Forward Air Corporation — Earnings Quality Grade F
FWRD · Industrials
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 50 days, change +3 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 0.8%, CFFO 158.9%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -21.4% vs revenue 0.8%. Normal
SG&A/Gross Profit = 17.4%, excellent (<30%)
Gross margin 13.6%, change -0.2pp. Stable
Cash Flow Quality
CFFO/NI = -0.41. Below 1.0
FCF $0.0B, FCF/NI = -0.14
Accruals ratio = -5.6%. Low accruals
Cash $0.1B covers only 5% of debt $2.2B
Balance Sheet Health
Goodwill+Intangibles $1.4B = 1261% of equity. Over 50%
Debt/EBITDA = 11.6x (>4x). Interest coverage = 0.2x (<2x). Financial stress
Other assets -19.3% vs revenue 0.8%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -6% YoY. Normal
Manipulation Score
M-Score = -2.70 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25