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Forward Air Corporation

FWRD NASDAQ Categories PDF
Industrials · Integrated Freight & Logistics · United States · Updated May 11, 1:50pm
$10.33
Price
$335.2M
Market Cap
6,319
Employees
1.59
Beta
Shawn Stewart
CEO
Business Description

Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States and Canada. It operates in two segments, Expedited Freight and Intermodal. The Expedited Freight segment provides expedited regional, inter-regional, and national less-than-truckload services; local pick-up and delivery services; and other services, which include final mile, truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling. This segment also offers expedited truckload brokerage, dedicated fleet, and high security and temperature-controlled logistics services. The Intermodal segment provides intermodal container drayage services; and contract, and container freight station warehouse and handling services. It serves freight forwarders, third-party logistics companies, integrated air cargo carriers and passenger, passenger and cargo airlines, steamship lines, and retailers. Forward Air Corporation was founded in 1981 and is headquartered in Greeneville, Tennessee.

Business History
Price Overview
Last updated: May 11, 2026 1:50pm (just now)
$10.33
+0.46 (+4.66%)
Day Range
$9.52 – $10.59
52-Week Range
$9.50 – $32.47
50-Day MA
$19.28
200-Day MA
$24.29
Volume
2,111,125.29
Analyst Price Targets
Low $17.00
Consensus $17.50
High $18.00
(18 analysts)
Share Structure
Outstanding 32,448,710.00
Float 22,609,294.00
Free Float 69.7%
Normal free float — 69.7% of shares trade freely, ~30.3% held by insiders/institutions
Healthy float typical of established companies. Good liquidity for entering and exiting positions without major price impact.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
API Direct from provider CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALC
Stock Price / EPS (Diluted)
-2.97
Stock Price: $10.33
EPS (Diluted): -3.48
P/B Ratio (Price vs net asset value)
API
Stock Price / Book Value Per Share
6.83
Stock Price: $10.33
Total Equity: $113.34M
Shares: 30,972,000
EV/EBITDA (Total value vs operating profit)
API
Enterprise Value / EBITDA
11.50
Market Cap: $335.20M
Total Debt: $1.69B
Cash: $106.00M
EBITDA: $186.19M
Enterprise Value (Takeover price (cap + debt - cash))
API
Market Cap + Total Debt - Cash
$2.8B
Market Cap: $335.20M
Total Debt: $1.69B
Cash: $106.00M
Gross Margin (Revenue left after direct costs)
API
Gross Profit / Revenue
20.5%
Gross Profit: $510.94M
Revenue: $2.50B
Operating Margin (Revenue left after all operations)
API
Operating Income / Revenue
1.5%
Operating Income: $36.42M
Revenue: $2.50B
Net Margin (Revenue left as actual profit)
API
Net Income / Revenue
-4.3%
Net Income: -$107.80M
Revenue: $2.50B
ROE (Profit from shareholder equity)
API
Net Income / Total Equity
-75.3%
Net Income: -$107.80M
Total Equity: $113.34M
ROIC (Profit from all invested capital)
API
NOPAT / Invested Capital
1.8%
Operating Income: $36.42M
Tax Rate: 3.7%
Equity: $113.34M
Total Debt: $1.69B
Cash: $106.00M
Current Ratio (Can it pay short-term bills)
API
Current Assets / Current Liabilities
1.22
Current Assets: $521.00M
Current Liabilities: $428.33M
Debt/Equity (Leverage — debt vs equity)
CALC
Total Debt / Total Equity
14.89
Short-Term Debt: $0.00
Long-Term Debt: $1.69B
Total Debt: $1.69B
Total Equity: $113.34M
Rev/Share (Top-line per share)
CALC
Revenue / Shares Outstanding
$80.56
Revenue: $2.50B
Shares: 30,972,000
Book Value/Share (Net assets per share)
CALC
(Total Assets - Total Liabilities) / Shares
$3.66
Total Equity: $113.34M
Shares: 30,972,000
FCF/Share (Real cash generated per share)
CALC
(Operating Cash Flow + CapEx) / Shares
$0.49
Operating CF: $44.38M
CapEx: -$29.12M
Shares: 30,972,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
API
Last Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $10.33
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$107.80M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares FWRD against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
4h Dividend Discount Model — For dividend/income stocks only
4i Book Value Analysis — For deep value / turnaround stocks only
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Metric 2021 2022 2023 2024 2025
Revenue $1.4B $1.7B $1.4B $2.5B $2.5B
