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FWRDForward Air Corporation
$15.06$476M
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
$15.06
At close - Sep 23, 4:00 PM EDT - USD
Market Cap$476M
P/E-4.3x
52W High$31.18
Volume451.67K
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. The company's revenue growth has decelerated to 8.8% in 2026Q2 after the Omni Logistics acq...

GrowthMixed
ProfitabilityStrained
ValuationAttractive
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

1/12 Beats

EPS beat 1 of last 12 quarters

02

Valuation risk

-112% Peers

P/E is 112% below peer median

03

Market leadership

RS 65 · Avg

Average momentum (RS Rating: 65)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystEstimated earnings · Nov 5

Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
FWRD-40.07%
S&P 500 (^GSPC)+12.39%
1-Year Return
FWRD-45.02%
S&P 500 (^GSPC)+15.77%
3-Year Return
FWRD-77.04%
S&P 500 (^GSPC)+75.88%
5-Year Return
FWRD-80.13%
S&P 500 (^GSPC)+71.52%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
-4.3x
Forward P/E
N/A
EV/EBITDA25th %ile
13.4x
FCF YieldCash Flow
3.2%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
-4.3x
31.5x
0th· Low
EV/EBITDA
13.4x
19.7x
25th· Low
Price/FCF
31.2x
40.7x
50th· Fair
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
$2.5B+0.8% YoY
Net income
-$108M+86.8% YoY
Free cash flow
$15M+113.6% YoY
Operating margin
1.5%+44.4 pts YoY
ROIC (TTM)1.2%
Avg ROIC 5Y-
ROE (TTM)-48.2%
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 Rate1/12 (8%)
Revenue Beat Rate5/12 (42%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 5, 2026
-$5.90-3748.3%
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

5 Stories
Defense World·Aug 28, 2026
Bank of America Corp DE Has $5.20 Million Stock Position in Forward Air Corporation $FWRD

Bank of America Corp DE lowered its stake in Forward Air Corporation (NASDAQ: FWRD) by 19.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 311,107 shares of the transportation company's stock after selling 73,601 shares during the quarter. Bank of

Defense World·Aug 24, 2026
Deutsche Bank AG Acquires New Shares in Forward Air Corporation $FWRD

Deutsche Bank AG bought a new stake in Forward Air Corporation (NASDAQ: FWRD) during the undefined quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 613,841 shares of the transportation company's stock, valued at approximately $8,293,000. Deutsche Bank AG

Defense World·Aug 19, 2026
AlpInvest Partners B.V. Acquires Shares of 103,330 Forward Air Corporation $FWRD

AlpInvest Partners B.V. acquired a new stake in shares of Forward Air Corporation (NASDAQ: FWRD) in the undefined quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 103,330 shares of the transportation company's stock, valued at approximately $1,396,000. Forward Air comprises about 2.3% of

Zacks Investment Research·Aug 11, 2026
5 Broker-Loved Stocks to Watch as September Rate Hike Seems Unlikely

Weak July jobs data dims September rate-hike odds, putting broker-favored stocks like Avnet, RXO, Forward Air, Air Canada and AMN Healthcare in focus.

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
$15.06$476.27M-4.330.84%-4.32%-48.17%—
ARCB logoARCBArcBest Corp
$131.08$2.92B50.03-4.04%0.39%1.26%—
SAIA logoSAIASaia, Inc.
$343.85$9.17B36.120.79%8.19%10.63%—
ODFL logoODFLOld Dominion Freight Line, Inc.
$177.72$36.96B36.80-5.48%19.44%24.87%—
XPO logoXPOXPO Logistics, Inc.
$179.92$21.12B68.151.05%4.71%21.57%—
TFII logoTFIITFI International Inc.
$124.96$10.27B24.0331.1%4.1%13.57%—

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 for fiscal year 2025. This represents a 1503% increase from $157.1M in 1996.

How fast is Forward Air Corporation growing?

Forward Air Corporation (FWRD) grew revenue by 0.8% over the past year. Growth has been modest.

Is FWRD profitable?

Forward Air Corporation (FWRD) reported a net loss of $286.2M for fiscal year 2025.

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

Forward Air Corporation (FWRD) has a return on equity (ROE) of -48.2%. Negative ROE indicates the company is unprofitable.

What is Forward Air Corporation's free cash flow?

Forward Air Corporation (FWRD) generated $48.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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

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

See returns →