# Forward Air Corporation (FWRD)

> Source: Nexqual · https://nexqual.com/FWRD · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Forward Air Corporation (FWRD), nexqual.com/FWRD" · informational, not investment advice.

**Price:** USD 15.62 (-0.89% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 15.76 · day 15.61–15.97 · 52w 7.86–31.18 · market cap $528M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.52B, net income -$286M (-11.4% margin), free cash flow $48.2M (SEC filings).
- Analysts: Hold (mean 2.60 on a 1–5 scale) (5 analysts), mean target USD 24.5 (range 24–25).
- Total return with dividends: 1Y -17.6% vs S&P 500 +14.9%; 5Y -82.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-09, EPS estimate USD 0.13, revenue estimate $673M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.39B | $1.68B | $1.37B | $2.47B | $2.50B | $2.52B |
| Operating income | $147M | $248M | $88.2M | -$1.06B | $36.4M | -$169M |
| Net income | $106M | $193M | $167M | -$817M | -$108M | -$286M |
| EPS (diluted) | $3.85 | $7.14 | $6.40 | -$30.63 | -$3.51 | — |
| Free cash flow | $82.2M | $211M | $168M | -$106M | $15.3M | $48.2M |
| Operating margin | 10.6% | 14.7% | 6.4% | -43.0% | 1.5% | -6.7% |
| Net margin | 7.6% | 11.5% | 12.2% | -33.0% | -4.3% | -11.4% |
| Revenue growth | +9.3% | +21.1% | -18.4% | +80.5% | +0.8% | — |
| Cash + short-term investments | $37.3M | $45.8M | $122M | $105M | $106M | — |
| Total debt | $157M | $108M | $0K | $1.68B | $1.69B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.2x · EV/Sales 0.8x · P/FCF 10.9x · FCF yield 9.14% · Earnings yield -54.24% · Net debt $1.55B · EV $2.08B
P/E at fiscal year-ends: Dec 2023 9.8x.

## Analysts
Consensus Hold (mean 2.60 on a 1–5 scale), 5 analysts; mean target USD 24.5 (low 24, high 25).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-08 | Stifel | Target lowered | Buy | $27 → $24 |
| 2026-10-02 | Susquehanna | Target lowered | Positive | $29 → $25 |
| 2026-08-13 | Susquehanna | Target raised | Positive | $18 → $29 |
| 2026-08-06 | Stifel | Target raised | Buy | $19 → $27 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -17.6% | -82.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -17.7% | -29.3% |
| Volatility (annualized) | 92.0% | 73.2% |
| Max drawdown | -72.5% (Feb 2026→May 2026) | -92.6% (Dec 2021→May 2026) |

## Peers (Integrated Freight & Logistics)
RLGT (Radiant Logistics, Inc.) USD 8.7 -0.80% · CYRX (CryoPort, Inc.) USD 17.83 -3.78% · HUBG (Hub Group, Inc.) USD 26.47 +1.61% · PBI (Pitney Bowes Inc.) USD 17.54 +0.80% · GXO (GXO Logistics, Inc.) USD 48.91 +0.99% · LSTR (Landstar System, Inc.) USD 169.39 -1.10%

## More
Full page: https://nexqual.com/FWRD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Omni Logistics | $338.5M | 50.3% | +3.1% | -$230.0M | -67.9% |
| Expedited Freight | $319.1M | 47.4% | +23.8% | $34.9M | 10.9% |
| Intermodal | $59.7M | 8.9% | +1.0% | $6.1M | 10.2% |
| Corporate costs (not allocated) | — | — | — | -$12.3M | — |
| Total revenue | $673.0M | 100% | — | -$201.3M | -29.9% |
The lines above cover 106.6% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Ground | $408.7M | 60.7% | +5.6% |
| Network | $226.0M | 33.6% | +16.6% |
| Contract Logistics | $112.3M | 16.7% | +15.2% |
| Air and Ocean | $93.4M | 13.9% | +23.8% |
| Truckload | $69.2M | 10.3% | +62.4% |
| Intermodal | $58.6M | 8.7% | -0.4% |
| Product & Service Other | $23.9M | 3.5% | +12.4% |
| Total revenue | $673.0M | 100% | — |
The lines above cover 147.4% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $2.17B | 86.8% | — |
| Non Us | $330.0M | 13.2% | — |
| Total revenue | $2.50B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.13 | $-0.10 | -225.0% | $673.4M | 2 |
| Next quarter (ends 2026-12-31) | $0.03 | $-0.14 | -118.1% | $655.2M | 2 |
| Current fiscal year (ends 2026-12-31) | $-1.01 | $-0.83 | +21.9% | $2.58B | 2 |
| Next fiscal year (ends 2027-12-31) | $0.43 | $-0.25 | -269.7% | $2.60B | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-09): ±23.7%; last 8 reports averaged ±14.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 106.6% | ±23.7% |
| 2026-12-18 | 56 | 88.3% | ±27.4% |
| 2027-01-15 | 84 | 76.3% | ±28.6% |
| 2027-03-19 | 147 | 78.5% | ±38.4% |
| 2027-06-17 | 237 | 79.5% | ±48.8% |