A Business at a Glance
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FORWARD AIR CORP
FWRD
$468M
Mkt Cap
$15.25
-1.49%
FORWARD AIR CORP (FWRD) has a 5-year average return on invested capital (ROIC) of -2.1%. This is below average and may indicate limited pricing power.
FORWARD AIR CORP (FWRD) has a market capitalization of $468M. It is classified as a small-cap stock.
FORWARD AIR CORP (FWRD) does not currently pay a regular dividend.
FORWARD AIR CORP (FWRD) operates in the Arrangement Of Transportation Of Freight & Cargo industry, within the Industrials sector.
FORWARD AIR CORP (FWRD) reported annual revenue of $2.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
FORWARD AIR CORP (FWRD) has a net profit margin of -4.3%. The company is currently unprofitable.
FORWARD AIR CORP (FWRD) generated $15 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Forward Air Corporation (“Forward”, the “Company”, “we”, “our”, or “us”) is a leading asset-light provider of transportation services. We provide ground transportation, air and ocean forwarding, intermodal drayage services and contract logistics across North and South America, Europe and Asia. We also provide customized asset-light, high-touch logistics and supply chain management solutions with deep customer relationships in high-growth end markets. We offer premium services that typically require precision execution, such as expedited transit, delivery during tight time windows and special handling. We utilize an asset-light strategy to minimize our investments in equipment and facilities and to reduce our capital expenditures. Forward was founded in 1981 in Greeneville, Tennessee. In 2025, the Company changed its state of incorporation from Tennessee to Delaware and moved its headquarters from Greeneville to Dallas, Texas.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.5B | 2.5B | 2.5B | 1.4B | 1.7B | 1.4B |
| Net Income | -108M | -108M | -837M | 167M | 179M | 106M |
| EPS | $-3.51 | $-3.51 | $-30.63 | $6.40 | $7.14 | $3.85 |
| Free Cash Flow | 15M | 15M | -106M | 168M | 211M | 82M |
| ROIC | 1.7% | 2.1% | -63.4% | 9.4% | 24.7% | 16.5% |
| Gross Margin | 36.3% | 36.3% | 99.1% | 33.9% | 35.6% | 34.2% |
| Debt/Equity | 15.03 | 15.03 | 8.39 | 0.02 | 0.15 | 0.26 |
| Dividends/Share | $0.00 | $0.00 | $0.00 | $0.96 | $0.96 | $0.84 |
| Operating Income | 36M | 36M | -1.1B | 88M | 248M | 147M |
| Operating Margin | 1.5% | 1.5% | -43.0% | 6.4% | 14.7% | 10.6% |
| ROE | -95.1% | -68.4% | -173.3% | 22.7% | 27.6% | 18.6% |
| Shares Outstanding | 31M | 31M | 27M | 26M | 25M | 27M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 781M | 959M | 1.0B | 1.2B | 1.1B | 1.2B | 1.3B | 1.4B | 1.7B | 1.4B | 2.5B | 2.5B | 2.5B |
| Gross Margin | 39.7% | 37.7% | 55.3% | 53.4% | 50.4% | 51.8% | 48.7% | 34.2% | 35.6% | 33.9% | 99.1% | 36.3% | 36.3% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 182M | 241M | 242M | 266M | 230M | 258M | 271M | 288M | 303M | 288M | 536M | 536M | 536M |
| EBIT | 96M | 82M | 60M | 109M | 117M | 112M | 74M | 147M | 248M | 88M | -1.1B | 36M | 36M |
