FWRD Stock Analysis: Forward Air | NASDAQ
Integrated Freight & Logistics | NASDAQ, USA | Market Cap: 596m USD | 12M Return: -15% | US34986A1043 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 5.85M
Qual. Beats: 0
Rev. Trend: 82.4%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 11.9 years of data, until 10/2026
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, ≥40 worth a closer look and ≥60 is strong.
Forward Air Corporation is an asset-light freight and logistics company headquartered in Dallas, Texas, operating across the United States, Mexico, Europe, Asia, and Canada. The company is organized into three reporting segments: Expedited Freight (providing less-than-truckload, pickup-and-delivery, truckload brokerage, and specialized logistics services such as high-security and temperature-controlled transport), Omni Logistics (offering global air and ocean freight forwarding, customs brokerage, warehousing, and supply chain solutions), and Intermodal (providing container drayage along with contract and container freight station warehouse services). Its customer base includes freight forwarders, third-party logistics providers, airlines, steamship lines, and retailers.
The company was incorporated in 1981 and trades on NASDAQ under the ticker FWRD, classified within the Industrials sector and the Air Freight & Logistics sub-industry. As an asset-light operator, Forward Air relies primarily on contracted carrier capacity rather than owning a large fleet, which typically reduces capital expenditure requirements but ties revenue more closely to freight volumes and spot rate conditions. The combined Omni Logistics and Intermodal segments give the company exposure to global container shipping flows and international trade lanes, complementing its domestic expedited LTL core.
- Omni Logistics integration costs pressure consolidated margins and free cash flow
- Expedited LTL tonnage trends versus regional carriers drive segment revenue
- Intermodal volumes decline amid soft industrial freight demand and import weakness
| Net Income: -258.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA 0.76 > 1.0 |
| NWC/Revenue: 7.43% < 20% (prev 3.70%; Δ 3.72% < -1%) |
| CFO/TA 0.02 > 3% & CFO 53.4m > Net Income -258.6m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 1.41 > 1.5 & < 3 |
| Outstanding Shares: last fiscal year (31.0m) vs prev 12.46% < -2% |
| Gross Margin: 16.03% > 18% (prev 11.91%; Δ 4.12% > 0.5%) |
| Asset Turnover: 97.97% > 50% (prev 89.35%; Δ 8.61% > 0%) |
| Interest Coverage Ratio: -1.80 > 6 (EBIT TTM -317.0m / Interest Expense TTM 176.5m) |
| A: 0.08 (Total Current Assets 649.2m - Total Current Liabilities 459.0m) / Total Assets 2.43b |
| B: -0.28 (Retained Earnings -679.0m / Total Assets 2.43b) |
| C: -0.12 (EBIT TTM -317.0m / Avg Total Assets 2.61b) |
| D: -0.04 (Book Value of Equity -99.7m / Total Liabilities 2.54b) |
| Altman-Z'' = -1.25 = CCC |
| DSRI: 1.13 (Receivables 396.6m/341.4m, Revenue 2.56b/2.50b) |
| GMI: 0.74 (GM 11.91% / 16.03%) |
| AQI: 0.89 (AQ_t 0.48 / AQ_t-1 0.54) |
| SGI: 1.03 (Revenue 2.56b / 2.50b) |
| TATA: -0.13 (NI -258.6m - CFO 53.4m) / TA 2.43b) |
| Beneish M = -3.21 (Cap -4..+1) = AA |
As of November 11, 2026, the stock is trading at USD 18.33 with a total of 939,218 shares traded. Over the past week, the price has changed by -0.38%, over one month by +16.23%, over three months by -2.34% and over the past year by -14.98%.
Current recommended Stop Loss: 15.20 (which is 17.1% or 2.7 ATR below the current price).
Forward Air has received a consensus analysts rating of 3.80. Therefore, it is recommended to hold FWRD.
