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. In the quarter to June 2026, revenue grew 8.76%, EPS fell 1,456.1%, free cash flow grew 59.4% and total debt fell 1.01%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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Forward Air Corporation (FWRD) Beneish M-score
Forward Air Corporation's Beneish M-score for fiscal 2025 is −2.60; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.60 | 0.88 |
| FY2024 | −3.49 | (0.15) |
| FY2023 | −3.34 | (0.54) |
| FY2022 | −2.80 | (0.53) |
| FY2021 | −2.26 | 0.34 |
| FY2020 | −2.60 | 0.35 |
| FY2019 | −2.96 | (0.25) |
| FY2018 | −2.70 | (0.39) |
| FY2017 | −2.32 | 0.90 |
| FY2016 | −3.21 | (0.42) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.08 | — | 0.99 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 0.98 | — | 0.39 | |
| Sales growth index | 1.01 | — | 0.90 | |
| Depreciation index | 2.31 | — | 0.27 | |
| SG&A index | 0.98 | — | −0.17 | |
| Total accruals to total assets | (0.07) | — | −0.32 | |
| Leverage index | 1.05 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.60 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| PAL Proficient Auto Logistics, Inc. compare | −2.9× |
| PBI Pitney Bowes Inc. compare | −2.9× |
| FWRD Forward Air Corporation | −2.6× |
| HUBG Hub Group, Inc. compare | −2.6× |
| CYRX CryoPort, Inc. compare | −2.4× |
| RLGT Radiant Logistics, Inc. compare | −2.3× |
| FLX BingEx Limited compare | −1.3× |
| NCEW New Century Logistics (BVI) Limited compare | 5.9× |
| PSIG PS International Group Ltd. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI