FWRD

Forward Air Corporation

Fundamental data last updated:September 27, 2026

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company profile

SECTOR

Industrials

industry

Integrated Freight & Logistics

Exchange

NASDAQ

County of HQ

US

Next Earnings Date

Pending Announcement

Business Summary

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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VALUATION

P/E

-3.51

Market Cap ($M USD)

$327.64M

Forward P/E

-40.90

PEG

-0.45

PRICE TO SALES

0.13

PRICE TO BOOK

3.96

EV / EBITDA

11.46

5-Year Average P/E

Free Cash Flow Yield

11.71%

DCF Value

$-99.29

Graham Number

N/A

Price to FCF

8.54

EV to FCF

60.94

Earnings Yield

-28.51%

FCF Yield

11.71%

DIVIDEND

Yield

0.00%

Annual Payout

$0.00

Payout Ratio

0.00%

Consecutive Years of Dividend Growth

5-Year Dividend Growth Rate

Financial Health & Profitability

Earnings Per Share

-$2.95

Next Year EPS Growth Estimate

-$0.25

Next Year Revenue Growth Estimate

$2.57B

Return on Equity (ROE)

-75.30%

FREE CASH FLOW

Operating Margin

2.11%

Debt-to-Equity

19.05

Piotroski F-Score

4

Altman Z-Score

0.85

Return on Invested Capital (ROIC)

2.31%

Current Ratio

1.23

Quick Ratio

1.23

Net Debt to EBITDA

9.86

Interest Coverage

0.57

Gross Profit margin

10.01%

FCF PER SHARE

$1.24

REVENUE PER SHARE

$79.55

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Gainseekers Quantitative Analysis

Summary

The market’s perception of Forward Air Corporation is starkly negative, with its valuation metrics painting a grim picture. The Forward P/E of -50.62 and an Earnings Yield of -29.92% suggest a company struggling to generate profits, while the Altman Z-score of 0.84 signals potential financial distress. The stock has traded significantly below its DCF Value, indicating a market that sees little future growth or safety. With a Price/Book ratio of 3.77, the market seems to be pricing in a premium for assets that may not deliver returns, given the negative ROE of -75.30%.

AI Exposure / Tech Reliance

In the realm of AI and tech adaptation, Forward Air Corporation operates within the Integrated Freight & Logistics industry, which is increasingly leveraging AI for route optimization and supply chain efficiency. However, the company's current financial struggles may hinder its ability to invest in cutting-edge technologies. Its resilience will depend on management's strategic focus on tech integration to remain competitive.

The Bull Case

For the discerning GARP investor, Forward Air Corporation offers a glimmer of hope through its Free Cash Flow Yield of 11.97% and a Piotroski F-Score of 4, indicating some financial health. The ROIC of 2.31% suggests modest capital efficiency, while the operating margin of 2.11% reflects a thin but positive profit layer. These metrics hint at a company with potential pricing power and operational improvements, making it a speculative buy for those betting on a turnaround.

The Bear Case

The bear case for Forward Air Corporation is compelling, with structural weaknesses evident in its financial metrics. The negative EPS of -$2.95 and a Forward P/E of -50.62 highlight severe profitability issues. The company's high Net Debt to EBITDA ratio of 9.86 raises alarms about its leverage, while the EV to FCF of 60.74 suggests a steep valuation relative to cash flow. These factors, combined with a low interest coverage ratio of 0.57, paint a picture of a company on shaky financial ground.

Market Sentiment & Smart Money

Short Interest %

Analyst Consensus

Hold

Average Analyst Price Target

$17.50

Institutional Ownership %

1-Year Beta

1.59

Insider Buying % (6 Mo)

Distance to 52-Week High

213.42%

Distance to 52-Week Low

24.13%

EARNINGS SURPRISE %

-211.43%

50-DAY SMA

$16.20

200-DAY SMA

$22.92

⚠️ Financial Disclaimer:
This content is for informational purposes only and is not financial advice. Information may be delayed or inaccurate. We may earn a commission from partner links.