FWRD - NASDAQ

Forward Air Corporation

FWRD·NASDAQ

$9.67

-5.2%

IndustrialsIntegrated Freight & Logistics

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.

Statements Value Model

At a Glance

Live Snapshot

Market Cap$305.81M

EPS-3.4800

P/E Ratio-2.78

Earnings Date07/23/2026

2.74B

Assets

-2%

3Y+127.0%

5Y+162.0%

10Y+328.0%

2.58B

Total Liabilities

3Y+416.0%

5Y+417.0%

10Y+1716.0%

161.66M

Total Equity

-43%

3Y-77.0%

5Y-70.0%

10Y-68.0%

Forward Air Corporation Funding & Solvency Profile

FWRD · NASDAQ

Current Assets

Cash & Cash Equivalents106.00M

Net Receivables349.71M

Inventory0.00

Other Current Assets65.30M

Total Current Assets521 M

Non-Current Assets

Property, Plant & Equipment710.42M

Goodwill & Intangible Assets1.43B

Long-Term Investments0.00

Other Non-Current Assets83.89M

Total Non-Current Assets794 M

Total Assets

2.74B

Financial Health Analysis

Current Ratio

1.22x

Acceptable liquidity, but monitor closely. Current assets just barely cover current liabilities.

Debt-to-Equity Ratio

15.98x

High financial leverage. Heavy reliance on debt may indicate increased financial risk and potential solvency concerns.

Working Capital

93 M

Positive working capital, but relatively tight. The company should monitor cash flow carefully.

Asset Composition

19% Current

Capital-intensive business with significant long-term investments in property, equipment, or intangibles.

Forward Air Corporation Balance Sheet

FWRD • NASDAQ

Forward Air Corporation Balance Sheet	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015	Dec 2014	Dec 2013	Dec 2012	Dec 2011	Dec 2010	Dec 2009	Feb 2009	Feb 2008	Dec 2006
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents	106M	104.9M	122M	45.8M	37.3M	40.3M	64.7M	25.7M	3.9M	8.5M	33.3M	41.4M	127.4M	112.2M	58.8M	74.5M	42M	22.1M	4.9M	8.2M
Short-Term Investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	522K	61.7M
Cash & Short-Term Investments	106M	104.9M	122M	45.8M	37.3M	40.3M	64.7M	25.7M	3.9M	8.5M	33.3M	41.4M	127.4M	112.2M	58.8M	74.5M	42M	22.1M	5.4M	69.9M
Net Receivables	349.7M	322.5M	158.7M	188.2M	216.2M	156.5M	136.2M	161.4M	152.4M	116.6M	128M	95.3M	76.5M	75.3M	70.9M	62.8M	55.7M	60.6M	59.7M	51.9M
Accounts Receivables	343.6M	322.3M	153.3M	188.2M	208.1M	156.5M	136.2M	156.4M	147.9M	116.6M	109.2M	95.3M	76.5M	75.3M	70.9M	62.8M	55.7M	57.2M	59.7M	48.5M
Other Receivables	6.1M	205K	5.4M	0.0	8.1M	0.0	0.0	5.1M	4.4M	0.0	18.9M	0.0	0.0	0.0	0.0	0.0	0.0	3.4M	0.0	3.4M
Inventory	0.0	0.0	0.0	0.0	0.0	0.0	2.1M	2.2M	1.4M	1.3M	1.3M	1.1M	1.1M	901K	881K	830K	938K	669K	558K	501K
Prepaids	0.0	29.1M	25.7M	24.8M	22.3M	21.4M	14.5M	11.8M	10M	9.9M	10.8M	9.6M	14.3M	8.8M	7.1M	5.7M	5.3M	6.1M	4.5M	4.1M
Other Current Assets	65.3M	16M	40.7M	45.5M	7M	27.7M	18.8M	0.0	0.0	0.0	0.0	2.5M	1.1M	1.3M	2M	2.1M	3.3M	2.1M	1.8M	1.2M
Total Current Assets	521M	472.5M	347M	304.3M	282.8M	245.9M	236.3M	201.1M	162.7M	136.3M	173.5M	150M	220.4M	198.4M	139.7M	146M	107.1M	91.6M	71.5M	127.6M
NON-CURRENT ASSETS
Property, Plant, and Equipment (Net)	710.4M	736.3M	369.6M	377.4M	367.3M	313.2M	297.9M	209.9M	206.1M	200.2M	187.3M	172.5M	154.8M	133.6M	129.9M	126.4M	128.7M	123M	103M	53.3M
Goodwill	522.7M	522.7M	278.7M	258M	266.8M	245M	215.7M	199.1M	191.7M	184.7M	205.6M	144.4M	88.5M	43.3M	43.3M	43.3M	43.3M	50.2M	36.1M	15.6M
Intangible Assets	906.8M	999.2M	134.8M	115.6M	154.7M	145M	124.9M	113.7M	111.2M	106.7M	127.8M	72.7M	40.1M	22.1M	26.7M	31.3M	35.8M	40.7M	30M	10.7M
Goodwill & Intangible Assets	1.4B	1.5B	413.5M	373.6M	421.5M	390M	340.6M	312.8M	302.9M	291.3M	333.4M	217.1M	128.6M	65.4M	70M	74.6M	79.2M	90.9M	66M	26.3M
Long-Term Investments	0.0	0.0	1.8B	0.0	0.0	0.0	0.0	-37.2M	-29.4M	-41.9M	-39.9M	-25.2M	-26.9M	-12.4M	-11.1M	-6.1M	-5.8M	0.0	-7.4M	-6.6M
Tax Assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	37.2M	29.4M	41.9M	39.9M	25.2M	26.9M	12.4M	11.1M	6.1M	5.8M	0.0	7.4M	6.6M
Other Non-Current Assets	83.9M	71.9M	58.9M	152.8M	46.3M	98.3M	116.1M	36.5M	15.9M	13.5M	6M	2.2M	2.5M	1.8M	1.6M	1.8M	1.6M	2M	1.4M	5.8M
Total Non-Current Assets	2.2B	2.3B	2.6B	903.8M	835M	801.5M	754.6M	559.1M	525M	505M	526.7M	391.9M	285.9M	200.8M	201.4M	202.8M	209.5M	215.9M	170.4M	85.5M
Other Assets	0.0	0.0	0.0	0.0	1K	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total Assets	2.7B	2.8B	3B	1.2B	1.1B	1B	990.9M	760.2M	687.7M	641.3M	700.2M	541.8M	506.3M	399.2M	341.2M	348.8M	316.6M	307.5M	241.9M	213M
LIABILITIES
CURRENT LIABILITIES
Total Payables	126.1M	111.6M	76.6M	58.9M	55.9M	53.1M	39.1M	34.6M	31M	18.1M	23.3M	21.9M	16.3M	11.2M	16.8M	10.7M	11.8M	11.6M	12.9M	7.9M
Accounts Payable	121.8M	105.7M	45.4M	50.1M	44.8M	38.4M	25.4M	34.6M	30.7M	18M	23.3M	20.6M	16.3M	11.2M	12.4M	10.7M	10.3M	11.6M	11.7M	7.9M
Other Payables	4.4M	5.9M	31.2M	8.8M	11.1M	14.7M	13.6M	0.0	320K	70K	0.0	1.3M	0.0	0.0	4.4M	0.0	1.4M	0.0	1.2M	0.0
Accrued Expenses	166M	149.1M	15.3M	42.4M	50.5M	36.5M	27.5M	32.1M	28.1M	25.9M	10.1M	8.1M	13.1M	5.6M	7.7M	5.9M	5.4M	3.7M	4.5M	3.1M
