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 $2.1B against $571.9M — 3.7× the size. Forward Air Corporation has negative trailing earnings, so its P/E is not meaningful; Pitney Bowes Inc. trades at 11.8×. Forward Air Corporation grew revenue faster over the last twelve months: −0.11% against −3.54%. Pitney Bowes Inc. has the higher net margin (10.1% vs −11.4%) and the higher return on invested capital (32.8% vs −7.28%). Across the 19 metrics below, Pitney Bowes Inc. leads on 13 and Forward Air Corporation on 6.

Valuation

Metric FWRD PBI Integrated Freight & Logistics median
P/E n/m 11.76 22.50
P/S 0.22 1.14 0.46
P/B n/m n/m 1.75
Price to free cash flow 10.72 4.22 18.31
EV/EBITDA 9.28 7.31 9.01
EV/Sales 0.85 2.01 0.88
Earnings yield (52.38%) 8.51% (1.15%)
Free cash flow yield 9.33% 23.68% 0.00%

Profitability

Metric FWRD PBI Integrated Freight & Logistics median
Gross margin 49.27% 54.35% 25.10%
Operating margin (6.70%) 21.71% 0.92%
Net margin (11.37%) 10.10% (0.14%)
Free cash flow margin 2.04% 27.09% 0.00%
Return on equity (611.69%) (25.10%) 0.00%
Return on assets (11.07%) 6.02% 0.00%
Return on invested capital (7.28%) 32.84% 0.00%

Growth

Metric FWRD PBI Integrated Freight & Logistics median
Revenue growth (TTM) (0.11%) (3.54%) 9.95%
EPS growth (last fiscal year) 88.17% 175.00% 5.86%
Revenue growth, 5-year CAGR 14.47% (11.84%) 2.84%
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) (2.26) 0.12
Current ratio 1.32 0.70 1.58
Net debt to EBITDA 8.48 3.79 0.67

Dividend

Metric FWRD PBI Integrated Freight & Logistics median
Dividend yield — 2.44% 1.96%
Payout ratio — 0.29 0.29

Size

Metric FWRD PBI Integrated Freight & Logistics median
Market cap 571.91m 2.12b 81.31m

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