Forward Air (FWRD) AI Stock Analysis

• Market Cap: $558.57M
• Dividend Yield: N/A
• Average Volume (3M): 775.67K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.72
• Revenue Growth: 14.54%
• EPS Growth: 87.85%
• Country: US
• Employees: 6,319
• Sector: Industrials
• Sector Strength: 72
• Industry: Integrated Freight & Logistics
• EPS (TTM): -0.52
• Shares Outstanding: 30,791,899
• 10 Day Avg. Volume: 925,609
• 30 Day Avg. Volume: 775,667
• PEG Ratio: <0.01
• Price to Book (P/B): 4.40
• Price to Sales (P/S): 0.36
• P/FCF Ratio: -7.90
• Enterprise Value/Market Cap: 5.15
• Enterprise Value/Revenue: 1.15
• Enterprise Value/Gross Profit: 9.68
• Enterprise Value/Ebitda: 10.94
• 1Y Price Target: $36.50
• Price Target Upside: 74.64% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: $20.50 ▼(-1.91% Downside)

Forward Air's overall stock score is primarily impacted by its financial performance, which is challenged by declining revenue, negative profitability, and high leverage. Technical analysis indicates a bearish trend, and valuation metrics are unattractive due to a negative P/E ratio. The earnings call provides some optimism with consistent EBITDA and operational improvements, but market challenges persist.

Positive Factors

Operational Efficiency

The One Ground Network initiative enhances operational efficiency and service delivery, providing a structural advantage in logistics management.

Tech Stack Rationalization

Rationalizing the tech stack improves efficiencies and supports data-driven decisions, leading to long-term cost savings and operational improvements.

Cash Flow and Liquidity

Improved cash flow and liquidity enhance financial flexibility, allowing the company to invest in growth opportunities and weather economic downturns.

Negative Factors

High Leverage

High leverage indicates significant reliance on debt, which can limit financial flexibility and increase risk during economic downturns.

Declining Revenue

Inconsistent revenue growth raises concerns about the company's ability to sustain its market position and profitability over time.

Challenging Freight Environment

The extended freight recession presents ongoing challenges, potentially impacting revenue and profitability in the logistics sector.

Forward Air Business Overview & Revenue Model

Company Description

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.

How the Company Makes Money

Forward Air generates revenue through several key streams, primarily by providing expedited ground transportation services, which involve moving freight quickly across the U.S. and Canada. The company also operates an air freight segment that complements its ground services, allowing for a more comprehensive logistics solution. Intermodal transportation, which combines multiple modes of transport, is another significant revenue stream. Additionally, Forward Air has developed strategic partnerships with various carriers and logistics providers, enhancing its service offerings and expanding its market reach. The company's asset-light model allows it to maintain lower overhead costs, focusing on operational efficiency and high service levels, which contribute positively to its profit margins.

Forward Air Financial Statement Overview

Summary

Forward Air faces significant financial challenges. The income statement shows declining revenues and profitability, the balance sheet indicates high leverage, and cash flow metrics highlight liquidity concerns. The company needs to address operational inefficiencies and improve its financial health to stabilize its performance.

Income Statement

The income statement shows significant volatility. The TTM data reveals a negative net profit margin of -6.86%, indicating losses. Revenue growth has been inconsistent, with a sharp decline of 97.5% in the latest TTM period. Historical data shows fluctuating EBIT and EBITDA margins, with recent periods showing negative figures, highlighting operational challenges.

Balance Sheet

The balance sheet reflects high leverage, with a TTM debt-to-equity ratio of 3.17, indicating significant reliance on debt financing. Return on equity is negative, reflecting recent losses. The equity ratio has decreased over time, suggesting reduced financial stability.

