FORWARD AIR CORP

FWRD

FORWARD AIR CORP

FWRD

Insider Sentiment (TTM):

Last Purchase:2025-10-20Last Sale:2025-11-12Shares Purchased (TTM):225,000Shares Sold (TTM):40,000

Institutional Sentiment:

As of:2026-03-31Institutional Shares Owned:28,566,629Shares Outstanding:31,476,000Institutional Ownership Pct.:90.76%

Earnings Market Reaction:

Filing Date:2026-05-11Price on Filing Date:N/APrevious Close:N/A% Change:N/A

Companies in Arrangement of Transportation of Freight & Cargo

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Financial Statements

10‑Q10‑K

Values in Millions ($)	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30
Cash And Cash Equivalents At Carrying Value	141	106	140	95	116	105	137	85	152	122	19	18
Restricted Cash Equivalents Current	-	-	-	-	-	0	-	-	-	40	-	-
Restricted Cash And Cash Equivalents At Carrying V…	-	0	0	0	0	0	2	20	20	-	0	0
Accounts Receivable Net Current	331	344	341	336	336	322	361	369	352	153	192	176
Other Receivables Net Current	3	6	-	-	-	0	2	1	2	5	-	-
Prepaid Expense And Other Assets Current	29	28	31	33	29	29	31	39	40	26	-	-
Assets Of Disposal Group Including Discontinued Op…	-	-	-	-	-	-	-	-	-	0	-	-
Other Assets Current	38	37	40	10	11	16	13	44	4	1	27	22
Property Plant And Equipment Net	-	-	-	-	-	-	-	-	-	-	258	261
Restricted Cash Equivalents Noncurrent	-	0	-	-	-	0	0	0	0	1,791	-	-
Property Plant And Equipment And Finance Lease Rig…	287	298	310	321	331	326	325	329	328	258	-	-
Operating Lease Right Of Use Asset	403	413	412	420	409	410	355	324	334	112	135	145
Goodwill	523	523	523	523	523	523	716	545	1,379	279	357	357
Intangible Assets Net Excluding Goodwill	884	907	930	953	976	999	1,033	1,231	1,264	135	147	151
Other Assets Noncurrent	57	58	68	70	72	72	81	80	84	59	56	55
Assets	2,696	2,719	2,794	2,761	2,804	2,803	3,056	3,067	3,959	2,980	1,191	1,185
Disposal Group Including Discontinued Operation As…	-	-	-	-	-	-	-	-	-	0	-	-
Accounts Payable Current	104	122	125	115	112	106	157	143	131	45	46	37
Accrued Liabilities Current	133	114	147	116	144	120	136	117	119	63	57	53
Other Liabilities Current	77	69	70	48	68	45	50	53	73	72	22	12
Liabilities Current
Liabilities Current	442	428	460	397	438	384	449	420	445	237	190	169
Long Term Debt And Capital Lease Obligations Curre…	-	-	17	17	17	17	17	17	28	13	15	14
Finance Lease Liability Current	15	16	-	-	-	17	-	-	-	-	-	-
Operating Lease Liability Current	113	107	101	101	98	96	90	89	94	44	52	53
Assets Current
Assets Current	542	521	552	475	493	473	545	559	569	347	238	216
Liabilities Of Disposal Group Including Discontinu…	-	-	-	-	-	-	-	-	-	0	-	-
Finance Lease Liability Noncurrent	19	22	26	29	34	31	33	35	34	27	23	23
Long Term Debt Noncurrent	1,690	1,687	1,684	1,681	1,679	1,676	1,673	1,677	1,664	0	119	120
Operating Lease Liability Noncurrent	313	327	328	334	325	326	276	243	247	72	88	97
Other Liabilities Noncurrent	56	54	48	50	52	49	42	43	46	47	51	48
Deferred Income Tax Liabilities Net	25	27	37	33	35	38	210	271	178	42	53	53
Liabilities Noncurrent
Liabilities Noncurrent	-	-	-	-	-	2,133	-	-	-	1,978	-	-
Liabilities Of Disposal Group Including Discontinu…	-	-	-	-	-	-	-	-	-	0	-	-
Preferred Stock Value	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Class C	-	-	-	-	-	-	-	-0	0	-	-	-
Common Stock Value	0	0	0	0	0	0	0	0	0	0	0	0
Additional Paid In Capital	565	560	556	552	547	542	528	513	509	284	281	278
Retained Earnings Accumulated Deficit	-483	-447	-419	-402	-390	-338	-302	-228	417	480	385	396
Accumulated Other Comprehensive Income Loss Net Of…	-1	1	2	2	-2	-3	-1	-1	-0	0	-	-
Minority Interest	41	48	56	64	72	84	110	80	406	0	-	-
Liabilities And Stockholders Equity	2,696	2,719	2,794	2,761	2,804	2,803	3,056	3,067	3,959	2,980	1,191	1,185
Preferred Class B	0	0	0	-0	0	0	-0	0	0	0	-	-
Assets
Stockholders Equity
Stockholders Equity	81	113	196	216	227	202	337	362	1,332	764	666	674
Allowance For Doubtful Accounts Receivable Current	5	4	3	3	3	3	3	3	4	2	3	3
Property Plant And Equipment And Finance Lease Rig…	349	340	317	305	303	293	282	279	264	250	243	233
Finite Lived Intangible Assets Accumulated Amortiz…	324	301	282	259	236	213	190	179	145	127	137	132
Liabilities And Stockhold…
Preferred Stock Par Or Stated Value Per Share	0.01	0.01	0.01	0.01	0.01	0.01	-	-	-	0.01	0.01	0.01
Preferred Stock Shares Authorized	5	5	5	5	5	5	-	-	-	5	5	5
Preferred Stock Shares Issued	0	0	0	0	0	0	-	-	-	0	0	0
Preferred Stock Shares Outstanding	0	0	0	0	0	0	-	-	-	0	0	0
Common Stock Par Or Stated Value Per Share	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Common Stock Shares Authorized	50	50	51	51	51	50	50	50	50	51	50	50
Common Stock Shares Issued	32	31	31	31	30	30	29	28	26	26	26	26
Shares Outstanding	32	31	31	31	30	30	29	28	26	26	26	26

