FWRD Industrials

Forward Air Corporation

$18.40+0.44%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Industrials
Industry: Integrated Freight & Logistics
Country: United States
Market cap: 621.6M USD
Enterprise value: 2.1B USD
Full-time employees: 6,062

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.41 vs a peer median of 0.64)higher risk: bigger price swings (beta 1.41 vs peers 0.64)
About average: growth

Ranks #2,127 of 2,308 industrials companies (bottom 8%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
Forward Air's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.
Shareholders being diluted. Shares outstanding up 28% from December 2022 to July 2026.
Forward Air had 28% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Forward Air had 28% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Returning more cash than it generates. Paid out $119M vs $78M of free cash flow over the 3 fiscal years to 2025.
Forward Air returned $119M to shareholders over three years, 153% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.
Borrowing rising faster than profit. Since 2022 (an unusually strong year for operating profit): debt +1461%, operating profit −85%.Since 2022: debt +1461%, operating profit −85%.
Forward Air's debt grew 1461% since 2022 while operating profit changed −85%.

StockQuotient Score

22/ 100

Oct 5 22 → Nov 4 22

Valuation

Is the price right?

20/100

Weak▼ 2 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Share count up 6.8% (existing holders diluted)

Valuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 22 → 20

Share price +21.5%-2

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-45.4%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.28Sector median: 0.0377 · MAD: 0.0294

EBITDA yield-0.6%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.64Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield7.8%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 1.10Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield-18.6%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

58/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 2.2%

Why

Mixed versus peers:

▲ 3-yr revenue
▼ EPS growth
▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.31Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth21.9%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 2.84Sector median: 0.0421 · MAD: 0.0625

Revenue growth-0.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.59Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

6/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Operating margin fell 8.8 points to -6.7%

Why

Weaker than most peers on:

▼ ROA
▼ ROIC
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-6.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.85Sector median: 0.0773 · MAD: 0.0507

Return on assets-11.7%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.56Sector median: 0.0311 · MAD: 0.0241

Return on invested capital-9.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.94Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin21.5%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity-735.7%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Beta
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.41

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.80Sector median: 0.6440 · MAD: 0.2745

Current ratio1.32×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.55Sector median: 1.6180 · MAD: 0.5360

Debt / equityUnavailable

Shareholders' equity is negative, so debt/equity counts as among the highest in its peer group33% base weight · Z-score -6.37Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Forward Air

Is Forward Air getting weaker?: Its latest SEC filing (Aug 5, 2026) got weaker in some ways: operating margin fell 8.8 points to -6.7%; share count up 6.8%. Its overall score is unchanged at 22/100 since Oct 28, 2026.
How is Forward Air valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 20/100 against 2,459 industrials peers. Free cash flow yield 7.8% vs a peer median of 3.7% (stronger than 75% of peers).Free cash flow yield 7.8% vs peers 3.7% (stronger than 75% of peers). Earnings yield -45.4% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -45.4% vs peers 3.8% (weaker than 100% of peers).
Is Forward Air growing?: At about the same pace as its peers. Growth scores 58/100 against 2,459 industrials peers. 3-year revenue growth 21.9% vs a peer median of 4.2% (stronger than 93% of peers).3-year revenue growth 21.9% vs peers 4.2% (stronger than 93% of peers). Revenue growth -0.1% vs a peer median of 4.4% (weaker than 67% of peers).Revenue growth -0.1% vs peers 4.4% (weaker than 67% of peers).
How profitable is Forward Air?: Less profitable than most of its peers. Profitability scores 6/100 against 2,459 industrials peers. Return on assets -11.7% vs a peer median of 3.1% (weaker than 100% of peers).Return on assets -11.7% vs peers 3.1% (weaker than 100% of peers).
How risky is Forward Air?: Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Beta 1.41 vs a peer median of 0.64 (weaker than 92% of peers).Beta 1.41 vs peers 0.64 (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

Operating margin fell 8.8 points to -6.7%
Share count up 6.8% (existing holders diluted)

Worth watching: Forward Air is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	2.5B USD	2.5B USD	+2.2%
Net income (12 months)	−87.7M USD	−282.4M USD	+222.1%
Operating margin	2.1%	-6.7%	−8.8 pts
Free cash flow (12 months)	38.4M USD	48.2M USD	+25.7%
Debt	1.7B USD	1.7B USD	+0.2%
Cash	141.0M USD	139.4M USD	−1.1%
Shares outstanding	31.6M	33.8M	+6.8%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Industrials · 318 companies

Valuations in Industrials are near the top of their range since 2016.

85% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +20% and earnings +14% (medians): prices and earnings moved broadly together.
Median price-to-sales is −24% vs the whole market, against a usual −31%.

