Forward Air Corporation FWRD R2K
Industrials · Integrated Freight & Logistics · United States
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.
READ MORE ›$10.58
-36.95% 1Y
Market & Price
Market Cap
$334.59M
Current Price
$10.58
High / Low (52W)
$32.27 / $8.31
Beta
1.59
Valuation
Stock P/E
-
Industry PE
28.38
Forward P/E
-
PEG Ratio
0.65
Book Value
$2.56
Price to Book
4.13
P/S
0.14
EV/EBITDA
9.70
Dividend Yield
-
Profitability & Returns
ROCE
1.46%
ROE
-69.13%
ROA
2.10%
Profit Margin
-3.71%
Op Margin
4.00%
EPS (Latest Qtr)
$-1.09
EPS (TTM)
$-2.92
Balance Sheet & Liquidity
Debt/Equity
17.59
Quick Ratio
1.07
Current Ratio
1.23
Debt
$2.15B
Total Assets
$2.72B
Current Assets
$521.00M
Working Capital
$92.68M
Ownership
Promoter Holding
1.81%
Chg in Prom Hold
-
FII / Inst Holding
108.25%
Chg in FII Hold
-
Financial Snapshot
Enterprise Value
$2.39B
Total Revenue (TTM)
$2.46B
EBITDA
$246.03M
Free Cash Flow
$55.90M
Operating Cash Flow
$62.51M
Shares Outstanding
31.63M
Gross Margin
20.54%
Payout Ratio
0.00%
Growth (CAGR)
Revenue 5Y
14.10%
Profit 5Y
-51.93%
Revenue (YoY)
-5.10%
Earnings (YoY)
-
PROS
- Compounding revenue at 14.1% over 5 years.
- Generates positive free cash flow.
CONS
- Earnings shrank at -51.9% CAGR over 5 years.
- Trading 67.2% below its 52-week high.
- In a downtrend (50-DMA below 200-DMA).
* The pros and cons are auto-generated from financial metrics.
Price Chart
Technical Trend
Computed from daily close history using EMA cross, slope, and RSI signals.
Note: intraday data is not stored locally. “Hourly” uses the most recent 10 daily candles as a short-term proxy.
Fundamental Growth
No fundamental data available for this stock.
Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).
Peer comparison
Peer companies in the same sector (Industrials).
| # | Name | CMP $ | P/E | Mkt Cap | Div Yld % | ROCE % | ROE % | Rev CAGR 5Y % | Profit CAGR 5Y % |
|---|---|---|---|---|---|---|---|---|---|
| 1 | FWRD Forward Air Corporation R2K | 10.58 | - | $334.59M | - | 1.46% | -69.13% | 14.10% | -51.93% |
| 2 | CAT Caterpillar Inc. SPX | 875.87 | 43.66 | $403.42B | 0.69% | 19.42% | 51.33% | 4.38% | 9.83% |
| 3 | GE GE Aerospace SPX | 323.76 | 40.17 | $338.27B | 0.58% | 11.89% | 45.43% | 16.32% | 195.89% |
| 4 | GEV GE Vernova Inc. SPXAI | 968.32 | 28.33 | $260.21B | 0.21% | 6.30% | 75.71% | 8.68% | 92.84% |
| 5 | RTX RTX Corporation SPX | 179.66 | 33.64 | $241.95B | 1.54% | 9.41% | 11.57% | 9.72% | 9.01% |
| 6 | UNP Union Pacific Corporation SPX | 262.64 | 21.60 | $155.93B | 2.10% | 16.19% | 40.69% | -0.49% | 0.66% |
| 7 | ETN Eaton Corporation plc SPXAI | 400.60 | 39.20 | $155.55B | 1.10% | 16.23% | 20.84% | 9.77% | 18.41% |
| 8 | HON Honeywell International Inc. NDXSPX | 237.86 | 38.00 | $150.72B | 2.00% | 13.57% | 24.26% | 1.82% | -1.62% |
| 9 | DE Deere & Company SPX | 542.18 | 30.67 | $146.45B | 1.20% | 12.82% | 18.35% | -4.50% | -11.00% |
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Quarterly Results
Figures in USD.
