Does FORWARD AIR CORP have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores FORWARD AIR CORP (FWRD) 44.9 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 85, returns on capital 57, balance-sheet safety 0, capital discipline 12.

Is FWRD stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $37.55 per share versus a recent price of $13.75 — 63% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has FWRD's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 44.9 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

FORWARD AIR CORP

FWRD · Industrials · $430.7M mkt cap · FY2025 filings · Shallow moat ·

On the watchlist

Shallow moat

The four filters

Pricing power85

Median gross margin 51.8% over 5y, very stable.

Returns on capital57

Median ROIC 12.4%, above the 9% hurdle in 70% of years.

Balance-sheet safety0

Net debt/EBITDA 8.4x, interest coverage 0x.

Capital discipline12

Owner earnings -6.0%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

63% below value

Owner earnings (normalized): $105.9M
Est. intrinsic value / share: $37.55
Recent price: $13.75
Discount to value: 63% below value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Fundamentals

There's no normalized fundamentals series for FWRD yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale44.9 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — FWRD has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Industrials context

#132 of 309 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#130WCC WESCO International, Inc.45.1 out of 100, Shallow moatShallow moat
#131CAH Cardinal Health, Inc.45.0 out of 100, Shallow moatShallow moat
#133CARR CARRIER GLOBAL CORPORATION44.8 out of 100, Shallow moatShallow moat
#134DXPE DXP Enterprises, Inc.44.5 out of 100, Shallow moatShallow moat

Compare FWRD with its nearest peers →All Industrials companies on the Index →

Common questions about FWRD

Does FORWARD AIR CORP have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores FORWARD AIR CORP (FWRD) 44.9 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 85, returns on capital 57, balance-sheet safety 0, capital discipline 12.
Is FWRD stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $37.55 per share versus a recent price of $13.75 — 63% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has FWRD's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 44.9 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell FWRD. See the disclaimer.