$36.35 - $40.94 $ 46.522%0
Joel Greenblatt 2013-06-30 Reduce -70.64%0.04%$35.93 - $39.62 $ 46.523%8814
Joel Greenblatt 2013-03-31 Reduce -20.14%0.02%$35.01 - $39.26 $ 46.524%30024
Joel Greenblatt 2012-12-31 Add 29.36%0.02%$29.76 - $34.7 $ 46.544%37595
Joel Greenblatt 2012-09-30 Reduce -31.51%0.03%$30.41 - $36.58 $ 46.539%29062
Joel Greenblatt 2012-03-31 Add 50.27%0.04%$32.32 - $37.12 $ 46.543%41321
Joel Greenblatt 2011-09-30 Add 207.52%0.07%$24.25 - $36.03 $ 46.558%24586
James Barrow 2011-06-30 New Buy0.12%$30.01 - $35.1 $ 46.542%1689118
Joel Greenblatt 2011-06-30 Reduce -20.39%0.02%$30.01 - $35.1 $ 46.542%7995
Joel Greenblatt 2011-03-31 New Buy0.09%$27.29 - $31.99 $ 46.562%10043
Premium More recent guru trades are included for Premium Members only!!
» Interactive Charts

Peter Lynch Chart ( What is Peter Lynch Charts )

Ratios

vs
industry
vs
history
P/E(ttm) 26.30
FWRD's P/E(ttm) is ranked higher than
52% of the 805 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 16.70 vs. FWRD: 26.30 )
FWRD' s 10-Year P/E(ttm) Range
Min: 11.26   Max: 76.82
Current: 26.3

11.26
76.82
P/B 3.20
FWRD's P/B is ranked lower than
65% of the 946 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 1.20 vs. FWRD: 3.20 )
FWRD' s 10-Year P/B Range
Min: 1.96   Max: 7.64
Current: 3.2

1.96
7.64
P/S 2.20
FWRD's P/S is ranked lower than
64% of the 992 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 0.96 vs. FWRD: 2.20 )
FWRD' s 10-Year P/S Range
Min: 0.9   Max: 4.14
Current: 2.2

0.9
4.14
PFCF 25.90
FWRD's PFCF is ranked higher than
52% of the 493 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 15.71 vs. FWRD: 25.90 )
FWRD' s 10-Year PFCF Range
Min: 11.73   Max: 176.05
Current: 25.9

11.73
176.05
EV-to-EBIT 14.90
FWRD's EV-to-EBIT is ranked higher than
68% of the 893 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 16.40 vs. FWRD: 14.90 )
FWRD' s 10-Year EV-to-EBIT Range
Min: 7.3   Max: 41
Current: 14.9

7.3
41
PEG 1.00
FWRD's PEG is ranked higher than
74% of the 461 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 1.40 vs. FWRD: 1.00 )
FWRD' s 10-Year PEG Range
Min: 0.71   Max: 15.39
Current: 1

0.71
15.39
Shiller P/E 33.20
FWRD's Shiller P/E is ranked lower than
54% of the 517 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 18.98 vs. FWRD: 33.20 )
FWRD' s 10-Year Shiller P/E Range
Min: 10.93   Max: 45.2
Current: 33.2

10.93
45.2

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 0.90
FWRD's Dividend Yield is ranked lower than
81% of the 743 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 2.00 vs. FWRD: 0.90 )
FWRD' s 10-Year Dividend Yield Range
Min: 0.2   Max: 1.94
Current: 0.9

0.2
1.94
Dividend Payout 0.23
FWRD's Dividend Payout is ranked higher than
79% of the 615 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 0.33 vs. FWRD: 0.23 )
FWRD' s 10-Year Dividend Payout Range
Min: 0.17   Max: 0.82
Current: 0.23

0.17
0.82
Dividend growth (3y) 12.60
FWRD's Dividend growth (3y) is ranked higher than
88% of the 459 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 0.40 vs. FWRD: 12.60 )
FWRD' s 10-Year Dividend growth (3y) Range
Min: 0   Max: 12.6
Current: 12.6

0
12.6
Yield on cost (5-Year) 1.42
FWRD's Yield on cost (5-Year) is ranked lower than
64% of the 762 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 1.95 vs. FWRD: 1.42 )
FWRD' s 10-Year Yield on cost (5-Year) Range
Min: 0.31   Max: 3.05
Current: 1.42

0.31
3.05
Share Buyback Rate -1.90
FWRD's Share Buyback Rate is ranked higher than
71% of the 616 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: -1.00 vs. FWRD: -1.90 )
FWRD' s 10-Year Share Buyback Rate Range
Min: 51.6   Max: -121.4
Current: -1.9

Valuation & Return

vs
industry
vs
history
Price/Net Cash 24.70
FWRD's Price/Net Cash is ranked lower than
65% of the 51 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 10.40 vs. FWRD: 24.70 )
FWRD' s 10-Year Price/Net Cash Range
Min: 9.96   Max: 200.31
Current: 24.7

