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FWRDForward Air Corporation
$16.64$526M
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
FWRD logo

Forward Air Corporation

FWRD
NASDAQ · Freight & Logistics
$16.64
At close - Nov 6, 4:00 PM EST - USD
Market Cap$526M
P/E-1.9x
52W High$31.18
Volume352.84K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Negative Equity and Persistent Losses Signal Structural Distress

Forward Air's fundamental outlook is severely challenged by persistent net losses, a deteriorating balance sheet with negative equity, and erratic cash flow generation.

GrowthMixed
ProfitabilityStrained
ValuationReview
TechnicalsWeak
Explore valuation models
MARKET ACTION

FWRD price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

2/12 Beats

EPS beat 2 of last 12 quarters

02

Valuation risk

-106% Peers

P/E is 106% below peer median

03

Market leadership

RS 47 · Lag

Laggard (Underperforming 53% of market)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystConfirmed earnings · Nov 9

Market performance

Price History →

Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
FWRD-33.78%
S&P 500 (^GSPC)+7.63%
1-Year Return
FWRD-20.38%
S&P 500 (^GSPC)+9.69%
3-Year Return
FWRD-74.79%
S&P 500 (^GSPC)+67.24%
5-Year Return
FWRD-82.32%
S&P 500 (^GSPC)+55.25%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
-1.9x
Forward P/E
N/A
EV/EBITDA
N/A
FCF YieldCash Flow
9.2%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
-1.9x
31.5x
0th· Low
EV/EBITDA
N/A
19.7x
N/A
Price/FCF
10.9x
40.7x
25th· Low
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
No DCF Model AvailableIntrinsic value modeling is not supported for this equity.

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$2.5B+0.8% YoY
Net income FY25
-$108M+86.8% YoY
Free cash flow FY25
$15M+113.6% YoY
Operating margin FY25
1.5%+44.4 pts YoY
ROIC (FY25)1.2%
Avg ROIC 5Y1.3%
ROE (TTM)-320.6%
Piotroski Score5 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate2/12 (17%)
Revenue Beat Rate5/12 (42%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 5, 2026
$1.27+928.0%
vs -$0.15
$673M+6.1%
vs $634M
Q2 2026
May 7, 2026
-$1.09-211.4%
vs -$0.35
$582M-6.2%
vs $620M
Q1 2026
Feb 23, 2026
-$0.28-5.7%
vs -$0.27
$631M+0.3%
vs $630M
Q4 2025
Nov 5, 2025
-$0.52-300.0%
vs -$0.13
$632M+0.3%
vs $630M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
Business Wire·Oct 28, 2026
Forward Air Announces Two-Year Definitive Agreement to Retain Significant Portion of Previously Disclosed Customer Relationship

DALLAS--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ: FWRD) (the “Company,” “Forward,” “we,” “our,” or “us”) today announced that it has entered into a definitive agreement (“the Agreement”) with one of its largest customers (the “Customer”) under which the Customer has agreed to continue utilizing the Company for a significant portion of the services currently provided for a two-year term. The Agreement also provides for the orderly transition of certain services currently provided to the.

Defense World·Oct 21, 2026
Forward Air Corporation (NASDAQ:FWRD) Stock Has Consensus Price Target of $24.50

Shares of Forward Air Corporation (NASDAQ: FWRD - Get Free Report) have earned a consensus rating of "Hold" from the five analysts that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and three have issued a buy recommendation on the company.

Business Wire·Oct 1, 2026
Forward's 5th Annual Drive for Hope Golf Tournament Raises Record-Breaking $700,000 for Hope For The Warriors

DALLAS--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ:FWRD) (the “Company,” “Forward,” “we,” “our,” or “us”) today announced that its 5th Annual Drive for Hope Golf Tournament raised $700,000 in support of Hope For The Warriors (“HOPE”), marking the most successful year in the event's history. The milestone brings the total funds raised through the Drive for Hope event to more than $2.4 million since its inception in 2022. "It is an honor to help empower the incredible work HOPE does to help.

Defense World·Sep 26, 2026
Forward Air Corporation (NASDAQ:FWRD) Stock Now Rated “Hold” by Sell-Side Brokerages

Forward Air Corporation (NASDAQ: FWRD - Get Free Report) has received an average rating of "Hold" from the five research firms that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and three have issued a buy recommendation on the

Filtered for Forward Air CorporationMore Headlines
04

Compare before deciding

Benchmark FWRD against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Forward Air Corporation (FWRD)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
FWRD logoFWRDForward Air CorporationCurrent
$16.64$526.24M-1.890.84%-11.37%-320.56%—
ARCB logoARCBArcBest Corp
$127.91$2.85B100.02-4.04%0.66%2.23%0.37%
SAIA logoSAIASaia, Inc.
$331.90$8.85B31.440.79%8.01%10.53%—
ODFL logoODFLOld Dominion Freight Line, Inc.
$164.92$34.3B29.54-5.48%20.08%25.92%0.68%
XPO logoXPOXPO Logistics, Inc.
$176.95$20.78B41.511.05%5.69%26.31%—
TFII logoTFIITFI International Inc.
$94.94$7.8B20.3231.1%4.21%14.16%2.66%

Compare FWRD vs Peers

Forward Air Corporation (FWRD) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ARCB

Most directly comparable listed peer for FWRD.

Scale Benchmark

vs UPS

Larger-name benchmark to compare FWRD against a more recognizable public peer.

Peer Set

Compare Top 5

vs ARCB, SAIA, ODFL, XPO

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

FWRD SEC Filings & Documents

Forward Air Corporation (FWRD) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Aug 5, 2026·SEC

Material company update

Jul 21, 2026·SEC

Material company update

Jul 10, 2026·SEC

10-K Annual Reports

3
FY 2026

Mar 11, 2026·SEC

FY 2025

Mar 24, 2025·SEC

FY 2024

Mar 15, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Aug 5, 2026·SEC

FY 2026

May 11, 2026·SEC

FY 2025

Nov 5, 2025·SEC

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FWRD Frequently Asked Questions

Forward Air Corporation (FWRD) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Forward Air Corporation's revenue?

Forward Air Corporation (FWRD) reported $2.52B in revenue over the trailing twelve months. Revenue was $2.50B in fiscal year 2025. That is 1488% more than the $157.1M of fiscal year 1996.

How fast is Forward Air Corporation growing?

Forward Air Corporation (FWRD) revenue fell by 0.1% over the trailing twelve months, compared with the twelve months before.

Is FWRD profitable?

No. Forward Air Corporation (FWRD) reported a net loss of $286.2M over the trailing twelve months.

Dividend & Returns
What is FWRD's return on equity?

Forward Air Corporation (FWRD) had a return on equity (ROE) of -320.6% over the trailing twelve months. A negative ROE means the company lost money over the period.

What is Forward Air Corporation's free cash flow?

Forward Air Corporation (FWRD) generated $48.2M in free cash flow over the trailing twelve months.

What if you invested $1,000 in FWRD back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →