Forward Air Corporation (FWRD) Stock

About Forward Air Corporation

Forward Air Corporation, including its various subsidiaries, functions as a streamlined transportation and logistics enterprise throughout the United States and Canada, operating with an asset-light model. The company's business is structured into two principal divisions: Expedited Freight and Intermodal. The Expedited Freight segment delivers time-sensitive regional, inter-regional, and national less-than-truckload (LTL) services, complemented by local collection and delivery capabilities. This comprehensive segment also extends to final-mile services, full truckload transport, cargo consolidation and deconsolidation, storage solutions, customs brokerage, and general freight handling. Furthermore, it encompasses expedited truckload brokerage, dedicated fleet operations, and specialized logistics for high-security or temperature-sensitive goods. The Intermodal segment primarily focuses on drayage services for intermodal containers. It also provides contract warehousing as well as container freight station (CFS) warehousing and related handling services. Forward Air caters to a diverse customer base, which includes freight forwarders, third-party logistics (3PL) providers, integrated air cargo companies, both passenger and cargo airlines, ocean carriers, and retailers. Founded in 1981, Forward Air Corporation is based in Greeneville, Tennessee.

Forward Air Corporation is led by CEO Shawn Stewart, publicly traded since 1993.

Forward Air Corporation (FWRD) stock trades at $15.30 with a market capitalization of $516.85M. The stock is valued at a negative price-to-earnings (P/E) ratio of -1.74, reflecting a net loss over the last twelve months, a negative price-to-book of -4.37, reflecting negative shareholders' equity, price-to-sales of 0.21. Over the past 52 weeks the stock has ranged between $7.86 and $31.18, and currently trades 50.9% below its 52-week high.

On profitability, Forward Air Corporation generates a return on equity (ROE) of -523.45% (not meaningful, as shareholders' equity is negative), return on capital employed of -8.57%, an operating margin of 1.44%, a net profit margin of -11.37%.

Official website: www.forwardair.com

Forward Air Corporation by the numbers, 2016–2025

Between 2016 and 2025 Forward Air Corporation reported revenue of $983.0M rising to $2.5B, a change of +153.8% across 10 years. Compounded, revenue has grown 14.5% a year over five years, 14.1% over three, 0.8% over the last twelve months. Net profit fell to $-108.0M.

Operating margin went from 6.1% in 2016 to 1.5% in 2025, a fall of 4.6 percentage points. The most recent net margin is -11.37%. On a trailing twelve-month basis to Jun '26, revenue is $2.5B and net profit $-285.0M.

Borrowings rose from $29.0M to $2.2B, cash on hand is $139.0M, cash from operations was $44.0M in the latest year, positive in 9 of the last 10.

Return on equity has averaged -86.6% over five years, and was -95.6% in the most recent year.

The share price itself has compounded at —% a year over five years, —% over three, —% over the last year. Past price movement is history, not a forecast.

Figures are as reported and in the company's own reporting currency. They describe what has already happened and carry no implication about what follows.

Forward Air Corporation (FWRD) — frequently asked questions