9.96
200.31
Price/Net Current Asset Value 12.20
FWRD's Price/Net Current Asset Value is ranked higher than
50% of the 117 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 11.70 vs. FWRD: 12.20 )
FWRD' s 10-Year Price/Net Current Asset Value Range
Min: 7.11   Max: 275.4
Current: 12.2

7.11
275.4
Price/Tangible Book 4.60
FWRD's Price/Tangible Book is ranked lower than
72% of the 890 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 1.20 vs. FWRD: 4.60 )
FWRD' s 10-Year Price/Tangible Book Range
Min: 0.33   Max: 13.39
Current: 4.6

0.33
13.39
Price/DCF (Projected) 1.80
FWRD's Price/DCF (Projected) is ranked higher than
53% of the 458 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 1.30 vs. FWRD: 1.80 )
FWRD' s 10-Year Price/DCF (Projected) Range
Min: 1.18   Max: 27.64
Current: 1.8

1.18
27.64
Price/Median PS Value 1.00
FWRD's Price/Median PS Value is ranked higher than
65% of the 949 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 1.10 vs. FWRD: 1.00 )
FWRD' s 10-Year Price/Median PS Value Range
Min: 0.09   Max: 1.85
Current: 1

0.09
1.85
Price/Peter Lynch Fair Value 1.20
FWRD's Price/Peter Lynch Fair Value is ranked higher than
54% of the 252 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 1.10 vs. FWRD: 1.20 )
FWRD' s 10-Year Price/Peter Lynch Fair Value Range
Min: 0.78   Max: 5.47
Current: 1.2

0.78
5.47
Price/Graham Number 2.30
FWRD's Price/Graham Number is ranked lower than
67% of the 734 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 1.00 vs. FWRD: 2.30 )
FWRD' s 10-Year Price/Graham Number Range
Min: 0.18   Max: 4.76
Current: 2.3

0.18
4.76
Earnings Yield (Greenblatt) 6.70
FWRD's Earnings Yield (Greenblatt) is ranked higher than
71% of the 917 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 6.00 vs. FWRD: 6.70 )
FWRD' s 10-Year Earnings Yield (Greenblatt) Range
Min: 2.4   Max: 13.7
Current: 6.7

2.4
13.7
Forward Rate of Return (Yacktman) 23.94
FWRD's Forward Rate of Return (Yacktman) is ranked higher than
92% of the 705 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 3.93 vs. FWRD: 23.94 )
FWRD' s 10-Year Forward Rate of Return (Yacktman) Range
Min: -6.8   Max: 27.5
Current: 23.94

-6.8
27.5

Business Description

Industry: Transportation & Logistics » Integrated Shipping & Logistics
Compare:UPS, DPSGY, FDX, KHNGY, LFUGF » details
Forward Air Corporation was incorporated in Tennessee in 1981. The Company's operations can be broadly classified into two principal segments: Forward Air, Inc. and Forward Air Solutions, Inc. Through its Forward Air segment, the Company is a provider of time-definite surface transportation and related logistics services to the North American expedited ground freight market. It offers its customers local pick-up and delivery (Forward Air Complete) and scheduled surface transportation of cargo as a cost-effective, reliable alternative to air transportation. The Company operates its Forward Air segment through a network of terminals located on or near airports in 85 cities in the United States and Canada, including a central sorting facility in Columbus, Ohio and 12 regional hubs serving key markets. It also offers its customers an array of logistics and other services including: expedited full truckload; dedicated fleets; warehousing; customs brokerage; and shipment consolidation, deconsolidation and handling. Through its Forward Air segment, the Company markets its airport-to-airport services primarily to freight forwarders, integrated air cargo carriers, and passenger and cargo airlines. To serve this market, it offers customers a high level of service with a focus on on-time, damage-free deliveries. The Company serves its customers by locating its terminals on or near airports and maintaining regularly scheduled transportation service between major cities. Through its FASI segment, the Company provides pool distribution services throughout the Mid-Atlantic, Southeast, Midwest and Southwest continental United States. Pool distribution involves managing high-frequency handling and distribution of time-sensitive product to numerous destinations in specific geographic regions. The Company's Forward Air wholesale customer base is primarily comprised of freight forwarders, integrated air cargo carriers and passenger and cargo airlines. Its freight forwarder customers vary in size from small, independent, single facility companies to large, international logistics companies such as SEKO Worldwide, AIT Worldwide Logistics, Expeditors International of Washington, Associated Global, UPS Supply Chain Solutions and Pilot Air Freight. The Company's FASI pool distribution customers are primarily comprised of national and regional retailers and distributors, such as The Limited, The Marmaxx Group, The GAP, and Aeropostale. The expedited ground freight and pool distribution segments of the transportation industry are highly competitive and very fragmented. Its Forward Air and FASI competitors primarily include national and regional truckload and less-than-truckload carriers.

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