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Forward AirFWRD +1.80%60 Intrinsic Value: Projected FCF is $20.65 as of Aug. 22, 2026, which is 1565% above its 10-year median of 1.24. GuruFocus rates FWRD with a GF Score™ of 60/100 and a GF Value™ of $27.51 (Possible Value Trap). The stock has 7 warning signs investors should review. Among 726 Transportation companies, Forward Air ranks worse than 50.14% on this metric.
Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company. The details of how we calculate the intrinsic value of stocks are described in detail here.
As of today (2026-08-22), Forward Air's Intrinsic Value: Projected FCF is $20.65. The stock price of Forward Air is $18.10. Therefore, Forward Air's Price-to-Intrinsic-Value-Projected-FCF of today is 0.9.
The historical rank and industry rank for Forward Air's Intrinsic Value: Projected FCF or its related term are showing as below:
FWRD'
s Price-to-Projected-FCF Range Over the Past 10 Years
Min: 0.39 Med: 1.24 Max: 2.39
Current: 0.87
During the past 13 years, the highest Price-to-Intrinsic-Value-Projected-FCF of Forward Air was 2.39. The lowest was 0.39. And the median was 1.24.
FWRD's Price-to-Projected-FCF is ranked worse than 50.14% of 726
companies
in the Transportation industry
Industry Median: 0.855
vs FWRD: 0.87
Forward Air (NAS:FWRD) Intrinsic Value: Projected FCF Explanation
The growth multiple is capped between 8.35 and 17.74.
Total Stockholders Equity weighting is more art than science and it should always be revisited in more detail when researching a company. Weightings from 0% to 100% to more than 100% are possible. 80% was chosen as a happy median after taking the above ideas into consideration.
Forward Air's Price-to-Intrinsic-Value-Projected-FCF for today is calculated as
Price-to-Intrinsic-Value-Projected-FCF
=
Share Price
/
Intrinsic Value: Projected FCF
=
18.10
/
20.645412354626
=
0.88
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Forward Air Intrinsic Value: Projected FCF Related Terms
Forward Air Intrinsic Value: Projected FCF Historical Data
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The historical data trend for Forward Air's Intrinsic Value: Projected FCF can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
FWRD vs RLGT, CYRX, PAL: Intrinsic Value: Projected FCF Comparison
For the Integrated Freight & Logistics subindustry, Forward Air's Price-to-Projected-FCF, along with its competitors' market caps and Price-to-Projected-FCF data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Forward Air Price-to-Projected-FCF vs Transportation Industry
For the Transportation industry and Industrials sector, Forward Air's Price-to-Projected-FCF distribution charts can be found below:
* The bar in red indicates where Forward Air's Price-to-Projected-FCF falls into.
Forward Air Intrinsic Value: Projected FCF Calculation
Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company.
The details of how we calculate the intrinsic value of stocks are described in detail here.
This method smooths out the free cash flow over the past 6-7 years, multiplies the results by a growth multiple, and adds a portion of Total Stockholders Equity.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Intrinsic Value: Projected FCF of $20.65 mean?
Forward Air (FWRD) has a Intrinsic Value: Projected FCF of $20.65 as of Aug. 22, 2026. Intrinsic Value: Projected FCF is the stock value based on a projected free cash flow model. View historical data on Forward Air and its competitors. This is 1565% above median its historical median of 1.24. Over the past decade, Forward Air's Intrinsic Value: Projected FCF has ranged from 0.39 to 2.39. According to the industry distribution chart, Forward Air ranks #364 out of 726 companies in the Transportation industry, placing it in the top 50.1%.
Is Forward Air's Intrinsic Value: Projected FCF too high?
Forward Air's current Intrinsic Value: Projected FCF of $20.65 is 1565% above median its 10-year median of 1.24. Over the past 10 years, this metric has ranged from a low of 0.39 to a high of 2.39. The Transportation industry median Intrinsic Value: Projected FCF is 0.86. Forward Air's value of $20.65 is 2315.2% above this industry median. Based on the distribution chart, Forward Air ranks #364 out of 726 companies in the Transportation industry, which is below the industry midpoint. Overall, Forward Air has a GF Score™ of 60/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Forward Air's Intrinsic Value: Projected FCF compare to RLGT and CYRX?
According to the Transportation industry distribution chart, Forward Air ranks #364 out of 726 companies for Intrinsic Value: Projected FCF. This places Forward Air in the lower half of its industry. The industry median Intrinsic Value: Projected FCF is 0.86. Forward Air's value of $20.65 is 2315.2% above this benchmark. Historically, Forward Air's own Intrinsic Value: Projected FCF has ranged from 0.39 to 2.39 over the past decade. While the company's 10-year median is 1.24 vs. the industry median of 0.86, Forward Air has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Intrinsic Value: Projected FCF for a Transportation company?
The median Intrinsic Value: Projected FCF among Transportation companies is 0.86, based on 726 companies in the industry. Companies in the top quartile (top 25%) have a Intrinsic Value: Projected FCF significantly above this median, while those in the bottom quartile fall well below. However, Intrinsic Value: Projected FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Forward Air's current Intrinsic Value: Projected FCF of $20.65 is 2315.2% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Intrinsic Value: Projected FCF mean?
A high Intrinsic Value: Projected FCF can signal that a stock is expensive relative to its fundamentals. Intrinsic Value: Projected FCF is the stock value based on a projected free cash flow model. View historical data on Forward Air and its competitors. For the Transportation industry, the median Intrinsic Value: Projected FCF is 0.86 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Forward Air's current Intrinsic Value: Projected FCF is $20.65, which is 1565% above median its own 10-year median of 1.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Forward Air stock overvalued right now?
Based on GuruFocus' analysis, Forward Air (FWRD) is currently considered Possible Value Trap. The stock's GF Value™ is $27.51, compared to a current price of $18.10 — trading 34.2% below its estimated fair value. The current Intrinsic Value: Projected FCF is $20.65, which is 1565% above median its 10-year median of 1.24 and 2315.2% above the Transportation industry median of 0.86. Forward Air's overall GF Score™ is 60/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Intrinsic Value: Projected FCF calculated?
Intrinsic Value: Projected FCF is calculated from a company's financial statements. For Forward Air (FWRD), the current Intrinsic Value: Projected FCF is $20.65 as of Aug. 22, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Forward Air (FWRD) Overvalued in 2026?
Based on GuruFocus' analysis, Forward Air stock appears to be undervalued.
The current stock price of $18.10 is trading 34.2% below its estimated GF Value™ of $27.51.
GuruFocus considers Forward Air to be Possible Value Trap.
Key valuation signals for FWRD:
Intrinsic Value: Projected FCF: $20.65 (1565% above median its 10-year median of 1.24)
GF Value™: $27.51 vs. price of $18.10 (34.2% below fair value)
Industry Position: 2315.2% above the Transportation median (#364 of 726)
No single metric tells the full story. See the FWRD stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Forward Air Corp is an asset-light freight and logistics company. The company's operating segment includes Expedited Freight, Omni Logistics, and Intermodal and Corporate. The company generates maximum revenue from the Omni Logistics segment. The expedited Freight segment operates a comprehensive national network to provide expedited regional, inter-regional, and national LTL (less-than-truckload) services. It also offers customers local pick-up and delivery and other services including final mile, truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling. The Company conducts business in North and South America, Europe, and Asia.
60GF Score
Get the complete analysis for FWRD
Intrinsic Value: Projected FCF is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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