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Forward AIR Corp (FWRD) stock

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NASDAQ: FWRD Nasdaq Air Freight & Logistics Next results ~November 9, 2026

C Fundamentals grade

Forward AIR Corp is a US-listed company in the air freight & logistics industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$35

Cash-flow model

Base case. Range ~$15–$61 across our lower- and higher-growth cases (2.5%–12.5% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 48% below our base value.

Price used: $18.32, November 2, 2026

Forward AIR Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 1 selling0 purchases and 6 sales by directors and officers, last 12 monthsInsider trades
  • Funds111 adding, 95 cuttingOf 41 active managers that changed their stake, 26 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Forward AIR files

Where Forward AIR stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.52bn, down 0.1% on a year earlier, a smaller fall than the 3.2% decline a quarter earlier. Free-cash-flow margin rose to 1.9% from 0.3% a year earlier. Operating margin narrowed to -6.7% from 4.9%. The diluted share count is up 7.2% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 5 financial-health checks. Our cash-flow model value is $35.84 a share, against a share price of $15.21. At that price, our model says the market is pricing in about 1.7% a year of cash-flow growth for five years, slower than the 12.7% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 9, 2026 (estimated)

Forward AIR Corp's trailing-twelve-month revenue fell 0.1% year on year, with a free-cash-flow margin of 1.9%. Where it lags: long-term debt as % of assets of 70.2% ranks 15 of 15 air freight & logistics companies we cover.

Our discounted-cash-flow model values the business at ~$35 per share in the base case (~$15–$61 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 1096% in the quarter to 2026-06-30, the 4th beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $18.32 is 91% below our value per share of $35.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 0.1% over the last 12 months.
  • Loss-making. Operating margin is -6.7%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 11.6 points on a year ago.
  • Share dilution. Diluted shares rose 7.2% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 85% and a beta of 1.6 against the S&P 500.

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$1.53 against an average estimate of -$0.15: beat by 1096.1%
Revenue
$673m, up 8.8% on a year earlier
Share reaction
+16.3% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Next report
November 9, 2026; average EPS estimate $0.13

Forward AIR's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.0%
  • 1 week+21.5%
  • 1 month+15.1%
  • This year-26.7%
  • 1 year-2.6%
  • 5 years-82.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.5B
Operating margin
-6.7%
Net margin
-11.4%
EPS (TTM, diluted)
$-9.07

Growth

Revenue growth
−0.1%
Change in growth rate
+3.1 pts
Share count change
+7.2%

Cash

Free cash flow (TTM)
$48.2M
FCF margin
1.9%
Stock pay % of revenue
0.4%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results
  3. Announcement
  4. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Forward AIR Corp valuation models and calculator

What the price is pricing in

The share price implies about 2.7% a year of cash-flow growth for five years.That is slower than the 12.7% a year revenue growth Forward AIR has delivered.

  • Priced in2.7%
  • Last 12 months-0.1%
  • 3 years a year18.1%
  • 5 years a year12.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($18.27, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$35
Price used
$18.27close November 3, 2026
Implied change
▲ +92%
Uncertainty
Very high

How we got here: a discounted-cash-flow model of Forward AIR Corp's free cash flow after stock-based pay with after-tax interest added back ($125M, FY2026 Q2 TTM), growing 5.2% and 6.3% in the next two years (forecasts, guidance and its record), then back to 7.5% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$15–~$61 ; that spread sets a 45% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Forward AIR Corp's free cash flow after stock-based pay ( $125M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Forward AIR Corp as an operating company, with every model that fits that kind of business. Cost of equity 10.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.21 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$35 ~$15–$61 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$35 ~$15–$61 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Forward AIR Corp with Air Freight & Logistics in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −50%
  • Revenue growth 5 points higher ▲ +66%
  • Free-cash-flow margin 1 point lower ▼ −27%
  • Last year's free-cash-flow margin change, if it persists ▲ +74%
  • Discount rate 1 point higher ▼ −28%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $8$27$52$86$129$186
8.5% —$9$27$51$82$123
10% ——$12$31$54$85

