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Industrials - Integrated Freight & Logistics - NASDAQ - US
$ 26.5
0.684 %
$ 806 M
Market Cap
-0.91
P/E
1. INTRINSIC VALUE

This DCF valuation model was last updated on Jul, 6, 2025.

The intrinsic value of one FWRD stock under the worst case scenario is HIDDEN Compared to the current market price of 26.5 USD, Forward Air Corporation is HIDDEN

This DCF valuation model was last updated on Jul, 6, 2025.

The intrinsic value of one FWRD stock under the base case scenario is HIDDEN Compared to the current market price of 26.5 USD, Forward Air Corporation is HIDDEN

This DCF valuation model was last updated on Jul, 6, 2025.

The intrinsic value of one FWRD stock under the best case scenario is HIDDEN Compared to the current market price of 26.5 USD, Forward Air Corporation is HIDDEN

2. FUNDAMENTAL ANALYSIS

Price Chart FWRD

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$35.0$35.0$30.0$30.0$25.0$25.0$20.0$20.0$15.0$15.0$10.0$10.015 Jan15 JanFeb '25Feb '2515 Feb15 FebMar '25Mar '2515 Mar15 MarApr '25Apr '2515 Apr15 AprMay '25May '2515 May15 MayJun '25Jun '2515 Jun15 JunJul '25Jul '25
FINANCIALS
2.47 B REVENUE
80.51%
-1.06 B OPERATING INCOME
-1205.01%
-1.12 B NET INCOME
-2627.95%
-75.4 M OPERATING CASH FLOW
-41.57%
-1.61 B INVESTING CASH FLOW
-920.04%
-164 M FINANCING CASH FLOW
-10.57%
613 M REVENUE
-3.09%
4.76 M OPERATING INCOME
248.24%
-61.2 M NET INCOME
-72.96%
27.6 M OPERATING CASH FLOW
216.92%
-11.2 M INVESTING CASH FLOW
28.45%
-5.32 M FINANCING CASH FLOW
-95.74%
Balance Sheet Forward Air Corporation
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Current Assets 472 M
Cash & Short-Term Investments 105 M
Receivables 322 M
Other Current Assets 45.1 M
Non-Current Assets 2.33 B
Long-Term Investments 0
PP&E 736 M
Other Non-Current Assets 1.59 B
3.74 %11.51 %26.27 %56.87 %Total Assets$2.8b
Current Liabilities 384 M
Accounts Payable 106 M
Short-Term Debt 227 M
Other Current Liabilities 51.6 M
Non-Current Liabilities 2.13 B
Long-Term Debt 2.03 B
Other Non-Current Liabilities 100 M
4.20 %9.01 %80.76 %3.99 %Total Liabilities$2.5b
EFFICIENCY
Earnings Waterfall Forward Air Corporation
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Revenue 2.47 B
Cost Of Revenue 2.13 B
Gross Profit 340 M
Operating Expenses 1.4 B
Operating Income -1.06 B
Other Expenses 61.9 M
Net Income -1.12 B
3b3b2b2b2b2b1b1b500m500m00(500m)(500m)(1b)(1b)(1b)(1b)2b(2b)340m(1b)(1b)(62m)(1b)RevenueRevenueCost Of RevenueCost Of RevenueGross ProfitGross ProfitOperating ExpensesOperating ExpensesOperating IncomeOperating IncomeOther ExpensesOther ExpensesNet IncomeNet Income
RATIOS
13.73% GROSS MARGIN
13.73%
-42.96% OPERATING MARGIN
-42.96%
-33.02% NET MARGIN
-33.02%
-404.99% ROE
-404.99%
-29.15% ROA
-29.15%
-36.16% ROIC
-36.16%
FREE CASH FLOW ANALYSIS
Free Cash Flow Analysis Forward Air Corporation
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250m250m200m200m150m150m100m100m50m50m00(50m)(50m)(100m)(100m)(150m)(150m)20162016201720172018201820192019202020202021202120222022202320232024202420252025
Net Income -1.12 B
Depreciation & Amortization 144 M
Capital Expenditures -37.1 M
Stock-Based Compensation 10.2 M
Change in Working Capital -11.8 M
Others 1.03 B
Free Cash Flow -112 M
3. WALL STREET ANALYSTS ESTIMATES
Wall Street Analysts Price Targets Forward Air Corporation
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Wall Street analysts predict an average 1-year price target for FWRD of $39 , with forecasts ranging from a low of $32 to a high of $47 .
FWRD Lowest Price Target Wall Street Target
32 USD 20.75%
FWRD Average Price Target Wall Street Target
39 USD 47.17%
FWRD Highest Price Target Wall Street Target
47 USD 77.36%
Price
Max Price Target
Min Price Target
Average Price Target
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4. DIVIDEND ANALYSIS
0.00% DIVIDEND YIELD
0.24 USD DIVIDEND PER SHARE
Q1
Q2
Q3
Q4
1.001.000.900.900.800.800.700.700.600.600.500.500.400.400.300.300.200.200.100.100.000.000.120.120.150.150.180.180.210.240.240.120.120.150.150.180.180.210.240.240.120.120.150.150.180.180.210.240.240.120.480.150.510.150.600.180.630.180.720.210.750.210.840.240.960.240.96201520152016201620172017201820182019201920202020202120212022202220232023
