Symbols / FWRD $22.75 -1.52% Forward Air Corporation

Industrials • Integrated Freight & Logistics • United States • NMS
FWRD Chart
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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. The company operates through three segments: Expedited Freight, Omni Logistics, and Intermodal. Its 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. The Omni Logistics segment offers full suite of global logistics services, such as air and ocean freight consolidation and forwarding, customs brokerage, warehousing and distribution, value-added services, time-definite transportation services, and other supply chain solutions. Its Intermodal segment provides intermodal container drayage services; and contract and container freight station warehouse and handling services. The company 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 incorporated in 1981 and is headquartered in Dallas, Texas.

Fundamentals
Scroll to Statements
Market Cap 717.86M Enterprise Value 2.82B Income -107.80M Sales 2.50B Book/sh 3.62 Cash/sh 3.36
Dividend Yield — Payout 0.00% Employees 6062 IPO — P/E — Forward P/E 78.45
PEG 0.65 P/S 0.29 P/B 6.29 P/C — EV/EBITDA 11.73 EV/Sales 1.13
Quick Ratio 1.06 Current Ratio 1.22 Debt/Eq 1335.90 LT Debt/Eq — EPS (ttm) -3.51 EPS next Y 0.29
EPS Growth — Revenue Growth -0.30% Earnings 2026-05-06 ROA 1.98% ROE -63.34% ROIC —
Gross Margin 19.67% Oper. Margin 3.59% Profit Margin -4.32% Shs Outstand 31.55M Shs Float 22.65M Short Float 20.47%
Short Ratio 5.65 Short Interest — 52W High 32.47 52W Low 13.61 Beta 1.47 Avg Volume 692.97K
Volume 1.55M Target Price $35.00 Recom Buy Prev Close $23.10 Price $22.75 Change -1.52%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$35.00
Mean price target
2. Current target
$22.75
Latest analyst target
3. DCF / Fair value
$37.70
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$22.75
Low
$30.00
High
$42.00
Mean
$35.00

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-04-16 main Stifel Buy → Buy $30
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 —
News
RSS: Latest FWRD news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-03-16 STEWART SHAWN Chief Executive Officer — 18,692 $0.00 $0
2026-03-16 PIERSON JAMIE G Chief Financial Officer — 5,732 $0.00 $0
2026-02-19 SMITH DOUGLAS JAMES Officer — 5,850 $0.00 $0
2026-02-19 FAUGHT JAMES R. Officer — 2,340 $0.00 $0
2026-02-19 STEWART SHAWN Chief Executive Officer — 43,197 $0.00 $0
2026-02-19 LORRAIN JEROME JEAN-PIERRE Officer and Director — 10,799 $0.00 $0
2026-02-19 BRANDT ERIC FREDERICK Officer — 8,999 $0.00 $0
2026-02-19 HERREN JESSICA L Officer — 4,950 $0.00 $0
2026-02-19 OSBORNE TIMOTHY R Officer — 5,850 $0.00 $0
2026-02-19 PIERSON JAMIE G Chief Financial Officer — 20,698 $0.00 $0
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
2,495.12
+0.84%
2,474.26
+80.51%
1,370.73
-18.39%
1,679.63
Operating Revenue
2,495.12
+0.84%
2,474.26
+80.51%
1,370.73
-18.39%
1,679.63
Cost Of Revenue
2,156.94
+1.05%
2,134.61
+105.14%
1,040.58
-12.41%
1,187.97
Reconciled Cost Of Revenue
2,156.94
+1.05%
2,134.61
+105.14%
1,040.58
-12.41%
1,187.97
Gross Profit
