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Forward Air (FWRD)

Market Price (5/30/2026): $10.49 | Market Cap: $330.2 Mil
Sector: Industrials | Industry: Air Freight & Logistics

Forward Air (FWRD)

Market Price (5/30/2026): $10.49
Market Cap: $330.2 Mil
Sector: Industrials
Industry: Air Freight & Logistics

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -57%

Attractive yield
FCF Yield is 12%

Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, Future of Freight, and E-commerce & DTC Adoption. Themes include Last-Mile Delivery, Show more.

Weak multi-year price returns
2Y Excs Rtn is -59%, 3Y Excs Rtn is -172%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 603%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.2%, Rev Chg QQuarterly Revenue Change % is -5.1%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -32%

Key risks
FWRD key risks include [1] significant debt, Show more.

0 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -57%
1 Attractive yield
FCF Yield is 12%
2 Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, Future of Freight, and E-commerce & DTC Adoption. Themes include Last-Mile Delivery, Show more.
3 Weak multi-year price returns
2Y Excs Rtn is -59%, 3Y Excs Rtn is -172%
4 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 603%
5 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.2%, Rev Chg QQuarterly Revenue Change % is -5.1%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -32%
7 Key risks
FWRD key risks include [1] significant debt, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 5/28/2026
Forward Air (FWRD) stock has lost about 60% since 1/31/2026 because of the following key factors:

1. Underwhelming Q1 2026 Financial Results. Forward Air reported a diluted loss per share of $(1.09) in Q1 2026, missing analysts' consensus estimates of $(0.35) by $0.74. Quarterly revenue also declined 5.1% year-over-year to $582.0 million, falling short of analyst expectations of $620.23 million.

2. Ongoing Fallout from Omni Logistics Acquisition. The acquisition of Omni Logistics burdened Forward Air with substantial debt, evidenced by a Q1 2025 net debt leverage ratio of 5.3 times, significantly higher than the projected sub-2 times when the deal was announced. This acquisition led to operational and integration challenges, strained customer relations, and investor dissatisfaction, culminating in a strategic alternatives review that failed to produce an actionable proposal for a sale of the entire company.

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Stock Movement Drivers

Fundamental Drivers

The -62.1% change in FWRD stock from 1/31/2026 to 5/29/2026 was primarily driven by a -60.9% change in the company's P/S Multiple.
(LTM values as of)13120265292026Change
Stock Price ($)27.8810.58-62.1%
Change Contribution By: 
Total Revenues ($ Mil)2,4972,464-1.3%
P/S Multiple0.30.1-60.9%
Shares Outstanding (Mil)3131-1.6%
Cumulative Contribution-62.1%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/29/2026
ReturnCorrelation
FWRD-62.1% 
Market (SPY)9.6%31.4%
Sector (XLI)4.9%43.9%

Fundamental Drivers

The -43.8% change in FWRD stock from 10/31/2025 to 5/29/2026 was primarily driven by a -40.5% change in the company's P/S Multiple.
(LTM values as of)103120255292026Change
Stock Price ($)18.8110.58-43.8%
Change Contribution By: 
Total Revenues ($ Mil)2,5212,464-2.3%
P/S Multiple0.20.1-40.5%
Shares Outstanding (Mil)3031-3.3%
Cumulative Contribution-43.8%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/29/2026
ReturnCorrelation
FWRD-43.8% 
Market (SPY)11.5%27.7%
Sector (XLI)12.4%40.1%

Fundamental Drivers

The -28.1% change in FWRD stock from 4/30/2025 to 5/29/2026 was primarily driven by a -22.2% change in the company's P/S Multiple.
(LTM values as of)43020255292026Change
Stock Price ($)14.7210.58-28.1%
Change Contribution By: 
Total Revenues ($ Mil)2,4742,464-0.4%
P/S Multiple0.20.1-22.2%
Shares Outstanding (Mil)2931-7.2%
Cumulative Contribution-28.1%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/29/2026
ReturnCorrelation
FWRD-28.1% 
Market (SPY)38.0%35.7%
Sector (XLI)33.7%43.0%

