Forward Air (FWRD)
Market Price (8/31/2026): $17.01 | Market Cap: $552.5 MilSector: Industrials | Industry: Air Freight & Logistics
Forward Air (FWRD)
Market Price (8/31/2026): $17.01Market Cap: $552.5 MilSector: IndustrialsIndustry: Air Freight & Logistics
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldFCF Yield is 8.7% 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 -84%, 3Y Excs Rtn is -148% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 357% 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 -56% Key risksFWRD key risks include [1] significant debt, Show more. |
| Attractive yieldFCF Yield is 8.7% |
| 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 -84%, 3Y Excs Rtn is -148% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 357% |
| 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 -56% |
| Key risksFWRD key risks include [1] significant debt, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 8/20/2026
Forward Air (FWRD) stock has lost about 20% since 4/30/2026 because of the following key factors:
1. Significant Miss in Fiscal Q1 2026 Earnings and Subsequent Stock Plunge.
Forward Air's stock experienced a major decline following its fiscal Q1 2026 earnings report on May 7, 2026. The company reported a basic Earnings Per Share (EPS) loss of -$1.09, which severely missed the consensus estimate of -$0.37 by 194.59%. Additionally, quarterly revenue of $582.05 million fell short of analyst expectations of $620.22 million by 6.16% and represented a 5.1% year-over-year decrease. This poor financial performance resulted in a substantial 43.05% drop in the stock price the day after the earnings announcement.
2. Goodwill Impairment and Uncertainty Surrounding Major Customer Transition Post-Omni Logistics Acquisition.
In fiscal Q2 2026, reported on August 5, 2026, Forward Air recorded a $244 million non-cash goodwill impairment charge, primarily attributed to "uncertainty over a major Omni customer's future revenue". This impairment significantly contributed to a widened net loss of $205.2 million for the quarter, compared to a loss of $12.6 million in fiscal Q2 2025. The company had previously disclosed on May 7, 2026, that a large customer, which accounted for 12% of fiscal Q1 2026 revenue, was planning to transition some services to other providers as part of operational and supplier diversification initiatives, adding to investor apprehension.
Show more
Forward Air (FWRD) stock has lost about 20% since 4/30/2026 because of the following key factors:
1. Significant Miss in Fiscal Q1 2026 Earnings and Subsequent Stock Plunge.
Forward Air's stock experienced a major decline following its fiscal Q1 2026 earnings report on May 7, 2026. The company reported a basic Earnings Per Share (EPS) loss of -$1.09, which severely missed the consensus estimate of -$0.37 by 194.59%. Additionally, quarterly revenue of $582.05 million fell short of analyst expectations of $620.22 million by 6.16% and represented a 5.1% year-over-year decrease. This poor financial performance resulted in a substantial 43.05% drop in the stock price the day after the earnings announcement.
2. Goodwill Impairment and Uncertainty Surrounding Major Customer Transition Post-Omni Logistics Acquisition.
In fiscal Q2 2026, reported on August 5, 2026, Forward Air recorded a $244 million non-cash goodwill impairment charge, primarily attributed to "uncertainty over a major Omni customer's future revenue". This impairment significantly contributed to a widened net loss of $205.2 million for the quarter, compared to a loss of $12.6 million in fiscal Q2 2025. The company had previously disclosed on May 7, 2026, that a large customer, which accounted for 12% of fiscal Q1 2026 revenue, was planning to transition some services to other providers as part of operational and supplier diversification initiatives, adding to investor apprehension.
Show more
Updated on 8/20/2026
Forward Air (FWRD) stock has lost about 20% since 4/30/2026 because of the following key factors:
1. Significant Miss in Fiscal Q1 2026 Earnings and Subsequent Stock Plunge.
Forward Air's stock experienced a major decline following its fiscal Q1 2026 earnings report on May 7, 2026. The company reported a basic Earnings Per Share (EPS) loss of -$1.09, which severely missed the consensus estimate of -$0.37 by 194.59%. Additionally, quarterly revenue of $582.05 million fell short of analyst expectations of $620.22 million by 6.16% and represented a 5.1% year-over-year decrease. This poor financial performance resulted in a substantial 43.05% drop in the stock price the day after the earnings announcement.