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$39.37$43.86$53.80$51.93$66.99$74.54$118.53$103.64$62.87$32.25$25.00$18.32
Market value$1.2bn$1.3bn$1.6bn$1.5bn$1.9bn$2.1bn$3.2bn$2.8bn$1.6bn$888m$768m$578m
+ Net debt (− = net cash)$51m$20m$37m$22m$13m$79m$124m$70m−$109m$1.6bn$1.6bn$1.6bn
Enterprise value$1.3bn$1.4bn$1.6bn$1.5bn$1.9bn$2.1bn$3.4bn$2.9bn$1.5bn$2.5bn$2.3bn$2.1bn
Multiples
Price / sales 1.3x1.3x1.4x1.3x1.6x1.6x2.3x1.7x1.2x0.4x0.3x0.2x
Price / earnings 22.0x48.5x18.5x16.5x21.8x87.0x30.6x14.4x9.8x———
Price / free cash flow 27.0x15.1x24.8x13.4x13.8x27.2x39.3x13.2x9.7x—50.3x12.0x
EV / EBITDA 10.7x13.8x11.0x10.0x12.8x19.3x18.5x9.9x10.5x—12.4x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

40 /100

Weak moat

How hard Forward AIR's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 10 / 20

    Net income has been a median 7.1% of total assets over 10 years.

  • Durability 1 / 20

    Operating margin has been a median 8.2%; its worst year was -61.5%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 9 of 10 years, at a median 6.9% of revenue.

  • Discipline 12 / 20

    The diluted share count rose 14.7% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (45 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 9, 2026, after the close. Analysts expect revenue of $673m and EPS of $0.13 (range $0.12 to $0.14) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$1.01 −61% $2.6bn +4%
Next $0.45 +145% $2.6bn +2%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +9.5% on 90 days ago. In the last 30 days, 1 analyst raised Forward AIR Corp's forecast and 2 cut it.

Consensus EPS forecast Forward AIR Corp, last 90 days
−$1.50 −$1.00 −$0.50 $0.00 $0.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.92 Current fiscal year, 60 days ago: −$1.13 Current fiscal year, 30 days ago: −$1.13 Current fiscal year, 7 days ago: −$1.01 Current fiscal year, Now: −$1.01 −$1.01 Next fiscal year, 90 days ago: −$0.39 Next fiscal year, 60 days ago: $0.43 Next fiscal year, 30 days ago: $0.43 Next fiscal year, 7 days ago: $0.43 Next fiscal year, Now: $0.45 $0.45

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.92−$0.39
60 days ago −$1.13$0.43
30 days ago −$1.13$0.43
7 days ago −$1.01$0.43
Now −$1.01$0.45

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.15 $1.53 +1096.1%
Mar 2026 −$0.37 −$0.20 +45.7%
Dec 2025 −$0.27 −$0.19 +30.0%
Sept 2025 −$0.12 $0.07 +160.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026

No numeric guidance in Forward AIR Corp's latest earnings release (filed August 5, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Forward AIR Corp's revenue by +5.2% next year and +6.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+3.4%, weight 56%) and the company's own record (+7.5%, weight 44%) . How the weights are set.

Analyst recommendations

5 analysts, Nov 2026
Buy240%
Hold360%
Sell00%

Monthly trend

  1. Nov 2026235
  2. Oct 2026235

Counts of recommendations published by analysts covering Forward AIR Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.0%
of tradable shares
Days to cover
3.78
at average volume
Short interest, 1 month
−17%
to October 15, 2026
Held by institutions
98%
of shares
Held by insiders
1.9%
of shares
Employees
6,062
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −2.6%

$18.81 on October 31, 2025 to $18.32

ThenNowEffect
Revenue (last 12 months) $2.5bn $2.5bn −0.1%
P/S multiple 0.2x 0.2x +4.5%
Share count 29m 32m −6.7%

Biggest factor: share count. Loss-making at one end, so the split uses price/sales.

Last 3 years −72.2%

$65.99 on November 3, 2023 to $18.32

ThenNowEffect
Revenue (last 12 months) $1.5bn $2.5bn +64.8%
P/S multiple 1.1x 0.2x −80.0%
Share count 27m 32m −15.9%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
FWRD+59%−13%−39%−49%−23%−27%
Industry peers (median)+26%−26%+24%−7%−11%−10%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FWRD42%25%33%42%42%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FWRD−18%−32%−48%−81%−70%−73%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 93% from January 4, 2022 to May 19, 2026. Getting back needed a 1368% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$8.31 – $30.23
From 52-week high
−39.4%
vs 50-day average
+14.2%
vs 200-day average
+4.1%
Volatility (1 year)
85%
Beta vs S&P 500
1.55

