Forward Air (FWRD)
Market Price (4/13/2026): $19.49 | Market Cap: $609.2 MilSector: Industrials | Industry: Air Freight & Logistics
Forward Air (FWRD)
Market Price (4/13/2026): $19.49Market Cap: $609.2 MilSector: IndustrialsIndustry: Air Freight & Logistics
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Future of Freight, and E-commerce & DTC Adoption. Themes include Last-Mile Delivery, Show more. | Weak multi-year price returns2Y Excs Rtn is -63%, 3Y Excs Rtn is -148% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 343% Weak revenue growthRev Chg QQuarterly Revenue Change % is -0.3% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -22% Key risksFWRD key risks include [1] significant debt, Show more. |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Future of Freight, and E-commerce & DTC Adoption. Themes include Last-Mile Delivery, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -63%, 3Y Excs Rtn is -148% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 343% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -0.3% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -22% |
| Key risksFWRD key risks include [1] significant debt, Show more. |
Qualitative Assessment
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Forward Air (FWRD) stock has lost about 25% since 12/31/2025 because of the following key factors:
1. Disappointing Q4 2025 Earnings and Weak Forward Guidance.
Forward Air reported its fourth-quarter 2025 earnings on February 23, 2026, with an Earnings Per Share (EPS) of -$0.91, significantly missing analysts' consensus estimates of -$0.26 by 250%. While quarterly revenue slightly exceeded expectations, the substantial earnings miss and a cautious outlook, including a projected negative EPS for Q1 2026 (e.g., -$0.38 by TipRanks or -$0.35 by Zacks), signaled ongoing financial challenges to investors.
2. Uncertainty and Dissolution of Strategic Review for a Full Sale.
The company initiated a strategic review in January 2025 due to investor dissatisfaction, including concerns about its Omni Logistics acquisition. On March 11, 2026, reports indicated that a full sale of Forward Air was unlikely, with major potential bidders no longer pursuing bids for the entire company. This news dashed hopes for a lucrative acquisition, leading to a significant single-day decline in the stock price as the market reacted negatively to the reduced prospects of a corporate buyout.
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1. Disappointing Q4 2025 Earnings and Weak Forward Guidance.
Forward Air reported its fourth-quarter 2025 earnings on February 23, 2026, with an Earnings Per Share (EPS) of -$0.91, significantly missing analysts' consensus estimates of -$0.26 by 250%. While quarterly revenue slightly exceeded expectations, the substantial earnings miss and a cautious outlook, including a projected negative EPS for Q1 2026 (e.g., -$0.38 by TipRanks or -$0.35 by Zacks), signaled ongoing financial challenges to investors.
2. Uncertainty and Dissolution of Strategic Review for a Full Sale.
The company initiated a strategic review in January 2025 due to investor dissatisfaction, including concerns about its Omni Logistics acquisition. On March 11, 2026, reports indicated that a full sale of Forward Air was unlikely, with major potential bidders no longer pursuing bids for the entire company. This news dashed hopes for a lucrative acquisition, leading to a significant single-day decline in the stock price as the market reacted negatively to the reduced prospects of a corporate buyout.
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Stock Movement Drivers
Fundamental Drivers
The -23.4% change in FWRD stock from 12/31/2025 to 4/12/2026 was primarily driven by a -22.7% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 4122026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.00 | 19.14 | -23.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,497 | 2,495 | -0.1% |
| P/S Multiple | 0.3 | 0.2 | -22.7% |
| Shares Outstanding (Mil) | 31 | 31 | -0.9% |
| Cumulative Contribution | -23.4% |
Market Drivers
12/31/2025 to 4/12/2026| Return | Correlation | |
|---|---|---|
| FWRD | -23.4% | |
| Market (SPY) | -5.4% | 54.2% |
| Sector (XLI) | 10.6% | 65.1% |
Fundamental Drivers
The -25.4% change in FWRD stock from 9/30/2025 to 4/12/2026 was primarily driven by a -22.5% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 4122026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.64 | 19.14 | -25.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,521 | 2,495 | -1.0% |
| P/S Multiple | 0.3 | 0.2 | -22.5% |
| Shares Outstanding (Mil) | 30 | 31 | -2.7% |
| Cumulative Contribution | -25.4% |
Market Drivers
9/30/2025 to 4/12/2026| Return | Correlation | |