2. Goodwill Impairment and Uncertainty Surrounding Major Customer Transition Post-Omni Logistics Acquisition.
In fiscal Q2 2026, reported on August 5, 2026, Forward Air recorded a $244 million non-cash goodwill impairment charge, primarily attributed to "uncertainty over a major Omni customer's future revenue". This impairment significantly contributed to a widened net loss of $205.2 million for the quarter, compared to a loss of $12.6 million in fiscal Q2 2025. The company had previously disclosed on May 7, 2026, that a large customer, which accounted for 12% of fiscal Q1 2026 revenue, was planning to transition some services to other providers as part of operational and supplier diversification initiatives, adding to investor apprehension.
3. Persistent Losses and Deteriorating Full-Year Earnings Outlook.
Forward Air has shown a consistent pattern of missing analyst earnings estimates over several quarters, indicating a challenging operating environment. While fiscal Q2 2026 saw an 8.8% increase in operating revenue to $673.0 million and an 18% rise in consolidated EBITDA to $93 million year-over-year, the company still posted a considerable basic EPS loss of $6.32 for the quarter, largely due to the aforementioned impairment. Furthermore, analyst revenue estimates for the full fiscal year 2026 declined from $2,602.90 million to $2,525.07 million, and EPS estimates for fiscal year 2026 also worsened from -$1.25 to -$2.11 over the 90 days preceding the Q2 2026 earnings report, signaling a negative forward outlook for profitability.
Show less
Forward Air (FWRD) stock has lost about 20% since 4/30/2026 because of the following key factors:
1. Significant Miss in Fiscal Q1 2026 Earnings and Subsequent Stock Plunge.
Forward Air's stock experienced a major decline following its fiscal Q1 2026 earnings report on May 7, 2026. The company reported a basic Earnings Per Share (EPS) loss of -$1.09, which severely missed the consensus estimate of -$0.37 by 194.59%. Additionally, quarterly revenue of $582.05 million fell short of analyst expectations of $620.22 million by 6.16% and represented a 5.1% year-over-year decrease. This poor financial performance resulted in a substantial 43.05% drop in the stock price the day after the earnings announcement.
2. Goodwill Impairment and Uncertainty Surrounding Major Customer Transition Post-Omni Logistics Acquisition.
In fiscal Q2 2026, reported on August 5, 2026, Forward Air recorded a $244 million non-cash goodwill impairment charge, primarily attributed to "uncertainty over a major Omni customer's future revenue". This impairment significantly contributed to a widened net loss of $205.2 million for the quarter, compared to a loss of $12.6 million in fiscal Q2 2025. The company had previously disclosed on May 7, 2026, that a large customer, which accounted for 12% of fiscal Q1 2026 revenue, was planning to transition some services to other providers as part of operational and supplier diversification initiatives, adding to investor apprehension.