Cost of Revenue $1.1B $1.2B $1.0B $2.1B $2.0B
Gross Profit $314.0M $491.7M $330.2M $339.7M $510.9M
Operating Expenses $166.9M $244.1M $241.9M $1.4B $474.5M
Operating Income $147.0M $247.6M $88.2M -$1.1B $36.4M
Net Income $105.9M $193.2M $167.4M -$817.0M -$107.8M
EBITDA $182.0M $290.1M $145.6M -$916.6M $186.2M
EPS $3.87 $7.18 $0.44 $-29.43 $-3.48
EPS (Diluted) — — — — —
Balance Sheet (Annual)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $37.3M $45.8M $122.0M $104.9M $106.0M
Total Current Assets $282.8M $304.3M $347.0M $472.5M $521.0M
Total Assets $1.1B $1.2B $3.0B $2.8B $2.7B
Current Liabilities $164.7M $169.4M $237.1M $384.0M $428.3M
Long-Term Debt $155.5M $106.6M $1.8B $1.7B $1.7B
Total Liabilities $524.2M $500.8M $2.2B $2.5B $2.6B
Total Equity $593.7M $707.2M $764.3M $201.7M $113.3M
Retained Earnings $334.9M $436.1M $480.3M -$338.2M -$447.1M
Cash Flow (Annual)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow $120.3M $259.1M $181.4M -$75.4M $44.4M
Capital Expenditure -$39.1M -$40.7M -$30.7M -$37.1M -$29.1M
Free Cash Flow $81.2M $218.4M $150.7M -$112.5M $15.3M
Acquisitions (net) -$59.9M -$66.1M -$53.0M -$1.6B $2.2M
Debt Repayment — — — — —
Dividends Paid — — — — —
Stock Buybacks -$49.0M -$62.8M -$93.8M $753,000 $846,000
Net Change in Cash -$2.9M $8.5M $1.9B -$1.8B $730,000
Analyst Estimates (Annual)
Metric 2024 2025 2026 2027
Revenue $2.5B
$2.5B – $2.6B
 $2.5B
$2.4B – $2.5B
 $2.5B
$2.5B – $2.6B
 $2.6B
$2.6B – $2.7B
EBITDA $57.4M
$56.3M – $58.5M
 $57.0M
$55.9M – $57.2M
 $57.9M
$57.7M – $59.0M
 $59.8M
$59.6M – $61.0M
Net Income -$22.1M
-$22.7M – -$21.6M
 -$31.2M
-$31.9M – -$30.4M
 -$26.5M
-$28.5M – -$24.6M
 -$6.0M
-$7.1M – -$4.9M
EPS — — — —
Growth Trends (YoY %)
Metric 2022 2023 2024 2025
Revenue Growth +21.1% -18.4% +80.5% +0.8%
Gross Profit Growth +56.6% -32.9% +2.9% +50.4%
Operating Income Growth +68.4% -64.4% -1,305.0% +103.4%
Net Income Growth +82.5% -13.4% -588.2% +86.8%
EBITDA Growth +59.4% -49.8% -729.5% +120.3%
Insider Trading (Recent)
Date Insider Type Shares Price Value
2026-04-29 Stewart Shawn F-InKind 4,136.00 $21.51 $88,965
2026-03-15 OSBORNE TIMOTHY R F-InKind 2,109.00 $16.05 $33,849
2026-03-15 OSBORNE TIMOTHY R F-InKind 483.00 $16.05 $7,752
2026-03-15 Hance Michael L F-InKind 4,868.00 $16.05 $78,131
2026-03-15 Hance Michael L F-InKind 869.00 $16.05 $13,947
2026-03-16 Pierson Jamie G. A-Award 5,732.00 $0.00 $0
2026-03-16 Stewart Shawn A-Award 18,692.00 $0.00 $0
2026-02-19 Stewart Shawn A-Award 43,197.00 $0.00 $0
2026-02-19 Stewart Shawn F-InKind 3,214.00 $27.78 $89,285
2026-02-19 Pierson Jamie G. A-Award 20,698.00 $0.00 $0
2026-02-19 Pierson Jamie G. F-InKind 1,662.00 $27.78 $46,170
2026-02-19 Hance Michael L A-Award 10,799.00 $0.00 $0
2026-02-19 Hance Michael L F-InKind 946.00 $27.78 $26,280
2026-02-19 Brandt Eric Frederick A-Award 8,999.00 $0.00 $0
2026-02-19 Brandt Eric Frederick F-InKind 1,057.00 $27.78 $29,363
2026-02-19 OSBORNE TIMOTHY R A-Award 5,850.00 $0.00 $0
2026-02-19 OSBORNE TIMOTHY R F-InKind 513.00 $27.78 $14,251
2026-02-19 Smith Douglas James A-Award 5,850.00 $0.00 $0
2026-02-19 Smith Douglas James F-InKind 516.00 $27.78 $14,334
2026-02-19 HERREN JESSICA L A-Award 4,950.00 $0.00 $0
Dividend History (Last 20)
Date Dividend Declaration Record Payment
2023-11-21 $0.24 2023-10-24 2023-11-22 2023-12-07
2023-08-16 $0.24 2023-07-25 2023-08-17 2023-09-07
2023-05-24 $0.24 2023-04-28 2023-05-25 2023-06-13
2023-03-01 $0.24 2023-02-07 2023-03-02 2023-03-17
2022-11-22 $0.24 2022-10-26 2022-11-23 2022-12-08
2022-08-17 $0.24 2022-07-27 2022-08-18 2022-09-08
2022-05-25 $0.24 2022-04-27 2022-05-26 2022-06-14
2022-03-02 $0.24 2022-02-08 2022-03-03 2022-03-18
2021-11-23 $0.21 2021-10-26 2021-11-24 2021-12-09
2021-08-19 $0.21 2021-07-29 2021-08-20 2021-09-09
2021-05-26 $0.21 2021-04-26 2021-05-27 2021-06-14
2021-03-03 $0.21 2021-02-02 2021-03-04 2021-03-19
2020-11-24 $0.21 2020-10-27 2020-11-25 2020-12-10
2020-08-19 $0.18 2020-07-21 2020-08-20 2020-09-09
2020-05-21 $0.18 2020-04-29 2020-05-25 2020-06-10
2020-03-04 $0.18 2020-02-04 2020-03-05 2020-03-20
2019-11-20 $0.18 2019-10-22 2019-11-21 2019-12-06
2019-08-21 $0.18 2019-07-23 2019-08-22 2019-09-06
2019-05-23 $0.18 2019-04-19 2019-05-24 2019-06-07
2019-03-06 $0.18 2019-02-05 2019-03-07 2019-03-22
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.193 · 1946f027 · 2026-05-08 18:57:27