FWRD
Forward Air Corp Industrials Arrangement of Transportation of Freight & Cargo Russell 3000
$17.62Close
$552.0MMarket cap
$8.31 – $30.2352-week range
Nov 9, 2026Next report · after the close
Highlights
Cautions
- Not in an uptrend 2 of 8 trend conditions
- Lagging the market RS 35 · weaker than 65% of stocks over 12 months
- Far from its high 42% below its 52-week high
- Results soon Nov 9, 2026, in 8 days
- Financial distress Altman Z″ in the distress zone
Price
Filing Results Screen pick 52-week high and low Adjusted prices
Key figures
Off 12-month high
42%
1wk
up 15.2%
price change
1mo
up 15.5%
price change
12-month return
down 6%
market up 11% ·
its own down 19%
F-score
—
— Not assessed
Altman Z″
-0.18
Elevated risk
P/E
—
price / earnings
PEG
—
P/E / EPS growth
P/B
4.9×
price / book
Earnings yield
up 1.7%
EBIT / enterprise value
Cheaper than
38%
of the market · expensive
Revenue growth
up 1%
year on year
EPS growth
—
latest quarter
Sales growth
up 9%
latest quarter · +14 pts
ROE
down 66%
return on equity
Free cash margin
up 1%
$15.3M FCF
D/E
14.89
long-term debt / equity
Net debt / EBITDA
8.4×
Interest cover
—EBIT / interest
Piotroski tests
Repair signals
- FCF turned positive ($-106M → $15M)
Trade setup
ATR%
5.1%
$0.90 a day · 2×ATR $15.83
RS
35 / 99
vs the universe
Trend
2 / 8
trend template
Relative volume
0.9×
vs 50-day average
Up/down volume
1.15
50 sessions
Implied move
—
no option chain · report Nov 9, 2026
Trend template · 2 of 8
- Price above the 50-day average: passes
- At least 30% above the 52-week low: passes
Screen verdict
Did not qualify for any screen.
Warning signs
- Bankruptcy model reads distressed The Altman score sits inside the range historically associated with financial distress. It is used here only to exclude, never to rank, and it is a statistical band rather than a prediction about this company.
- Heavily indebted Net debt is 8.4 times EBITDA — roughly 8 years of earnings before interest, tax and depreciation to repay borrowings in full.
- Shareholders diluted The share count rose 5.3% over the year, from 30m to 31m shares. Each existing share owns a smaller fraction of the company than it did a year ago.
Last reported
Aug 5, 2026
Results reaction
Aug 5, 2026+17% vs market2 sessions after results
Financials
- Net -4%
- Free cash 1%
- Cash
- Long-term debt
| FY2020Dec 31, 2020 | FY2021Dec 31, 2021 | FY2022Dec 31, 2022 | FY2023Dec 31, 2023 | FY2024Dec 31, 2024 | FY2025Dec 31, 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $1.3B | $1.4B | $1.7B | $1.4B | $2.5B | $2.5B |
| Gross margin | 49% | — | — | — | — | — |
| Operating income | $73.9M | $147.0M | $247.6M | $88.2M | -$1.1B | $36.4M |
| Net income | $23.7M | $106.0M | $193.0M | $167.0M | -$820.0M | -$104.0M |
| Net margin | 2% | 8% | 11% | 12% | -33% | -4% |
| Earnings per share | $0.86 | $3.88 | $7.17 | $6.42 | -$29.77 | -$3.39 |
| Free cash flow | $75.8M | $82.2M | $210.9M | $168.5M | -$106.1M | $15.3M |
| Free cash margin | 6% | 6% | 13% | 12% | -4% | 1% |
| Cash | $40.3M | $37.3M | $45.8M | $122.0M | $104.9M | $106.0M |
| Long-term debt | $112.4M | $155.5M | $106.6M | $0 | $1.7B | $1.7B |
| Shareholders' equity | $547.3M | $593.7M | $707.2M | $764.3M | $201.7M | $113.3M |
| Shares outstanding | 27.32m | 26.97m | 26.46m | 25.67m | 29.76m | 31.33m |
Filings
| Filed | Report | Period to | Lag |
|---|---|---|---|
| Aug 5, 2026 | Quarterly ↗ | Jun 30, 2026 | 36d |
| May 11, 2026 | Quarterly ↗ | Mar 31, 2026 | 41d |
| Mar 11, 2026 | Annual ↗ | Dec 31, 2025 | 70d |
| Nov 5, 2025 | Quarterly ↗ | Sep 30, 2025 | 36d |
| Aug 11, 2025 | Quarterly ↗ | Jun 30, 2025 | 42d |
| May 7, 2025 | Quarterly ↗ | Mar 31, 2025 | 37d |
| Mar 24, 2025 | Annual ↗ | Dec 31, 2024 | 83d |
| Nov 8, 2024 | Quarterly ↗ | Sep 30, 2024 | 39d |
| Aug 9, 2024 | Quarterly ↗ | Jun 30, 2024 | 40d |
| May 15, 2024 | Quarterly ↗ | Mar 31, 2024 | 45d |
| Mar 15, 2024 | Annual ↗ | Dec 31, 2023 | 75d |
| Nov 9, 2023 | Quarterly ↗ | Sep 30, 2023 | 40d |
Current reports
| Filed | Disclosed |
|---|---|
| Oct 28, 2026 | Other events ↗ |
| Aug 5, 2026 | Results ↗ |
| Jul 21, 2026 | Regulation FD ↗ |
| Jul 10, 2026 | Director or officer change ↗ |
| Jun 17, 2026 | Shareholder vote ↗ |
| May 7, 2026 | Results ↗ |
| Apr 29, 2026 | Director or officer change ↗ |
| Feb 23, 2026 | Results ↗ |
| Nov 5, 2025 | Results ↗ |
| Oct 15, 2025 | Director or officer change ↗ |
| Sep 2, 2025 | Director or officer change ↗ |
| Aug 11, 2025 | Results ↗ |