3. Persistent Losses and Deteriorating Full-Year Earnings Outlook.
Forward Air has shown a consistent pattern of missing analyst earnings estimates over several quarters, indicating a challenging operating environment. While fiscal Q2 2026 saw an 8.8% increase in operating revenue to $673.0 million and an 18% rise in consolidated EBITDA to $93 million year-over-year, the company still posted a considerable basic EPS loss of $6.32 for the quarter, largely due to the aforementioned impairment. Furthermore, analyst revenue estimates for the full fiscal year 2026 declined from $2,602.90 million to $2,525.07 million, and EPS estimates for fiscal year 2026 also worsened from -$1.25 to -$2.11 over the 90 days preceding the Q2 2026 earnings report, signaling a negative forward outlook for profitability.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -19.3% change in FWRD stock from 4/30/2026 to 8/30/2026 was primarily driven by a -16.9% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8302026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.06 | 16.99 | -19.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,495 | 2,518 | 0.9% |
| P/S Multiple | 0.3 | 0.2 | -16.9% |
| Shares Outstanding (Mil) | 31 | 32 | -3.8% |
| Cumulative Contribution | -19.3% |
Market Drivers
4/30/2026 to 8/30/2026| Return | Correlation | |
|---|---|---|
| FWRD | -19.3% | |
| Market (SPY) | 7.1% | 14.3% |
| Sector (XLI) | 1.5% | 23.5% |
Fundamental Drivers
The -39.1% change in FWRD stock from 1/31/2026 to 8/30/2026 was primarily driven by a -36.6% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8302026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.88 | 16.99 | -39.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,497 | 2,518 | 0.9% |
| P/S Multiple | 0.3 | 0.2 | -36.6% |
| Shares Outstanding (Mil) | 31 | 32 | -4.6% |
| Cumulative Contribution | -39.1% |
Market Drivers
1/31/2026 to 8/30/2026| Return | Correlation | |
|---|---|---|
| FWRD | -39.1% | |
| Market (SPY) | 11.5% | 26.1% |
| Sector (XLI) | 7.4% | 31.4% |
Fundamental Drivers
The -44.1% change in FWRD stock from 7/31/2025 to 8/30/2026 was primarily driven by a -39.2% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8302026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.39 | 16.99 | -44.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,546 | 2,518 | -1.1% |
| P/S Multiple | 0.4 | 0.2 | -39.2% |
| Shares Outstanding (Mil) | 30 | 32 | -7.0% |
| Cumulative Contribution | -44.1% |
Market Drivers
7/31/2025 to 8/30/2026| Return | Correlation | |
|---|---|---|
| FWRD | -44.1% | |
| Market (SPY) | 22.7% | 25.4% |
| Sector (XLI) | 17.7% | 31.0% |
Fundamental Drivers
The -85.6% change in FWRD stock from 7/31/2023 to 8/30/2026 was primarily driven by a -88.9% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8302026 | Change |
|---|---|---|---|
| Stock Price ($) | 117.98 | 16.99 | -85.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,570 | 2,518 | 60.3% |
| P/S Multiple | 2.0 | 0.2 | -88.9% |
| Shares Outstanding (Mil) | 26 | 32 | -18.9% |
| Cumulative Contribution | -85.6% |
Market Drivers
7/31/2023 to 8/30/2026| Return | Correlation | |
|---|---|---|
| FWRD | -85.6% | |
| Market (SPY) | 74.0% | 36.9% |
| Sector (XLI) | 67.1% | 40.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FWRD Return | 59% | -13% | -39% | -49% | -22% | -29% | -76% |
| Peers Return | 82% | -27% | 81% | 3% | -12% | 32% | 190% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| FWRD Win Rate | 42% | 25% | 33% | 42% | 42% | 62% | |
| Peers Win Rate | 70% | 40% | 68% | 50% | 48% | 55% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FWRD Max Drawdown | -18% | -31% | -48% | -81% | -70% | -73% | |
| Peers Max Drawdown | -22% | -41% | -26% | -29% | -42% | -25% | |
| 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 8/28/2026 (YTD)
How Low Can It Go
| Event | FWRD | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -66.3% | -18.8% |
| % Gain to Breakeven | 196.6% | 23.1% |
| Time to Breakeven | 107 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -29.2% | -24.5% |
| % Gain to Breakeven | 41.3% | 32.4% |
| Time to Breakeven | 397 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -37.0% | -33.7% |
| % Gain to Breakeven | 58.7% | 50.9% |
| Time to Breakeven | 229 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.7% | -19.2% |
| % Gain to Breakeven | 36.4% | 23.8% |
| Time to Breakeven | 305 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.8% | -12.2% |
| % Gain to Breakeven | 32.9% | 13.9% |
| Time to Breakeven | 274 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -20.3% | -6.8% |
| % Gain to Breakeven | 25.5% | 7.3% |
| Time to Breakeven | 36 days | 15 days |
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.
