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Forward AirFWRD +3.07%56 Net-Net Working Capital is $-70.44 as of Mar. 2026. GuruFocus rates FWRD with a GF Score™ of 56/100 and a GF Value™ of $32.72 (Possible Value Trap). The stock has 7 warning signs investors should review. Among 219 Transportation companies, Forward Air ranks worse than 456620.55% on this metric.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Forward Air's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $-70.44.
The industry rank for Forward Air's Net-Net Working Capital or its related term are showing as below:
FWRD's Price-to-Net-Net-Working-Capital is not ranked *
in the Transportation industry.
Industry Median: 6.45 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Forward Air (NAS:FWRD) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Forward Air Net-Net Working Capital Related Terms
Forward Air Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Forward Air's Net-Net Working Capital 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: Net-Net Working Capital Comparison
For the Integrated Freight & Logistics subindustry, Forward Air's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital 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-Net-Net-Working-Capital vs Transportation Industry
For the Transportation industry and Industrials sector, Forward Air's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Forward Air's Price-to-Net-Net-Working-Capital falls into.
* 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.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $-70.44 mean?
Forward Air (FWRD) has a Net-Net Working Capital of $-70.44 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Forward Air According to the industry distribution chart, Forward Air ranks #999999 out of 219 companies in the Transportation industry.
Is Forward Air's Net-Net Working Capital too high?
Forward Air's current Net-Net Working Capital is $-70.44. Based on the distribution chart, Forward Air ranks #999999 out of 219 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, Forward Air has a GF Score™ of 56/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Forward Air's Net-Net Working Capital compare to RLGT and CYRX?
According to the Transportation industry distribution chart, Forward Air ranks #999999 out of 219 companies for Net-Net Working Capital. This places Forward Air in the lower half of its industry. The industry median Net-Net Working Capital is 6.45. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Transportation company?
The median Net-Net Working Capital among Transportation companies is 6.45, based on 219 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Forward Air For the Transportation industry, the median Net-Net Working Capital is 6.45 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Forward Air's current Net-Net Working Capital is $-70.44. 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 $32.72, compared to a current price of $15.12 — trading 53.8% below its estimated fair value. The current Net-Net Working Capital is $-70.44. Forward Air's overall GF Score™ is 56/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Forward Air (FWRD), the current Net-Net Working Capital is $-70.44 as of Mar. 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 $15.12 is trading 53.8% below its estimated GF Value™ of $32.72.
GuruFocus considers Forward Air to be Possible Value Trap.
Key valuation signals for FWRD:
Net-Net Working Capital: $-70.44
GF Value™: $32.72 vs. price of $15.12 (53.8% below fair value)
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.
56GF Score
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