| Metric | Mar 2016 | Jun 2016 | Sep 2016 | Dec 2016 | Mar 2017 | Jun 2017 | Sep 2017 | Dec 2017 | Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 | Mar 2019 | Jun 2019 | Sep 2019 | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 305.56M | 281.68M | 332.00M | - | 362.20M | 420.67M | 419.62M | 401.20M | 442.19M | 433.20M | 403.04M | 357.71M | 333.62M | 340.98M | 338.43M | 541.81M | 643.67M | - | - | 613.28M | 618.84M | 631.76M | 631.23M | 582.05M |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 537.98M | 540.38M | 543.23M | 535.36M | 492.51M |
| Gross Profit | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 75.30M | 78.47M | 88.54M | 95.87M | 89.53M |
| Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 70.54M | 58.94M | 73.53M | 98.74M | 69.09M |
| Operating Income | 21.40M | -14.35M | 24.70M | 28.22M | 23.74M | 30.00M | 27.18M | 27.84M | 24.23M | 32.87M | 29.88M | 35.05M | 24.73M | 29.07M | 29.19M | 32.85M | 15.77M | 13.91M | 23.51M | - | 22.72M | 42.12M | 42.48M | 57.35M | 75.55M | 71.67M | - | 47.20M | 26.32M | 11.69M | - | -65.73M | -1.10B | - | - | 4.76M | 19.52M | 15.01M | -2.87M | 20.44M |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 41.30M | 45.02M | 59.15M | 40.71M | 43.70M |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 45.55M | 45.33M | 44.77M | 45.10M | 43.59M |
| Pretax Income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -41.60M | -37.11M | -23.37M | -45.11M | -38.41M |
| Tax Provision | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 19.59M | -16.75M | 385.00K | -8.70M | 1.79M |
| Net Income | 13.10M | -10.07M | 11.93M | 12.71M | 14.58M | 19.67M | 18.33M | 34.68M | 17.74M | 24.30M | 22.33M | 27.68M | 18.41M | 22.33M | 22.20M | 24.17M | 8.38M | 3.15M | 16.65M | -4.44M | 11.18M | 30.68M | 23.54M | 42.69M | 55.43M | 52.13M | 42.94M | 36.37M | 19.95M | 9.29M | 101.74M | -61.71M | -645.43M | - | - | -50.64M | -12.58M | -16.25M | -28.33M | -34.32M |
| Diluted EPS | 0.43 | -0.33 | 0.39 | 0.42 | 0.48 | 0.65 | 0.61 | 1.16 | 0.60 | 0.82 | 0.76 | 0.95 | 0.64 | 0.78 | 0.78 | 0.85 | 0.30 | 0.11 | 0.60 | -0.17 | 0.40 | 1.11 | 0.86 | 1.57 | 2.04 | 1.93 | 1.60 | 1.37 | 0.76 | 0.36 | 3.93 | -2.81 | -23.47 | - | - | -1.68 | -0.41 | -0.52 | -0.91 | -1.09 |
Profit & Loss (Annual)
Figures in USD.
| Metric | Dec 2008 | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | - | - | - | - | 1.22B | 1.27B | - | 1.68B | 1.37B | 2.47B | 2.50B |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.19B | 1.04B | 2.13B | 2.16B |
| Gross Profit | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 491.67M | 330.15M | 339.65M | 338.18M |
| Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 244.07M | 241.94M | 374.19M | 301.75M |
| Operating Income | 70.28M | 18.55M | 53.74M | 77.11M | 83.53M | 84.36M | 96.41M | 81.77M | 59.70M | 108.76M | 117.22M | 112.42M | 73.92M | - | 247.59M | 88.21M | -34.54M | 36.42M |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 290.14M | 145.62M | -916.64M | 186.19M |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 5.14M | 31.57M | 189.22M | 180.75M |
| Pretax Income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 242.45M | 56.64M | -1.25B | -147.20M |
| Tax Provision | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 63.04M | 13.84M | -124.99M | -5.47M |
| Net Income | 42.54M | 9.80M | 32.04M | 47.20M | 52.67M | 54.47M | 61.17M | 55.58M | 27.50M | 87.25M | 92.05M | 87.10M | 23.73M | - | 193.19M | 167.35M | -816.97M | -107.80M |
| Diluted EPS | 1.47 | 0.34 | 1.10 | 1.60 | 1.78 | 1.77 | 1.96 | 1.78 | 0.90 | 2.89 | 3.12 | 3.04 | 0.84 | - | 7.14 | 6.40 | -29.66 | -3.51 |
Compounded Sales Growth
| 5 Years: | 14.10% |
| 1 Year: | -5.10% |
Compounded Profit Growth
| 5 Years: | -51.93% |
| 1 Year: | - |
Stock Price Performance
| 1 Year: | -36.95% |
| 6 Months: | -51.73% |
| 3 Months: | -58.17% |
| 1 Month: | -50.81% |
Balance Sheet (Annual)
Figures in USD.
