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FWRD stock logo

FWRD

Forward Air Corporation

$16.07
-0.14
 (-0.86%)
Exchange:  NASDAQ
Market Cap:  508.214M
Shares Outstanding:  21.989M
Delayed data
Calculate FWRD Intrinsic Value
5-year outlook →
Overview
Earnings
Financials
Valuation
Chart

About The Company

Sector:  Industrials
Industry:  Integrated Freight & Logistics
   
CEO:  Shawn Stewart
Full Time Employees:  6062
Address: 
Building N
Dallas
TN
37745
US
Website:  https://www.forwardair.com
Forward Air Corporation, including its various subsidiaries, functions as a streamlined transportation and logistics enterprise throughout the United States and Canada, operating with an asset-light model. The company’s business is structured into two principal divisions: Expedited Freight and Intermodal. The Expedited Freight segment delivers time-sensitive regional, inter-regional, and national less-than-truckload (LTL) services, complemented by local collection and delivery capabilities. This comprehensive segment also extends to final-mile services, full truckload transport, cargo consolidation and deconsolidation, storage solutions, customs brokerage, and general freight handling. Furthermore, it encompasses expedited truckload brokerage, dedicated fleet operations, and specialized logistics for high-security or temperature-sensitive goods. The Intermodal segment primarily focuses on drayage services for intermodal containers. It also provides contract warehousing as well as container freight station (CFS) warehousing and related handling services. Forward Air caters to a diverse customer base, which includes freight forwarders, third-party logistics (3PL) providers, integrated air cargo companies, both passenger and cargo airlines, ocean carriers, and retailers. Founded in 1981, Forward Air Corporation is based in Greeneville, Tennessee.

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Revenue Segmentation

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EPS

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Earnings Call

Full text

Earnings transcript

Read the complete earnings call transcript.

AI summary

Key takeaways

Short, structured highlights from the call so you can focus on what matters.

2026/05/07 — Q1 quarter 2026

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Income Statement
Balance Sheet
Cash Flow Statement
Analyst Estimates

Income Statement

Year202320242025
Revenue1,370,7352,474,2622,495,118
Gross Profit330,152339,651510,937
EBITDA145,615-916,639186,188
Operating Income88,210-1,062,93636,424
Net Income167,351-816,969-107,796

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(* All numbers are in thousands)

Balance Sheet

Year202320242025
Total Assets2,979,5332,802,6412,718,944
Total Liabilities2,215,2722,516,7732,605,600
Total Stockholders Equity764,261201,728113,344
Total Debt1,945,8232,145,7982,159,667
Cash and Cash Equivalents121,969104,903105,996

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(* All numbers are in thousands)

Cash Flow Statement

Year202320242025
Operating Cash Flow181,388-76,26244,384
Capital Expenditure-30,725-37,060-29,116
Free Cash Flow150,663-113,32215,268
Net Income42,803-1,124,841-107,796
Net Change in Cash1,906,251-1,846,807730

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(* All numbers are in thousands)

Analyst Estimates

Fiscal Year2028Research AccessResearch AccessResearch AccessResearch Access
Estimated Revenue (Low)4,380,231.748Research AccessResearch AccessResearch AccessResearch Access
Estimated Revenue (High)4,509,494.412Research AccessResearch AccessResearch AccessResearch Access
Estimated Revenue (Avg)4,421,262.529Research AccessResearch AccessResearch AccessResearch Access
Estimated Ebitda (Low)100,145.138Research AccessResearch AccessResearch AccessResearch Access
Estimated Ebitda (High)103,100.467Research AccessResearch AccessResearch AccessResearch Access
Estimated Ebitda (Avg)101,083.224Research AccessResearch AccessResearch AccessResearch Access
Estimated Net Income (Low)21,418.687Research AccessResearch AccessResearch AccessResearch Access
Estimated Net Income (High)22,242.852Research AccessResearch AccessResearch AccessResearch Access
Estimated Net Income (Avg)21,680.400Research AccessResearch AccessResearch AccessResearch Access
Estimated SGA Expense (Low)104,592.128Research AccessResearch AccessResearch AccessResearch Access
Estimated SGA Expense (High)107,678.690Research AccessResearch AccessResearch AccessResearch Access
Estimated SGA Expense (Avg)105,571.870Research AccessResearch AccessResearch AccessResearch Access
Estimated EPS (Avg)0.700Research AccessResearch AccessResearch AccessResearch Access
Estimated EPS (High)0.720Research AccessResearch AccessResearch AccessResearch Access
Estimated EPS (Low)0.690Research AccessResearch AccessResearch AccessResearch Access
Number of Analysts (Estimated Revenue)1Research AccessResearch AccessResearch AccessResearch Access
Number of Analysts (Estimated EPS)1Research AccessResearch AccessResearch AccessResearch Access