|---|---|---|
| FWRD | -25.4% | |
| Market (SPY) | -2.9% | 32.6% |
| Sector (XLI) | 11.6% | 47.3% |
Fundamental Drivers
The -4.7% change in FWRD stock from 3/31/2025 to 4/12/2026 was primarily driven by a -6.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 3312025 | 4122026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.09 | 19.14 | -4.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,474 | 2,495 | 0.8% |
| P/S Multiple | 0.2 | 0.2 | 1.1% |
| Shares Outstanding (Mil) | 29 | 31 | -6.5% |
| Cumulative Contribution | -4.7% |
Market Drivers
3/31/2025 to 4/12/2026| Return | Correlation | |
|---|---|---|
| FWRD | -4.7% | |
| Market (SPY) | 16.3% | 63.2% |
| Sector (XLI) | 32.3% | 65.0% |
Fundamental Drivers
The -82.1% change in FWRD stock from 3/31/2023 to 4/12/2026 was primarily driven by a -85.8% change in the company's P/S Multiple.| (LTM values as of) | 3312023 | 4122026 | Change |
|---|---|---|---|
| Stock Price ($) | 106.72 | 19.14 | -82.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,680 | 2,495 | 48.6% |
| P/S Multiple | 1.7 | 0.2 | -85.8% |
| Shares Outstanding (Mil) | 27 | 31 | -15.1% |
| Cumulative Contribution | -82.1% |
Market Drivers
3/31/2023 to 4/12/2026| Return | Correlation | |
|---|---|---|
| FWRD | -82.1% | |
| Market (SPY) | 63.3% | 41.5% |
| Sector (XLI) | 76.8% | 45.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FWRD Return | 59% | -13% | -39% | -49% | -22% | -25% | -75% |
| Peers Return | 82% | -27% | 81% | 3% | -12% | 30% | 187% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 82% |
Monthly Win Rates [3] | |||||||
| FWRD Win Rate | 42% | 25% | 33% | 42% | 42% | 50% | |
| Peers Win Rate | 70% | 40% | 68% | 50% | 48% | 70% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FWRD Max Drawdown | -7% | -29% | -40% | -81% | -67% | -38% | |
| Peers Max Drawdown | -4% | -40% | -6% | -16% | -35% | -5% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[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 4/10/2026 (YTD)
How Low Can It Go
| Event | FWRD | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -49.7% | -25.4% |
| % Gain to Breakeven | 98.8% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -42.9% | -33.9% |
| % Gain to Breakeven | 75.3% | 51.3% |
| Time to Breakeven | 236 days | 148 days |
| 2018 Correction | ||
| % Loss | -28.2% | -19.8% |
| % Gain to Breakeven | 39.2% | 24.7% |
| Time to Breakeven | 687 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -64.1% | -56.8% |
| % Gain to Breakeven | 178.8% | 131.3% |
| Time to Breakeven | 1,457 days | 1,480 days |
Compare to XPO, ODFL, SAIA, ARCB, HUBG
In The Past
Forward Air's stock fell -49.7% during the 2022 Inflation Shock from a high on 1/4/2022. A -49.7% loss requires a 98.8% gain to breakeven.
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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.
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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.
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- 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.
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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
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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.
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```htmlKey Risks to Forward Air (FWRD)
- 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.
- 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.
- 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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There are two clear emerging threats for Forward Air (FWRD):
- 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.
- 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.
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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:
- 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.
- 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.
- 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.
- 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.
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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.
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| 03312026 | NSP | Insperity | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03312026 | TNC | Tennant | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03272026 | ADP | Automatic Data Processing | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 1.0% | 1.0% | 0.0% |
| 03272026 | HURN | Huron Consulting | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.0% | 4.0% | 0.0% |
| 03272026 | TRU | TransUnion | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 5.2% | 5.2% | 0.0% |