338.18
-0.43%
339.65
+2.88%
330.15
-32.85%
491.67
Operating Expense
301.75
-19.36%
374.19
+54.66%
241.94
-0.87%
244.07
Selling General And Administration
58.97
-8.83%
64.68
+29.02%
50.13
+5.59%
47.48
General And Administrative Expense
58.97
-8.83%
64.68
+29.02%
50.13
+5.59%
47.48
Other Operating Expenses
242.78
-21.56%
309.51
+61.36%
191.81
-2.43%
196.60
Total Expenses
2,458.69
-2.00%
2,508.80
+95.61%
1,282.53
-10.44%
1,432.04
Operating Income
36.42
+205.46%
-34.54
-139.16%
88.21
-64.37%
247.59
Total Operating Income As Reported
36.42
+103.43%
-1,062.94
-1305.01%
88.21
-64.37%
247.59
EBITDA
186.19
+120.31%
-916.64
-729.49%
145.62
-49.81%
290.14
Normalized EBITDA
192.08
+73.57%
110.67
-24.00%
145.62
-49.81%
290.14
Reconciled Depreciation
152.64
+6.01%
143.98
+150.81%
57.41
+34.91%
42.55
EBIT
33.55
+103.16%
-1,060.62
-1302.38%
88.21
-64.37%
247.59
Total Unusual Items
-5.89
+99.43%
-1,027.30
0.00
0.00
Total Unusual Items Excluding Goodwill
-5.89
+99.43%
-1,027.30
0.00
0.00
Special Income Charges
0.00
+100.00%
-1,028.40
0.00
0.00
Impairment Of Capital Assets
0.00
-100.00%
1,028.40
0.00
0.00
Net Income
-107.80
+86.81%
-816.97
-588.18%
167.35
-13.38%
193.19
Pretax Income
-147.20
+88.22%
-1,249.83
-2306.66%
56.64
-76.64%
242.45
Net Non Operating Interest Income Expense
-180.75
+4.48%
-189.22
-499.33%
-31.57
-514.46%
-5.14
Interest Expense Non Operating
180.75
-4.48%
189.22
+499.33%
31.57
+514.46%
5.14
Net Interest Income
-180.75
+4.48%
-189.22
-499.33%
-31.57
-514.46%
-5.14
Interest Expense
180.75
-4.48%
189.22
+499.33%
31.57
+514.46%
5.14
Other Income Expense
-2.87
+99.72%
-1,026.08
—
—
Other Non Operating Income Expenses
3.02
+146.17%
1.23
—
—
Gain On Sale Of Security
-5.89
-639.07%
1.09
—
—
Tax Provision
-5.47
+95.62%
-124.99
-1003.38%
13.84
-78.05%
63.04
Tax Rate For Calcs
0.00
-63.00%
0.00
-59.06%
0.00
-6.04%
0.00
Tax Effect Of Unusual Items
-0.22
+99.79%
-102.73
0.00
0.00
Net Income Including Noncontrolling Interests
-141.72
+87.47%
-1,131.23
-775.96%
167.35
-13.38%
193.19
Net Income From Continuing Operation Net Minority Interest
-107.80
+86.70%
-810.58
-1993.75%
42.80
-76.14%
179.41
Net Income From Continuing And Discontinued Operation
-107.80
+86.81%
-816.97
-588.18%
167.35
-13.38%
193.19
Net Income Continuous Operations
-141.72
+87.40%
-1,124.84
-2727.95%
42.80
-76.14%
179.41
Net Income Discontinuous Operations
0.00
+100.00%
-6.39
-105.13%
124.55
+804.03%
13.78
Minority Interests
33.93
-89.20%
314.26
0.00
0.00
Normalized Income
-102.12
-189.59%
113.99
+166.32%
42.80
-76.14%
179.41
Net Income Common Stockholders
-107.80
+86.81%
-816.97
-588.18%
167.35
-12.89%
192.12
Otherunder Preferred Stock Dividend
—
0.00
-100.00%
0.86
-19.72%
1.07
Diluted EPS
-3.51
+88.17%
-29.66
-563.44%
6.40
-10.36%
7.14
Basic EPS
-3.51
+88.17%
-29.66
-561.99%
6.42
-10.46%
7.17
Basic Average Shares
30.72
+11.52%
27.54
+5.67%
26.07
-3.26%
26.94
Diluted Average Shares
30.72
+11.52%
27.54
+5.34%
26.15
-3.36%
27.06
Diluted NI Availto Com Stockholders
-107.80
+86.81%
-816.97
-588.18%
167.35
-12.89%
192.12
Insurance And Claims
58.97
-8.83%
64.68
+29.02%
50.13
+5.59%
47.48
Rent Expense Supplemental
204.03
