Forward Air
FWRD
15.21
-0.16
-1.04%
Forward Air
US · FWRD
#3724 by market cap
15.21
-0.16
-1.04%
Live - 5344 symbols - heartbeat 17s ago
· 2026-10-08 09:40
Pre-market
14.90
-3.06%
After-hours
15.37
0.00%
Overnight
15.37
0.00%
- Market cap
- 513.81M
- P/E (TTM)i
- -1.70
- P/Bi
- -4.45
- EPSi
- -3.51
- Div yieldi
- 0.00%
- 52W posi
- 32%
Reader sentiment
Are you bullish or bearish on FWRD?
Anonymous reader poll. Unscientific, not investment advice.
✦ Quant Financial Health how this is computed
Weak
- Altman Z-Score is 0.89, below the 1.8 "distress zone" threshold.
- Most reliable for industrial/manufacturing companies; less meaningful for banks, insurers and other financials.
Revenue annual, last 8 years
Latest year +0.84% YoY
Margins
- Gross margin
- 13.55%
- Operating margin
- 1.46%
- Net margin
- -4.32%
Key ratios & quality
- Enterprise valuei
- 2.22B
- Altman Z-Scorei
- 0.89
Altman Z-Score below ~1.8 suggests financial distress risk, above ~3.0 suggests low risk; the model is most reliable for industrial/manufacturing companies and less meaningful for banks and other financial firms.
Income statement
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.14B | 1.22B | 1.27B | 1.39B | 1.68B | 1.37B | 2.47B | 2.50B |
| Gross profit | 233.49M | 253.80M | 229.11M | 313.95M | 491.67M | 330.15M | 339.65M | 338.18M |
| Selling & admin expenses | 29.57M | 38.73M | 34.91M | 39.41M | 47.48M | 50.13M | 64.68M | 58.97M |
| Research & development | -- | -- | -- | -- | -- | -- | -- | -- |
| Operating profit | 117.22M | 112.42M | 73.92M | 147.03M | 247.59M | 88.21M | -34.54M | 36.42M |
| Pretax profit | 115.43M | 109.70M | 69.36M | 142.69M | 242.45M | 56.64M | -1.25B | -147.20M |
| Tax | 26.87M | 27.38M | 16.59M | 35.81M | 63.04M | 13.84M | -124.99M | -5.47M |
| Net profit | 92.05M | 87.10M | 23.73M | 105.86M | 193.19M | 167.35M | -1.13B | -141.73M |
| Basic EPS | 3 | 3 | 1 | 4 | 7 | 6 | -31 | -4 |
| Diluted EPS | 3.12 | 3.04 | 0.84 | 3.85 | 7.14 | 6.40 | -30.63 | -3.51 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Revenue | 613.28M | 618.84M | 631.76M | 631.23M | 582.05M | 673.04M |
| Gross profit | 75.30M | 78.47M | 88.54M | 95.87M | 89.53M | 111.95M |
| Selling & admin expenses | 15.01M | 15.54M | 12.72M | 15.71M | 13.50M | 13.68M |
| Research & development | -- | -- | -- | -- | -- | -- |
| Operating profit | 4.76M | 19.52M | 15.01M | -2.87M | 20.44M | 42.69M |
| Pretax profit | -41.60M | -37.11M | -23.37M | -45.11M | -38.41M | -244.03M |
| Tax | 19.59M | -16.75M | 385.00K | -8.70M | 1.79M | -174.00K |
| Net profit | -61.19M | -20.36M | -23.76M | -36.41M | -40.20M | -245.93M |
| Basic EPS | -2 | 0 | -1 | -1 | -1 | -6 |
| Diluted EPS | -1.68 | -0.41 | -0.52 | -0.91 | -1.09 | -6.38 |
Balance sheet