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±14.2%
After a week
6 up, 6 down
typical move ±19.4%
After a month
7 up, 5 down
typical move ±27.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 +16.3% −0.4% +27.4% +6.6%
May 7, 2026 −46.2% +0.5% −48.8% −37.4%
February 23, 2026 −5.0% −0.3% −8.6% −41.7%
November 5, 2025 +15.2% −0.7% +23.3% +42.8%
August 11, 2025 −3.7% +0.9% −6.4% −2.0%
May 7, 2025 +3.1% +1.1% +12.1% +11.6%
April 21, 2025 −1.8% +0.2% −7.1% +15.4%
April 9, 2025 +26.8% +5.7% +39.6% +55.4%
February 26, 2025 −16.2% −1.5% −22.7% −23.8%
January 6, 2025 −4.1% −0.6% +2.3% −3.5%
August 7, 2024 +27.5% +1.6% +17.6% +49.5%
May 15, 2024 +3.9% +1.0% −17.3% +40.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Forward AIR Corp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Forward AIR Corp in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Forward AIR Corp
$1B $1.5B $2B $2.5B $3B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.4B Revenue (TTM), FY23 Q4: $1.4B Revenue (TTM), FY24 Q1: $1.6B Revenue (TTM), FY24 Q2: $1.9B Revenue (TTM), FY24 Q3: $2.2B Revenue (TTM), FY24 Q4: $2.5B Revenue (TTM), FY25 Q1: $2.5B Revenue (TTM), FY25 Q2: $2.5B Revenue (TTM), FY25 Q3: $2.5B Revenue (TTM), FY25 Q4: $2.5B Revenue (TTM), FY26 Q1: $2.5B Revenue (TTM), FY26 Q2: $2.5B $2.5B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.4B
FY23 Q4 $1.4B
FY24 Q1 $1.6B
FY24 Q2 $1.9B
FY24 Q3 $2.2B
FY24 Q4 $2.5B
FY25 Q1 $2.5B
FY25 Q2 $2.5B
FY25 Q3 $2.5B
FY25 Q4 $2.5B
FY26 Q1 $2.5B
FY26 Q2 $2.5B
Revenue growth, TTM YoY Forward AIR Corp
-50% 0% 50% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -1.8% Revenue growth, TTM YoY, FY23 Q4: -18.4% Revenue growth, TTM YoY, FY24 Q1: -5.0% Revenue growth, TTM YoY, FY24 Q2: 22.1% Revenue growth, TTM YoY, FY24 Q3: 51.9% Revenue growth, TTM YoY, FY24 Q4: 80.5% Revenue growth, TTM YoY, FY25 Q1: 63.7% Revenue growth, TTM YoY, FY25 Q2: 35.2% Revenue growth, TTM YoY, FY25 Q3: 14.5% Revenue growth, TTM YoY, FY25 Q4: 0.8% Revenue growth, TTM YoY, FY26 Q1: -3.2% Revenue growth, TTM YoY, FY26 Q2: -0.1% -0.1%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -1.8%
FY23 Q4 -18.4%
FY24 Q1 -5.0%
FY24 Q2 22.1%
FY24 Q3 51.9%
FY24 Q4 80.5%
FY25 Q1 63.7%
FY25 Q2 35.2%
FY25 Q3 14.5%
FY25 Q4 0.8%
FY26 Q1 -3.2%
FY26 Q2 -0.1%
Operating margin (TTM) Forward AIR Corp
-80% -60% -40% -20% 0% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 8.9% Operating margin (TTM), FY23 Q4: 6.4% Operating margin (TTM), FY24 Q1: -1.6% Operating margin (TTM), FY24 Q2: -61.5% Operating margin (TTM), FY24 Q3: -52.1% Operating margin (TTM), FY24 Q4: -43.0% Operating margin (TTM), FY25 Q1: -39.0% Operating margin (TTM), FY25 Q2: 4.9% Operating margin (TTM), FY25 Q3: 4.6% Operating margin (TTM), FY25 Q4: 1.5% Operating margin (TTM), FY26 Q1: 2.1% Operating margin (TTM), FY26 Q2: -6.7% -6.7%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 8.9%
FY23 Q4 6.4%
FY24 Q1 -1.6%
FY24 Q2 -61.5%
FY24 Q3 -52.1%
FY24 Q4 -43.0%
FY25 Q1 -39.0%
FY25 Q2 4.9%
FY25 Q3 4.6%
FY25 Q4 1.5%
FY26 Q1 2.1%
FY26 Q2 -6.7%
FCF margin (TTM) Forward AIR Corp
-5% 0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 12.2% FCF margin (TTM), FY23 Q4: 12.2% FCF margin (TTM), FY24 Q1: 3.3% FCF margin (TTM), FY24 Q2: -3.3% FCF margin (TTM), FY24 Q3: -2.0% FCF margin (TTM), FY24 Q4: -4.3% FCF margin (TTM), FY25 Q1: -1.3% FCF margin (TTM), FY25 Q2: 0.3% FCF margin (TTM), FY25 Q3: 0.6% FCF margin (TTM), FY25 Q4: 0.6% FCF margin (TTM), FY26 Q1: 1.6% FCF margin (TTM), FY26 Q2: 1.9% 1.9%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 12.2%
FY23 Q4 12.2%