Fundamental Drivers

The -89.9% change in FWRD stock from 4/30/2023 to 5/29/2026 was primarily driven by a -91.8% change in the company's P/S Multiple.
(LTM values as of)43020235292026Change
Stock Price ($)104.4910.58-89.9%
Change Contribution By: 
Total Revenues ($ Mil)1,6802,46446.7%
P/S Multiple1.70.1-91.8%
Shares Outstanding (Mil)2731-15.7%
Cumulative Contribution-89.9%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/29/2026
ReturnCorrelation
FWRD-89.9% 
Market (SPY)89.0%38.6%
Sector (XLI)81.1%43.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
FWRD Return59%-13%-39%-49%-22%-59%-86%
Peers Return82%-27%81%3%-12%45%218%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
FWRD Win Rate42%25%33%42%42%40% 
Peers Win Rate70%40%68%50%48%68% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
FWRD Max Drawdown-18%-31%-48%-81%-70%-73% 
Peers Max Drawdown-22%-41%-26%-29%-42%-24% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: XPO, ODFL, SAIA, ARCB, HUBG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/29/2026 (YTD)

How Low Can It Go

EventFWRDS&P 500
2025 US Tariff Shock
  % Loss-66.3%-18.8%
  % Gain to Breakeven196.6%23.1%
  Time to Breakeven107 days79 days
2022 Inflation Shock & Fed Tightening
  % Loss-29.2%-24.5%
  % Gain to Breakeven41.3%32.4%
  Time to Breakeven397 days427 days
2020 COVID-19 Crash
  % Loss-37.0%-33.7%
  % Gain to Breakeven58.7%50.9%
  Time to Breakeven229 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-26.7%-19.2%
  % Gain to Breakeven36.4%23.8%
  Time to Breakeven305 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-24.8%-12.2%
  % Gain to Breakeven32.9%13.9%
  Time to Breakeven274 days62 days
2014-2016 Oil Price Collapse
  % Loss-20.3%-6.8%
  % Gain to Breakeven25.5%7.3%
  Time to Breakeven36 days15 days

Compare to XPO, ODFL, SAIA, ARCB, HUBG

In The Past

Forward Air's stock fell -66.3% during the 2025 US Tariff Shock. Such a loss loss requires a 196.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventFWRDS&P 500
2025 US Tariff Shock
  % Loss-66.3%-18.8%
  % Gain to Breakeven196.6%23.1%
  Time to Breakeven107 days79 days
2022 Inflation Shock & Fed Tightening
  % Loss-29.2%-24.5%
  % Gain to Breakeven41.3%32.4%
  Time to Breakeven397 days427 days
2020 COVID-19 Crash
  % Loss-37.0%-33.7%
  % Gain to Breakeven58.7%50.9%
  Time to Breakeven229 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-26.7%-19.2%
  % Gain to Breakeven36.4%23.8%
  Time to Breakeven305 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-24.8%-12.2%
  % Gain to Breakeven32.9%13.9%
  Time to Breakeven274 days62 days
2014-2016 Oil Price Collapse
  % Loss-20.3%-6.8%
  % Gain to Breakeven25.5%7.3%
  Time to Breakeven36 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-27.1%-17.9%
  % Gain to Breakeven37.2%21.8%
  Time to Breakeven69 days123 days
2008-2009 Global Financial Crisis
  % Loss-57.2%-53.4%
  % Gain to Breakeven133.6%114.4%
  Time to Breakeven709 days1085 days

Compare to XPO, ODFL, SAIA, ARCB, HUBG

In The Past

Forward Air's stock fell -66.3% during the 2025 US Tariff Shock. Such a loss loss requires a 196.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Forward Air (FWRD)

Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States and Canada. It operates in two segments, Expedited Freight and Intermodal. The 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 final mile, truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling. This segment also offers expedited truckload brokerage, dedicated fleet, and high security and temperature-controlled logistics services. The Intermodal segment provides intermodal container drayage services; and contract, and container freight station warehouse and handling services. It 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 founded in 1981 and is headquartered in Greeneville, Tennessee.

