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Forward Air Corporation

FWRD Industrials Integrated Freight & Logistics

Forward Air Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.5 billion, up 0.84% from fiscal 2024.

Revenue
+8.76%
EPS
−1,456.1%
Free cash flow
+59.4%
Total debt
−1.01%

Quarter to June 2026, against a year earlier

16.99 2.09 −10.95%
Market cap
$571.9M
P/E
0.0×
Fwd P/E
−2.3×
Dividend yield
—
F-score
5/9
Altman Z
0.95
Beneish M
−2.60
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 11.30%

Capital & Financial Ratios $m

Size
Market Cap 571.91
Revenue ttm 2,518.08
Net income ttm (346.30)
Free cash flow ttm 51.48
Net debt Q 1,570.70
Valuation
P/E 0.00
Forward P/E (2.26) (negative: loss-making)
Price / sales 0.22
Forward P/S Powerpack
Price / FCF 10.72
Price / book 0.00
Financial health
Current ratio Q 1.32
Debt / equity Q (13.94) (negative: negative equity)
Interest coverage Q (4.60)
Growth
Revenue growth Q +8.76% (above 0%: growing)
Operating income growth Q −1,131.21% (below 0%: shrinking)
EPS, this year +61.60% (at or above 15%: strong)
EPS, next year A +125.06% (at or above 15%: strong)
Revenue, next year A +3.56%
EPS, past 5 yrs —
EPS, next 5 yrs A +84.97% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.8×, against a ten-year median of 1.5×; over the ten years it ranged from 0.8× in 2026 to 2.5× in 2021.
P/S against its own 10 years 5.98%
10-year low 10-year high
EV/Sales against its own 10 years 5.43%
10-year low 10-year high
EV/FCF against its own 10 years 87.25%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2017–25
−100.0%/yr
  1. 0.60 ’17
  2. 0.63 ’18 +5
  3. 0.72 ’19 +14
  4. 0.75 ’20 +4
  5. 0.84 ’21 +12
  6. 0.96 ’22 +14
  7. 0.96 ’23 +0
  8. 0.00 ’24 −100
  9. 0.00 ’25
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 162 105 106 139
Receivables 159 322 350 376
Inventory — — — —
Other 1 16 37 42
347 473 521 583
2023 2024 2025 Q'26
Payables 45 106 122 119
ST’ Debt — — — —
Other 72 45 69 82
237 384 428 442

Compound Annual Growth %

10y 5y 3y
Sales 10.03% 14.47% 14.10%
Cash Flow (6.37%) (14.32%) (43.81%)
Earnings 0.00% 0.00% 0.00%
Book Value (10.85%) (21.64%) (38.86%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.17 Actual 1.27

