Forward Air Corporation (FWRD) vs Pitney Bowes Inc. (PBI)

Forward Air Corporation and Pitney Bowes Inc. are both Integrated Freight & Logistics companies. Pitney Bowes Inc. is the larger, with a market value of $2.2B against $498.3M — 4.5× the size. Forward Air Corporation has negative trailing earnings, so its P/E is not meaningful; Pitney Bowes Inc. trades at 13.1×. Forward Air Corporation grew revenue faster over the last twelve months: −0.11% against −5.31%. Pitney Bowes Inc. has the higher net margin (10.0% vs −11.4%) and the higher return on invested capital (27.8% vs −7.28%). Both pay a dividend; Pitney Bowes Inc. yields more (6.38% vs 2.25%). Across the 20 metrics below, Pitney Bowes Inc. leads on 14 and Forward Air Corporation on 6.

Valuation

Metric FWRD PBI Integrated Freight & Logistics median
P/E n/m 13.10 21.28
P/S 0.19 1.20 0.71
P/B n/m n/m 1.67
Price to free cash flow 9.27 5.39 15.27
EV/EBITDA 8.95 7.87 8.95
EV/Sales 0.82 2.14 1.06
Earnings yield (60.59%) 7.63% (1.34%)
Free cash flow yield 10.79% 18.55% 0.00%

Profitability

Metric FWRD PBI Integrated Freight & Logistics median
Gross margin 49.27% 54.08% 26.33%
Operating margin (6.70%) 21.22% 0.92%
Net margin (11.37%) 10.04% (0.14%)
Free cash flow margin 2.04% 22.25% 0.00%
Return on equity (611.69%) (26.76%) 0.00%
Return on assets (11.07%) 5.99% 0.00%
Return on invested capital (7.28%) 27.75% 0.00%

Growth

Metric FWRD PBI Integrated Freight & Logistics median
Revenue growth (TTM) (0.11%) (5.31%) 6.03%
EPS growth (last fiscal year) 88.17% 175.00% —
Revenue growth, 5-year CAGR 14.47% (11.84%) 2.88%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric FWRD PBI Integrated Freight & Logistics median
Debt to equity (13.94) (2.36) 0.12
Current ratio 1.32 0.73 1.57
Net debt to EBITDA 8.48 3.79 0.86

Dividend

Metric FWRD PBI Integrated Freight & Logistics median
Dividend yield 2.25% 6.38% 2.25%
Payout ratio 0.17 1.11 0.13

Size

Metric FWRD PBI Integrated Freight & Logistics median
Market cap 498.27m 2.24b 56.42m

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