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Asset Allocation
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| Event | FWRD | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -66.3% | -18.8% |
| % Gain to Breakeven | 196.6% | 23.1% |
| Time to Breakeven | 107 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -29.2% | -24.5% |
| % Gain to Breakeven | 41.3% | 32.4% |
| Time to Breakeven | 397 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -37.0% | -33.7% |
| % Gain to Breakeven | 58.7% | 50.9% |
| Time to Breakeven | 229 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.7% | -19.2% |
| % Gain to Breakeven | 36.4% | 23.8% |
| Time to Breakeven | 305 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.8% | -12.2% |
| % Gain to Breakeven | 32.9% | 13.9% |
| Time to Breakeven | 274 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -20.3% | -6.8% |
| % Gain to Breakeven | 25.5% | 7.3% |
| Time to Breakeven | 36 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -27.1% | -17.9% |
| % Gain to Breakeven | 37.2% | 21.8% |
| Time to Breakeven | 69 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -57.2% | -53.4% |
| % Gain to Breakeven | 133.6% | 114.4% |
| Time to Breakeven | 709 days | 1085 days |
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)
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Forward Air Corporation (FWRD) is an asset-light freight and logistics company primarily operating across the United States and Canada. The company specializes in moving goods efficiently, offering a range of transportation and related services crucial for supply chains. It operates through two main segments: Expedited Freight and Intermodal.
The Expedited Freight segment is central to FWRD's offerings, providing fast and reliable less-than-truckload (LTL) services for time-sensitive shipments across regional, inter-regional, and national routes. This segment also includes local pick-up and delivery, final mile services, truckload brokerage, and specialized logistics like high-security and temperature-controlled transport, along with warehousing and customs brokerage.
FWRD's Intermodal segment focuses on intermodal container drayage, which involves transporting shipping containers over short distances, typically connecting them to rail or port networks. This segment also provides contract warehousing and handling services for these containers. The company serves a diverse customer base, including freight forwarders, third-party logistics companies, air cargo carriers, airlines, steamship lines, and retailers.
```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.
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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.
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
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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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Key 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.
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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.
Peer Outperformance in Air Freight & Logistics
FWRD has trailed 90% of its 10 Air Freight & Logistics peers over 5Y. Air Freight & Logistics ranks 20th of 23 industries in Industrials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Air Freight & Logistics constituents that FWRD has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
27%
of 15 industry peers · -43.4% return
3Y
9%
of 11 industry peers · -75.9% return
5Y
10%
of 10 industry peers · -80.3% return
No Air Freight & Logistics peer with a comparable growth profile has beaten FWRD by more than 20pp over 5Y.