Short Term Debt	0.0	0.0	12.6M	9.3M	6.1M	0.0	0.0	309K	359K	28M	55.9M	276K	0.0	276K	552K	638K	919K	1.6M	617K	40K
Capital Lease Obligations (Current)	123M	113.4M	44.3M	42.3M	47.5M	45.5M	37.3M	309K	359K	347K	331K	276K	69K	276K	552K	638K	898K	1.5M	213K	40K
Tax Payables	0.0	5.9M	31.2M	0.0	0.0	0.0	0.0	0.0	320K	70K	0.0	1.3M	0.0	0.0	4.4M	0.0	1.4M	0.0	1.2M	0.0
Deferred Revenue	13.2M	9.9M	0.0	0.0	0.0	0.0	0.0	0.0	320K	70K	0.0	1.3M	0.0	0.0	20.5M	15.9M	17.6M	12.3M	10M	6.5M
Other Current Liabilities	0.0	0.0	88.2M	16.5M	4.6M	36.5M	33.3M	7.4M	273K	5.6M	19.4M	12.9M	5.1M	10.6M	8.3M	9.8M	10.8M	7.8M	8.6M	8M
Total Current Liabilities	428.3M	384M	237.1M	169.4M	164.7M	171.6M	137.2M	74.7M	60.1M	77.9M	109M	43.4M	34.6M	27.9M	33.9M	27.6M	29.5M	26.2M	26.8M	19.1M
NON-CURRENT LIABILITIES
Long Term Debt	1.7B	1.7B	1.8B	106.6M	155.5M	112.4M	67.3M	47.3M	40.6M	725K	27.5M	1.3M	0.0	0.0	0.0	50M	50M	50M	30.1M	0.0
Deferred Tax Liabilities (Non-Current)	53.1M	38.2M	42.2M	51.1M	43.4M	42M	41.2M	37.2M	29.4M	41.9M	39.9M	25.2M	26.9M	12.4M	11.1M	6.1M	5.8M	8.8M	7.4M	6.6M
Other Non-Current Liabilities	65.1M	62.1M	47.1M	65.1M	49.6M	88.7M	93.4M	47.7M	23.7M	21M	52.5M	9.6M	8.9M	7.1M	8.9M	8.1M	4.5M	3.1M	4.5M	1.3M
Total Non-Current Liabilities	2.2B	2.1B	2B	331.4M	359.5M	328.4M	276.5M	132.2M	94.1M	64.3M	81.1M	34.8M	35.8M	19.6M	20.3M	65.1M	62.4M	64.9M	43.3M	8.7M
Capital Lease Obligations	472.4M	469.9M	142.7M	150.9M	158.5M	130.8M	111.9M	363K	724K	1.1M	1.4M	1.6M	72K	334K	885K	1.5M	3.1M	4.5M	1.6M	836K
Total Liabilities	2.6B	2.5B	2.2B	500.8M	524.2M	500.1M	413.7M	207M	154.2M	142.2M	190.1M	78.2M	70.4M	47.5M	54.2M	92.7M	92M	91.1M	70.2M	27.8M
SHAREHOLDERS' EQUITY
Common Stock	313K	298K	257K	265K	270K	273K	279K	285K	295K	301K	305K	303K	305K	292K	285K	290K	290K	289K	286K	304K
Additional Paid-In Capital	559.6M	542.4M	283.7M	270.9M	258.5M	242.9M	226.9M	210.3M	195.3M	179.5M	160.9M	130.1M	107.7M	64.6M	42.2M	24.3M	16.6M	10.2M	0.0	0.0
Retained Earnings	-447.1M	-338.2M	480.3M	436.1M	334.9M	304.1M	350M	342.7M	337.8M	319.3M	348.9M	333.2M	327.8M	286.7M	270.5M	231.5M	207.7M	205.9M	171.4M	184.9M
Accumulated Other Comprehensive Income/Loss	580K	-2.7M	0.0	0.0	0.0	0.0	0.0	-204M	-193.1M	-178.8M	-155.9M	-132.7M	-116.3M	-105.6M	-93.3M	-87.3M	0.0	0.0	0.0	0.0
Other Total Stockholders' Equity	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	790K	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total Stockholders' Equity	113.3M	201.7M	764.3M	707.2M	593.7M	547.3M	577.2M	553.2M	533.5M	499.1M	510.1M	463.6M	435.9M	351.7M	286.9M	256.1M	224.7M	216.4M	171.7M	185.2M
Total Equity	161.7M	285.9M	764.3M	707.2M	593.7M	547.3M	577.2M	553.2M	533.5M	499.1M	510.1M	463.6M	435.9M	351.7M	286.9M	256.1M	224.7M	216.4M	171.7M	185.2M
Minority Interest	48.3M	84.1M	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
SUMMARY
Total Liabilities & Equity	2.7B	2.8B	3B	1.2B	1.1B	1B	990.9M	760.2M	687.7M	641.3M	700.2M	541.8M	506.3M	399.2M	341.2M	348.8M	316.6M	307.5M	241.9M	213M
Total Investments	0.0	0.0	1.8B	0.0	0.0	0.0	0.0	-37.2M	-29.4M	-41.9M	-39.9M	-25.2M	-26.9M	-12.4M	-11.1M	-6.1M	-5.8M	0.0	522K	55.1M
Total Debt	2.2B	2.1B	1.9B	266.8M	320.1M	243.2M	179.2M	47.6M	40.9M	28.7M	84.7M	1.6M	72K	334K	885K	51.5M	53.1M	54.6M	32.3M	836K
Net Debt	2.1B	2B	1.8B	221M	282.8M	203M	114.5M	22M	37.1M	20.2M	51.4M	-39.9M	-127.3M	-111.8M	-57.9M	-23M	11.1M	32.5M	27.4M	-7.4M
Shares Outstanding	31,245,325	31,245,325	31,245,325	31,245,325	31,245,325	31,245,325	31,245,325	31,245,325	31,245,325	31,245,325	31,245,325	31,245,325	31,245,325	31,245,325	31,245,325	31,245,325	31,245,325	31,245,325	31,245,325	31,245,325