+11.98%
182.20
+108.43%
87.41
+2.49%
85.29
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
2,718.94
-2.99%
2,802.64
-5.94%
2,979.53
+146.63%
1,208.08
Current Assets
521.00
+10.26%
472.50
+36.16%
347.03
+14.04%
304.31
Cash Cash Equivalents And Short Term Investments
106.00
+1.04%
104.90
-13.99%
121.97
+166.18%
45.82
Cash And Cash Equivalents
106.00
+1.04%
104.90
-13.99%
121.97
+166.18%
45.82
Receivables
349.71
+8.44%
322.50
+103.24%
158.68
-15.70%
188.23
Accounts Receivable
343.56
+6.60%
322.29
+110.28%
153.27
-18.57%
188.23
Gross Accounts Receivable
347.31
+6.68%
325.56
+109.40%
155.47
-18.75%
191.36
Allowance For Doubtful Accounts Receivable
-3.75
-14.68%
-3.27
-48.19%
-2.21
+29.50%
-3.13
Other Receivables
6.15
+2898.54%
0.20
-96.21%
5.41
—
Prepaid Assets
28.05
-3.47%
29.05
+13.13%
25.68
+3.69%
24.77
Restricted Cash
0.00
-100.00%
0.36
-99.08%
39.60
0.00
Assets Held For Sale Current
—
—
0.00
-100.00%
34.94
Other Current Assets
37.25
+137.51%
15.69
+1328.51%
1.10
-89.60%
10.55
Total Non Current Assets
2,197.94
-5.67%
2,330.14
-11.49%
2,632.51
+191.28%
903.76
Net PPE
710.42
-3.51%
736.27
+99.18%
369.65
-2.06%
377.43
Gross PPE
1,050.44
+2.07%
1,029.13
+66.03%
619.83
+64.23%
377.43
Accumulated Depreciation
-340.02
-16.11%
-292.86
-17.06%
-250.19
-13.38%
-220.67
Land And Improvements
26.52
+0.00%
26.52
+0.14%
26.48
+0.00%
26.48
Buildings And Improvements
95.86
+0.06%
95.80
+1.62%
94.28
+0.00%
94.28
Machinery Furniture Equipment
54.68
+15.22%
47.46
+52.77%
31.06
+5.26%
29.51
Construction In Progress
4.05
-75.32%
16.40
+42.37%
11.52
-18.31%
14.10
Other Properties
782.57
+1.04%
774.50
+79.24%
432.11
+14.49%
377.43
Leases
86.77
+26.74%
68.46
+180.73%
24.39
+39.27%
17.51
Goodwill And Other Intangible Assets
1,429.50
-6.07%
1,521.93
+268.06%
413.50
+10.69%
373.57
Goodwill
522.71
+0.00%
522.71
+87.55%
278.71
+8.03%
257.99
Other Intangible Assets
906.79
-9.25%
999.22
+641.32%
134.79
+16.62%
115.58
Other Non Current Assets
58.02
-19.35%
71.94
-96.11%
1,849.36
+1110.59%
152.77
Total Liabilities Net Minority Interest
2,557.28
+1.61%
2,516.77
+13.61%
2,215.27
+342.32%
500.83
Current Liabilities
428.32
+11.53%
384.05
+61.98%
237.09
+39.96%
169.40
Payables And Accrued Expenses
292.12
+12.02%
260.78
+44.79%
180.10
+77.78%
101.31
Payables
126.13
+12.98%
111.64
+45.70%
76.62
+30.03%
58.93
Accounts Payable
121.75
+15.20%
105.69
+132.65%
45.43
-9.31%
50.09
Other Payable
—
—
10.66
+20.73%
8.83
Current Accrued Expenses
165.99
+11.30%
149.14
+44.12%
103.48
+144.18%
42.38
Total Tax Payable
4.38
-26.30%
5.95
-80.94%
31.19
0.00
Income Tax Payable
—
—
31.19
0.00
Current Debt And Capital Lease Obligation
123.02
+8.51%
113.37
+98.93%
56.99
+10.48%
51.58
Current Debt
—
—
12.64
+35.75%
9.31
Other Current Borrowings
—
—
12.64
+35.75%
9.31
Current Capital Lease Obligation
123.02
+8.51%
113.37
+98.93%
56.99
+34.83%
42.27
Current Deferred Liabilities
13.18
+33.19%
9.90
0.00
—
Current Deferred Revenue
13.18
+33.19%
9.90
0.00
—
Other Current Liabilities
—
—
5.82
-64.77%
16.51
Total Non Current Liabilities Net Minority Interest
2,128.95
-0.18%
2,132.73
+7.81%
1,978.18
+496.85%
331.43
Liabilities Heldfor Sale Non Current