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.13 −0.52 Miss by 0.39
Q4 FY25 −0.26 −0.28 Miss by 0.02
Q1 FY26 −0.35 −1.09 Miss by 0.74
Q2 FY26 −0.17 1.27 Beat by 1.44
Q3 FY26 0.20 — Reports 9 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (1.09) (6.38) — — —
’25 (1.68) (0.41) (0.52) (0.91) (3.51)
’24 (3.39) (23.47) (2.66) (1.24) (29.66)
’23 1.37 0.76 0.36 3.93 6.40
’22 1.57 2.04 1.93 1.60 7.14
’21 0.40 1.11 0.86 1.48 3.85
’20 0.30 0.11 0.60 (0.17) 0.84
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 582 673 — — —
’25 613 619 632 631 2,495
’24 542 644 656 633 2,474
’23 358 334 341 338 1,371
’22 467 515 510 187 1,680
’21 362 421 420 185 1,387
’20 306 282 332 350 1,270
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 46 (5) — — —
’25 28 (13) 53 (23) 44
’24 (52) (45) 51 (23) (69)
’23 61 57 25 57 199
’22 62 50 84 53 250
’21 17 23 43 38 121
’20 31 29 21 16 96
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 40 (7) — — —
’25 16 (17) 49 (31) 17
’24 (56) (59) 42 (28) (101)
’23 56 48 20 49 172
’22 53 42 78 40 213
’21 15 18 30 23 85
’20 29 18 19 13 78
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,030 1,169 1,138 1,215 1,270 1,387 1,680 1,371 2,474 2,495 2,518 +10.3% 2,584 2,622 2,584 +1.2%
Gross margin, % 53.99 51.97 48.97 50.30 47.79 50.84 54.91 55.63 48.59 49.32 49.27 (4.7) pt
EBT 58 108 115 110 69 143 242 57 (1,250) (147) (351) n/m
EBT margin, % 5.64 9.20 10.15 9.03 5.46 10.29 14.43 4.13 (50.51) (5.90) (13.94) (11.5) pt
Net income 28 87 89 82 53 107 179 43 (1,125) (142) (346) n/m
Per share, $
Per share, $ Revenue 34.02 39.15 39.13 43.10 45.95 51.09 62.71 52.90 89.84 81.23 77.52 +10.2%
Earnings 0.91 2.90 3.14 3.06 0.84 3.87 7.17 6.42 (29.66) (3.51) (8.90) n/m
Cash flow 4.30 3.46 4.90 5.16 3.48 4.44 9.34 7.69 (2.51) 1.44 2.18 (11.4%)
Capex (1.33) (1.20) (1.12) (0.69) (0.65) (1.32) (1.38) (1.04) (1.16) (0.88) (0.60) (4.5%)
Free cash flow 2.98 2.26 3.78 4.48 2.83 3.13 7.96 6.65 (3.67) 0.57 1.58 (16.8%)
Book value 16.48 17.84 19.03 20.47 19.81 21.86 26.41 29.49 10.38 5.26 (3.78) (11.9%)
Shares, m 30 30 29 28 28 27 27 26 28 31 31 +0.2%
Valuation, ×
Valuation, × P/E 53.22 19.85 17.47 22.86 91.48 31.29 14.60 9.68 0.00 0.00 0.00 26.0
P/S 1.42 1.48 1.40 1.62 1.67 2.37 1.67 1.18 0.36 0.31 0.22 1.3
P/B 2.94 3.24 2.88 3.42 3.88 5.54 3.96 2.11 3.11 4.75 0.00 3.6
EV/Sales 1.44 1.53 1.42 1.67 1.77 2.50 1.75 2.39 1.01 0.96 0.85 1.6
EV/FCF 16.50 26.50 14.72 16.10 28.69 40.88 13.77 19.05 (24.83) 136.68 41.55 28.8
Cash, $m
Cash, $m Operating cash flow 130 103 142 146 96 121 250 199 (69) 44 71 (11.3%)
Capex (40) (36) (33) (19) (18) (36) (37) (27) (32) (27) (19) (4.4%)
Free cash flow 90 68 110 126 78 85 213 172 (101) 17 51 (16.7%)
Balance, $m
Balance, $m Working capital 58 101 126 99 74 118 135 110 88 93 142 +5.3%
Net debt 20 37 22 8 77 128 76 1,656 1,602 1,604 1,571 +62.9%
Shareholders’ equity 499 533 553 577 547 594 707 764 286 162 (123) (11.8%)
Returns, %
Returns, % ROA 4.07 12.98 12.67 9.95 2.33 9.78 16.52 7.99 (28.26) (3.90) (11.07) (8.0) pt
ROIC 7.19 11.94 12.74 12.02 7.40 12.74 19.74 2.28 (35.20) 1.29 (7.28) (5.9) pt
ROE 5.41 16.78 16.95 15.41 4.22 18.56 29.54 22.75 (155.59) (48.17) (611.69) (53.6) pt
People
People Employees 4,688 4,898 5,369 5,480 3,774 4,327 4,427 4,251 6,319 6,062 — +2.9%
Revenue/emp, $m 0.22 0.24 0.21 0.22 0.34 0.32 0.38 0.32 0.39 0.41 — +7.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Forward Air Corporation vs peers in Integrated Freight & Logistics (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
LSTR Landstar System, Inc. $4.9B 30.8× 25.0× +25.26% (above 0%: growing) +153.29% (above 0%: growing) −17.47% (below 0%: shrinking) 21.93% 4.33% Compare
PBI Pitney Bowes Inc. $2.1B 11.8× 11.0× −0.76% (below 0%: shrinking) +24.23% (above 0%: growing) +175.08% (above 0%: growing) 54.21% 22.62% Compare
HUBG Hub Group, Inc. $1.5B 14.3× 15.0× −5.31% (below 0%: shrinking) +23.08% (above 0%: growing) −37.43% (below 0%: shrinking) 26.84% 4.22% Compare
CYRX CryoPort, Inc. $812.9M — (loss-making) — (loss-making) +7.74% (above 0%: growing) n/m +35.91% (above 0%: growing) 46.61% (20.50%) Compare
FWRD Forward Air Corporation $571.9M — (loss-making) — (loss-making) +8.76% (above 0%: growing) n/m +59.37% (above 0%: growing) 49.11% (29.91%)
RLGT Radiant Logistics, Inc. $424.2M 22.5× 23.9× +18.52% (above 0%: growing) +60.00% (above 0%: growing) −662.14% (below 0%: shrinking) 25.55% 3.26% Compare
SERV Serve Robotics Inc. $201.2M — (loss-making) — (loss-making) +312.66% (above 0%: growing) n/m −6.32% (below 0%: shrinking) (266.49%) (2,158.31%) Compare
PSIG PS International Group Ltd. $78.1M — (loss-making) — — n/m +36.15% (above 0%: growing) — — Compare
PAL Proficient Auto Logistics, Inc. $76.6M — (loss-making) — (loss-making) −5.32% (below 0%: shrinking) n/m −124.95% (below 0%: shrinking) 100.00% (2.96%) Compare
Median of peers $618.6M 18.4× 19.5× +7.74% +42.11% −11.89% 26.84% 3.26%

All 32 Integrated Freight & Logistics stocks →

Pay and ownership Proxy statement filed 29 April 2026

Ownership

Directors and executive officers, together 12.50% of the votes
Company Series B Preferred Units 36.40% of the votes
Charles L. Anderson 11.50% of the votes
Robert L. Edwards, Jr. 11.50% of the votes
Ridgemont Group 11.50% of the votes
Clearlake Capital Group, L.P. 9.30% of the votes
BlackRock, Inc. 7.90% of the votes
Cetus Capital VI, L.P. 7.60% of the votes
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Forward Air Corporation (FWRD) Latest News

28 Oct

Impact 4 · · FreightWaves
Impact 4 · · Business Wire

27 Oct

Impact 3 · · Zacks

13 Oct

Impact 3 · · Simply Wall St.

1 Oct

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5 Aug

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22 Jul

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21 Jul

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10 Jul

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11 May

Impact 3 · · Simply Wall St.

7 May

Impact 4 · · Moby
Impact 4 · · Zacks
Impact 4 · · Business Wire
Impact 3 · · MarketBeat

5 May

Impact 4 · · Simply Wall St.

7 Apr

Impact 3 · · Zacks

29 Mar

Impact 4 · · GuruFocus.com

26 Mar

Impact 3 · · Insider Monkey

11 Mar

Impact 4 · · Investing.com

24 Feb

Impact 4 · · Moby
Impact 4 · · GuruFocus.com
Impact 3 · · Business Wire

23 Feb

Impact 4 · · MarketBeat
stockrow.com/FWRD · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com