AI Analysis | Feedback

Here are 1-2 brief analogies for Forward Air (FWRD):

  • It's like FedEx Freight, but specializing in expedited, higher-value business shipments.
  • An Uber Freight specializing in expedited Less-Than-Truckload (LTL) and intermodal services for businesses.

AI Analysis | Feedback

  • Expedited Less-than-Truckload (LTL) Freight: Offers fast regional, inter-regional, and national shipping for smaller freight volumes.
  • Full Truckload (FTL) & Brokerage Services: Provides both direct full truckload shipping and brokerage for larger freight movements.
  • Intermodal Drayage: Transports shipping containers between ports or rail yards and their final destinations.
  • Specialized Logistics & Warehousing: Includes final mile delivery, shipment consolidation/deconsolidation, general warehousing, and high-security or temperature-controlled solutions.
  • Customs Brokerage: Assists clients with customs clearance and documentation for international shipments.
  • Dedicated Fleet Services: Provides a customized fleet of vehicles and drivers exclusively for a client's ongoing transportation needs.

AI Analysis | Feedback

Forward Air Corporation (FWRD) sells primarily to other companies. Its major customers include:
  • Freight forwarders
  • Third-party logistics companies
  • Integrated air cargo carriers and passenger, passenger and cargo airlines
  • Steamship lines
  • Retailers

AI Analysis | Feedback

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AI Analysis | Feedback

Shawn Stewart, President and Chief Executive Officer

Shawn Stewart has served as President and Chief Executive Officer of Forward Air since April 2024. He brings nearly three decades of experience in logistics and transportation. Prior to joining Forward Air, Mr. Stewart was the President and Managing Director, North America at CEVA Logistics, where he oversaw a network across the U.S., Canada, Mexico, and the Caribbean, managing over 15,000 employees and more than $5 billion in top-line turnover. He is a veteran of the United States Navy and was awarded the Navy Achievement Medal.

Jamie Pierson, Chief Financial Officer

Jamie Pierson has served as Forward Air's Chief Financial Officer since May 2024, initially as interim and then permanently as of July 2024. He is an accomplished finance leader with extensive experience in supporting business and financial transformations across both public and private companies. Before joining Forward Air, Mr. Pierson held CFO positions at MV Transportation (a privately owned passenger transportation contracting services firm), Ecobat Technologies, Yellow Corporation (f/k/a YRC Worldwide), and served as Interim CFO for Horizon Global and PrimeSource Building Products. During his tenure at Yellow Corporation from 2011 to 2016, he oversaw a debt restructuring and an equity raise. He was also involved when Yellow Corporation obtained a $700 million COVID-relief loan in 2020; the company later ceased operations and filed for bankruptcy.

Michael Hance, Chief Legal Officer and Secretary

Michael Hance has been Forward Air's Chief Legal Officer and Secretary since May 2014, overseeing the company's legal affairs. He joined Forward Air in 2006, previously holding roles as Staff Counsel, General Counsel, and Senior Vice President of Human Resources. Mr. Hance also served as Interim Chief Executive Officer from February to April 2024. Before his time at Forward Air, he practiced law with Baker, Donelson, Bearman, Caldwell and Berkowitz, P.C. and Bass, Berry & Sims, PLC.

Karl Khambatta, Chief of Staff

Karl Khambatta has served as Forward Air's Chief of Staff since February 2025. In this role, he supports the leadership team in developing the company's strategic initiatives, bringing extensive experience in logistics, strategy, and business transformation. Prior to Forward Air, Mr. Khambatta was the Chief of Staff to the CEO and Vice President of Transformation and Strategy at CEVA Logistics, North America, and held global leadership roles at REEF, Agility, and The Home Depot.

