FWRD Chart
About

Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States, Mexico, Europe, Asia, and Canada. It operates through three segments: Expedited Freight, Omni Logistics, 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 shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling. This segment offers expedited truckload brokerage, dedicated fleet, and high security and temperature-controlled logistics services. Its Omni Logistics segment offers full suite of global logistics services, such as air and ocean freight consolidation and forwarding, customs brokerage, warehousing and distribution, time-definite transportation services, and other supply chain solutions. 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.

Fundamentals
Scroll to Statements
Sector Industrials Industry Integrated Freight & Log Market Cap 662.78M
Enterprise Value 2.79B Income -107.80M Sales 2.50B
Book/sh 3.64 Cash/sh 3.40 Dividend Yield
Payout 0.00% Employees 6000 IPO
P/E Forward P/E 80.04 PEG
P/S 0.27 P/B 5.83 P/C
EV/EBITDA 14.75 EV/Sales 1.12 Quick Ratio 1.06
Current Ratio 1.22 Debt/Eq 1335.90 LT Debt/Eq
EPS (ttm) -3.51 EPS next Y 0.27 EPS Growth
Revenue Growth -0.30% Earnings 2026-05-06 ROA 0.83%
ROE -63.34% ROIC Gross Margin 19.67%
Oper. Margin -0.45% Profit Margin -4.32% Shs Outstand 31.25M
Shs Float 22.30M Short Float 20.79% Short Ratio 7.83
Short Interest 52W High 32.47 52W Low 9.79
Beta 1.34 Avg Volume 552.59K Volume 57.64K
Target Price $35.33 Recom Buy Prev Close $22.04
Price $21.21 Change -3.77%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$35.33
Mean price target
2. Current target
$21.21
Latest analyst target
3. DCF / Fair value
$19.57
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$21.21
Low
$31.00
High
$42.00
Mean
$35.33

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-01-21 main Stifel Buy → Buy $32
2026-01-05 main Susquehanna Positive → Positive $45
2025-10-17 main Stifel Buy → Buy $30
2025-08-12 main Susquehanna Positive → Positive $43
2025-07-24 main Stifel Buy → Buy $33
2025-06-26 up Stifel Hold → Buy $29
2025-04-10 main Stifel Hold → Hold $22
2025-03-31 main Susquehanna Positive → Positive $32
2025-02-27 main Baird Neutral → Neutral $28
2025-01-23 main Stifel Hold → Hold $36
2025-01-07 reit Benchmark Hold → Hold
2024-10-21 main Stifel Hold → Hold $36
2024-08-12 reit Benchmark — → Hold
2024-08-08 main Baird Neutral → Neutral $24
2024-07-03 main Baird Neutral → Neutral $17
2024-05-28 up Wolfe Research Underperform → Peer Perform
2024-05-10 main Baird Neutral → Neutral $14
2024-04-24 reit Benchmark — → Hold
2024-04-18 reit Benchmark — → Hold
2024-04-03 reit Benchmark — → Hold
Insider Transactions
Date Shares Value Url Text Insider Position Transaction Start Date Ownership
0 20698 Stock Award(Grant) at price 0.00 per share. PIERSON JAMIE G Chief Financial Officer 2026-02-19 00:00:00 D
1 10799 Stock Award(Grant) at price 0.00 per share. HANCE MICHAEL L Officer 2026-02-19 00:00:00 D
2 5850 Stock Award(Grant) at price 0.00 per share. SMITH DOUGLAS JAMES Officer 2026-02-19 00:00:00 D
