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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. 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.

15.04 0.80 −5.05%
Market cap
$535.1M
P/E
0.0×
Fwd P/E
−5.5×
Dividend yield
—
F-score
5/9
Altman Z
0.95
Beneish M
−2.60
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 5.94
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 1 — — — — — — — — — — —
Insider Ownership 11.30%

Capital & Financial Ratios $m

Market Cap 535.09
Revenue 2,518.08
Net Income (346.30)
Free Cash Flow 51.48
Net Debt 1,570.70
Current Ratio 1.32
Debt/Equity (13.94) (negative: negative equity)
P/E ratio 0.00
Fwd P/E (5.45) (negative: loss-making)
P/S ratio 0.19
P/B ratio 0.00
Past 5Y EPS Growth —
This Y EPS Growth 61.60% (at or above 15%: strong)
Next Y EPS Growth 124.07% (at or above 15%: strong)
Next Y revenue growth 3.56%
Next 5Y EPS Growth 84.97% (at or above 15%: strong)

Green and red mark values outside typical ranges. 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 3.17%
10-year low 10-year high
EV/Sales against its own 10 years 2.80%
10-year low 10-year high
EV/FCF against its own 10 years 84.33%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 0.96
0.24
0.24
0.24
0.24
2022 0.96
0.24
0.24
0.24
0.24
2021 0.84
0.21
0.21
0.21
0.21
2020 0.75
0.18
0.18
0.18
0.21
2019 0.72
0.18
0.18
0.18
0.18
2018 0.63
0.15
0.15
0.15
0.18
2017 0.60
0.15
0.15
0.15
0.15
2016 0.51
0.12
0.12
0.12
0.15
predictions special payouts not included in total or ratios

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%)

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

2.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 36.00 45.86 51.00 53.16 39.59 70.93 84.04 60.09 11.21 9.79

Analyst estimates 2026–2028

Powerpack
High 50.72 59.98 72.81 72.09 78.95 123.36 125.71 121.38 64.33 35.47
People
People Employees 4,688 4,898 5,369 5,480 3,774 4,327 4,427 4,251 6,319 6,062
Revenue/emp, $m 0.22 0.24 0.21 0.22 0.34 0.32 0.38 0.32 0.39 0.41
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
Gross margin, % 53.99 51.97 48.97 50.30 47.79 50.84 54.91 55.63 48.59 49.32
EBT 58 108 115 110 69 143 242 57 (1,250) (147)
EBT margin, % 5.64 9.20 10.15 9.03 5.46 10.29 14.43 4.13 (50.51) (5.90)
Net income 28 87 89 82 53 107 179 43 (1,125) (142)
Depreciation 81 41 36 36 37 35 43 57 1,172 153
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
Earnings 0.91 2.90 3.14 3.06 0.84 3.87 7.17 6.42 (29.66) (3.51)
Cash flow 4.30 3.46 4.90 5.16 3.48 4.44 9.34 7.69 (2.51) 1.44
Capex (1.33) (1.20) (1.12) (0.69) (0.65) (1.32) (1.38) (1.04) (1.16) (0.88)
Free cash flow 2.98 2.26 3.78 4.48 2.83 3.13 7.96 6.65 (3.67) 0.57
Book value 16.48 17.84 19.03 20.47 19.81 21.86 26.41 29.49 10.38 5.26
Shares, m 30 30 29 28 28 27 27 26 28 31
Valuation, ×
Valuation, × P/E 53.22 19.85 17.47 22.86 91.48 31.29 14.60 9.68 0.00 0.00
P/S 1.42 1.48 1.40 1.62 1.67 2.37 1.67 1.18 0.36 0.31
P/B 2.94 3.24 2.88 3.42 3.88 5.54 3.96 2.11 3.11 4.75
EV/Sales 1.44 1.53 1.42 1.67 1.77 2.50 1.75 2.39 1.01 0.96
EV/FCF 16.50 26.50 14.72 16.10 28.69 40.88 13.77 19.05 (24.83) 136.68
Cash, $m
Cash, $m Operating cash flow 130 103 142 146 96 121 250 199 (69) 44
Capex (40) (36) (33) (19) (18) (36) (37) (27) (32) (27)
Free cash flow 90 68 110 126 78 85 213 172 (101) 17
Balance, $m
Balance, $m Working capital 58 101 126 99 74 118 135 110 88 93
Total debt 28 41 47 72 117 165 122 1,817 1,707 1,710
Net debt 20 37 22 8 77 128 76 1,656 1,602 1,604
Shareholders’ equity 499 533 553 577 547 594 707 764 286 162
Returns, %
Returns, % ROA 4.07 12.98 12.67 9.95 2.33 9.78 16.52 7.99 (28.26) (3.90)
ROIC 7.19 11.94 12.74 12.02 7.40 12.74 19.74 2.28 (35.20) 1.29
ROE 5.41 16.78 16.95 15.41 4.22 18.56 29.54 22.75 (155.59) (48.17)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
PBI Pitney Bowes Inc. $2.4B 13.6× 11.1× −2.25% (below 0%: shrinking) +117.65% (above 0%: growing) +37.11% (above 0%: growing) 53.66% 23.66% Compare
HUBG Hub Group, Inc. $1.7B 15.1× 23.7× −5.31% (below 0%: shrinking) +23.08% (above 0%: growing) −37.43% (below 0%: shrinking) 26.84% 4.22% Compare
CYRX CryoPort, Inc. $864.6M — (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 $535.1M — (loss-making) — (loss-making) +8.76% (above 0%: growing) n/m +59.37% (above 0%: growing) 49.11% (29.91%)
RLGT Radiant Logistics, Inc. $426.1M 22.5× 27.6× +18.52% (above 0%: growing) +60.00% (above 0%: growing) −662.14% (below 0%: shrinking) 25.55% 3.26% Compare
PAL Proficient Auto Logistics, Inc. $88.7M — (loss-making) — (loss-making) −5.32% (below 0%: shrinking) n/m −124.95% (below 0%: shrinking) 100.00% (2.96%) Compare
FLX BingEx Limited $80.2M — (loss-making) 7.1× −3.11% (below 0%: shrinking) n/m — 10.16% 0.77% Compare
PSIG PS International Group Ltd. $65.4M — (loss-making) — — n/m +36.15% (above 0%: growing) — — Compare
NCEW New Century Logistics (BVI) Limited $55.1M — — — — −150.21% (below 0%: shrinking) — — Compare
Median of peers $257.4M 15.1× 17.4× −2.68% +60.00% −37.43% 36.73% 2.01%

All 31 Integrated Freight & Logistics stocks →

Forward Air Corporation (FWRD) key facts

  • Strength: Forward Air Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.5 billion, up 0.84% from fiscal 2024.
  • Forward Air Corporation (FWRD) is an Integrated Freight & Logistics company in the Industrials sector, listed on Nasdaq.
  • As of October 16, 2026, FWRD traded at $15.04, a market capitalization of $535.1 million.
  • Return on equity was −48.2% and debt-to-equity -13.94.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 0.95 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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