Eric Brandt, Chief Commercial Officer

Eric Brandt has served as Forward Air's Chief Commercial Officer since November 2024, where he leads the development and execution of the company's commercial strategy. He possesses a deep understanding of global logistics and supply chain management, with expertise in end-to-end logistics solutions, freight management, and supply chain innovations. Before joining Forward Air, Mr. Brandt was Executive Vice President of Business Development at CEVA Logistics and previously held leadership roles at Esprit, Panalpina, Crane Worldwide Logistics, and Agility.

AI Analysis | Feedback

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Key Risks to Forward Air (FWRD)

  1. Integration Challenges and High Indebtedness from Omni Logistics Acquisition: Forward Air's acquisition of Omni Logistics in 2024 has significantly transformed its business model, but also introduced substantial integration challenges and a high level of indebtedness. Omni now accounts for approximately 50% of consolidated revenue, and the company faces execution risks related to integrating Omni's global network and systems, realizing targeted cost synergies, and refinancing or servicing significant debt. The company's financial health grades indicate poor strength, with a high debt-to-equity ratio and an Altman Z-Score in the distress zone, signaling potential bankruptcy risk. The strategic review initiated by the Board in January 2025 further adds to the uncertainty surrounding the long-term structure and ownership.
  2. Cyclical Freight Demand and Economic Sensitivity: The freight and logistics industry is highly sensitive to macroeconomic conditions and cyclical demand. Fluctuations in overall economic activity, such as recessions or trade slowdowns, can directly impact shipment volumes and freight rates, leading to rapid declines in revenue and profitability for Forward Air.
  3. Intense Competition and Margin Pressure: Forward Air operates in highly competitive and fragmented segments of the transportation and logistics industry. This competitive landscape can lead to downward pricing pressures, impacting the company's profitability and growth prospects. Additionally, the transition from being a neutral wholesale partner to a direct competitor following the Omni acquisition has strained relationships with independent freight forwarders, potentially affecting volumes. The company also faces ongoing challenges from labor and capacity constraints, as well as volatile fuel prices, which can further squeeze operating margins.
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AI Analysis | Feedback

There are two clear emerging threats for Forward Air (FWRD):

  1. Emergence and Expansion of Digital Freight Marketplaces and Brokerages: Platforms leveraging advanced technology (AI, machine learning) to connect shippers directly with carriers, offering enhanced transparency, efficiency, and often lower costs for freight services. These digital-first models challenge traditional brokerage and asset-light carrier operations by streamlining capacity utilization and potentially disintermediating established logistics providers like Forward Air.
  2. Vertical Integration and In-House Logistics Expansion by Large Retailers/E-commerce Companies: Major retailers, particularly in the e-commerce sector (e.g., Amazon), are significantly investing in and expanding their own internal logistics networks, encompassing everything from line-haul to final-mile delivery, warehousing, and sortation. This trend could reduce the reliance of these large customers on third-party logistics providers for services such as final mile, consolidation, and warehousing, potentially eroding Forward Air's market share among retailers.

AI Analysis | Feedback

Forward Air operates in addressable markets related to its Expedited Freight and Intermodal services across the United States and Canada. Here are the estimated market sizes for their main products and services: **Expedited Freight Segment** * **Less-than-Truckload (LTL) Services:** * The global Less-than-Truckload (LTL) market was estimated at USD 216.68 billion in 2023 and is projected to reach USD 342.09 billion by 2030. * North America was the largest revenue-generating market for LTL in 2024. * The U.S. LTL market generated USD 114 billion in 2024. It is estimated at USD 118.68 billion in 2026 and is forecast to grow to USD 144.97 billion by 2031. * The Canadian Less-than-Truckload market is projected to grow at a Compound Annual Growth Rate (CAGR) of 4.71% between 2026 and 2031. * **Local Pick-up and Delivery Services (Final Mile):** * The global last mile delivery market size was estimated at USD 140.5 billion in 2024 and is projected to reach USD 311.3 billion by 2035. * North America held approximately 45% of the global last mile delivery market share in 2023 and 36.24% in 2025. * The U.S. last mile delivery market generated USD 37,743.3 million in 2023 and is expected to reach USD 62,419.8 million by 2030. * The Canada Last Mile Delivery Market is projected to grow from USD 4,057.05 million in 2023 to an estimated USD 7,123.08 million by 2032. * **Expedited Truckload Brokerage:** * The global express delivery market, which encompasses expedited services, was valued at USD 262.86 billion in 2020 and is projected to reach USD 484.38 billion by 2030. * North America dominates the digital freight brokerage market, accounting for a 42.6% share and valued at USD 2.5 billion in 2024. * The Canada digital freight brokerage market generated USD 278.7 million in 2024 and is expected to reach USD 1,217.3 million by 2030. **Intermodal Segment** * **Intermodal Container Drayage Services:** * The global intermodal freight transportation market size was estimated at USD 42.9 billion in 2023 and is projected to reach USD 93.51 billion by 2030. * North America held the largest share of 35.6% in the intermodal freight transportation market in 2023 and 40.38% in 2025. * The global intermodal transport market size is projected to value at USD 52.4 billion in 2025 and reach USD 85.3 billion by 2032. * The estimated drayage market annual revenue in North America is USD 28.7 billion.

