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Forward Air Corporation ( Forward , the Company , we , our , or us ) is a leading asset-light provider of transportation services. We provide ground transportation, air and ocean forwarding, intermodal drayage services and contract logistics across North and South America, Europe and Asia.
Operating margin is thin at 1.46%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue growth slowed to 0.8%, essentially flat. This is a business that needs a catalyst.
Net debt of $2.05B represents 134.5x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$2.46B
▲ +0.8% YoY
Net Income (TTM)
-$81M
▲ +86.8% YoY
Op. Margin
2.11%
▲ +44.4pp YoY
ROIC
1.81%
▲ +52.4pp YoY
Cash Flow & Balance Sheet
FCF (FY)
$15M
▲ +114.4% YoY
Op. Cash Flow (FY)
$44M
▲ +164.3% YoY
Net Debt
$2.01B
Cash & Equiv.
$141M
5Y CAGR: +14.5%
5Y CAGR: -27.4%
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