3 2340 Stock Award(Grant) at price 0.00 per share. FAUGHT JAMES R. Officer 2026-02-19 00:00:00 D
4 43197 Stock Award(Grant) at price 0.00 per share. STEWART SHAWN Chief Executive Officer 2026-02-19 00:00:00 D
5 10799 Stock Award(Grant) at price 0.00 per share. LORRAIN JEROME JEAN-PIERRE Officer and Director 2026-02-19 00:00:00 D
6 8999 Stock Award(Grant) at price 0.00 per share. BRANDT ERIC FREDERICK Officer 2026-02-19 00:00:00 D
7 4950 Stock Award(Grant) at price 0.00 per share. HERREN JESSICA L Officer 2026-02-19 00:00:00 D
8 5850 Stock Award(Grant) at price 0.00 per share. OSBORNE TIMOTHY R Officer 2026-02-19 00:00:00 D
9 272163 5940112.0 Sale at price 21.55 - 22.66 per share. CETUS CAPITAL VI LP Beneficial Owner of more than 10% of a Class of Security 2025-11-12 00:00:00 D
Financials
Line Item2024-12-312023-12-312022-12-312021-12-31
TaxEffectOfUnusualItems-102.73M0.000.000.00
TaxRateForCalcs0.100.240.260.25
NormalizedEBITDA110.67M145.62M290.14M181.99M
TotalUnusualItems-1.03B0.000.00
TotalUnusualItemsExcludingGoodwill-1.03B0.000.00
NetIncomeFromContinuingOperationNetMinorityInterest-810.58M42.80M179.41M106.88M
ReconciledDepreciation143.98M57.41M42.55M34.97M
ReconciledCostOfRevenue2.13B1.04B1.19B1.07B
EBITDA-916.64M145.62M290.14M181.99M
EBIT-1.06B88.21M247.59M147.03M
NetInterestIncome-189.22M-31.57M-5.14M-4.34M
InterestExpense189.22M31.57M5.14M4.34M
NormalizedIncome113.99M42.80M179.41M106.88M
NetIncomeFromContinuingAndDiscontinuedOperation-816.97M167.35M193.19M105.86M
TotalExpenses2.51B1.28B1.43B1.24B
RentExpenseSupplemental182.20M87.41M85.29M68.24M
TotalOperatingIncomeAsReported-1.06B88.21M247.59M147.03M
DilutedAverageShares27.54M26.15M27.06M27.50M
BasicAverageShares27.54M26.07M26.94M27.35M
DilutedEPS-29.666.407.143.85
BasicEPS-29.666.427.173.87
DilutedNIAvailtoComStockholders-816.97M166.49M192.12M105.12M
NetIncomeCommonStockholders-816.97M166.49M192.12M105.12M
OtherunderPreferredStockDividend0.00859.00K1.07M737.00K
NetIncome-816.97M167.35M193.19M105.86M
MinorityInterests314.26M0.000.00
NetIncomeIncludingNoncontrollingInterests-1.13B167.35M193.19M105.86M
NetIncomeDiscontinuousOperations-6.39M124.55M13.78M-1.02M
NetIncomeContinuousOperations-1.12B42.80M179.41M106.88M
TaxProvision-124.99M13.84M63.04M35.81M
PretaxIncome-1.25B56.64M242.45M142.69M
OtherIncomeExpense-1.03B
OtherNonOperatingIncomeExpenses1.23M
SpecialIncomeCharges-1.03B0.000.00
ImpairmentOfCapitalAssets1.03B0.000.00
GainOnSaleOfSecurity1.09M
NetNonOperatingInterestIncomeExpense-189.22M-31.57M-5.14M-4.34M
InterestExpenseNonOperating189.22M31.57M5.14M4.34M
OperatingIncome-34.54M88.21M247.59M147.03M
OperatingExpense374.19M241.94M244.07M166.93M
OtherOperatingExpenses309.51M191.81M196.60M127.52M
SellingGeneralAndAdministration64.68M50.13M47.48M39.41M
GeneralAndAdministrativeExpense64.68M50.13M47.48M39.41M
InsuranceAndClaims64.68M50.13M47.48M39.41M
GrossProfit339.65M330.15M491.67M313.95M
CostOfRevenue2.13B1.04B1.19B1.07B
TotalRevenue2.47B1.37B1.68B1.39B
OperatingRevenue2.47B1.37B1.68B1.39B
Line Item2024-12-312023-12-312022-12-312021-12-31
OrdinarySharesNumber29.76M25.67M26.46M26.97M