AI Analysis | Feedback

Forward Air (FWRD) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

  1. Continued Growth and Synergy Realization from Omni Logistics Acquisition: The Omni Logistics segment has demonstrated substantial growth, achieving its highest quarterly revenue and EBITDA in the fourth quarter of 2025 since its acquisition in January 2024. This growth is attributed to the diversification of services across contract logistics, air, and ocean, with a strategic focus on "synergy selling." The full-year 2025 reported EBITDA for Omni Logistics nearly doubled compared to the previous year.
  2. Operational Efficiency and Yield Improvements through Network Optimization and Technology Investments: Forward Air is enhancing its operational efficiency through strategic initiatives such as the unification of its U.S. domestic ground operations into the "One Ground Network" and an ongoing "one ERP initiative" for technology upgrades. These efforts are designed to create a more cohesive, agile, and scalable operating model, leading to improved operational efficiency and yield enhancements within the Expedited Freight segment. The company has also focused on "charging the optimal price for freight" and yield enhancements, which have positively impacted EBITDA margins in Expedited Freight.
  3. Expansion into New Geographic Markets and High-Value Segments: The company is actively expanding its global logistics network, evidenced by the establishment of a new Latin America regional structure, anchored by the Miami Gateway. Additionally, Forward Air is experiencing growth in the high-value data center segment within contract logistics, particularly in North America and Asia Pacific.
  4. Leveraging Anticipated Market Recovery with Existing Operating Leverage: Forward Air anticipates benefiting from an eventual recovery in the freight market. The company possesses significant operating leverage within its domestic ground network, allowing it to efficiently add capacity as market volumes improve, which is expected to translate into increased revenue and profitability.

AI Analysis | Feedback

Share Issuance

  • The number of shares outstanding for Forward Air increased by 11.52% in one year.
  • As of March 2026, Forward Air had 31.25 million shares outstanding.
  • The acquisition of Omni Logistics in August 2023 involved the issuance of 5.1 million common shares and 10.6 million convertible preferred shares, valued at approximately $1.8 billion.

Outbound Investments

  • Forward Air's most significant recent outbound investment was the acquisition of Omni Logistics in August 2023, for an enterprise valuation of $3.2 billion. This acquisition included $150 million in cash, 5.1 million common shares, and 10.6 million convertible preferred shares.
  • In January 2023, Forward Air acquired Land Air Express, an expedited LTL provider, for $56.5 million.
  • In May 2022, Forward Air acquired Edgmon Trucking, an intermodal drayage provider, to expand its West Coast operations.

Capital Expenditures

  • Capital expenditures were -$29.12 million in the last 12 months.
  • Forward Air invested $4.1 million in capital expenditures during Q3 2025, which was a 13.3% decrease from the prior quarter.
  • Projected capital expenditures include $50 million for 2026, increasing to $76 million by 2030, consistently representing 2% of revenue.