- StrongBuy: 2
- Buy: 0
- Hold: 3
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 26 | 41.8% |
P/E Forward = 19.9203
P/S = 0.2368
P/B = 5.9775
P/EG = 0.6549
Revenue TTM = 2.56b USD
EBIT TTM = -317.0m USD
EBITDA TTM = -162.0m USD
Long Term Debt = 1.69b USD (from longTermDebt, last fiscal year)
Short Term Debt = 119.2m USD (from shortTermDebt, last quarter)
Debt = 2.51b USD (from shortLongTermDebtTotal, last quarter) + Leases 416.6m
Net Debt = 2.33b USD (calculated: Debt 2.51b - CCE 184.9m)
Enterprise Value = 2.92b USD (596.2m + Debt 2.51b - CCE 184.9m)
Interest Coverage Ratio = -1.80 (Ebit TTM -317.0m / Interest Expense TTM 176.5m)
EV/FCF = 91.80x (Enterprise Value 2.92b / FCF TTM 31.9m)
FCF Yield = 1.09% (FCF TTM 31.9m / Enterprise Value 2.92b)
FCF Margin = 1.24% (FCF TTM 31.9m / Revenue TTM 2.56b)
Net Margin = -10.10% (Net Income TTM -258.6m / Revenue TTM 2.56b)
Gross Margin = 16.03% ((Revenue TTM 2.56b - Cost of Revenue TTM 2.15b) / Revenue TTM)
Gross Margin QoQ = 23.38% (prev 20.29%)
Tobins Q-Ratio = 1.20 (Enterprise Value 2.92b / Total Assets 2.43b)
Interest Expense / Debt = 7.02% (Interest Expense 176.5m / Debt 2.51b)
Taxrate = 0.16% (15.0k / 9.13m)
NOPAT = -316.5m (EBIT -317.0m * (1 - 0.16%)) [loss with tax shield]
Current Ratio = 1.41 (Total Current Assets 649.2m / Total Current Liabilities 459.0m)
Debt / Equity = -25.19 (negative equity) (Debt 2.51b / totalStockholderEquity, last quarter -99.7m)
Debt / EBITDA = -14.37 (negative EBITDA) (Net Debt 2.33b / EBITDA -162.0m)
Debt / FCF = 73.08 (Net Debt 2.33b / FCF TTM 31.9m)
Total Stockholder Equity = -5.21m (last 4 quarters mean from totalStockholderEquity)
RoA = -9.89% (Net Income -258.6m / Total Assets 2.43b)
RoE = 4.97k% (out of range, set to none) (Net Income TTM -258.6m / Total Stockholder Equity -5.21m)
RoCE = -18.85% (EBIT -317.0m / Capital Employed (Equity -5.21m + L.T.Debt 1.69b))
RoIC = -16.11% (negative operating profit) (NOPAT -316.5m / Invested Capital 1.96b)
WACC = 7.72% (E(596.2m)/V(3.11b) * Re(10.69%) + D(2.51b)/V(3.11b) * Rd(7.02%) * (1-Tc(0.00)))
Discount Rate = 10.69% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 95.68 | Cagr: 9.91%
[DCF] Terminal Value 77.97% ; FCFF base≈25.3m ; Y1≈29.0m ; Y5≈42.7m
[DCF] Fair Price = N/A (negative equity: EV 642.4m - Net Debt 2.33b = -1.69b; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.16 | # QB: 0
Revenue Correlation: 82.41 | Revenue CAGR: 29.24% | SUE: 0.02 | # QB: 0
EPS current Year (2026-12-31): EPS=-1.01 | Chg30d=+10.36% | Revisions=-17% | GrowthEPS=-61.3% | GrowthRev=+3.6%
EPS next Year (2027-12-31): EPS=0.45 | Chg30d=+4.65% | Revisions=+40% | GrowthEPS=+144.6% | GrowthRev=+1.5%
[Analyst] Revisions Ratio: +12% (up=3, down=2)