Cash Flow

Cash flow analysis shows a concerning trend with negative free cash flow growth and low operating cash flow coverage ratios in recent periods. The TTM free cash flow to net income ratio is positive but reflects a challenging cash flow situation due to negative net income.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.50B	2.47B	1.37B	1.97B	1.66B	1.27B
Gross Profit	297.42M	339.65M	330.15M	546.82M	365.33M	229.11M
EBITDA	263.18M	-916.64M	145.62M	290.14M	179.60M	111.05M
Net Income	-115.89M	-816.97M	167.35M	193.19M	105.86M	23.73M
Balance Sheet
Total Assets	2.79B	2.80B	2.98B	1.21B	1.12B	1.05B
Cash, Cash Equivalents and Short-Term Investments	140.35M	104.90M	121.97M	45.82M	37.32M	40.25M
Total Debt	471.95M	2.15B	1.95B	266.78M	320.07M	243.24M
Total Liabilities	2.60B	2.52B	2.22B	500.83M	524.17M	500.44M
Stockholders Equity	139.78M	201.73M	764.26M	707.24M	593.65M	547.33M
Cash Flow
Free Cash Flow	15.48M	-112.46M	150.66M	218.36M	81.15M	63.84M
Operating Cash Flow	43.49M	-75.40M	181.39M	259.09M	120.26M	84.11M
Investing Cash Flow	-34.68M	-1.61B	174.84M	-104.46M	-88.31M	-82.71M
Financing Cash Flow	-8.04M	-163.83M	1.55B	-146.12M	-34.89M	-26.45M

Forward Air Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 20.90
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FWRD, the sentiment is Neutral. The current price of 20.9 is above the 20-day moving average (MA) of 19.74, below the 50-day MA of 24.37, and below the 200-day MA of 23.64, indicating a neutral trend. The MACD of -1.52 indicates Negative momentum. The RSI at 49.54 is Neutral, neither overbought nor oversold. The STOCH value of 30.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FWRD.

Forward Air Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CHRW	71 Outperform	$18.06B	30.99	34.32%	1.62%	-7.08%	71.39%
LSTR	70 Outperform	$4.39B	32.68	14.41%	2.83%	-0.74%	-32.79%
HUBG	69 Neutral	$2.19B	20.56	6.31%	1.40%	-5.79%	-1.57%
JBHT	65 Neutral	$16.44B	29.88	15.13%	1.04%	-1.60%	4.87%
RLGT	64 Neutral	$291.82M	17.12	7.94%	―	12.49%	125.41%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
FWRD	48 Neutral	$558.57M	-3.05	-63.14%	―	14.54%	87.85%

Forward Air Corporate Events

Forward Air Navigates Challenges with Strategic Adjustments

Forward Air’s recent earnings call paints a picture of a company navigating through challenging market conditions while making strategic operational adjustments. The sentiment expressed during the call was one of cautious optimism, with consistent EBITDA performance and significant advancements in technology and operational efficiencies. However, the ongoing freight recession and declines in certain segments remain hurdles for the company.

Forward Air Reports Strong Q3 Results Amid Freight Recession

Forward Air Corporation is a leading asset-light provider of transportation services across the United States, Canada, and Mexico, specializing in expedited less-than-truckload services, truckload brokerage, and multimodal solutions through its Omni Logistics segment.

Forward Air Appoints Jason Ringgenberg as Interim CIO

On October 10, 2025, Joseph M. Tomasello resigned as Chief Information Officer of Forward Air Corporation, effective October 13, 2025. Subsequently, on October 14, 2025, Jason Ringgenberg was appointed as the interim Chief Information Officer. Ringgenberg brings a wealth of experience from his previous roles as CIO at Yellow Corporation and YRC Freight, as well as his extensive tenure at Accenture, enhancing Forward Air’s leadership in information technology.

The most recent analyst rating on (FWRD) stock is a Hold with a $26.00 price target. To see the full list of analyst forecasts on Forward Air stock, see the FWRD Stock Forecast page.

Forward Air Board Member Michael Hodge Resigns

On August 29, 2025, Michael B. Hodge resigned from the board of directors of Forward Air Corporation, a Delaware-based company. His resignation was a personal and professional decision, not due to any disagreements with the company. Following his departure, Eve Omni Investor, LLC waived its director designation rights, and the board reduced its size from eight to seven directors.

The most recent analyst rating on (FWRD) stock is a Hold with a $32.00 price target. To see the full list of analyst forecasts on Forward Air stock, see the FWRD Stock Forecast page.

Forward Air’s Earnings Call: Mixed Sentiment and Strategic Focus

The recent earnings call of Forward Air revealed a mixed sentiment, underscoring significant operational achievements alongside challenges in revenue. The company celebrated notable successes in its Expedited Freight and Omni Logistics segments, as well as an improved cash flow. However, these positive strides were tempered by revenue declines in certain areas and ongoing market challenges.

Forward Air Reports Improved Q2 2025 Results

Forward Air Corporation is a leading asset-light provider of transportation services across North America, offering expedited less-than-truckload services, truckload brokerage, and multimodal solutions through its Omni Logistics division.