Better Bets vs. Forward Air (FWRD)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Forward Air Earnings Notes12/16/2025
2With Forward Air Stock Surging, Have You Considered The Downside?10/17/2025
3Why Forward Air Stock Moved: FWRD Stock Has Lost 79% Since 2021 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)08/08/2025
4Day 6 of Gains Streak for Forward Air Stock with 20% Return (vs. 0.06% YTD) [7/28/2025]07/29/2025
5FWRD Dip Buy Analysis07/10/2025
6Forward Air Stock Leaps 21% In One Month, Time To Buy The Stock?05/16/2025
7Forward Air (FWRD) Valuation Ratios Comparison05/15/2025
8Forward Air Market Price04/10/2025
9Forward Air Total Shareholder Return (TSR): -48.7% in 2024 and -33.9% 3-yr compounded annual returns (below peer average)03/07/2025
10Forward Air (FWRD) Operating Cash Flow Comparison02/17/2025
11ARTICLES 
12Market Movers | Winners: INOD, RXT, WEST | Losers: RPGL, FWRD, AIM05/09/2026
13FWRD Stock Up 20% after 6-Day Win Streak07/29/2025
14Will Forward Air Stock See A Recovery After 75% Fall This Year?05/30/2024
Title
0DASHBOARDS
1Forward Air Earnings Notes
2With Forward Air Stock Surging, Have You Considered The Downside?
3Why Forward Air Stock Moved: FWRD Stock Has Lost 79% Since 2021 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)
4Day 6 of Gains Streak for Forward Air Stock with 20% Return (vs. 0.06% YTD) [7/28/2025]
5FWRD Dip Buy Analysis
6Forward Air Stock Leaps 21% In One Month, Time To Buy The Stock?
7Forward Air (FWRD) Valuation Ratios Comparison
8Forward Air Market Price
9Forward Air Total Shareholder Return (TSR): -48.7% in 2024 and -33.9% 3-yr compounded annual returns (below peer average)
10Forward Air (FWRD) Operating Cash Flow Comparison
11ARTICLES
12Market Movers | Winners: INOD, RXT, WEST | Losers: RPGL, FWRD, AIM
13FWRD Stock Up 20% after 6-Day Win Streak
14Will Forward Air Stock See A Recovery After 75% Fall This Year?

Trade Ideas

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Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
GEO_4302026_Dip_Buyer_ValueBuy04302026GEOGEODip BuyDB | P/E OPMDip Buy with Low PE and High Margin
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RUN_4302026_Short_Squeeze04302026RUNSunrunSpecialShort Squeeze PotentialShort Squeeze Potential
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RSG_4172026_Monopoly_xInd_xCD_Getting_Cheaper04172026RSGRepublic ServicesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.8%0.8%-1.1%
VRSK_4102026_Dip_Buyer_FCFYield04102026VRSKVerisk AnalyticsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		12.3%12.3%0.0%
UHAL_4102026_Monopoly_xInd_xCD_Getting_Cheaper04102026UHALU-HaulMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.3%0.3%-1.0%
FWRD_8312023_Insider_Buying_GTE_1Mil_EBITp+DE_V208312023FWRDForward AirInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		-47.4%-55.0%-82.6%

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Peer Comparisons

Peers to compare with:

Financials

FWRDXPOODFLSAIAARCBHUBGMedian
NameForward .XPO Old Domi.Saia ArcBest Hub  
Mkt Price10.58214.25225.15472.37136.6941.54175.47
Mkt Cap0.325.146.912.63.12.57.8
Rev LTM2,4648,2985,4563,2534,0423,7293,885
Op Inc LTM527601,34034996142246
FCF LTM384581,018195137113166
FCF 3Y Avg11-92928-718319747
CFO LTM631,0271,407626261160443
CFO 3Y Avg438641,519592275295443