Median price return by industry across the Industrials sector, ranked by 5Y. Air Freight & Logistics is FWRD's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 15.4% | 108.4% | 189.8% | CDNL 2826% · STRL 1940% · FIX 1940% |
| Marine Transportation | 4 | 56.4% | 56.7% | 152.1% | MATX 202% · KEX 159% · SFL 145% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 12.2% | 57.8% | 111.8% | CAT 314% · ALSN 268% · WAB 235% |
| Aerospace & Defense | 55 | 1.5% | 56.6% | 78.0% | ATI 1080% · FTAI 914% · HWM 746% |
| Passenger Ground Transportation | 3 | -12.7% | 50.3% | 60.2% | UBER 101% · CAR 60% · LYFT -63% |
| Rail Transportation | 7 | 33.5% | 76.6% | 52.7% | FSTR 119% · CSX 68% · UNP 58% |
| Industrial Machinery & Supplies & Components | 71 | 8.5% | 46.1% | 49.1% | CRS 1413% · PSIX 842% · GHM 623% |
| Cargo Ground Transportation | 16 | 35.5% | 2.3% | 39.0% | XPO 256% · R 249% · CVLG 201% |
| Trading Companies & Distributors | 18 | 1.0% | 31.0% | 35.3% | DXPE 520% · AIT 279% · URI 203% |
| Diversified Support Services | 33 | 9.2% | 28.7% | 25.1% | LIME 4823% · TH 366% · WLFC 340% |
| Building Products | 33 | -8.5% | 7.1% | 21.5% | LMB 423% · GFF 395% · PPIH 279% |
| Electrical Components & Equipment | 41 | 16.6% | 48.0% | 20.2% | POWL 2246% · BE 884% · ELVA 864% |
| Environmental & Facilities Services | 28 | -11.9% | 18.8% | -0.9% | CECO 823% · ADUR 572% · NVRI 341% |
| Office Services & Supplies | 10 | 15.2% | 24.0% | -1.1% | PBI 181% · TILE 173% · EBF 58% |
| Research & Consulting Services | 13 | -7.5% | -18.2% | -1.7% | HURN 224% · CRAI 101% · GRNQ 41% |
| Industrial Conglomerates | 18 | 15.5% | 9.9% | -6.6% | RCMT 714% · CSW 145% · TTI 110% |
| Agricultural & Farm Machinery | 17 | 3.0% | -9.2% | -15.5% | BLBD 174% · DE 78% · GENC 63% |
| Data Processing & Outsourced Services | 6 | -28.7% | -9.2% | -23.4% | EXLS 56% · BR 16% · G -21% |
| Passenger Airlines | 11 | 2.8% | -3.1% | -26.2% | LTM 2276% · UAL 138% · SKYW 112% |
| Air Freight & Logistics ← | 11 | -1.2% | -10.4% | -31.2% | CHRW 88% · FDX 72% · EXPD 62% |
| Human Resource & Employment Services | 22 | 7.8% | -18.3% | -36.2% | BBSI 88% · ADP 53% · KFY 34% |
| Security & Alarm Services | 10 | -36.4% | -25.0% | -46.1% | CIX 105% · MG 74% · BCO 50% |
| Airport Services | 3 | -68.9% | -74.6% | -58.4% | JOBY -45% · ASLE -58% · UP -100% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 162.55 |
| Mkt Cap | 6.2 |
| Rev LTM | 3,967 |
| Op Inc LTM | 258 |
| FCF LTM | 214 |
| FCF 3Y Avg | 51 |
| CFO LTM | 444 |
| CFO 3Y Avg | 440 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.8% |
| Rev Chg 3Y Avg | 1.1% |
| Rev Chg Q | 11.8% |
| QoQ Delta Rev Chg LTM | 3.0% |
| Op Inc Chg LTM | 8.5% |
| Op Inc Chg 3Y Avg | -4.6% |
| Op Mgn LTM | 6.8% |
| Op Mgn 3Y Avg | 6.7% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 9.7% |
| CFO/Rev 3Y Avg | 9.2% |
| FCF/Rev LTM | 5.5% |
| FCF/Rev 3Y Avg | 1.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Omni Logistics | 1,351 | 1,197 | |||
| Expedited Freight | 1,013 | 1,115 | 1,097 | 1,260 | 1,099 |
| Intermodal | 231 | 233 | 274 | 420 | 289 |
| Corporate | 0 | 0 | 0 | 0 | 0 |
| Intersegment revenues | -99 | -71 | -0 | -0 | |