| 08312023 | FWRD | Forward Air | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies 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
| Median | |
|---|---|
| Name | |
| Mkt Price | 158.41 |
| Mkt Cap | 6.6 |
| Rev LTM | 3,870 |
| Op Inc LTM | 247 |
| FCF LTM | 107 |
| FCF 3Y Avg | 48 |
| CFO LTM | 412 |
| CFO 3Y Avg | 440 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -1.6% |
| Rev Chg 3Y Avg | -1.2% |
| Rev Chg Q | -1.6% |
| QoQ Delta Rev Chg LTM | -0.4% |
| Op Mgn LTM | 6.4% |
| Op Mgn 3Y Avg | 6.3% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 8.9% |
| CFO/Rev 3Y Avg | 8.7% |
| FCF/Rev LTM | 2.8% |
| FCF/Rev 3Y Avg | 2.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 6.6 |
| P/S | 1.9 |
| P/EBIT | 28.0 |
| P/E | 41.4 |
| P/CFO | 16.3 |
| Total Yield | 2.6% |
| Dividend Yield | 0.2% |
| FCF Yield 3Y Avg | 1.1% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 19.1% |
| 3M Rtn | 15.0% |
| 6M Rtn | 46.1% |
| 12M Rtn | 39.7% |
| 3Y Rtn | 23.4% |
| 1M Excs Rtn | 9.4% |
| 3M Excs Rtn | 17.3% |
| 6M Excs Rtn | 32.9% |
| 12M Excs Rtn | 25.1% |
| 3Y Excs Rtn | -39.8% |
Price Behavior
Price Behavior
| Market Price | $19.14 | |
| Market Cap ($ Bil) | 0.6 | |
| First Trading Date | 11/16/1993 | |
| Distance from 52W High | -40.7% | |
| 50 Days | 200 Days | |
| DMA Price | $22.38 | $24.92 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -14.5% | -23.2% |
| 3M | 1YR | |
| Volatility | 66.8% | 64.2% |
| Downside Capture | 1.68 | 1.35 |
| Upside Capture | 234.19 | 235.07 |
| Correlation (SPY) | 51.4% | 42.5% |
FWRD Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.11 | 2.66 | 2.70 | 1.55 | 2.66 | 1.88 |
| Up Beta | 0.64 | 2.07 | 2.48 | 1.83 | 2.88 | 2.35 |
| Down Beta | -1.23 | 1.70 | 2.23 | 1.61 | 2.40 | 1.75 |
| Up Capture | 243% | 236% | 274% | 94% | 489% | 126% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 10 | 22 | 35 | 66 | 131 | 361 |
| Down Capture | 389% | 313% | 275% | 167% | 166% | 112% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 12 | 20 | 28 | 60 | 119 | 385 |
[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 | 79.4% | 71.9% | 1.10 | - |
| Sector ETF (XLI) | 49.1% | 17.9% | 2.08 | 60.4% |
| Equity (SPY) | 31.2% | 17.3% | 1.47 | 57.9% |
| Gold (GLD) | 60.1% | 27.8% | 1.69 | -3.6% |
| Commodities (DBC) | 29.8% | 16.6% | 1.58 | 12.9% |
| Real Estate (VNQ) | 21.3% | 15.2% | 1.07 | 40.5% |
| Bitcoin (BTCUSD) | -4.3% | 43.7% | 0.02 | 20.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FWRD | |
|---|---|---|---|---|
| FWRD | -26.5% | 57.1% | -0.31 | - |
| Sector ETF (XLI) | 13.1% | 17.3% | 0.59 | 48.3% |
| Equity (SPY) | 11.1% | 17.0% | 0.50 | 43.4% |
| Gold (GLD) | 22.1% | 17.8% | 1.02 | 2.5% |
| Commodities (DBC) | 11.8% | 18.8% | 0.52 | 15.8% |
| Real Estate (VNQ) | 3.7% | 18.8% | 0.10 | 33.2% |
| Bitcoin (BTCUSD) | 4.3% | 56.5% | 0.30 | 17.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FWRD | |
|---|---|---|---|---|
| FWRD | -7.6% | 45.6% | -0.00 | - |
| Sector ETF (XLI) | 13.8% | 19.9% | 0.61 | 51.8% |
| Equity (SPY) | 13.8% | 17.9% | 0.66 | 47.3% |
| Gold (GLD) | 14.2% | 15.9% | 0.74 | 0.2% |
| Commodities (DBC) | 8.6% | 17.6% | 0.41 | 19.1% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.22 | 37.5% |
| Bitcoin (BTCUSD) | 67.6% | 66.9% | 1.07 | 12.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/23/2026 | 4.5% | 0.6% | -35.9% |
| 11/5/2025 | 18.1% | 26.5% | 44.3% |
| 8/11/2025 | 1.9% | -0.9% | 3.8% |
| 4/9/2025 | 31.9% | 39.1% | 64.5% |
| 1/6/2025 | -2.5% | 3.0% | -5.2% |
| 8/7/2024 | 21.1% | 11.7% | 42.0% |
| 5/9/2024 | -22.1% | -33.0% | -3.9% |
| 2/29/2024 | -13.7% | -15.7% | -22.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 13 | 13 |
| # Negative | 13 | 10 | 10 |
| Median Positive | 4.4% | 7.2% | 7.7% |
| Median Negative | -5.9% | -8.2% | -8.8% |
| Max Positive | 31.9% | 39.1% | 64.5% |
| Max Negative | -22.1% | -33.0% | -40.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/11/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 03/24/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 03/15/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cetus, Capital Vi, Lp | Direct | Buy | 2172026 | 17.93 | 225,000 | 4,034,950 | 60,770,095 | Form | |
| 2 | Cetus, Capital Vi, Lp | Direct | Sell | 2172026 | 21.85 | 75,000 | 1,638,903 | 72,411,318 | Form | |
| 3 | Cetus, Capital Vi, Lp | Direct | Sell | 2172026 | 21.83 | 120,000 | 2,619,300 | 69,710,683 | Form | |
| 4 | Cetus, Capital Vi, Lp | Direct | Sell | 2172026 | 21.71 | 67,163 | 1,458,109 | 67,877,314 | Form | |
| 5 | Cetus, Capital Vi, Lp | Direct | Sell | 2172026 | 22.38 | 10,000 | 223,800 | 69,748,299 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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