Growth & Margins

FWRDXPOODFLSAIAARCBHUBGMedian
NameForward .XPO Old Domi.Saia ArcBest Hub  
Rev Chg LTM-3.2%3.6%-4.8%0.3%-1.7%-5.8%-2.4%
Rev Chg 3Y Avg19.8%2.4%-4.2%5.3%-5.9%-11.0%-0.9%
Rev Chg Q-5.1%7.3%-2.9%2.4%3.3%-5.3%-0.3%
QoQ Delta Rev Chg LTM-1.3%1.7%-0.7%0.6%0.8%-1.4%-0.1%
Op Inc Chg LTM44.9%9.4%-10.4%-19.7%-27.3%4.9%-2.7%
Op Inc Chg 3Y Avg60.0%13.9%-9.7%-8.8%-34.2%-28.1%-9.2%
Op Mgn LTM2.1%9.2%24.6%10.7%2.4%3.8%6.5%
Op Mgn 3Y Avg0.6%8.5%26.2%13.4%3.2%4.5%6.5%
QoQ Delta Op Mgn LTM0.7%0.2%-0.2%-0.2%-0.1%0.2%0.1%
CFO/Rev LTM2.5%12.4%25.8%19.2%6.5%4.3%9.4%
CFO/Rev 3Y Avg2.3%10.7%26.7%18.8%6.6%7.1%8.9%
FCF/Rev LTM1.6%5.5%18.7%6.0%3.4%3.0%4.5%
FCF/Rev 3Y Avg0.7%-1.3%16.4%-2.4%2.0%4.8%1.4%

Valuation

FWRDXPOODFLSAIAARCBHUBGMedian
NameForward .XPO Old Domi.Saia ArcBest Hub  
Mkt Cap0.325.146.912.63.12.57.8
P/S0.13.08.63.90.80.71.9
P/Op Inc6.433.035.036.231.617.532.3
P/EBIT9.636.535.036.033.416.734.2
P/E-3.672.046.649.654.623.748.1
P/CFO5.324.433.320.211.715.617.9
Total Yield-27.5%1.4%2.7%2.0%2.2%5.4%2.1%
Dividend Yield0.0%0.0%0.5%0.0%0.4%1.2%0.2%
FCF Yield 3Y Avg1.5%-1.0%2.3%-0.5%3.8%8.2%1.9%
D/E6.50.20.00.00.20.20.2
Net D/E6.00.2-0.00.00.10.20.1

Returns

FWRDXPOODFLSAIAARCBHUBGMedian
NameForward .XPO Old Domi.Saia ArcBest Hub  
1M Rtn-50.8%-1.1%7.5%11.9%7.7%-2.9%3.2%
3M Rtn-58.2%1.8%11.0%16.5%33.3%-3.2%6.4%
6M Rtn-53.9%50.8%67.0%67.8%113.5%8.4%58.9%
12M Rtn-37.9%82.3%39.9%74.9%113.0%23.7%57.4%
3Y Rtn-89.2%341.8%44.2%63.8%58.9%13.9%51.6%
1M Excs Rtn-57.0%-7.4%1.3%5.7%1.5%-9.1%-3.0%
3M Excs Rtn-68.4%-8.4%0.8%6.3%23.1%-13.4%-3.8%
6M Excs Rtn-63.8%41.0%56.1%56.8%101.1%-2.9%48.6%
12M Excs Rtn-64.8%52.4%10.9%47.5%84.6%-3.8%29.2%
3Y Excs Rtn-171.9%274.7%-30.8%-10.7%-24.1%-68.0%-27.5%

Comparison Analyses

null

Financials

Segment Financials

Assets by Segment
$ Mil20252024202320222021
Omni Logistics1,7260   
Expedited Freight691661683778905
Intermodal257270322249222
Corporate1282,0482039148
Eliminations -0-0  
Eliminations & Other   -0-201
Total2,8032,9801,2081,118973