FY24 Q1 3.3%
FY24 Q2 -3.3%
FY24 Q3 -2.0%
FY24 Q4 -4.3%
FY25 Q1 -1.3%
FY25 Q2 0.3%
FY25 Q3 0.6%
FY25 Q4 0.6%
FY26 Q1 1.6%
FY26 Q2 1.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 417 484 536 584 652 781 959 1,030 1,169 1,138 1,215 1,270 1,387 1,680 1,371 2,474 2,495 2,518
Gross profit — — — — — — — 569 624 573 629 619 — — — — — —
EBITDA 38 74 98 105 108 128 119 98 150 153 149 111 182 290 146 −919 189 −13
Operating income 19 54 77 84 84 96 82 60 109 117 112 74 147 248 88 −1,063 36 −169
Net income 10 32 47 53 54 61 56 28 87 92 87 24 106 193 167 −817 −108 −286
Diluted EPS $0.34 $1.10 $1.60 $1.78 $1.77 $1.96 $1.78 $0.90 $2.89 $3.12 $3.04 $0.84 $3.85 $7.14 $6.40 −$30.63 −$3.51 −$9.07
Growth (year on year)
Revenue −12.0% +15.9% +10.8% +9.0% +11.6% +19.7% +22.8% +7.4% +13.5% −2.7% +6.8% +4.5% +9.3% +21.1% −18.4% +80.5% +0.8% −0.1%
EBITDA −28.7% +93.8% +32.2% +6.6% +3.2% +18.2% −6.8% −17.7% +53.0% +2.2% −2.8% −25.4% +63.9% +59.4% −49.8% −731.1% — −105.2%
Operating income −73.6% +189.7% +43.5% +8.3% +1.0% +14.3% −15.2% −27.0% +82.2% +7.8% −4.1% −34.2% +98.9% +68.4% −64.4% <−999% — −237.4%
Net income −77.0% +226.8% +47.3% +11.6% +3.4% +12.3% −9.1% −50.5% +217.2% +5.5% −5.4% −72.8% — +82.5% −13.4% −588.2% — —
Diluted EPS −76.9% +223.5% +45.5% +11.3% −0.6% +10.7% −9.2% −49.4% +221.1% +8.0% −2.6% −72.4% — +85.5% −10.4% −578.6% — —
Margins
Gross margin — — — — — — — 55.3% 53.4% 50.4% 51.8% 48.7% — — — — — —
EBITDA margin 9.2% 15.3% 18.3% 17.9% 16.5% 16.3% 12.4% 9.5% 12.8% 13.5% 12.2% 8.7% 13.1% 17.3% 10.6% −37.1% 7.6% −0.5%
Operating margin 4.4% 11.1% 14.4% 14.3% 12.9% 12.3% 8.5% 5.8% 9.3% 10.3% 9.3% 5.8% 10.6% 14.7% 6.4% −43.0% 1.5% −6.7%
Net margin 2.3% 6.6% 8.8% 9.0% 8.3% 7.8% 5.8% 2.7% 7.5% 8.1% 7.2% 1.9% 7.6% 11.5% 12.2% −33.0% −4.3% −11.4%
Free-cash-flow margin 7.0% 8.0% 10.4% 8.1% 8.5% 6.7% 4.7% 8.6% 5.6% 9.9% 11.3% 6.0% 5.9% 12.6% 12.3% −4.3% 0.6% 1.9%
Cash flow
Cash from operations 50 54 77 69 91 92 86 130 103 153 159 96 121 250 199 −69 44 71
Capital spending 21 15 21 21 35 39 40 42 38 40 22 20 38 39 31 37 29 23
Free cash flow 29 39 56 47 55 52 45 88 65 113 137 76 82 211 168 −106 15 48
Stock-based pay 7 6 6 6 6 7 7 8 8 10 12 11 11 11 11 10 13 10
Free cash flow after stock pay 23 33 50 41 49 45 38 80 57 103 125 65 72 200 157 −116 2 38
Balance sheet
Cash 42 75 59 112 127 41 33 9 4 26 65 40 37 46 122 105 106 139
Total debt 53 52 1 0 0 2 85 29 41 48 78 119 162 116 13 1,693 1,687 1,693
Net debt (negative = net cash) 11 −23 −58 −112 −127 −40 51 20 37 22 13 79 124 70 −109 1,588 1,581 1,554
Diluted shares 29m 29m 29m 30m 31m 31m 31m 30m 30m 29m 28m 28m 27m 27m 26m 28m 31m 32m
Returned to shareholders
Dividends 8 8 8 10 12 15 15 16 18 18 20 21 23 26 25 0 0 —
Buybacks 0 0 26 0 0 40 20 40 49 66 56 45 49 63 94 0 0 —
Total returned 8 8 34 10 12 55 35 56 67 85 77 66 72 89 119 0 0 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 5 checks passed · June 30, 2026
What it owns · $2.4bn
Short-term assets $583mLonger-term assets $1.8bn
What it owes, and who funded it · $2.5bn
Short-term liabilities $442mLonger-term liabilities $2.1bnShareholders' equity $-115m
  • Short-term assets cover short-term liabilities $583m of assets due within a year against $442m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $583m short-term assets against $2.1bn of longer-dated liabilities.
  • More cash than debt $139m of cash against $1.7bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $71m of operating cash flow against $1.7bn of debt.
  • Operating profit covers interest at least five times over Operating income of −$169m against $177m of interest.

