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Forward AirFWRD +4.38%56 Return-on-Tangible-Asset is -10.65% 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 1,010 Transportation companies, Forward Air ranks worse than 92.38% on this metric.
Return-on-Tangible-Asset is calculated as Net Income divided by its average total tangible assets. Total tangible assets equals to Total Assets minus Intangible Assets. Forward Air's annualizedNet Income for the quarter that ended in Mar. 2026 was $-137 Mil. Forward Air's average total tangible assets for the quarter that ended in Mar. 2026 was $1,289 Mil. Therefore, Forward Air's annualized Return-on-Tangible-Asset for the quarter that ended in Mar. 2026 was -10.65%.
The historical rank and industry rank for Forward Air's Return-on-Tangible-Asset or its related term are showing as below:
FWRD'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: -42.48 Med: 12.74 Max: 25.24
Current: -7.03
During the past 13 years, Forward Air's highest Return-on-Tangible-Asset was 25.24%. The lowest was -42.48%. And the median was 12.74%.
FWRD's Return-on-Tangible-Asset is ranked worse than 92.38% of 1010
companies
in the Transportation industry
Industry Median: 3.76
vs FWRD: -7.03
Forward Air (NAS:FWRD) Return-on-Tangible-Asset Explanation
Return-on-Tangible-Asset measures the rate of return on the average total tangible assets (total assets minus intangible assets). Tangible means physical in nature. Intangible Assets are assets that are not physical in nature, and typically "derive their value from legal or intellectual rights." Return-on-Tangible-Asset measures a firm's efficiency at generating profits from its tangible assets. It shows how well a company uses what it has to generate earnings. Return-on-Tangible-Assets can vary drastically across industries. Therefore, Return-on-Tangible-Asset should not be used to compare companies in different industries.
Be Aware
Like ROE and ROA, Return-on-Tangible-Asset is calculated with only 12 months data. Fluctuations in the companys earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective. Return-on-Tangible-Asset can be affected by events such as stock buyback or issuance, and by a companys tax rate and its interest payment. Return-on-Tangible-Asset may not reflect the true earning power of the assets. A more accurate measurement is ROC % (ROC).
Many analysts argue the higher return the better. Buffett states that really high Return-on-Tangible-Asset may indicate vulnerability in the durability of the competitive advantage.
Forward Air Return-on-Tangible-Asset Related Terms
Forward Air Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for Forward Air's Return-on-Tangible-Asset 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: Return-on-Tangible-Asset Comparison
For the Integrated Freight & Logistics subindustry, Forward Air's Return-on-Tangible-Asset, along with its competitors' market caps and Return-on-Tangible-Asset 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 Return-on-Tangible-Asset vs Transportation Industry
For the Transportation industry and Industrials sector, Forward Air's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where Forward Air's Return-on-Tangible-Asset 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 the calculation of annual Return-on-Tangible-Asset, the net income of the last fiscal year and the average total tangible assets over the fiscal year are used. In calculating the quarterly data,
the Net Income data used here is four times the quarterly (Mar. 2026) net income data.
What does a Return-on-Tangible-Asset of -10.65% mean?
Forward Air (FWRD) has a Return-on-Tangible-Asset of -10.65% as of Mar. 2026. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Forward Air and its competitors. According to the industry distribution chart, Forward Air ranks #933 out of 1010 companies in the Transportation industry, placing it in the top 92.4%.
Is Forward Air's Return-on-Tangible-Asset too high?
Forward Air's current Return-on-Tangible-Asset is -10.65%. Based on the distribution chart, Forward Air ranks #933 out of 1010 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 Return-on-Tangible-Asset compare to RLGT and CYRX?
According to the Transportation industry distribution chart, Forward Air ranks #933 out of 1010 companies for Return-on-Tangible-Asset. This places Forward Air in the lower half of its industry. The industry median Return-on-Tangible-Asset is 3.76. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Return-on-Tangible-Asset for a Transportation company?
The median Return-on-Tangible-Asset among Transportation companies is 3.76, based on 1,010 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Asset significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Asset 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 Return-on-Tangible-Asset mean?
A high Return-on-Tangible-Asset can signal that a stock is expensive relative to its fundamentals. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Forward Air and its competitors. For the Transportation industry, the median Return-on-Tangible-Asset is 3.76 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Forward Air's current Return-on-Tangible-Asset is -10.65%. 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 $14.67 — trading 55.2% below its estimated fair value. The current Return-on-Tangible-Asset is -10.65%. 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 Return-on-Tangible-Asset calculated?
Return-on-Tangible-Asset is calculated from a company's financial statements. For Forward Air (FWRD), the current Return-on-Tangible-Asset is -10.65% 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 $14.67 is trading 55.2% below its estimated GF Value™ of $32.72.
GuruFocus considers Forward Air to be Possible Value Trap.
Key valuation signals for FWRD:
Return-on-Tangible-Asset: -10.65%
GF Value™: $32.72 vs. price of $14.67 (55.2% 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
Get the complete analysis for FWRD
Return-on-Tangible-Asset is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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