| Op. Margin | 12.3% | 8.5% | 5.8% | 9.3% | 10.3% | 9.3% | 5.8% | 10.6% | 14.7% | 6.4% | -43.0% | 1.5% | 1.5% |
| Net Income | 61M | 56M | 28M | 87M | 92M | 87M | 24M | 106M | 179M | 167M | -837M | -108M | -108M |
| Net Margin | 7.8% | 5.8% | 2.7% | 7.5% | 8.1% | 7.2% | 1.9% | 7.6% | 10.7% | 12.2% | -33.8% | -4.3% | -4.3% |
| Non-Recurring | 383K | 181K | 25M | -1.3M | 171K | -1.1M | 0 | 0 | 0 | 0 | 1.0B | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 12.1% | 9.1% | 5.3% | 13.3% | 13.4% | 12.8% | 8.8% | 16.5% | 24.7% | 9.4% | -63.4% | 2.1% | 1.7% |
| ROE | 13.6% | 11.4% | 5.5% | 16.9% | 17.0% | 15.4% | 4.2% | 18.6% | 27.6% | 22.7% | -173.3% | -68.4% | -95.1% |
| ROA | 11.7% | 9.0% | 4.1% | 13.1% | 12.7% | 9.9% | 2.3% | 9.8% | 15.4% | 8.0% | -29.0% | -3.9% | -4.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 92M | 86M | 130M | 103M | 153M | 159M | 96M | 121M | 250M | 199M | -69M | 44M | 44M |
| Free Cash Flow | 52M | 45M | 88M | 65M | 113M | 137M | 76M | 82M | 211M | 168M | -106M | 15M | 15M |
| Owner Earnings | 54M | 41M | 84M | 54M | 107M | 111M | 48M | 75M | 197M | 130M | -223M | -122M | -122M |
| CapEx | 39M | 40M | 42M | 38M | 40M | 22M | 20M | 38M | 39M | 31M | 37M | 29M | 29M |
| Maint. CapEx | 31M | 37M | 38M | 41M | 36M | 36M | 37M | 35M | 43M | 57M | 144M | 153M | 153M |
| Growth CapEx | 8.4M | 3.3M | 4.0M | 0 | 3.7M | 0 | 0 | 3.4M | 0 | 0 | 0 | 0 | 0 |
| D&A | 31M | 37M | 38M | 41M | 36M | 36M | 37M | 35M | 43M | 57M | 144M | 153M | 153M |
| CapEx/OCF | 43.1% | 47.2% | 32.4% | 37.0% | 25.9% | 13.8% | 21.1% | 31.8% | 15.7% | 15.4% | N/A | N/A | 65.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 15M | 15M | 16M | 18M | 18M | 20M | 21M | 23M | 26M | 25M | 0 | 0 | 0 |
| Dividend Yield | 1.1% | 1.1% | 1.2% | 1.2% | 1.1% | 1.2% | 1.3% | 0.9% | 1.0% | 1.1% | N/A | N/A | N/A |
| Share Buybacks | 40M | 20M | 40M | 49M | 66M | 56M | 45M | 49M | 63M | 94M | 0 | 0 | 0 |
| Buyback Yield | 2.8% | 1.6% | 3.0% | 3.0% | 4.3% | 3.0% | 2.2% | 1.5% | 2.4% | 5.7% | N/A | 0.0% | 0.0% |
| Stock-Based Comp | 6.7M | 7.5M | 8.3M | 8.1M | 10M | 12M | 11M | 11M | 11M | 11M | 10M | 13M | 13M |
| Debt Repayment | 9.7M | 101M | 56M | 43M | 302K | 946K | 20M | 150M | 49M | 179M | 52M | 110M | 110M |
| Balance Sheet | |||||||||||||
| Net Debt | 99M | 189M | 162M | 138M | 113M | 76M | 72M | 120M | 62M | -109M | 1.6B | 1.6B | 1.6B |
| Cash & Equiv. | 41M | 33M | 8.5M | 3.9M | 26M | 65M | 40M | 37M | 46M | 122M | 105M | 106M | 106M |
| Long-Term Debt | 0 | 28M | 0 | 40M | 47M | 67M | 112M | 155M | 107M | 0 | 1.7B | 1.7B | 1.7B |
| Debt/Equity | 0.30 | 0.44 | 0.34 | 0.27 | 0.25 | 0.24 | 0.21 | 0.26 | 0.15 | 0.02 | 8.39 | 15.03 | 15.03 |
| Interest Coverage | 158.0 | 39.9 | 37.4 | 90.0 | 65.7 | 41.5 | 16.2 | 33.9 | 48.2 | 2.8 | -5.6 | 0.2 | 0.2 |
| Equity | 464M | 509M | 498M | 533M | 553M | 577M | 547M | 594M | 707M | 764M | 202M | 113M | 113M |
| Total Assets | 539M | 700M | 644M | 693M | 760M | 991M | 1.0B | 1.1B | 1.2B | 3.0B | 2.8B | 2.7B | 2.7B |
| Total Liabilities | 76M | 190M | 146M | 160M | 207M | 414M | 500M | 524M | 501M | 2.2B | 2.5B | 2.6B | 2.6B |
| Intangibles | 73M | 128M | 107M | 111M | 114M | 125M | 145M | 155M | 116M | 135M | 999M | 907M | 907M |