From Forward AIR Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$93.8M
Diluted share count
+7.2%
year over year
Days sales outstanding
54 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in air freight & logistics
Last 12 months unless stated FWRD CAAP RXO RLGT ZTO FLX Median
Revenue, last 12 months $2.5bn $2.0bn $6.5bn $934m $6.8bn $555m $555m
Revenue growth, last 12 months −0.1% 6.4% 10.1% 3.5% 11.0% −10.6% 6.4%
Revenue growth, 3-year average 18.1% — 17.1% −4.9% — — 2.5%
Revenue growth, latest quarter 8.8% — 31.7% 18.5% — — 15.2%
Gross margin 51.8% 35.2% — 26.5% 25.0% 11.8% 10.9%
Operating margin −6.7% 24.9% −0.8% 2.6% 21.3% 1.2% −0.8%
Operating margin, 3-year average −21.1% 16.4% −0.8% 2.0% 22.7% — 2.0%
Net margin −11.4% 12.6% −1.3% 2.0% 18.5% 2.7% 1.0%
Cash from operations / revenue 2.8% 23.7% −0.2% 1.9% 24.4% 2.5% 1.0%
Free-cash-flow margin 1.9% 22.8% −1.1% 1.4% 12.0% 2.5% 1.0%
Free-cash-flow margin, 3-year average −0.3% 10.9% −0.8% 1.1% 3.7% — 1.5%
Stock pay / revenue 0.4% 0.1% 0.4% 0.2% 0.5% 1.2% 0.5%
Change in share count 7.2% 0.8% 1.4% −0.2% −2.1% 101.1% 0.8%

