Forward Air (FWRD) Stock Overview
Operates as an asset-light freight and logistics company in the United States, Mexico, Europe, Asia, and Canada. More details
| Snowflake Score | |
|---|---|
| Valuation | 6/6 |
| Future Growth | 0/6 |
| Past Performance | 0/6 |
| Financial Health | 3/6 |
| Dividends | 0/6 |
FWRD Community Fair Values
Create NarrativeSee what 10 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
Forward Air Corporation Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$21.51 |
| 52 Week High | US$32.47 |
| 52 Week Low | US$14.52 |
| Beta | 1.47 |
| 1 Month Change | 28.73% |
| 3 Month Change | -22.85% |
| 1 Year Change | 28.11% |
| 3 Year Change | -77.89% |
| 5 Year Change | -77.68% |
| Change since IPO | 504.97% |
Recent News & Updates
FWRD: Strategic Review And 2026 EBITDA Multiple Will Shape Upside Potential
Narrative update on Forward Air The analyst price target for Forward Air has been trimmed by $1, as analysts factor in updated expectations for revenue growth, profit margins, and forward P/E, while still pointing to perceived value based on the company's current EBITDA multiple and ongoing review process. Analyst Commentary Recent research moves show that some bearish analysts are trimming expectations for Forward Air, with price targets reduced by about $1 in one case and to $42 from $45 in another.AI May Pressure Margins, But Forward Air Has Bigger Problems To Contend With
Feb 16FWRD: Fair Value View Will Highlight Refined Pricing Versus Execution Risk
Analysts have raised their price target on Forward Air by $2, citing updated assumptions around revenue growth, profit margin, discount rate, and future P/E that modestly refine their view of the stock's risk and earnings profile. Analyst Commentary Bearish analysts are treating the updated price target, including the recent US$2 adjustment, as a fine tuning of risk rather than a strong endorsement of the current setup.Recent updates
FWRD: Strategic Review And 2026 EBITDA Multiple Will Shape Upside Potential
Narrative update on Forward Air The analyst price target for Forward Air has been trimmed by $1, as analysts factor in updated expectations for revenue growth, profit margins, and forward P/E, while still pointing to perceived value based on the company's current EBITDA multiple and ongoing review process. Analyst Commentary Recent research moves show that some bearish analysts are trimming expectations for Forward Air, with price targets reduced by about $1 in one case and to $42 from $45 in another.AI May Pressure Margins, But Forward Air Has Bigger Problems To Contend With
Feb 16FWRD: Fair Value View Will Highlight Refined Pricing Versus Execution Risk
Analysts have raised their price target on Forward Air by $2, citing updated assumptions around revenue growth, profit margin, discount rate, and future P/E that modestly refine their view of the stock's risk and earnings profile. Analyst Commentary Bearish analysts are treating the updated price target, including the recent US$2 adjustment, as a fine tuning of risk rather than a strong endorsement of the current setup.Forward Air's (NASDAQ:FWRD) Returns On Capital Not Reflecting Well On The Business
Feb 07
FWRD: Fair Value View Will Weigh Modest Upside Against Execution Risks
Analysts have raised their price target on Forward Air by $2, citing updated assumptions that include modestly higher revenue growth, slightly improved profit margins, and a marginally lower future P/E multiple in their models. Analyst Commentary While the latest price target move reflects refreshed modeling assumptions, some bearish analysts remain cautious and are using this update to highlight ongoing risks around execution, profitability, and valuation.FWRD: Fair Value View Balances PE Deal Setback And Future Returns
Analysts have adjusted their price target on Forward Air to US$30.00, reflecting updated assumptions for slightly lower revenue growth, a largely unchanged profit margin outlook, and a marginally higher future P/E multiple. What's in the News Axios Pro reported that no private equity deal for Forward Air is imminent, and shares traded at US$17.05 in Monday afternoon trading, down US$3.09 or 15% (Axios Pro).FWRD: Higher Required Returns Will Eventually Reward Patient Shareholders
Analysts have trimmed their price target on Forward Air from 32 dollars to 30 dollars, reflecting slightly higher discount rate assumptions, a modestly reduced profit margin outlook, and lower expected future valuation multiples, despite a small uplift in projected revenue growth. What's in the News Forward Air shares fell about 15%, dropping 3.09 dollars to 17.05 dollars after an Axios Pro report indicated no private equity deal is imminent (Axios Pro) The company reported no share repurchases between July 1, 2025 and September 30, 2025, leaving this tranche of its buyback program inactive during the quarter (company filing) Under its February 7, 2019 share repurchase authorization, Forward Air has cumulatively bought back 3,651,380 shares, or 13.39% of its outstanding stock, for a total of 302.47 million dollars (company filing) Valuation Changes The fair value estimate has been reduced modestly from 32 dollars to 30 dollars per share, a cut of about 6 percent.