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(* All numbers are in thousands)

Current Key Metrics

?Revenue
 (TTM)
: 
2.474B  ?P/S
 (TTM)
: 
0.18
?Net Income
 (TTM)
: 
-810582000  ?P/E
 (TTM)
: 
-4.66
?Enterprise Value
 (TTM)
: 
2.444B  ?EV/FCF
 (TTM)
: 
63.73
?Dividend Yield
 (TTM)
: 
0%  ?Payout Ratio
 (TTM)
: 
0%
?ROE
 (TTM)
: 
-75.3%  ?ROIC
 (TTM)
: 
1.83%
?Net Debt
 (TTM)
: 
2.041B  ?Debt/Equity
 (TTM)
: 
26.55
?P/B
 (TTM)
: 
5.26  ?Current Ratio
 (TTM)
: 
1.23

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Forward P/E Ratios

?

Forward P/E (Avg EPS estimate) — log in with Research Access for high/low estimates and the interactive table.

Forward P/E 1YResearch AccessResearch AccessResearch AccessResearch Access
N/AResearch AccessResearch AccessResearch AccessResearch Access

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SWOT Analysis

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At what price to buy it? -
Intrinsic Value Calculator

This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.

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Common questions about FWRD valuation

Is Forward Air Corporation (FWRD) overvalued or undervalued right now?

MARKETSnap estimates intrinsic value for Forward Air Corporation (FWRD) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.

Is FWRD a buy, hold, or sell for long-term investors?

MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether FWRD trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.

What is FWRD’s P/E ratio?

You can see FWRD’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.

How is intrinsic value calculated for FWRD?

MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.

Is FWRD a good long-term investment?

Whether FWRD fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.

FWRD

1-day price chart preview. Log in for 1W through 5Y ranges and period tabs.

Daily snapshot

-0.86
MARKETSnap

Trading Metrics:

Open: 16.3   Previous Close: 16.21
Day Low: 15.57   Day High: 16.76
Year Low: 7.86   Year High: 32.47
Price Avg 50: 11.82   Price Avg 200: 20.05
Volume: 848871   Average Volume: 1.38M

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See in Nexus

Relevant news

Forward Air (FWRD) Surges 22.8%: Is This an Indication of Further Gains?
22-07-2026 05:16
Forward Air (FWRD) Surges 22.8%: Is This an Indication of Further Gains?
INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Forward Air Corporation - FWRD
19-05-2026 20:05
INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Forward Air Corporation - FWRD
FWRD SHAREHOLDER ALERT: Investors Encouraged to Contact Kirby McInerney LLP About Potential Securities Laws Violations
18-05-2026 20:00
FWRD SHAREHOLDER ALERT: Investors Encouraged to Contact Kirby McInerney LLP About Potential Securities Laws Violations
Forward Air Corporation (FWRD) Q1 2026 Earnings Call Transcript
08-05-2026 09:36
Forward Air Corporation (FWRD) Q1 2026 Earnings Call Transcript
Here's Why Investors Should Give Forward Air Stock a Miss Now
07-04-2026 12:06
Here's Why Investors Should Give Forward Air Stock a Miss Now
Forward Air Named 2026 Surface Carrier of the Year by the Airforwarders Association
24-02-2026 13:00
Forward Air Named 2026 Surface Carrier of the Year by the Airforwarders Association

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