| Retained Earnings | 333M | 349M | 319M | 337M | 343M | 350M | 304M | 335M | 436M | 480M | -338M | -447M | -447M |
| Working Capital | 104M | 64M | 58M | 101M | 126M | 99M | 74M | 118M | 135M | 110M | 88M | 93M | 93M |
| Current Assets | 147M | 173M | 136M | 168M | 201M | 236M | 246M | 283M | 304M | 347M | 473M | 521M | 521M |
| Current Liabilities | 43M | 109M | 78M | 66M | 75M | 137M | 172M | 165M | 169M | 237M | 384M | 428M | 428M |
| Per Share Data | |||||||||||||
| EPS | 1.96 | 1.78 | 0.90 | 2.89 | 3.12 | 3.04 | 0.84 | 3.85 | 7.14 | 6.40 | -30.63 | -3.51 | -3.51 |
| Owner EPS | 1.73 | 1.32 | 2.74 | 1.80 | 3.61 | 3.87 | 1.70 | 2.73 | 7.84 | 4.98 | -8.17 | -3.96 | -3.96 |
| Book Value | 14.85 | 16.32 | 16.31 | 17.64 | 18.75 | 20.15 | 19.37 | 21.59 | 28.15 | 29.23 | 7.38 | 3.69 | 3.69 |
| Cash Flow/Share | 2.94 | 2.75 | 4.27 | 3.42 | 5.17 | 5.55 | 3.40 | 4.39 | 9.96 | 7.62 | -2.53 | 1.45 | 1.46 |
| Dividends/Share | 0.48 | 0.48 | 0.51 | 0.60 | 0.63 | 0.72 | 0.75 | 0.84 | 0.96 | 0.96 | 0.00 | 0.00 | 0.00 |
| Shares Out. | 31.2M | 31.2M | 30.6M | 30.2M | 29.5M | 28.7M | 28.3M | 27.5M | 25.1M | 26.1M | 27.3M | 30.7M | 30.7M |
| Valuation | |||||||||||||
| P/E Ratio | 23.4 | 22.4 | 49.1 | 18.8 | 16.6 | 21.8 | 88.2 | 30.5 | 14.5 | 10.0 | N/A | N/A | -4.3 |
| P/FCF | 27.4 | 27.5 | 15.3 | 25.2 | 13.5 | 13.9 | 27.6 | 39.2 | 12.4 | 9.9 | N/A | N/A | 30.7 |
| EV/EBIT | 15.9 | 17.5 | 25.3 | 16.4 | 14.0 | 17.6 | 29.3 | 22.8 | 10.8 | 17.3 | N/A | N/A | 56.7 |
| Price/Book | 3.1 | 2.4 | 2.7 | 3.1 | 2.8 | 3.3 | 3.8 | 5.4 | 3.7 | 2.1 | 4.1 | N/A | 4.1 |
| Price/Sales | 1.7 | 1.5 | 1.2 | 1.3 | 1.5 | 1.4 | 1.3 | 1.8 | 1.5 | 1.7 | 0.3 | N/A | 0.2 |
| FCF Yield | 3.6% | 3.6% | 6.5% | 4.0% | 7.4% | 7.2% | 3.6% | 2.5% | 8.1% | 10.3% | -12.9% | N/A | 3.3% |
| Market Cap | 1.4B | 1.2B | 1.4B | 1.6B | 1.5B | 1.9B | 2.1B | 3.2B | 2.6B | 1.6B | 824M | 0 | 468M |
| Avg. Price | 41.40 | 44.61 | 41.01 | 48.73 | 56.33 | 59.83 | 56.30 | 88.59 | 98.88 | 90.18 | 31.48 | 0.00 | 15.25 |
| Year-End Price | 45.81 | 39.83 | 44.18 | 54.39 | 51.82 | 66.36 | 74.06 | 117.36 | 103.89 | 63.71 | 30.14 | 0.00 | 15.25 |
FORWARD AIR CORP passes 1 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 30.1x vs a median of 14.6x. The company's 5-year average gross margin is 47.8%. At current prices, the estimated annualized return to fair value is -13.1%.
FORWARD AIR CORP (FWRD) has a debt-to-equity ratio of 15.03. This indicates higher leverage, which may increase financial risk.
FORWARD AIR CORP (FWRD) reported earnings per share (EPS) of $-3.51 in its most recent fiscal year.
FORWARD AIR CORP (FWRD) has a return on equity (ROE) of -68.4%. A negative ROE may indicate losses or negative equity.
FORWARD AIR CORP (FWRD) has a 5-year average gross margin of 47.8%. This indicates decent pricing power.
The Ledger Terminal provides 18 years of financial data for FORWARD AIR CORP (FWRD), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FORWARD AIR CORP (FWRD) has a book value per share of $3.69, based on its most recent annual SEC filing.
No recent press releases.