| Metric | Dec 2007 | Dec 2008 | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | - | - | 316.73M | 348.80M | 341.15M | 399.19M | 506.27M | 539.31M | 699.93M | 644.05M | 692.62M | 760.22M | 990.88M | 1.05B | - | 1.21B | 2.98B | 2.80B | 2.72B |
| Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 304.31M | 347.03M | 472.50M | 521.00M |
| Cash & Equivalents | 4.91M | 22.09M | 42.03M | 74.50M | 58.80M | 112.18M | 127.37M | 41.43M | 33.31M | 8.51M | 3.89M | 25.66M | 64.75M | 40.25M | - | 45.82M | 121.97M | 104.90M | 106.00M |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Receivables | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 188.23M | 153.27M | 322.29M | 343.56M |
| Total Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 500.83M | 2.22B | 2.52B | 2.56B |
| Current Liabilities | - | - | 29.78M | 27.61M | 33.93M | 27.92M | 34.61M | 43.43M | 109.04M | 77.93M | 66.15M | 74.72M | 137.16M | 171.62M | - | 169.40M | 237.09M | 384.05M | 428.32M |
| Long Term Debt | - | - | 50.00M | 50.00M | 0 | - | - | 0 | 27.54M | 0 | 40.22M | 47.28M | 67.34M | 112.40M | - | 106.59M | 1.79B | 1.68B | 1.69B |
| Total Debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 266.78M | 1.95B | 2.15B | 2.16B |
| Total Equity | 171.73M | 216.43M | 224.51M | 256.09M | 286.90M | 351.67M | 435.87M | 463.56M | 509.50M | 498.35M | 532.70M | 553.24M | 577.18M | 547.33M | - | 707.24M | 764.26M | 201.73M | 113.34M |
| Shares Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 26.46M | 25.67M | 29.76M | 31.33M |
Cash Flows (Annual)
Figures in USD.
| Metric | Dec 2008 | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 59.08M | 50.18M | 53.99M | 76.96M | 68.59M | 90.84M | 91.66M | 85.72M | 130.35M | 103.36M | 152.55M | 159.02M | - | - | 259.09M | 181.39M | -75.40M | 44.38M |
| Investing Cash Flow | -56.19M | -20.20M | -13.89M | -19.67M | -20.70M | -78.92M | -127.71M | -100.92M | -52.39M | -59.19M | -55.46M | -63.91M | - | - | -104.46M | 174.84M | -1.61B | -26.91M |
| Financing Cash Flow | 14.29M | -10.03M | -7.64M | -72.99M | 5.50M | 3.27M | -49.89M | 7.08M | -102.76M | -48.80M | -75.33M | -56.01M | - | - | -146.12M | 1.55B | -163.83M | -17.53M |
| Capital Expenditure | -26.70M | -20.85M | -15.15M | -21.22M | -21.35M | -35.44M | -39.49M | -40.49M | -42.19M | -38.27M | -39.56M | -22.01M | -20.27M | - | -39.25M | -30.73M | -37.06M | -29.12M |
| Free Cash Flow | 32.38M | 29.33M | 38.85M | 55.74M | 47.23M | 55.40M | 52.17M | 45.23M | 88.17M | 65.10M | 112.99M | 137.01M | - | - | 219.84M | 150.66M | -112.46M | 15.27M |
| Net Change in Cash | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 8.51M | 1.91B | -1.85B | -61.00K |
| Share Buybacks | - | 0 | 0 | 26.10M | 0 | 354.00K | 39.97M | 19.99M | 39.98M | 48.98M | 66.13M | 56.20M | 45.25M | 48.99M | 62.77M | 93.81M | 0 | 0 |
| Dividends Paid | 8.09M | 8.11M | 8.12M | 8.19M | 9.95M | 12.14M | 14.79M | 14.82M | 15.53M | 18.05M | 18.43M | 20.49M | 20.87M | 22.98M | 25.86M | 25.00M | 0 | 0 |
Ratios (Annual)
Figures in %.
| Metric | Dec 2008 | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 29.3% | 24.1% | 13.7% | 13.6% |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | 9.3% | 5.8% | - | 14.7% | 6.4% | -1.4% | 1.5% |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | 7.2% | 1.9% | - | 11.5% | 12.2% | -33.0% | -4.3% |
| ROE % | 19.7% | 4.4% | 12.5% | 16.5% | 15.0% | 12.5% | 13.2% | 10.9% | 5.5% | 16.4% | 16.6% | 15.1% | 4.3% | - | 27.3% | 21.9% | -405.0% | -95.1% |
| ROCE % | - | 6.5% | 16.7% | 25.1% | 22.5% | 17.9% | 19.4% | 13.8% | 10.5% | 17.4% | 17.1% | 13.2% | 8.4% | - | 23.8% | 3.2% | -1.4% | 1.6% |
Shareholding Pattern
Insiders
1.81%
Institutions
108.25%
Public Float
110.25%
Top Institutional Holders
| # | Holder | % Held | Shares | Value |
|---|---|---|---|---|
| 1 | Clearlake Capital Group, LP | 12.09% | 3.83M | $40.47M |
| 2 | Blackrock Inc. | 11.70% | 3.70M | $39.15M |
| 3 | Irenic Capital Management LP | 3.89% | 1.23M | $13.01M |
| 4 | Private Management Group, Inc. | 3.65% | 1.16M | $12.22M |
| 5 | FMR, LLC | 3.44% | 1.09M | $11.50M |
| 6 | State Street Corporation | 3.33% | 1.05M | $11.14M |
| 7 | Vanguard Capital Management LLC | 3.25% | 1.03M | $10.86M |
| 8 | Paralel Advisors Llc | 3.08% | 975.00K | $10.32M |
| 9 | Vanguard Portfolio Management LLC | 2.84% | 898.22K | $9.50M |
| 10 | Melqart Asset Management UK Ltd. | 2.78% | 877.74K | $9.29M |
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