2016Shaded: most expensive fifth of its range2026

Shown for Industrials: too few Integrated Freight & Logistics companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	—	—	—	—	—	—
Operating margin	10.6%	14.7%	6.4%	-43.0%	1.5%	▲ 44 pts
Net margin	7.6%	11.5%	12.2%	-33.0%	-4.3%	▲ 29 pts
Return on assets (ROA)	9.5%	16.0%	5.6%	-29.1%	-4.0%	▲ 25 pts
Return on equity (ROE)	17.8%	27.3%	21.9%	-405.0%	-95.1%	▲ 310 pts
Free cash flow margin	5.9%	12.6%	12.3%	-4.3%	0.6%	▲ 4.9 pts
Current ratio	1.72×	1.80×	1.46×	1.23×	1.22×	▼ 1.1%
Debt to equity	0.26×	0.15×	0.00×	8.39×	14.89×	▲ 77%
Interest coverage	33.89×	48.19×	2.79×	-5.62×	0.20×	▲ 104%

FWRD price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.41 vs a peer median of 0.64)higher risk: bigger price swings (beta 1.41 vs peers 0.64)

About average: growth

Ranks #2,127 of 2,308 industrials companies (bottom 8%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

Forward Air's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

Shareholders being diluted. Shares outstanding up 28% from December 2022 to July 2026.

Forward Air had 28% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Forward Air had 28% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Returning more cash than it generates. Paid out $119M vs $78M of free cash flow over the 3 fiscal years to 2025.

Forward Air returned $119M to shareholders over three years, 153% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.

Borrowing rising faster than profit. Since 2022 (an unusually strong year for operating profit): debt +1461%, operating profit −85%.Since 2022: debt +1461%, operating profit −85%.

Forward Air's debt grew 1461% since 2022 while operating profit changed −85%.

Questions investors ask about Forward Air

Is Forward Air getting weaker?

Its latest SEC filing (Aug 5, 2026) got weaker in some ways: operating margin fell 8.8 points to -6.7%; share count up 6.8%. Its overall score is unchanged at 22/100 since Oct 28, 2026.

How is Forward Air valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 20/100 against 2,459 industrials peers. Free cash flow yield 7.8% vs a peer median of 3.7% (stronger than 75% of peers).Free cash flow yield 7.8% vs peers 3.7% (stronger than 75% of peers). Earnings yield -45.4% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -45.4% vs peers 3.8% (weaker than 100% of peers).

Is Forward Air growing?

At about the same pace as its peers. Growth scores 58/100 against 2,459 industrials peers. 3-year revenue growth 21.9% vs a peer median of 4.2% (stronger than 93% of peers).3-year revenue growth 21.9% vs peers 4.2% (stronger than 93% of peers). Revenue growth -0.1% vs a peer median of 4.4% (weaker than 67% of peers).Revenue growth -0.1% vs peers 4.4% (weaker than 67% of peers).

How profitable is Forward Air?

Less profitable than most of its peers. Profitability scores 6/100 against 2,459 industrials peers. Return on assets -11.7% vs a peer median of 3.1% (weaker than 100% of peers).Return on assets -11.7% vs peers 3.1% (weaker than 100% of peers).

How risky is Forward Air?

Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Beta 1.41 vs a peer median of 0.64 (weaker than 92% of peers).Beta 1.41 vs peers 0.64 (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

2.5B USD

2.5B USD

+2.2%

Net income (12 months)

−87.7M USD

−282.4M USD

+222.1%

Operating margin

2.1%

-6.7%

−8.8 pts

Free cash flow (12 months)

38.4M USD

48.2M USD

+25.7%

Debt

1.7B USD

1.7B USD

+0.2%

Cash

141.0M USD

139.4M USD

−1.1%

Shares outstanding

31.6M

33.8M

+6.8%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

—

Operating margin

10.6%

14.7%

6.4%

-43.0%

1.5%

▲ 44 pts

Net margin

7.6%

11.5%

12.2%

-33.0%

-4.3%

▲ 29 pts

Return on assets (ROA)

9.5%

16.0%

5.6%

-29.1%

-4.0%

▲ 25 pts

Return on equity (ROE)

17.8%

27.3%

21.9%

-405.0%

-95.1%

▲ 310 pts

Free cash flow margin

5.9%

12.6%

12.3%

-4.3%

0.6%

▲ 4.9 pts

Current ratio

1.72×

1.80×

1.46×

1.23×

1.22×

▼ 1.1%

Debt to equity

0.26×

0.15×

0.00×

8.39×

14.89×

▲ 77%

Interest coverage

33.89×

48.19×

2.79×

-5.62×

0.20×

▲ 104%