Forward Air (FWRD) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Forward Air

NasdaqGS•Industrials•Integrated Freight & Logistics

$17.89+1.58(0.10%)Market closed

Market Cap

$481.69M

P/S

0.2x

Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States, Mexico, Europe, Asia, and Canada. The company operates through three segments: Expedited Freight, Omni Logistics, and Intermodal. Its 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 shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling. This segment offers expedited truckload brokerage, dedicated fleet, and high security and temperature-controlled logistics services. The Omni Logistics segment offers full suite of global logistics services, such as air and ocean freight consolidation and forwarding, customs brokerage, warehousing and distribution, value-added services, time-definite transportation services, and other supply chain solutions. Its Intermodal segment provides intermodal container drayage services; and contract and container freight station warehouse and handling services. The company 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 incorporated in 1981 and is headquartered in Dallas, Texas.

How this company scores

WeakMetricSide Score: 25/100

Grade capped at D — Negative equity — the balance sheet is insolvent. Strongest: Cash & Earnings Quality (13/25); weakest: Profitability (2/25).

Profitability2/25

Growth6/25

Balance Sheet & Red Flags4/25

Cash & Earnings Quality13/25

Strengths

Rising free cash flow

Grade capped at D

Negative equity — the balance sheet is insolvent.
Interest coverage below 1× (-1.0x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 10.9x5y range 9.6x – 38.0x

Currently below its 11-quarter median.

P/S · 0.2x5y range 0.2x – 2.0x

Currently below its 20-quarter median.

P/B · 6.1x5y range 0.8x – 7.0x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 226.3% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Red Flag

Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $481.69M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $2.52B
Q. Revenue: $673.04M
TTM EBITDA: $-13.48M
TTM Op. Income: $-168.73M
Q. Op. Income: $-201.31M
TTM Net Income: $-286.19M
Q. Net Income: $-207.30M
EPS: $-6.38
Shares Out.: $32.48M

$2.52B in TTM revenue declined 0.1% YoY, reaching $673.04M last quarter. TTM EBITDA of $-13.48M and TTM operating income of $-168.73M show growth is flowing through to the bottom line. However, net income is negative at $286.19M — growth is not yet reaching the bottom line. Over the past year, TTM revenue is down 0% — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -24.2%
Op. Margin: -29.9%
Net Margin: -30.8%

Op. margin of -29.9% is down 33.1% YoY — costs are rising relative to revenue. Net margin at -30.8% Over the past year, operating margin is down 1048% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 0.2x
P/B Ratio: N/A

P/S of 0.2x and P/B of 0.0x. P/S is low relative to typical market levels.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $2.41B
Cash: $139.45M
Long-Term Debt: $1.69B
Book Value: $-122.67M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-4.88M
TTM Free Cash Flow: $48.22M
FCF Margin: 1.9%
FCF / Net Income: -0.2

TTM FCF of $48.22M on $-4.88M in operating cash flow. The FCF / Net Income ratio of -0.2x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.