Forward Air Corp
FWRD Nasdaq· Arrangement Of Transportation Of Freight & Cargo
Last close · Oct 26, 2026
$15.08
KIRA · Stoqly’s AI analyst, in plain words
- Forward Air Corp had $2.5B of revenue in fiscal 2025, up 0.8% on the year before. Over five years, revenue changed +14.5% a year on average.
- Its operating margin was 1.5%, up 44.4 pts: of every 100 in sales, about 1 is left after running the business.
- Forward Air Corp lost $108M in fiscal 2025.
- Free cash flow was $15.3M in fiscal 2025, 0.6% of revenue.
- Forward Air Corp returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 11.5%.
- Forward Air Corp owes $1.6B more than it holds in cash, about 8.6 years of operating profit.
Market cap
$490M
P/E
—
Revenue
$2.5B
Net income
−$108M
Free cash flow
$15.3M
Operating margin
1.5%
Forward Air Corp in 30 seconds · fiscal 2025
Are sales growing?
+0.8%
Only a little. Sales grew 0.8% last year.
Does it make a profit?
−4.3%
No. It lost money last year.
Does profit turn into cash?
0.6%
Partly. 0.6% of sales ends up as free cash.
Is debt under control?
8.6x
Heavy. Repaying its debt would take 8.6 years of operating profit.
How healthy are the accounts?
4 / 8
Mixed. It passes 4 of 8 health tests.
How is the share priced?
—
No P/E: it made no profit over the last four quarters.
What Forward Air Corp does
No business description yet.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 11, 2026
- Legal name
- FORWARD AIR CORP
- CIK
- 0000912728
Forward Air Corp · FWRD
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $1.4B | $1.7B | $1.4B | $2.5B | $2.5B |
| Revenue growth | 9.3% | 21.1% | −18.4% | 80.5% | 0.8% |
| Net interest income | −$4.3M | −$5.1M | — | — | — |
| Operating margin | 10.6% | 14.7% | 6.4% | −43.0% | 1.5% |
| Net income | $106M | $193M | $167M | −$817M | −$108M |
| Net margin | 7.6% | 11.5% | 12.2% | −33.0% | −4.3% |
| Diluted EPS | $3.85 | $7.14 | $6.40 | −$30.63 | −$3.51 |
| Cash | |||||
| Cash from operations | $121M | $250M | $199M | −$69.0M | $44.4M |
| Capital expenditure | $38.4M | $39.3M | $30.7M | $37.1M | $29.1M |
| Free cash flow | $82.2M | $211M | $168M | −$106M | $15.3M |
| FCF margin | 5.9% | 12.6% | 12.3% | −4.3% | 0.6% |
| Dividends paid | $23.0M | $25.9M | $25.0M | $0.0M | $0.0M |
| Share buybacks | $49.0M | $62.8M | $93.8M | $0.0M | $0.0M |
| Share count change | −1.5% | −1.3% | −3.4% | 5.9% | 11.5% |
| Debt and strength | |||||
| Cash and short-term investments | $37.3M | $45.8M | $122M | $105M | $106M |
| Debt incl. finance leases | $171M | $132M | $39.4M | $1.7B | $1.7B |
| Shareholders' equity | $594M | $707M | $764M | $202M | $113M |
| Net debt / EBITDA | 0.7x | 0.3x | −0.6x | — | 8.6x |
| Current ratio | 1.7x | 1.8x | 1.5x | 1.2x | 1.2x |
| Interest coverage | 33.9x | 48.2x | 2.8x | −5.6x | 0.2x |
| Returns and quality | |||||
| Return on capital | 15.4% | 23.8% | 10.4% | −46.9% | 1.7% |
| Return on equity | 18.6% | 29.7% | 22.7% | −169.1% | −68.4% |
| Return on tangible equity | 48.0% | 53.8% | 12.2% | — | — |
| Piotroski F-score | 7 | 8 | 5 | 2 | 4 |
| Altman Z'' | 3.7 | 4.8 | 1.3 | −2.7 | −0.2 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$5.9M
1 insider
Of sales under plans
0%
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Forward Air Corp · FWRD
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
KIRA
At $15.08 a share, the company is worth $490M.
Source: SEC EDGAR XBRL filings (CIK 0000912728). Data updated October 24, 2026. For information only — not investment advice. Check the original filings before relying on any figure.