Forward Air Corporation (FWRD) vs Landstar System, Inc. (LSTR)

Forward Air Corporation and Landstar System, Inc. are both Integrated Freight & Logistics companies. Landstar System, Inc. is the larger, with a market value of $4.9B against $571.9M — 8.6× the size. Forward Air Corporation has negative trailing earnings, so its P/E is not meaningful; Landstar System, Inc. trades at 30.8×. Landstar System, Inc. grew revenue faster over the last twelve months: 10.6% against −0.11%. Landstar System, Inc. has the higher net margin (3.03% vs −11.4%) and the higher return on invested capital (23.9% vs −7.28%). Across the 20 metrics below, Forward Air Corporation leads on 10 and Landstar System, Inc. on 10.

Valuation

Metric FWRD LSTR Integrated Freight & Logistics median
P/E n/m 30.80 22.50
P/S 0.22 0.93 0.46
P/B n/m 5.93 1.75
Price to free cash flow 10.72 29.91 18.31
EV/EBITDA 9.28 18.18 9.01
EV/Sales 0.85 0.88 0.88
Earnings yield (52.38%) 3.25% (1.15%)
Free cash flow yield 9.33% 3.34% 0.00%

Profitability

Metric FWRD LSTR Integrated Freight & Logistics median
Gross margin 49.27% 22.18% 25.10%
Operating margin (6.70%) 4.05% 0.92%
Net margin (11.37%) 3.03% (0.14%)
Free cash flow margin 2.04% 3.10% 0.00%
Return on equity (611.69%) 18.66% 0.00%
Return on assets (11.07%) 9.24% 0.00%
Return on invested capital (7.28%) 23.88% 0.00%

Growth

Metric FWRD LSTR Integrated Freight & Logistics median
Revenue growth (TTM) (0.11%) 10.59% 9.95%
EPS growth (last fiscal year) 88.17% (39.93%) 5.86%
Revenue growth, 5-year CAGR 14.47% 2.84% 2.84%
Net income growth, 5-year CAGR 0.00% (9.75%) 0.00%

Health

Metric FWRD LSTR Integrated Freight & Logistics median
Debt to equity (13.94) 0.10 0.12
Current ratio 1.32 1.79 1.58
Net debt to EBITDA 8.48 (1.90) 0.67

Dividend

Metric FWRD LSTR Integrated Freight & Logistics median
Dividend yield — 2.50% 1.96%
Payout ratio — 0.77 0.29

Size

Metric FWRD LSTR Integrated Freight & Logistics median
Market cap 571.91m 4.91b 81.31m

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