FWRD: Stable Margins And Buyback Support Will Drive Future Share Price Recovery
Analysts have nudged their price target on Forward Air slightly higher to reflect stable fair value at $34.00, modestly improved long term profit margin expectations, and only minor adjustments to forecast growth and earnings multiples. What's in the News Forward Air shares dropped about 15% to $17.05 after an Axios Pro report indicated that a private equity deal for the company is not imminent (Axios Pro) The company reported no share repurchases between July 1, 2025 and September 30, 2025, despite having an authorized buyback program (company filing) Forward Air has completed repurchasing 3,651,380 shares, representing 13.39% of its outstanding shares, for a total of $302.47 million under the buyback program announced on February 7, 2019 (company filing) Valuation Changes Fair Value Estimate, unchanged at $34.00 per share, indicating no revision to the core valuation anchor.Revenues Tell The Story For Forward Air Corporation (NASDAQ:FWRD) As Its Stock Soars 29%
Dec 02FWRD: Profit Margin Recovery Will Set Stage For Share Price Bounce
Analysts have updated their price target for Forward Air, maintaining it at $34.00 per share. They noted modest adjustments to key financial projections, reflecting recalibrated revenue growth and future profit margin expectations.These 4 Measures Indicate That Forward Air (NASDAQ:FWRD) Is Using Debt In A Risky Way
Nov 10FWRD: Share Buyback And Margin Reset Will Drive Rebound
Analysts have lowered their price target for Forward Air from $36.67 to $34.00. They cited shifts in profit margin expectations and updated valuation models as the reasons for this adjustment.It's Down 26% But Forward Air Corporation (NASDAQ:FWRD) Could Be Riskier Than It Looks
Oct 14Forward Air (NASDAQ:FWRD) Will Be Hoping To Turn Its Returns On Capital Around
Aug 22Here's Why Forward Air (NASDAQ:FWRD) Is Weighed Down By Its Debt Load
Jul 24The Market Lifts Forward Air Corporation (NASDAQ:FWRD) Shares 34% But It Can Do More
Jun 20Technology And Integration Will Drive Global Logistics Expansion
Integration of diverse logistics services, global expansion, and strategic cross-selling position Forward Air for substantial long-term growth.Forward Air: Still Not Ready To Move Forward
Mar 23Forward Air (NASDAQ:FWRD) Could Be Struggling To Allocate Capital
Feb 03Forward Air (NASDAQ:FWRD) Use Of Debt Could Be Considered Risky
Jan 01Forward Air: Issues Remain And Valuation Is Stretched (Rating Downgrade)
Dec 17Not Many Are Piling Into Forward Air Corporation (NASDAQ:FWRD) Just Yet
Dec 06Forward Air (NASDAQ:FWRD) Could Be Struggling To Allocate Capital
Oct 02Forward Air: Making Some Progress After A Considerable Mess
Oct 01Forward Air Corporation (NASDAQ:FWRD) Stock Rockets 27% But Many Are Still Ignoring The Company
Aug 27Forward Air: Freight Recession And Omni Drama Do Not Make The Stock Appealing
Jul 21Forward Air: A Show-Me Story That Could Unveil Upside Potential (Rating Upgrade)
May 06Forward Air And Its Real Value
Feb 11Forward Air: Understated Downside Risk As The Deal Is Set To Close
Jan 24We Think Forward Air (NASDAQ:FWRD) Can Stay On Top Of Its Debt
Sep 11Forward Air (NASDAQ:FWRD) Is Paying Out A Dividend Of $0.24
Aug 12Shareholder Returns
| FWRD | US Logistics | US Market | |
|---|---|---|---|
| 7D | -5.5% | 0.7% | -0.2% |
| 1Y | 28.1% | 43.0% | 27.6% |
Return vs Industry: FWRD underperformed the US Logistics industry which returned 40.6% over the past year.
Return vs Market: FWRD matched the US Market which returned 29.1% over the past year.
Price Volatility
| FWRD volatility | |
|---|---|
| FWRD Average Weekly Movement | 9.7% |
| Logistics Industry Average Movement | 8.7% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.2% |
| 10% least volatile stocks in US Market | 3.3% |
Stable Share Price: FWRD has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: FWRD's weekly volatility (10%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1981 | 6,209 | Shawn Stewart | www.forwardair.com |
Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States, Mexico, Europe, Asia, and Canada. The company operates through three segments: Expedited Freight, Omni Logistics, and Intermodal. Its 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 shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling.
Forward Air Corporation Fundamentals Summary
| FWRD fundamental statistics | |
|---|---|
| Market cap | US$678.26m |
| Earnings (TTM) | -US$107.80m |
| Revenue (TTM) | US$2.50b |
0.3x
P/S Ratio-6.3x
P/E RatioIs FWRD overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| FWRD income statement (TTM) | |
|---|---|
| Revenue | US$2.50b |
| Cost of Revenue | US$2.00b |
| Gross Profit | US$490.82m |
| Other Expenses | US$598.61m |
| Earnings | -US$107.80m |
Last Reported Earnings
Dec 31, 2025
Next Earnings Date
May 07, 2026
| Earnings per share (EPS) | -3.42 |
| Gross Margin | 19.67% |
| Net Profit Margin | -4.32% |
| Debt/Equity Ratio | 1,043.7% |
How did FWRD perform over the long term?
See historical performance and comparisonCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/04/30 13:03 |
| End of Day Share Price | 2026/04/29 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
|
|
| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
| |
| Key Developments | 10 years |
|
* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Forward Air Corporation is covered by 19 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Garrett Holland | Baird |
| Christopher Kuhn | Benchmark Company |
| Kenneth Hoexter | BofA Global Research |