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5. COMPETITION
slide 2 of 5
6. Ownership
Insider Ownership Forward Air Corporation
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Sold
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7. News
Forward Air and Omni Logistics Recognized for Exceptional Service, Performance, and Partnership GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ: FWRD) (“Forward Air” or the “Company”) today announced several awards highlighting the Company's exceptional customer service, operational excellence, and strong commitment to its partners. These honors emphasize the impact Forward Air has on the industry and the value the Company continues to deliver to its customers. Omni Logistics (a Forward Air company) has been named the 2024 International and Domestic Forwarder of the Y. businesswire.com - 2 weeks ago
US trucker Forward Air attracts takeover interest from buyout firms, sources say Private equity firms including Blackstone and Apollo Global Management have expressed interest in acquiring U.S. trucker Forward Air , people familiar with the matter said. reuters.com - 3 weeks ago
From Setback To Strength: Forward Air's Bumpy Road To Recovery Forward Air's Q1 2025 results show margin recovery, improved free cash flow, and strong liquidity, despite an adjusted EPS loss and stock price decline. The Omni Logistics acquisition has transformed Forward Air into a global logistics leader, driving revenue growth and operational synergies. Risks include high leverage, integration challenges, and activist pressure for a sale, but robust liquidity and operational improvements support a hold rating, so to Hold the stock. seekingalpha.com - 3 weeks ago
Ancora Comments on Clear Mandate from Forward Air Shareholders That a Well-Run Sale Process is Urgently Needed CLEVELAND--(BUSINESS WIRE)--Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or “we”), a significant shareholder of Forward Air Corporation (NASDAQ: FWRD) (“Forward Air” or the “Company”), today issued the following statement regarding the announced voting results of the Company's 2025 Annual Meeting of Shareholders. “This vote is a clear mandate that shareholders expect Forward Air to expeditiously complete a credible strategic review that leads to a sale at a meaningful prem. businesswire.com - 3 weeks ago
Forward Air Corporation Announces Results of 2025 Annual Meeting and Board Changes GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “Forward Air”, “we”, “our”, or “us”) today announced changes to its Board of Directors following the Company's 2025 Annual Meeting of Shareholders. Under the Company's Corporate Governance Guidelines, the Forward Air Board of Directors has accepted the resignation of George Mayes, effective immediately. While Javier Polit and Laurie Tucker received the support of a majority of the votes cast by shareholde. businesswire.com - 3 weeks ago
Freightos Looks To Scale Platform Transactions with Forward Air Corporation Partnership Expanded integration on 7LFreight by WebCargo enables digital bookings for LTL and linehaul trucking across North America and Mexico GREENEVILLE, Tenn. and BARCELONA, Spain , June 9, 2025 /PRNewswire/ -- Freightos (Nasdaq: CRGO), the leading digital freight booking and payment platform, and Forward Air Corporation (Nasdaq: FWRD), known as Forward, a premier provider of ground transportation services across the United States, Canada and Mexico today announced an expanded collaboration that will enable freight forwarders to instantly book less-than-truckload (LTL) and linehaul trucking through the 7LFreight by WebCargo platform. prnewswire.com - 4 weeks ago
Lakeview Announces Intent to Withhold Support for Directors of Forward Air Corp. at Annual Meeting CHICAGO--(BUSINESS WIRE)--Lakeview Investment Group & Trading Company, LLC (together with its affiliates, “Lakeview”), a meaningful shareholder of Forward Air Corp. (NASDAQ: FWRD) (“Forward Air” or the “Company”), is announcing its plans to withhold support for three incumbents at the Company's 2025 annual meeting of shareholders: George Mayes, Jr. (chairman), Javier Polit (director) and Laurie Tucker (director). Lakeview agrees with the conclusions reached by other investors and the two le. businesswire.com - 1 month ago