—
—
0.00
-100.00%
6.09
Long Term Debt And Capital Lease Obligation
2,036.65
+0.21%
2,032.43
+7.60%
1,888.83
+777.70%
215.20
Long Term Debt
1,687.25
+0.68%
1,675.93
-6.40%
1,790.50
+1579.83%
106.59
Long Term Capital Lease Obligation
349.40
-1.99%
356.50
+262.54%
98.33
-9.46%
108.61
Tradeand Other Payables Non Current
—
13.29
0.00
—
Non Current Deferred Liabilities
27.22
-28.68%
38.17
-9.55%
42.20
-17.41%
51.09
Non Current Deferred Taxes Liabilities
27.22
-28.68%
38.17
-9.55%
42.20
-17.41%
51.09
Other Non Current Liabilities
65.09
+4.76%
62.13
+31.79%
47.14
-20.15%
59.04
Stockholders Equity
113.34
-43.81%
201.73
-73.60%
764.26
+8.06%
707.24
Common Stock Equity
113.34
-43.81%
201.73
-73.60%
764.26
+8.06%
707.24
Capital Stock
0.31
+5.03%
0.30
+15.95%
0.26
-3.02%
0.27
Common Stock
0.31
+5.03%
0.30
+15.95%
0.26
-3.02%
0.27
Preferred Stock
0.00
0.00
0.00
0.00
Share Issued
31.33
+5.26%
29.76
+15.93%
25.67
-2.99%
26.46
Ordinary Shares Number
31.33
+5.26%
29.76
+15.93%
25.67
-2.99%
26.46
Additional Paid In Capital
559.55
+3.16%
542.39
+91.20%
283.68
+4.74%
270.86
Retained Earnings
-447.10
-32.19%
-338.23
-170.42%
480.32
+10.13%
436.12
Gains Losses Not Affecting Retained Earnings
0.58
+121.23%
-2.73
0.00
—
Minority Interest
48.32
-42.57%
84.14
0.00
—
Other Equity Adjustments
0.58
+121.23%
-2.73
—
—
Total Equity Gross Minority Interest
161.66
-43.45%
285.87
-62.60%
764.26
+8.06%
707.24
Total Capitalization
1,800.59
-4.10%
1,877.66
-26.50%
2,554.76
+213.92%
813.83
Working Capital
92.68
+4.77%
88.45
-19.54%
109.93
-18.52%
134.92
Invested Capital
1,800.59
-4.10%
1,877.66
-26.50%
2,554.76
+210.37%
823.15
Total Debt
2,159.67
+0.65%
2,145.80
+10.28%
1,945.82
+629.37%
266.78
Net Debt
1,581.25
+0.65%
1,571.03
-5.84%
1,668.53
+2280.86%
70.08
Capital Lease Obligations
472.42
+0.54%
469.87
+202.51%
155.32
+2.94%
150.88
Net Tangible Assets
-1,316.16
+0.31%
-1,320.20
-476.38%
350.77
+5.12%
333.68
Tangible Book Value
-1,316.16
+0.31%
-1,320.20
-476.38%
350.77
+5.12%
333.68
Interest Payable
29.93
-3.50%
31.01
+77.68%
17.45
0.00
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
44.38
+158.86%
-75.40
-141.57%
181.39
-29.99%
259.09
Cash Flow From Continuing Operating Activities
44.38
+164.31%
-69.02
-134.64%
199.21
-20.37%
250.16
Cash From Discontinued Operating Activities
0.00
+100.00%
-6.39
+64.17%
-17.82
-299.62%
8.93
Net Income From Continuing Operations
-141.72
+87.40%
-1,124.84
-2727.95%
42.80
-76.14%
179.41
Depreciation Amortization Depletion
152.64
+6.01%
143.98
+150.81%
57.41
+34.91%
42.55
Depreciation
—
—
41.37
+36.35%
30.34
Amortization Cash Flow
—
—
16.04
+31.33%
12.21
Depreciation And Amortization
152.64
+6.01%
143.98
+150.81%
57.41
+34.91%
42.55
Amortization Of Intangibles
—
—
16.04
+31.33%
12.21
Other Non Cash Items
11.50
-22.88%
14.92
+1364.15%
-1.18
+24.98%
-1.57
Stock Based Compensation
13.43
+31.81%
10.19
-11.37%
11.49
+7.82%
10.66
Provisionand Write Offof Assets
3.25
-10.62%
3.63
-28.60%
5.09
-20.77%
6.43
Asset Impairment Charge
19.77
-98.08%
1,028.40
0.00
0.00
Deferred Tax
-10.95
+91.80%
-133.51
-1401.29%
-8.89
-215.70%
7.69
Deferred Income Tax
-10.95
+91.80%
-133.51
-1401.29%
-8.89
-215.70%
