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) Piotroski F-score
Forward Air Corporation's Piotroski F-score for fiscal 2025 is 5 out of 9: 5 of nine tests of profitability, leverage and efficiency passed, up from 3 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 5 | 2.00 |
| FY2024 | 3 | (2.00) |
| FY2023 | 5 | (4.00) |
| FY2022 | 9 | 1.00 |
| FY2021 | 8 | 4.00 |
| FY2020 | 4 | (1.00) |
| FY2019 | 5 | 0.00 |
| FY2018 | 5 | (2.00) |
| FY2017 | 7 | 1.00 |
| FY2016 | 6 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (3.90%) | (28.26%) | Fail | 0 |
| Positive operating cash flow | 44.38m | (69.01m) | Pass | 1 |
| Rising return on assets | (3.90%) | (28.26%) | Pass | 1 |
| Cash flow above net income | 152.18m | 747.95m | Pass | 1 |
| Falling long-term leverage | 0.62 | 0.59 | Fail | 0 |
| Rising current ratio | 1.22 | 1.23 | Fail | 0 |
| No new shares issued | 30,718,000 | 27,540,000 | Fail | 0 |
| Rising gross margin | 49.32% | 48.59% | Pass | 1 |
| Rising asset turnover | 0.90 | 0.86 | Pass | 1 |
| Piotroski F-score | Mixed | 5 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| PBI Pitney Bowes Inc. compare | 7 |
| HUBG Hub Group, Inc. compare | 7 |
| FLX BingEx Limited compare | 6 |
| FWRD Forward Air Corporation | 5 |
| CYRX CryoPort, Inc. compare | 5 |
| RLGT Radiant Logistics, Inc. compare | 4 |
| PAL Proficient Auto Logistics, Inc. compare | 3 |
| NCEW New Century Logistics (BVI) Limited compare | 3 |
| PSIG PS International Group Ltd. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover