FWRD
Forward Air Corporation
FWRD lost money over the past year, so it has no meaningful PE right now. Analysts expect earnings to recover, though they disagree widely on how much.
FWRD Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Weak | |
| Stable | |
| Weak |
FWRD's revenue is currently healthy, and its cash flow is stable, but its profitability and balance sheet are weak.
FWRD PE Valuation
FWRD has no meaningful PE right now: it lost money over the past year. If it returns to profit as analysts expect, today's price would be 57x next year's earnings.
FWRD Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect FWRD to return to profit, with revenue growing. However, they disagree widely on these estimates.
FWRD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.30 | — |
| Q3 2026 | -$8.03 | -$4.18 |
| Q2 2026 | -$8.89 | -$2.90 |
| Q1 2026 | -$2.92 | +$26.13 |
| Q4 2025 | -$3.51 | +$26.67 |
| Q3 2025 | -$3.85 | +$21.16 |
| Q2 2025 | -$5.99 | +$16.00 |
| Q1 2025 | -$29.05 | -1397% |
| Q4 2024 | -$30.18 | -570% |
FWRD is still losing money, but far less than before: $8.03 per share over the past year, against $30.18 at its worst in late 2024.
FWRD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $673.9M | +6.7% |
| Q2 2026 | $673M | +8.8% |
| Q1 2026 | $582M | -5.1% |
| Q4 2025 | $631.2M | -0.3% |
| Q3 2025 | $631.8M | -3.7% |
| Q2 2025 | $618.8M | -3.9% |
| Q1 2025 | $613.3M | +13% |
| Q4 2024 | $632.8M | +87% |
FWRD's revenue grew through 2024 and has held roughly level since: $674M last quarter, up 6.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 6.5% | +4.1 points |
| Q2 2026 | -30% | -33 points |
| Q1 2026 | 3.5% | +2.7 points |
| Q4 2025 | -0.5% | -12 points |
| Q3 2025 | 2.4% | -1.1 points |
| Q2 2025 | 3.1% | +173 points |
| Q1 2025 | 0.8% | +13 points |
| Q4 2024 | 12% | +14 points |
FWRD's operating margin was 6.5% last quarter, up 4.1 points from the same quarter a year ago.
FWRD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $32.2M | -34% |
| Q2 2026 | -$8.1M | +$9.9M |
| Q1 2026 | $38.8M | +147% |
| Q4 2025 | -$31.1M | -$584K |
| Q3 2025 | $48.6M | +19% |
| Q2 2025 | -$18M | +$41.7M |
| Q1 2025 | $15.7M | +$72.4M |
| Q4 2024 | -$30.5M | -194% |
FWRD still generates free cash flow, though less than at its 2022 peak: $32M over the past year.
FWRD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +44K shares |
| 1 year | +5% | +1.6M shares |
| 3 years | +26% | +6.8M shares |
| 5 years | +20% | +5.4M shares |
| Available history | +15% | +4.2M shares |
FWRD has 33M diluted shares, up 5% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | $14M |
| Q2 2023 | $29.3M |
| Q1 2023 | $50.5M |
FWRD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 99.4x | High |
| Q1 2026 | 7.5x | High |
| Q4 2025 | 8.4x | High |
| Q3 2025 | 5.9x | High |
| Q2 2025 | 6.2x | High |
| Q1 2024 | 32.1x | High |
| Q4 2023 | -0.8x | Net Cash |
| Q3 2023 | 0.5x | Very low |
FWRD's net debt is more than 20 years of its operating earnings (EBITDA), up from 6.2 years a year ago.
FWRD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.9 | Neutral |
| Stochastic | 47.8 | Neutral |
FWRD's weekly RSI is 52 (neutral) and its Stochastic is 48 (neutral).
FWRD PE vs Industrials Sector
| Metric | FWRD | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 24x | — |
FWRD has no meaningful PE right now: it lost money over the past year.
FWRD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $16.0 | 7.3% above |
| 20 week MA | $16.0 | 7% above |
| 50 week MA | $18.6 | 7.9% below |
| 100 week MA | $21.5 | 20% below |
| 200 week MA | $41.0 | 58% below |
FWRD has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 58% below its 200-week average.
FWRD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $69.3 | $76.1 | +9.8% |
| 2021 | $76.1 | $116.6 | +53% |
| 2022 | $116.6 | $105.4 | -9.6% |
| 2023 | $105.4 | $62.9 | -40% |
| 2024 | $62.9 | $30.1 | -52% |
| 2025 | $30.1 | $25.5 | -15% |
| 2026 YTD | $25.5 | $17.2 | -33% |
FWRD has finished four years in a row lower, and it's down 33% so far in 2026.