Forward Air Corporation
FWRD · Price history
Price at last available close
$15.14
−$0.13 (-0.85%) 1M
2026-10-27
Tap or drag sideways to inspect a price. Use two fingers to compare automatically. Release to scroll. Use Shift + arrow keys to compare with a keyboard.
Company & revenue
About Forward Air Corporation
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
Forward Air Corporation, including its various subsidiaries, functions as a streamlined transportation and logistics enterprise throughout the United States and Canada, operating with an asset-light model. The company's business is structured into two principal divisions: Expedited Freight and Intermodal. The Expedited Freight segment delivers time-sensitive regional, inter-regional, and national less-than-truckload (LTL) services, complemented by local collection and delivery capabilities.
How they make money
Forward Air operates as an asset-light provider of transportation and logistics services, generating revenue by facilitating the movement of freight through ground, air, and ocean channels. The company utilizes a network of independent contractors and third-party carriers to provide expedited transit, intermodal drayage, and contract logistics, focusing on high-touch, time-sensitive supply chain management solutions for business-to-business customers.
Products & services
Expedited freight transportation, air and ocean forwarding, intermodal drayage, contract logistics, customs brokerage, and fulfillment services.
Brands & revenue mix
Core brand for expedited freight and transportation services.
Separate brand revenue is not available in this research.Source
Brand for high-touch logistics and supply chain management.
Separate brand revenue is not available in this research.Source
Brand for intermodal drayage services.
Separate brand revenue is not available in this research.Source
Revenue share is not unit sales or a best-seller ranking. Parent brands and included sub-brands can overlap; do not add overlapping rows.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
Customer types
Customer concentration
No quantified customer-concentration disclosure is available in the current saved research.
Suppliers, materials & equipment
- Independent contractors and third-party carriers — The company relies on a network of independent contractors and third-party transportation providers to perform the majority of its ground transportation and drayage services.Source
Strengths
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
22
Poor
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
27
Poor
Financial Strength
34
Business Quality / Moat
19
Management
30
Growth Quality
26
Risk / Durability
20
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
37
Avoid
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
47/100
Building Historical Record
Model Score 47/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
At today’s price, the WSS valuation framework currently reads as less attractive based on the available valuation and market data.
The model outlook is currently cautious.
No strong positive signal is being highlighted from the currently available summary data.
- •Debt service risk
- •M&A headline · Aug 24, 2026
- •M&A headline · Aug 19, 2026
- •Valuation is a weaker part of the current profile
- •Revenue fundamentals are weak
Company-specific research
Questions worth answering for FWRD
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •Can FWRD maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
- •Is FWRD's positive free cash flow repeatable, or is the current level being helped by temporary working-capital or spending changes?
- •Is FWRD's debt load manageable relative to cash generation, interest costs and upcoming maturities?
- •What specifically needs to improve for FWRD to reach sustainable profitability?
- •What future growth or profitability would be needed to justify FWRD's current valuation?
Essential Investment Snapshot
Wall Street Score
22
Opportunity Score
37
Market Cap
$511.4M
P/E Ratio
-1.7
EPS
$-8.92
52-Week High
$31.18
52-Week Low
$7.86
Beta
1.39
Analyst Target
$24.00
Shares Outstanding
31.0M
Total Revenue
$2.52B
Total Debt
$2.11B
Dividend
No current dividend
Liquidation Value / Share
$-3.96
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Weakening momentum
Low movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for FWRD
Detected from reported data — verify before acting.Dividend history reported
Dividend payments are recorded. Review the dates and regular/special classification below; past payments do not guarantee future dividends.
Debt service risk
Interest coverage is low (~0.2x). Earnings may be strained to cover interest expense.
M&A headline · Aug 24, 2026
Deutsche Bank AG Acquires New Shares in Forward Air Corporation $FWRD — This is a provider-linked headline, not an independently confirmed event. Check the article and company filings for the subject, proposed/completed status, and subsequent updates.
