Forward Air (FWRD) AI Stock Analysis

• Market Cap: $592.44M
• Dividend Yield: N/A
• Average Volume (3M): 775.67K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.72
• Revenue Growth: 30.12%
• EPS Growth: 79.23%
• Country: US
• Employees: 6,319
• Sector: Industrials
• Sector Strength: 72
• Industry: Integrated Freight & Logistics
• EPS (TTM): -0.03
• Shares Outstanding: 30,791,899
• 10 Day Avg. Volume: 925,609
• 30 Day Avg. Volume: 775,667
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 4.86
• Enterprise Value/Revenue: 1.14
• Enterprise Value/Gross Profit: 9.69
• Enterprise Value/Ebitda: 11.52
• 1Y Price Target: $36.50
• Price Target Upside: 89.71% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 41 Neutral
• Price Target: $19.50 ▲(1.35% Upside)

Forward Air's overall stock score is primarily impacted by its poor financial performance, characterized by declining revenues, high leverage, and liquidity concerns. Technical analysis further indicates bearish momentum. Although the earnings call highlighted some operational improvements, these were not enough to offset the broader financial and market challenges.

Positive Factors

Operational Improvements

The significant improvement in EBITDA for the Expedited Freight segment indicates enhanced operational efficiency, which can contribute to better profitability and competitive positioning in the long term.

Omni Logistics Growth

The revenue and EBITDA growth in the Omni Logistics segment reflects successful market penetration and service expansion, supporting sustained revenue streams and business resilience.

Cash Flow Improvement

Improved cash flow from operations enhances financial flexibility, allowing the company to invest in growth initiatives and manage debt more effectively, supporting long-term stability.

Negative Factors

High Leverage

High leverage indicates significant reliance on debt, which can strain financial resources and limit the company's ability to invest in growth or weather economic downturns.

Revenue Decline

The decline in revenue suggests challenges in maintaining market share and demand, which could impact long-term growth prospects and financial performance.

Freight Market Challenges

Ongoing challenges in the freight market, including muted volumes and economic uncertainties, may hinder the company's ability to achieve consistent growth and profitability.

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 financial challenges with declining profitability, high leverage, and reduced equity. Despite some resilience in cash flows, operational inefficiencies and financial risk remain significant concerns.

Income Statement

The income statement reveals declining profitability with a negative net income in TTM (Trailing-Twelve-Months) and the last annual report. Revenue growth is present but overshadowed by significant declines in gross and net profit margins due to rising costs and negative EBIT and EBITDA margins in recent periods.

Balance Sheet

The balance sheet shows high leverage with a debt-to-equity ratio significantly above 1, indicating potential financial risk. Stockholders' equity has decreased substantially over the period, negatively impacting the equity ratio. These factors suggest increased financial instability.

Cash Flow

Cash flow analysis indicates some improvement with positive free cash flow in the TTM period, though operating cash flow remains volatile. The operating cash flow to net income ratio is concerning due to negative net income, suggesting operational challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.52B	2.47B	1.37B	1.97B	1.66B	1.27B
Gross Profit	297.06M	339.65M	330.15M	546.82M	365.33M	229.11M
EBITDA	249.80M	-916.64M	145.62M	290.14M	179.60M	111.05M
Net Income	-173.04M	-816.97M	167.35M	193.19M	105.86M	23.73M
Balance Sheet
Total Assets	2.76B	2.80B	2.98B	1.21B	1.12B	1.05B
Cash, Cash Equivalents and Short-Term Investments	95.13M	104.90M	121.97M	45.82M	37.32M	40.25M
Total Debt	481.39M	2.15B	1.95B	266.78M	320.07M	243.24M
Total Liabilities	2.54B	2.52B	2.22B	500.83M	524.17M	500.44M
Stockholders Equity	151.79M	201.73M	764.26M	707.24M	593.65M	547.33M
Cash Flow
Free Cash Flow	6.48M	-112.46M	150.66M	218.36M	81.15M	63.84M
Operating Cash Flow	40.80M	-75.40M	181.39M	259.09M	120.26M	84.11M
Investing Cash Flow	-40.30M	-1.61B	174.84M	-104.46M	-88.31M	-82.71M
Financing Cash Flow	-10.82M	-163.83M	1.55B	-146.12M	-34.89M	-26.45M

Forward Air Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 19.24
• 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 Negative. The current price of 19.24 is below the 20-day moving average (MA) of 21.00, below the 50-day MA of 25.50, and below the 200-day MA of 24.02, indicating a bearish trend. The MACD of -1.86 indicates Negative momentum. The RSI at 30.37 is Neutral, neither overbought nor oversold. The STOCH value of 65.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FWRD.

Forward Air Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CHRW	―	$18.29B	26.24	32.43%	1.92%	-2.55%	59.07%
LSTR	―	$4.28B	33.05	14.41%	2.83%	-0.74%	-32.79%
HUBG	―	$2.17B	21.63	6.03%	1.40%	-5.37%	-11.26%
JBHT	―	$15.87B	29.23	15.13%	1.05%	-1.60%	4.87%
RLGT	―	$282.39M	16.90	7.94%	―	12.49%	125.41%
Sector *	―	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
FWRD	―	$592.44M	-3.24	-78.76%	―	30.12%	79.23%

Forward Air Corporate Events

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.