ShareIssued29.76M25.67M26.46M26.97M
NetDebt1.57B1.67B70.08M124.24M
TotalDebt2.15B1.95B266.78M320.07M
TangibleBookValue-1.32B350.77M333.68M172.19M
InvestedCapital1.88B2.55B823.15M755.21M
WorkingCapital88.45M109.93M134.92M118.11M
NetTangibleAssets-1.32B350.77M333.68M172.19M
CapitalLeaseObligations469.87M155.32M150.88M158.51M
CommonStockEquity201.73M764.26M707.24M593.65M
TotalCapitalization1.88B2.55B813.83M749.12M
TotalEquityGrossMinorityInterest285.87M764.26M707.24M593.65M
MinorityInterest84.14M0.00
StockholdersEquity201.73M764.26M707.24M593.65M
GainsLossesNotAffectingRetainedEarnings-2.73M0.00
OtherEquityAdjustments-2.73M
RetainedEarnings-338.23M480.32M436.12M334.91M
AdditionalPaidInCapital542.39M283.68M270.86M258.47M
CapitalStock298.00K257.00K265.00K270.00K
CommonStock298.00K257.00K265.00K270.00K
PreferredStock0.000.000.000.00
TotalLiabilitiesNetMinorityInterest2.52B2.22B500.83M524.17M
TotalNonCurrentLiabilitiesNetMinorityInterest2.13B1.98B331.43M359.48M
OtherNonCurrentLiabilities48.84M47.14M59.04M49.62M
LiabilitiesHeldforSaleNonCurrent0.006.09M0.00
TradeandOtherPayablesNonCurrent13.29M0.00
NonCurrentDeferredLiabilities38.17M42.20M51.09M43.41M
NonCurrentDeferredTaxesLiabilities38.17M42.20M51.09M43.41M
LongTermDebtAndCapitalLeaseObligation2.03B1.89B215.20M266.45M
LongTermCapitalLeaseObligation356.50M98.33M108.61M110.98M
LongTermDebt1.68B1.79B106.59M155.47M
CurrentLiabilities384.05M237.09M169.40M164.69M
OtherCurrentLiabilities5.82M16.51M4.61M
CurrentDeferredLiabilities9.90M0.00
CurrentDeferredRevenue9.90M0.00
CurrentDebtAndCapitalLeaseObligation113.37M56.99M51.58M53.62M
CurrentCapitalLeaseObligation113.37M56.99M42.27M47.53M
CurrentDebt12.64M9.31M6.09M
OtherCurrentBorrowings12.64M9.31M6.09M
PayablesAndAccruedExpenses260.78M180.10M101.31M106.46M
CurrentAccruedExpenses149.14M103.48M42.38M50.54M
InterestPayable31.01M17.45M0.00
Payables111.64M76.62M58.93M55.92M
OtherPayable10.66M8.83M11.09M
TotalTaxPayable5.95M31.19M0.00
IncomeTaxPayable31.19M0.00
AccountsPayable105.69M45.43M50.09M44.84M
TotalAssets2.80B2.98B1.21B1.12B
TotalNonCurrentAssets2.33B2.63B903.76M835.01M
OtherNonCurrentAssets71.94M1.85B152.77M46.25M
GoodwillAndOtherIntangibleAssets1.52B413.50M373.57M421.47M
OtherIntangibleAssets999.22M134.79M115.58M154.72M
Goodwill522.71M278.71M257.99M266.75M
NetPPE736.27M369.65M377.43M367.29M
AccumulatedDepreciation-292.86M-250.19M-220.67M-200.87M
GrossPPE1.03B619.83M377.43M568.16M
Leases68.46M24.39M17.51M13.78M
ConstructionInProgress16.40M11.52M14.10M27.07M
OtherProperties774.50M432.11M377.43M407.23M
MachineryFurnitureEquipment47.46M31.06M29.51M26.33M
BuildingsAndImprovements95.80M94.28M94.28M67.27M
LandAndImprovements26.52M26.48M26.48M26.48M
CurrentAssets472.50M347.03M304.31M282.81M
OtherCurrentAssets15.69M1.10M10.55M7.03M
AssetsHeldForSaleCurrent0.0034.94M0.00
RestrictedCash363.00K39.60M0.00
PrepaidAssets29.05M25.68M24.77M22.28M
Receivables322.50M158.68M188.23M216.18M
OtherReceivables205.00K5.41M8.10M
AccountsReceivable322.29M153.27M188.23M208.09M
AllowanceForDoubtfulAccountsReceivable-3.27M-2.21M-3.13M-3.26M
