Forward Air Corp. (FWRD) intrinsic value & 10-year financials
Forward Air Corp. (FWRD) has a Graham intrinsic value of $167.41 per share. At $15.04 on Oct 17, 2026, the stock trades 91% below that value. Over the last 10 fiscal years revenue grew 10.9% a year to $2.5B, with an average return on invested capital of 4.4%.
- Graham intrinsic value
- $167.41
- Share price (Oct 17, 2026)
- $15.04
- Price vs Graham value
- 91% below
- Market cap
- $462.0M
- Revenue (FY2025)
- $2.5B
- Revenue growth (10-yr CAGR)
- 10.9%
- ROIC (10-yr avg)
- 4.4%
- Free cash flow (FY2025)
- $15.3M
FWRD 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.5B | -$107.8M | -$3.51 | $15.3M | 1.5% | 1.7% |
| FY2024 | $2.5B | -$817.0M | -$30.63 | -$106.1M | -43.0% | -64.2% |
| FY2023 | $1.4B | $167.4M | $6.40 | $168.5M | 6.4% | 10.0% |
| FY2022 | $2.0B | $193.2M | $7.14 | $218.4M | 13.5% | 23.1% |
| FY2021 | $1.7B | $105.9M | $3.85 | $85.8M | 9.6% | 15.2% |
| FY2020 | $1.3B | $23.7M | $0.84 | $75.8M | 5.8% | 6.2% |
| FY2019 | $1.2B | $87.1M | $3.04 | $130.8M | 9.8% | 14.1% |
| FY2018 | $1.3B | $92.1M | $3.12 | $110.3M | 9.2% | 16.3% |
| FY2017 | $1.1B | $87.3M | $2.89 | $65.1M | 9.9% | 16.2% |
| FY2016 | $982.5M | $27.7M | $0.90 | $88.2M | 6.1% | 5.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
FORWARD AIR CORP is a consistent compounder, expanding top-line revenue at 10.9% annually over the past decade.
FORWARD AIR CORP has historically struggled to out-earn its cost of capital, averaging just 4.4% ROIC.
Over the decade, FORWARD AIR CORP shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, FORWARD AIR CORP is modeled at 10.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $167.41 per share.