Defense WorldM&A headline · Aug 19, 2026
AlpInvest Partners B.V. Acquires Shares of 103,330 Forward Air Corporation $FWRD — This is a provider-linked headline, not an independently confirmed event. Check the article and company filings for the subject, proposed/completed status, and subsequent updates.
Defense WorldCommunity Sentiment
0 active · 0 total callsNo personal call yet on FWRD.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Asset-light business model.
- +High-touch logistics and supply chain management capabilities.
- +Positive free cash flow may provide capacity to invest in growth.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Integrated Freight & Logistics industry.
- −Dependence on independent contractors and third-party carriers.
- −Risks associated with litigation and legal proceedings.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
5 historical score records availablePrevious Score
22
Sep 24, 2026
Change
Unchanged
Current Score
22
Oct 1, 2026
Category Changes
FWRD score was unchanged.
Projected Score
Projected Score
23
Projected Change
+1.3 points
Preliminary comparable-period financial changes suggest improvement of approximately 1.3 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Valuation unavailableCurrent Price
$15.14
Model Intrinsic Value
—
Difference
—
Margin of Safety
—
Intrinsic value is not currently available for this stock, so valuation can't be calculated.
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.52B | $2.50B | $2.47B | $1.37B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Cost of Revenue | $2.25B | $1.98B | $2.13B | $1.04B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Gross Profit | $267.9M | $510.9M | $339.7M | $330.2M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Research & Development | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| SG&A Expenses | $15.7M | $0.00 | $64.7M | $50.1M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Expenses | $436.6M | $474.5M | $1.40B | $241.9M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| EBITDA | -$107.7M | $186.2M | -$916.6M | $145.6M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Income | -$168.7M | $36.4M | -$1.06B | $88.2M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Interest Expense | $90.0M | $180.7M | $189.2M | $31.6M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Before Tax | -$350.9M | -$147.2M | -$1.25B | $56.6M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Tax Expense | -$6.7M | -$5.5M | -$125.0M | $13.8M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Net Income | -$286.2M | -$107.8M | -$817.0M | $167.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic EPS | $-8.92 | $-3.48 | $-29.43 | $0.44 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic Shares | 32.48M | 30.97M | 27.54M | 25.91M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Diluted Shares | 32.48M | 30.97M | 27.54M | 26.00M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$673.0M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
-$6.38
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
-2.4%
Cash Change
+46.6%
Margin Change
-28.8 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
- Cash position grew
- Debt reduced
What Weakened
- Margins contracted
Potential Score Impact
Positive indicators included revenue growth, EPS growth, cash levels, debt levels. Pressure indicators included net income margin. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 8.8%. EPS increased 1456.1%. Cash increased 46.6%. Total debt declined 2.4%. Net income margin declined by 28.8 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
Smart Money
Number of Gurus
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Log in to view dividend history.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
5 historical recordsHistorical Score Chart
3 of 5 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
Related Companies
Integrated Freight & LogisticsSFWL
Shengfeng Development Limited
ZTO
ZTO Express (Cayman) Inc.
HXHX
Haoxin Holdings Limited Class A Ordinary Shares
GVH
Globavend Holdings Limited
FLX
BingEx Limited
EXPD
Expeditors International of Washington, Inc.
News
Forward Air Corporation (NASDAQ:FWRD) Stock Now Rated “Hold” by Sell-Side Brokerages
Forward Air (NASDAQ:FWRD) & Cargojet (OTCMKTS:CGJTF) Head to Head Survey
Bank of America Corp DE Has $5.20 Million Stock Position in Forward Air Corporation $FWRD
Deutsche Bank AG Acquires New Shares in Forward Air Corporation $FWRD
Rumor Mill · FWRD
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
Related Stock Research
Continue researching this company with related Wall Street Score rankings and investing guides.
Score Alerts
Premium unlocks alerts when a score rises, falls, or reaches your target price.
Start 7-Day Free TrialPortfolio Score
Premium unlocks portfolio scoring, strongest and weakest holdings, and overall margin of safety.
Start 7-Day Free Trial