Median of all 21 companies we cover in air freight & logistics. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

21 air freight & logistics companies
Measure Company Peer median Rank
Revenue growth Growth -0.1% 6.4% 13 of 21
Change in growth rate Growth +3.1pp +2.4pp 9 of 21
Operating margin Profitability -6.7% -0.8% 17 of 21
Net margin Profitability -11.4% 1.0% 17 of 21
Free-cash-flow margin Cash generation 1.9% 1.0% 8 of 21
Stock pay as % of revenue Cash generation 0.4% 0.5% 7 of 18
Long-term debt as % of assets Balance sheet 70.2% 16.8% 15 of 15
Change in share count Balance sheet 7.2% 0.9% 14 of 20
Days sales outstanding Balance sheet 54 days 55 days 8 of 16

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Omni Logistics $1.4B 54.2% ▲ 12.9%
Expedited Freight $915M 36.7% ▼ 12.5%
Intermodal $229M 9.2% ▼ 1.3%
Corporate $0 0.0% ▼ 100.0%
Geography
Region Revenue Share YoY
United States $2.2B 86.8% —
Outside the US $330M 13.2% —

From Forward AIR Corp's 10-K filed March 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$412M
Institutions reporting
185
Shares held vs prior quarter
▲ 3.5%
Positions opened / closed
44 / 50

Top buyers and sellers, Q2 2026: 111 institutions bought and 95 sold ; the biggest buyer was Bracebridge Capital, LLC (+1.4M shares) and the biggest seller Irenic Capital Management LP (−1.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Clearlake Capital Group, L.P. $51.7M 3.8M 12.5% 0.0%
Blackrock, Inc. $37.5M 2.8M 9.1% ▼ 25.0%
FMR LLC $27.1M 2.0M 6.6% ▲ 84.8%
Bracebridge Capital, LLC $19M 1.4M 4.6% New
Vanguard Capital Management LLC $15.8M 1.2M 3.8% ▲ 13.9%
Private Management Group Inc $15.5M 1.1M 3.8% ▼ 0.8%
CIBC World Market Inc. $14.5M 1.1M 3.5% ▲ 46.0%
D. E. Shaw & Co., Inc. $13.5M 1.0M 3.3% New
HRT Financial LP $10.6M 786K 2.6% ▲ 93.0%
Barclays PLC $9.5M 707K 2.3% ▲ 4453.6%
Deutsche Bank Ag\ $8.3M 614K 2.0% ▲ 136.7%
BNP Paribas Financial Markets $8.1M 597K 2.0% ▲ 24.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Forward AIR Corp's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $5.9M 6 trades by 1 insider · 0% under pre-set plans
Net ▼ $5.9M net selling
Insider Date Trade Shares Price Value
Cetus Capital Vi, L.P. 10% owner November 12, 2025 Sell 10,000 $22.38 $223,800
Cetus Capital Vi, L.P. 10% owner November 11, 2025 Sell 67,163 $21.71 $1.5M
Cetus Capital Vi, L.P. 10% owner November 10, 2025 Sell 90,000 $21.55 $1.9M
Cetus Capital Vi, L.P. 10% owner November 10, 2025 Sell 30,000 $22.66 $679,800
Cetus Capital Vi, L.P. 10% owner November 6, 2025 Sell 74,716 $21.85 $1.6M
Cetus Capital Vi, L.P. 10% owner November 6, 2025 Sell 284 $22.39 $6,359

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 7, 2026
  • February 23, 2026
  • November 5, 2025
  • August 11, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Forward AIR Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Forward AIR Corp in brief

What does Forward AIR Corp do?
Forward AIR Corp is a US-listed company in the air freight & logistics industry. Its financial year ends in December.
What is Forward AIR Corp's stock ticker?
Forward AIR Corp trades under the ticker FWRD on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Forward AIR Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Forward AIR Corp reported revenue of $2.5B, 0.1% lower than a year earlier, according to its SEC filings.
What is Forward AIR Corp's free cash flow?
Forward AIR Corp's free-cash-flow margin is 1.9% of revenue over the trailing twelve months, ranking 8 of the 21 air freight & logistics companies we cover.
What is Forward AIR Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Forward AIR Corp's free cash flow after stock-based pay gives ~$35 per share in the base case, and ~$15–$61 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Forward AIR Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Clearlake Capital Group, L.P., Blackrock, Inc. and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Forward AIR Corp's market cap?
On November 2, 2026, Forward AIR Corp's market capitalisation was about $578M and net debt of $1.6B. Market figures come from third-party market data and may be delayed.
Who are Forward AIR Corp's competitors?
In our Air Freight & Logistics peer group, the companies closest to Forward AIR Corp are Corporacion America Airports S.a., RXO, Inc., Radiant Logistics, Inc, ZTO Express (cayman) Inc. and Bingex Ltd. The side-by-side comparison below sets their revenue, margins and growth against Forward AIR Corp's.
Are insiders buying or selling Forward AIR Corp stock?
Over the last 12 months, Forward AIR Corp's directors and officers reported 0 open-market purchases and 6 sales on Form 4. The insider trading page charts every trade.
When is Forward AIR Corp's next earnings date?
Around November 9, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Forward AIR Corp announces its own schedule.