GrossAccountsReceivable325.56M155.47M191.36M211.34M
CashCashEquivalentsAndShortTermInvestments104.90M121.97M45.82M37.32M
CashAndCashEquivalents104.90M121.97M45.82M37.32M
Line Item2024-12-312023-12-312022-12-312021-12-31
FreeCashFlow-112.46M150.66M219.84M81.89M
RepurchaseOfCapitalStock0.00-93.81M-62.77M-48.99M
RepaymentOfDebt-173.43M-188.00M-55.11M-152.42M
IssuanceOfDebt75.00M1.86B0.00195.00M
CapitalExpenditure-37.06M-30.73M-39.25M-38.38M
EndCashPosition105.27M1.95B45.82M37.32M
OtherCashAdjustmentOutsideChangeinCash0.000.000.000.00
BeginningCashPosition1.95B45.82M37.32M40.25M
EffectOfExchangeRateChanges1.01M0.000.00
ChangesInCash-1.85B1.91B8.51M-2.94M
FinancingCashFlow-163.83M1.55B-146.12M-34.89M
CashFromDiscontinuedFinancingActivities0.00-240.70M-7.45M-6.94M
CashFlowFromContinuingFinancingActivities-163.83M1.79B-138.67M-27.95M
NetOtherFinancingCharges-66.16M236.23M4.09M-3.18M
ProceedsFromStockOptionExercised753.00K800.00K989.00K4.62M
CashDividendsPaid0.00-25.00M-25.86M-22.98M
CommonStockDividendPaid0.00-25.00M-25.86M-22.98M
NetCommonStockIssuance0.00-93.81M-62.77M-48.99M
CommonStockPayments0.00-93.81M-62.77M-48.99M
NetIssuancePaymentsOfDebt-98.42M1.67B-55.11M42.58M
NetShortTermDebtIssuance195.00M
ShortTermDebtPayments-150.00M
ShortTermDebtIssuance195.00M
NetLongTermDebtIssuance-98.42M1.67B-55.11M42.58M
LongTermDebtPayments-173.43M-188.00M-55.11M-152.42M
LongTermDebtIssuance75.00M1.86B0.00195.00M
InvestingCashFlow-1.61B174.84M-104.46M-88.31M
CashFromDiscontinuedInvestingActivities0.00258.52M-1.48M7.29M
CashFlowFromContinuingInvestingActivities-1.61B-83.69M-102.99M-95.60M
NetOtherInvestingChanges-444.00K
NetBusinessPurchaseAndSale-1.58B-56.70M-66.11M-59.87M
PurchaseOfBusiness-1.58B-56.70M-66.11M-59.87M
NetPPEPurchaseAndSale-31.92M-26.98M-36.88M-35.73M
SaleOfPPE5.14M3.74M2.37M2.64M
PurchaseOfPPE-37.06M-30.73M-39.25M-38.38M
OperatingCashFlow-75.40M181.39M259.09M120.26M
CashFromDiscontinuedOperatingActivities-6.39M-17.82M8.93M-347.00K
CashFlowFromContinuingOperatingActivities-69.02M199.21M250.16M120.61M
ChangeInWorkingCapital-11.78M92.49M5.00M-39.21M
ChangeInOtherCurrentAssets-15.09M30.68M-13.28M-6.91M
ChangeInPayablesAndAccruedExpense-15.92M36.66M12.77M18.25M
ChangeInPayable36.66M12.57M18.25M
ChangeInAccountPayable36.66M12.57M18.25M
ChangeInPrepaidAssets-8.00M
ChangeInReceivables19.22M25.15M5.51M-50.55M
ChangesInAccountReceivables9.55M30.55M-2.59M-42.46M
OtherNonCashItems14.92M-1.18M-1.57M-289.00K
StockBasedCompensation10.19M11.49M10.66M10.50M
ProvisionandWriteOffofAssets3.63M5.09M6.43M6.34M
AssetImpairmentCharge1.03B0.000.00
DeferredTax-133.51M-8.89M7.69M1.42M
DeferredIncomeTax-133.51M-8.89M7.69M1.42M
DepreciationAmortizationDepletion143.98M57.41M42.55M34.97M
DepreciationAndAmortization143.98M57.41M42.55M34.97M
AmortizationCashFlow16.04M12.21M10.54M
AmortizationOfIntangibles16.04M12.21M10.54M
Depreciation41.37M30.34M24.43M
NetIncomeFromContinuingOperations-1.12B42.80M179.41M106.88M
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Public Trades for FWRD
Date User Broker Pattern Type Position Size Entry Price Trade P&L Status