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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
Forward Air's Sloan Ratio for the quarter that ended in Mar. 2026 was -4.93%.
As of Mar. 2026, Forward Air has a Sloan Ratio of -4.93%, indicating the company is in the safe zone and there is no funny business with accruals.
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Mar. 2026, Forward Air has a Sloan Ratio of -4.93%, indicating the company is in the safe zone and there is no funny business with accruals.
Forward Air Sloan Ratio % Related Terms
Forward Air Sloan Ratio % Historical Data
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The historical data trend for Forward Air's Sloan Ratio % 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.
For the Integrated Freight & Logistics subindustry, Forward Air's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % 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 Sloan Ratio % vs Transportation Industry
For the Transportation industry and Industrials sector, Forward Air's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Forward Air's Sloan Ratio % falls into.
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Forward Air's Sloan Ratio for the fiscal year that ended in Dec. 2025 is calculated as
Forward Air's Net Income for the trailing twelve months (TTM) ended in Mar. 2026 was -12.583 (Jun. 2025 ) + -16.25 (Sep. 2025 ) + -28.326 (Dec. 2025 ) + -34.319 (Mar. 2026 ) = $-91 Mil.
Forward Air's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 was -13.217 (Jun. 2025 ) + 52.714 (Sep. 2025 ) + -22.728 (Dec. 2025 ) + 45.738 (Mar. 2026 ) = $63 Mil.
Forward Air's Cash Flow from Investing for the trailing twelve months (TTM) ended in Mar. 2026 was -3.885 (Jun. 2025 ) + -3.852 (Sep. 2025 ) + -7.936 (Dec. 2025 ) + -5.518 (Mar. 2026 ) = $-21 Mil.
* 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 (FWRD) has a Sloan Ratio % of -4.93% as of Mar. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Forward Air and its competitors.
Is Forward Air's Sloan Ratio % too high?
Forward Air's current Sloan Ratio % is -4.93%. 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 Sloan Ratio % compare to RLGT and CYRX?
Forward Air's Sloan Ratio % of -4.93% can be compared against companies in the Transportation industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for a Transportation company?
A good Sloan Ratio % depends on the Transportation industry context. However, Sloan Ratio % 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 Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Forward Air and its competitors. Forward Air's current Sloan Ratio % is -4.93%. 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 Sloan Ratio % is -4.93%. 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 Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For Forward Air (FWRD), the current Sloan Ratio % is -4.93% 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:
Sloan Ratio %: -4.93%
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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