Glass Lewis Joins ISS in Recommending Forward Air Shareholders Vote AGAINST Three Unfit Legacy Directors at 2025 Annual Meeting CLEVELAND--(BUSINESS WIRE)--Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or “we”), a significant shareholder of Forward Air Corporation (NASDAQ: FWRD) (“Forward Air” or the “Company”), today announced that a second independent proxy advisory firm, Glass, Lewis & Co. (“Glass Lewis”), has joined Institutional Shareholder Services Inc. (“ISS”), in recommending that Forward Air shareholders vote AGAINST the reelection of three members of the Board of Directors (the “Board”. businesswire.com - 1 month ago
Forward Air Shareholders Recommended to Vote AGAINST Three Unfit Legacy Directors at 2025 Annual Meeting by ISS CLEVELAND--(BUSINESS WIRE)--Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or “we”), a significant shareholder of Forward Air Corporation (NASDAQ: FWRD) (“Forward Air” or the “Company”), today announced that Institutional Shareholder Services Inc. (“ISS”), a leading independent proxy advisory firm, recommends that Forward Air shareholders vote AGAINST the reelection of three members of the Board of Directors (the “Board”) at the 2025 Annual Meeting of Shareholders: (1.) Chai. businesswire.com - 1 month ago
Ancora Releases Presentation Illustrating Why Shareholders Should Vote AGAINST Three Unfit Legacy Directors at 2025 Annual Meeting CLEVELAND--(BUSINESS WIRE)--Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or “we”), a significant shareholder of Forward Air Corporation (NASDAQ: FWRD) (“Forward Air” or the “Company”), today issued a presentation that details why shareholders should join Ancora in voting AGAINST three current members of the Board of Directors (the “Board”) at the 2025 Annual Meeting of Shareholders (the “Annual Meeting”): Chairman George S. Mayes, Jr., Director Javier Polit and Director La. businesswire.com - 1 month ago
Irenic Expresses Governance Concerns Pertaining to Forward Air Corporation NEW YORK--(BUSINESS WIRE)--Irenic Capital Management, LP (collectively with its affiliates, “Irenic” or “we”) today issued the below statement regarding Forward Air Corporation (NASDAQ: FWRD) (“Forward Air” or the “Company”). Irenic intends to vote against certain legacy members of Forward Air's Board of Directors (the “Board”) at the 2025 Annual Meeting of Shareholders (“Annual Meeting”). "Based on Irenic's independent analysis, we agree with Ancora Holdings Group's decision to withhold suppor. businesswire.com - 1 month ago
Forward Air Corporation (FWRD) Q1 2025 Earnings Call Transcript Forward Air Corporation (NASDAQ:FWRD ) Q1 2025 Results Conference Call May 7, 2025 4:30 PM ET Company Participants Tony Carreno - SVP, Treasury & Investor Relations Shawn Stewart - Chief Executive Officer Jamie Pierson - Chief Financial Officer Conference Call Participants Andrew Cox - Stifel Stephanie Moore - Jefferies Scott Group - Wolfe Research Bascome Majors - Susquehanna Christopher Kuhn - Benchmark Company Operator Welcome to the Forward Air's First Quarter 2025 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Tony Carreno, Senior Vice President of Treasury and Investor Relations. seekingalpha.com - 2 months ago
8. Profile Summary

Forward Air Corporation FWRD

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COUNTRY US
INDUSTRY Integrated Freight & Logistics
MARKET CAP $ 806 M
Dividend Yield 0.00%
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.
Contact Building N, Greeneville, TN, 37745 https://www.forwardaircorp.com
IPO Date Nov. 16, 1993
Employees 6319
Officers Mr. Douglas J. Smith Chief People Officer Mr. Eric Brandt Chief Commercial Officer Mr. Shawn Stewart Chief Executive Officer & Director Mr. Joseph Michael Tomasello Chief Information Officer Mr. Michael L. Hance J.D. Chief Legal Officer & Secretary Mr. James R. Faught Chief Accounting Officer Mr. Jamie G. Pierson Chief Financial Officer