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Total current assets | 201.08M | 236.32M | 245.90M | 282.81M | 304.32M | 347.03M | 472.50M | 521.00M |
| Cash & ST investments | 25.66M | 64.75M | 40.25M | 37.32M | 45.82M | 121.97M | 104.90M | 106.00M |
| Inventory | 2.24M | -- | -- | -- | -- | -- | -- | -- |
| Total assets | 760.22M | 990.88M | 1.05B | 1.12B | 1.21B | 2.98B | 2.80B | 2.72B |
| Total current liabilities | 74.72M | 137.16M | 171.62M | 164.69M | 169.40M | 237.09M | 384.05M | 428.33M |
| Short-term debt | 309.00K | 37.31M | 45.48M | 53.62M | 51.58M | 56.99M | 113.37M | 123.02M |
| Long-term debt | 47.28M | 67.34M | 112.40M | 155.47M | 106.59M | 1.79B | 1.68B | 1.69B |
| Total liabilities | 206,971,000.00 | 413,696,000.00 | 500,064,000.00 | 524,169,000.00 | 500,832,000.00 | 2,215,272,000.00 | 2,516,773,000.00 | 2,557,280,000.00 |
| Total equity | 553.24M | 577.18M | 547.33M | 593.65M | 707.24M | 764.26M | 285.87M | 161.66M |
| Retained earnings | 342.66M | 350.03M | 304.14M | 334.91M | 436.12M | 480.32M | -338.23M | -447.10M |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Total current assets | 493.37M | 474.61M | 552.49M | 521.00M | 542.36M | 583.12M |
| Cash & ST investments | 116.31M | 95.13M | 140.35M | 106.00M | 141.02M | 139.45M |
| Inventory | -- | -- | -- | -- | -- | -- |
| Total assets | 2.80B | 2.76B | 2.79B | 2.72B | 2.70B | 2.41B |
| Total current liabilities | 438.26M | 396.69M | 460.04M | 428.33M | 441.90M | 441.57M |
| Short-term debt | 115.02M | 117.89M | 117.93M | 123.02M | 128.13M | 122.46M |
| Long-term debt | 1.68B | 1.68B | 1.68B | 1.69B | 1.69B | 1.69B |
| Total liabilities | 2,576,836,000.00 | 2,544,994,000.00 | 2,598,356,000.00 | 2,557,280,000.00 | 2,573,603,000.00 | 2,533,511,000.00 |
| Total equity | 227.01M | 216.24M | 195.84M | 161.66M | 122.28M | -122.67M |
| Retained earnings | -389.76M | -402.45M | -418.75M | -447.10M | -482.91M | -690.32M |
Cash flow
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 152.55M | 159.00M | 84.67M | 120.26M | 259.09M | 181.39M | -75.40M | 44.38M |
| Depreciation & amortization | 35.83M | 36.39M | 37.13M | 34.97M | 42.55M | 57.41M | 143.98M | 152.64M |
| Free cash flow | 112.99M | 136.99M | 64.40M | 81.89M | 219.84M | 150.66M | -112.46M | 15.27M |
| Dividends paid | -18.43M | -20.49M | -20.87M | -22.98M | -25.87M | -25.00M | 0 | 0 |
| Stock buybacks / issuance | -66.13M | -56.20M | -45.25M | -48.99M | -62.77M | -93.81M | 0 | 0 |
| Ending cash balance | 25.66M | 64.75M | 40.25M | 37.32M | 45.82M | 1.95B | 105.27M | 106.00M |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Operating cash flow | 27.62M | -13.22M | 52.71M | -22.73M | 45.74M | -4.88M |
| Depreciation & amortization | 37.36M | 36.81M | 37.75M | 40.72M | 38.52M | 38.26M |
| Free cash flow | 15.71M | -17.96M | 48.60M | -31.08M | 38.79M | -8.10M |