SEC Filings

FWRD - Filing history and reports

Filing Type	Filing Date	Period Ending	Fiscal Year	Actions
10-Q 10-Q 2026 Q1 Q1	May 11, 2026	March 31, 2026	2026	View Filing
8-K 8-K 2026 N/A	May 07, 2026	May 07, 2026	2026	View Filing
8-K 8-K 2026 N/A	April 29, 2026	April 24, 2026	2026	View Filing
DEF 14A DEF 14A 2026 N/A	April 29, 2026	June 17, 2026	2026	View Filing
10-K 10-K 2025 FY FY	March 11, 2026	December 31, 2025	2025	View Filing
8-K 8-K 2026 N/A	February 23, 2026	February 23, 2026	2026	View Filing
8-K 8-K 2025 N/A	November 05, 2025	November 05, 2025	2025	View Filing
10-Q 10-Q 2025 Q3 Q3	November 05, 2025	September 30, 2025	2025	View Filing
8-K 8-K 2025 N/A	October 15, 2025	October 10, 2025	2025	View Filing
8-K 8-K 2025 N/A	September 02, 2025	August 29, 2025	2025	View Filing

Showing 1 to 10 of 459 filings

Related Guides

Blog Categories

Continue your FWRD research with focused valuation guides.

Fundamentals

Decode statement quality and operating durability.

Accounting

Interpret line items with cleaner analytical framing.

Forecasting

Translate historical performance into forward scenarios.

Reference

Use practical frameworks for statement-led valuation.

Research Paths

Pick your next lens

Snapshot

Start with context, operating signals, and key market metrics.

Value Model

Stress test fair value across bear, base, and bull assumptions.

Statements

Validate revenue quality, margins, and balance sheet durability.

Earnings Call

Read management commentary and compare it with reported outcomes.

Dividends

Check payout sustainability and long-term distribution behavior.

Analyst Expectations

Review consensus spread and where estimate risk is concentrated.