7.69
Change In Working Capital
-3.53
+70.05%
-11.78
-112.74%
92.49
+1751.67%
5.00
Change In Receivables
-25.37
-231.98%
19.22
-23.56%
25.15
+356.47%
5.51
Changes In Account Receivables
-18.00
-288.61%
9.55
-68.76%
30.55
+1280.64%
-2.59
Change In Prepaid Assets
—
—
—
—
Change In Payables And Accrued Expense
46.26
+390.66%
-15.92
-143.42%
36.66
+187.18%
12.77
Change In Payable
—
—
36.66
+191.56%
12.57
Change In Account Payable
—
—
36.66
+191.56%
12.57
Change In Other Current Assets
-24.42
-61.90%
-15.09
-149.16%
30.68
+331.05%
-13.28
Investing Cash Flow
-26.91
+98.33%
-1,608.59
-1020.04%
174.84
+267.37%
-104.46
Cash Flow From Continuing Investing Activities
-26.91
+98.33%
-1,608.59
-1822.15%
-83.69
+18.74%
-102.99
Cash From Discontinued Investing Activities
0.00
0.00
-100.00%
258.52
+17627.12%
-1.48
Net PPE Purchase And Sale
-26.91
+15.70%
-31.92
-18.30%
-26.98
+26.84%
-36.88
Purchase Of PPE
-29.12
+21.44%
-37.06
-20.62%
-30.73
+21.73%
-39.25
Sale Of PPE
2.20
-57.10%
5.14
+37.32%
3.74
+57.72%
2.37
Capital Expenditure
-29.12
+21.44%
-37.06
-20.62%
-30.73
+21.73%
-39.25
Net Business Purchase And Sale
0.00
+100.00%
-1,576.22
-2679.78%
-56.70
+14.22%
-66.11
Purchase Of Business
0.00
+100.00%
-1,576.22
-2679.78%
-56.70
+14.22%
-66.11
Net Other Investing Changes
—
-0.44
—
—
Financing Cash Flow
-17.53
+89.30%
-163.83
-110.57%
1,550.03
+1160.77%
-146.12
Cash Flow From Continuing Financing Activities
-17.53
+89.30%
-163.83
-109.15%
1,790.73
+1391.38%
-138.67
Net Issuance Payments Of Debt
-17.30
+82.42%
-98.42
-105.88%
1,672.50
+3134.95%
-55.11
Issuance Of Debt
110.00
+46.67%
75.00
-95.97%
1,860.50
0.00
Repayment Of Debt
-127.31
+26.59%
-173.43
+7.75%
-188.00
-241.15%
-55.11
Long Term Debt Issuance
110.00
+46.67%
75.00
-95.97%
1,860.50
0.00
Long Term Debt Payments
-127.31
+26.59%
-173.43
+7.75%
-188.00
-241.15%
-55.11
Net Long Term Debt Issuance
-17.30
+82.42%
-98.42
-105.88%
1,672.50
+3134.95%
-55.11
Short Term Debt Issuance
—
—
—
—
Short Term Debt Payments
—
—
—
—
Net Short Term Debt Issuance
—
—
—
—
Net Common Stock Issuance
0.00
0.00
+100.00%
-93.81
-49.45%
-62.77
Common Stock Payments
0.00
0.00
+100.00%
-93.81
-49.45%
-62.77
Common Stock Dividend Paid
0.00
0.00
+100.00%
-25.00
+3.36%
-25.86
Cash Dividends Paid
0.00
0.00
+100.00%
-25.00
+3.36%
-25.86
Repurchase Of Capital Stock
0.00
0.00
+100.00%
-93.81
-49.45%
-62.77
Proceeds From Stock Option Exercised
0.85
+12.35%
0.75
-5.88%
0.80
-19.11%
0.99
Net Other Financing Charges
-1.07
+98.38%
-66.16
-128.01%
236.23
+5680.08%
4.09
Changes In Cash
-0.06
+100.00%
-1,847.82
-196.93%
1,906.25
+22310.66%
8.51
Effect Of Exchange Rate Changes
0.79
-21.92%
1.01
0.00
0.00
Beginning Cash Position
105.27
-94.61%
1,952.07
+4160.12%
45.82
+22.79%
37.32
End Cash Position
106.00
+0.69%
105.27
-94.61%
1,952.07
+4160.12%
45.82
Free Cash Flow
15.27
+113.58%
-112.46
-174.64%
150.66
-31.47%
219.84
Other Cash Adjustment Outside Changein Cash
—
0.00
0.00
0.00
Cash From Discontinued Financing Activities
0.00
0.00
+100.00%
-240.70
-3129.15%
-7.45
SEC Filings

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

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