| Dividends paid | -- | -- | -- | -- | -- | -- |
| Stock buybacks / issuance | -- | -- | -- | -- | -- | -- |
| Ending cash balance | 116.67M | 95.31M | 140.35M | 106.00M | 141.02M | 139.45M |
Returns & efficiency
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| ROE %i | 16.78 | 15.24 | 4.15 | 18.43 | 29.54 | 22.63 | -169.15 | -68.43 |
| ROA %i | 12.59 | 9.84 | 2.29 | 9.71 | 16.52 | 7.95 | -28.26 | -3.90 |
| ROIC %i | 15.75 | 12.56 | 3.37 | 12.72 | 20.64 | 10.30 | -25.57 | 2.87 |
| 5-year avg ROE %i | 12.77 | 13.11 | 11.67 | 14.28 | 16.83 | 18.02 | -18.86 | -33.37 |
| EBIT margin %i | 9.24 | 8.42 | 5.82 | 9.58 | 13.48 | 6.44 | -42.87 | 1.34 |
| FCF / sales %i | 8.35 | 9.27 | 5.07 | 4.88 | 11.07 | 10.99 | -- | 0.61 |
| Current ratioi | 2.69 | 1.72 | 1.43 | 1.72 | 1.80 | 1.46 | 1.23 | 1.22 |
| Quick ratioi | 2.50 | 1.47 | 1.15 | 1.54 | 1.38 | 1.18 | 1.11 | 1.06 |
| Debt / assetsi | 6.27 | 18.09 | 23.22 | 28.63 | 22.08 | 65.31 | 76.56 | 79.43 |
| LT debt / equityi | 8.56 | 24.59 | 36.13 | 44.88 | 30.43 | 247.15 | 1,007.51 | 1,796.87 |
| Interest coveragei | 68.44 | 43.83 | 16.21 | 36.72 | 51.77 | 2.79 | -5.61 | 0.19 |
| Revenue CAGR (3Y) %i | 5.85 | 5.66 | 2.78 | 6.84 | 11.39 | 2.59 | 21.27 | 14.10 |
| Net income CAGR (3Y) %i | 18.32 | 46.85 | -35.21 | 4.77 | 30.41 | 91.76 | -- | -- |
| FCF CAGR (3Y) %i | 35.69 | 15.82 | -0.36 | -10.18 | 17.08 | 32.75 | -- | -58.90 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| ROE %i | -146.95 | -79.46 | -63.35 | -68.43 | -77.64 | -1,574.06 |
| ROA %i | -23.48 | -5.94 | -3.96 | -3.90 | -3.33 | -11.07 |
| ROIC %i | -23.18 | -0.91 | 1.28 | 2.87 | 2.57 | -5.22 |
| 5-year avg ROE %i | -- | -- | -- | -- | -- | -- |
| EBIT margin %i | -38.90 | 4.45 | 4.55 | 1.34 | 1.41 | -6.90 |
| FCF / sales %i | -- | 0.26 | 0.62 | 0.61 | 1.56 | 1.91 |
| Current ratioi | 1.13 | 1.20 | 1.20 | 1.22 | 1.23 | 1.32 |
| Quick ratioi | 1.03 | 1.09 | 1.05 | 1.06 | 1.07 | 1.17 |
| Debt / assetsi | 76.79 | 78.33 | 77.17 | 79.43 | 79.77 | 87.52 |
| LT debt / equityi | 1,317.91 | 1,347.21 | 1,458.21 | 1,796.87 | 2,496.58 | -- |
| Interest coveragei | -5.10 | 0.58 | 0.62 | 0.19 | 0.19 | -0.98 |
| Revenue CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| Net income CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| FCF CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
✦ Quant Revenue Concentration how this is computed
Lead segment, long tail
- Omni Logistics is the largest reported line at 50.30% of revenue, across 4 reported segments.
- Expedited Freight follows at 47.41%, so the top line still matters most but isn’t the whole story.
Revenue breakdown most recent period
Business
Omni Logistics50.30%
Expedited Freight47.41%
Intermodal8.87%
Quote time 2026-10-08 09:40:26 · For reference only, not investment advice and not tailored to your situation.