| Eliminations | -1 | ||||
| Total | 2,495 | 2,474 | 1,371 | 1,680 | 1,387 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Expedited Freight | 70 | 68 | 116 | 193 | 127 |
| Omni Logistics | 30 | -1,045 | |||
| Intermodal | 17 | 19 | 25 | 57 | 30 |
| Corporate | -80 | -105 | -53 | -2 | -10 |
| Eliminations | 0 | ||||
| Total | 36 | -1,063 | 88 | 248 | 147 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Omni Logistics | 1,726 | ||||
| Expedited Freight | 691 | 661 | 683 | 778 | 706 |
| Intermodal | 257 | 270 | 322 | 249 | 183 |
| Corporate | 128 | 2,048 | 203 | 91 | 84 |
| Eliminations | 0 | -0 | -0 | -0 | -1 |
| Current assets held for sale | 0 | 21 | |||
| Noncurrent assets held for sale | 0 | 53 | |||
| Total | 2,803 | 2,980 | 1,208 | 1,118 | 1,047 |
Price Behavior
Price Behavior
| Market Price | $16.99 | |
| Market Cap ($ Bil) | 0.5 | |
| First Trading Date | 11/16/1993 | |
| Distance from 52W High | -44.1% | |
| 50 Days | 200 Days | |
| DMA Price | $15.74 | $19.59 |
| DMA Trend | down | up |
| Distance from DMA | 8.0% | -13.3% |
| 3M | 1YR | |
| Volatility | 83.1% | 84.8% |
| Downside Capture | 75.38 | 251.72 |
| Upside Capture | 295.17 | 132.30 |
| Correlation (SPY) | 19.7% | 23.9% |
FWRD Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.93 | 0.82 | 1.04 | 1.83 | 1.59 | 1.87 |
| Up Beta | 2.38 | -0.73 | -0.92 | 0.74 | 1.24 | 2.31 |
| Down Beta | 0.03 | -0.00 | -0.78 | 0.68 | 0.77 | 1.57 |
| Up Capture | 271% | 289% | 87% | 174% | 147% | 137% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 8 | 22 | 32 | 66 | 128 | 362 |
| Down Capture | 192% | 61% | 264% | 228% | 170% | 112% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 14 | 21 | 31 | 59 | 123 | 386 |
[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 | -46.6% | 84.4% | -0.32 | - |
| Sector ETF (XLI) | 16.9% | 17.1% | 0.75 | 30.4% |
| Equity (SPY) | 20.1% | 12.8% | 1.16 | 23.9% |
| Gold (GLD) | 30.9% | 29.0% | 0.92 | 7.3% |
| Commodities (DBC) | 39.9% | 20.3% | 1.54 | -17.4% |
| Real Estate (VNQ) | 9.9% | 13.7% | 0.44 | 18.0% |
| Bitcoin (BTCUSD) | -30.1% | 43.7% | -0.70 | 11.5% |
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 | -27.7% | 64.8% | -0.22 | - |
| Sector ETF (XLI) | 13.2% | 17.6% | 0.58 | 42.8% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 38.7% |
| Gold (GLD) | 19.7% | 18.7% | 0.85 | 4.1% |
| Commodities (DBC) | 11.5% | 19.6% | 0.46 | 7.1% |
| Real Estate (VNQ) | 2.0% | 18.9% | 0.00 | 30.0% |
| Bitcoin (BTCUSD) | 9.6% | 52.7% | 0.37 | 17.4% |
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 | -8.9% | 50.6% | 0.02 | - |
| Sector ETF (XLI) | 13.5% | 20.0% | 0.59 | 47.4% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 43.0% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 2.8% |
| Commodities (DBC) | 7.3% | 18.0% | 0.33 | 12.7% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 34.3% |
| Bitcoin (BTCUSD) | 63.4% | 66.1% | 1.03 | 11.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 15.5% | 26.5% | |
| 5/7/2026 | -43.0% | -45.8% | -33.6% |
| 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% |
| 5/7/2025 | 0.2% | 9.0% | 8.5% |