Price Behavior

Price Behavior
Market Price$10.58 
Market Cap ($ Bil)0.3 
First Trading Date11/16/1993 
Distance from 52W High-67.2% 
   50 Days200 Days
DMA Price$16.10$22.82
DMA Trenddowndown
Distance from DMA-34.3%-53.6%
 3M1YR
Volatility124.7%80.2%
Downside Capture632.15331.40
Upside Capture82.81173.39
Correlation (SPY)27.0%29.6%
FWRD Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta1.712.352.521.982.351.91
Up Beta1.561.521.732.022.512.37
Down Beta4.721.142.691.991.551.77
Up Capture255%265%268%273%519%156%
Bmk +ve Days15223166141428
Stock +ve Days13223572133364
Down Capture-433%318%273%163%178%112%
Bmk -ve Days4183056108321
Stock -ve Days8202852116383

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with FWRD
FWRD-37.4%80.2%-0.18-
Sector ETF (XLI)23.1%15.3%1.1539.8%
Equity (SPY)30.3%11.8%1.9430.1%
Gold (GLD)37.5%26.7%1.172.4%
Commodities (DBC)39.6%18.8%1.63-18.1%
Real Estate (VNQ)12.5%13.1%0.6418.8%
Bitcoin (BTCUSD)-31.8%41.6%-0.8110.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with FWRD
FWRD-35.3%62.3%-0.43-
Sector ETF (XLI)12.7%17.4%0.5745.7%
Equity (SPY)14.3%17.0%0.6640.3%
Gold (GLD)18.8%18.0%0.853.4%
Commodities (DBC)10.2%19.4%0.418.8%
Real Estate (VNQ)3.4%18.8%0.0831.0%
Bitcoin (BTCUSD)14.6%54.6%0.4616.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with FWRD
FWRD-12.4%49.0%-0.07-
Sector ETF (XLI)14.2%20.0%0.6349.3%
Equity (SPY)15.9%17.9%0.7644.4%
Gold (GLD)13.3%16.0%0.691.4%
Commodities (DBC)7.3%17.9%0.3314.0%
Real Estate (VNQ)5.7%20.7%0.2435.3%
Bitcoin (BTCUSD)67.0%66.9%1.0611.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date5152026
Short Interest: Shares Quantity3.0 Mil
Short Interest: % Change Since 43020267.0%
Average Daily Volume2.6 Mil
Days-to-Cover Short Interest1.2 days
Basic Shares Quantity31.5 Mil
Short % of Basic Shares9.7%

Returns Analyses

Earnings Returns History

Updated 5/29/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/7/2026-43.0%-45.8% 
2/23/20264.5%0.6%-35.9%
11/5/202518.1%26.5%44.3%
8/11/20251.9%-0.9%3.8%
5/7/20250.2%9.0%8.5%
2/26/2025-10.7%-17.7%-18.8%
1/6/2025-2.5%3.0%-5.2%
8/7/202421.1%11.7%42.0%
...
SUMMARY STATS   
# Positive101313
# Negative151211
Median Positive3.7%7.2%7.7%
Median Negative-7.6%-9.2%-9.0%
Max Positive21.1%26.5%44.3%
Max Negative-43.0%-45.8%-40.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/11/202610-Q
12/31/202503/11/202610-K
09/30/202511/05/202510-Q
06/30/202508/11/202510-Q
03/31/202505/07/202510-Q
12/31/202403/24/202510-K
09/30/202411/08/202410-Q
06/30/202408/09/202410-Q
03/31/202405/15/202410-Q
12/31/202303/15/202410-K
09/30/202311/09/202310-Q
06/30/202308/07/202310-Q
03/31/202305/10/202310-Q
12/31/202203/01/202310-K
09/30/202211/09/202210-Q
06/30/202208/09/202210-Q

Insider Activity

Updated 5/1/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Cetus, Capital Vi, LPDirectSell217202622.3810,000223,80069,748,299Form
2Cetus, Capital Vi, LPDirectSell217202621.7167,1631,458,10967,877,314Form
3Cetus, Capital Vi, LPDirectSell217202621.83120,0002,619,30069,710,683Form
4Cetus, Capital Vi, LPDirectSell217202621.8575,0001,638,90372,411,318Form
5Cetus, Capital Vi, LPDirectBuy217202617.93225,0004,034,95060,770,095Form

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Core Cache Last Updated: 5/29/2026