| 2/26/2025 | -10.7% | -17.7% | -18.8% |
| 1/6/2025 | -2.5% | 3.0% | -5.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 13 | 12 |
| # Negative | 13 | 11 | 11 |
| Median Positive | 4.2% | 8.3% | 7.7% |
| Median Negative | -8.5% | -9.0% | -10.2% |
| Max Positive | 21.1% | 26.5% | 44.3% |
| Max Negative | -43.0% | -45.8% | -40.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 15.5% | 26.5% | |
| 5/7/2026 | -43.0% | -45.8% | -33.6% |
| 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% |
| 5/7/2025 | 0.2% | 9.0% | 8.5% |
| 2/26/2025 | -10.7% | -17.7% | -18.8% |
| 1/6/2025 | -2.5% | 3.0% | -5.2% |
| 8/7/2024 | 21.1% | 11.7% | 42.0% |
| 5/9/2024 | -22.1% | -33.0% | -3.9% |
| 2/29/2024 | -13.7% | -15.7% | -22.1% |
| 10/30/2023 | -9.3% | -5.7% | -10.2% |
| 8/2/2023 | -5.7% | -7.5% | -40.2% |
| 5/1/2023 | -7.6% | -9.4% | -8.6% |
| 2/8/2023 | -14.3% | -9.0% | -7.5% |
| 10/26/2022 | -1.4% | 0.2% | 7.7% |
| 7/27/2022 | 4.2% | 7.1% | 7.7% |
| 4/27/2022 | 8.7% | 13.8% | 4.5% |
| 2/9/2022 | -8.5% | -7.5% | -9.0% |
| 10/28/2021 | 3.2% | 8.3% | 5.2% |
| 7/29/2021 | -0.0% | -1.9% | 1.0% |
| 4/29/2021 | -0.0% | 9.2% | 10.0% |
| 2/12/2021 | 1.9% | 0.7% | 7.6% |
| 10/29/2020 | 2.4% | 7.2% | 19.1% |
| SUMMARY STATS | |||
| # Positive | 11 | 13 | 12 |
| # Negative | 13 | 11 | 11 |
| Median Positive | 4.2% | 8.3% | 7.7% |
| Median Negative | -8.5% | -9.0% | -10.2% |
| Max Positive | 21.1% | 26.5% | 44.3% |
| Max Negative | -43.0% | -45.8% | -40.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 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 |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/10/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 02/24/2020 | 10-K |
| 09/30/2019 | 10/25/2019 | 10-Q |
Insider Activity
Updated 5/1/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cetus, Capital Vi, LP | Direct | Sell | 2172026 | 22.38 | 10,000 | 223,800 | 69,748,299 | Form | |
| 2 | Cetus, Capital Vi, LP | Direct | Sell | 2172026 | 21.71 | 67,163 | 1,458,109 | 67,877,314 | 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 | 21.85 | 75,000 | 1,638,903 | 72,411,318 | Form | |
| 5 | Cetus, Capital Vi, LP | Direct | Buy | 2172026 | 17.93 | 225,000 | 4,034,950 | 60,770,095 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cetus, Capital Vi, LP | Direct | Sell | 2172026 | 22.38 | 10,000 | 223,800 | 69,748,299 | Form | |
| 2 | Cetus, Capital Vi, LP | Direct | Sell | 2172026 | 21.71 | 67,163 | 1,458,109 | 67,877,314 | 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 | 21.85 | 75,000 | 1,638,903 | 72,411,318 | Form | |
| 5 | Cetus, Capital Vi, LP | Direct | Buy | 2172026 | 17.93 | 225,000 | 4,034,950 | 60,770,095 | Form | |
| 6 | Cetus, Capital Vi, LP | Direct | Sell | 2172026 | 21.42 | 30,000 | 642,600 | 65,624,647 | Form |
Investor Activity (13F)
Updated Aug 31, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
| Active Manager |
|---|
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Air Freight & Logistics Resources |
| Air Cargo World |
| Logistics Management |
| Journal of Commerce (JOC) |
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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