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Earnings Market Reaction

10‑Q10‑K

Fiscal Year	Q1 1 Month	Q1 2 Month	Q1 3 Month	Q2 1 Month	Q2 2 Month	Q2 3 Month	Q3 1 Month	Q3 2 Month	Q3 3 Month	Q4 1 Month	Q4 2 Month	Q4 3 Month
2026	-0.96%	28.59%	-	-	-	-	-	-	-	-	-	-
2025	-2.61%	45.97%	86.36%	4.10%	-17.99%	-34.16%	29.85%	44.26%	57.09%	-5.33%	15.99%	-42.47%
2024	43.44%	30.40%	52.46%	22.19%	36.27%	41.88%	3.64%	-14.86%	-5.34%	-27.97%	-11.66%	-6.87%
2023	-	-	-	-35.19%	-37.88%	-36.41%	2.70%	-1.54%	-27.10%	0.61%	-22.24%	-40.02%
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Performance and Valuation Metrics

Metrics	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30
Liquidity Ratios
Current Ratio	1.23	1.22	1.20	1.20	1.13	1.23	1.21	1.33	1.28	1.46	1.25	1.28
Quick Ratio	1.16	1.15	1.13	1.11	1.06	1.15	1.15	1.24	1.19	1.36	1.25	1.28
Working Capital	100.46M	92.68M	92.45M	77.92M	55.10M	88.45M	96.38M	138.61M	124.59M	109.93M	47.29M	46.56M
Leverage & Debt
Debt to Equity	3.61	2.65	2.35	1.83	1.93	8.80	1.33	1.48	0.48	2.90	0.29	0.25
Interest Coverage TTM	0.29	0.20	0.63	0.64	-5.12	-5.62	-6.89	-10.00	-0.35	2.79	13.92	23.23
Debt Ratio	0.16	0.16	0.16	0.14	0.16	0.90	0.15	0.14	0.11	0.74	0.16	0.14
Efficiency & Turnover
Asset Turnover TTM	0.90	0.90	0.85	0.87	0.75	0.86	1.03	0.88	0.60	0.65	1.03	1.17
Days Sales Outstanding TTM	49.41	48.70	51.34	51.01	49.34	35.08	46.28	53.32	64.93	45.47	65.76	55.45
Receivables Turnover TTM	7.39	7.49	7.11	7.16	7.40	10.41	7.89	6.84	5.62	8.03	5.55	6.58
Per Share Metrics
Diluted EPS TTM	-3.98	-4.61	-4.34	-4.80	-25.79	-29.66	-23.90	-23.25	1.61	6.44	4.21	5.82
Free Cash Flow Per Share TTM	2.10	1.40	1.40	1.17	-1.12	-3.85	-0.97	-1.61	2.66	7.17	6.88	8.85
Dividend Per Share TTM	0.00	0.00	0.00	0.00	0.00	0.00	0.22	0.46	0.71	0.96	0.98	0.98
Margin Metrics
Gross Profit Margin TTM	79.33%	78.53%	78.00%	78.15%	78.42%	85.18%	90.24%	95.89%	104.50%	102.30%	100.76%	100.58%
Operating Profit Margin TTM	2.11%	1.46%	4.61%	4.87%	-38.98%	-42.96%	-52.10%	-61.49%	-1.59%	6.44%	10.51%	13.55%
Net Profit Margin TTM	-5.09%	-5.68%	-5.38%	-5.79%	-30.59%	-33.02%	-30.64%	-33.42%	2.71%	12.21%	8.90%	10.90%
Growth Metrics
Net Revenue Growth (1Y)	-3.22%	0.84%	14.54%	35.18%	63.73%	80.51%	78.71%	34.28%	-0.99%	-18.39%	-37.52%	-25.40%
Net Income Growth (1Y)	-83.90%	-82.65%	-79.88%	-76.58%	-1,946.01%	-588.18%	-715.22%	-511.64%	-77.42%	-13.38%	-43.08%	-6.61%
EPS Growth (1Y)	-84.55%	-84.45%	-81.85%	-79.37%	-1,702.91%	-559.34%	-665.81%	-498.31%	-77.31%	-10.47%	-40.71%	-3.25%
Valuation Metrics
P/E TTM	-4.19	-5.42	-5.91	-5.12	-0.78	-1.09	-1.48	-0.82	19.33	9.73	16.21	18.05
P/B TTM	4.30	4.75	4.05	3.45	2.67	3.11	2.94	1.80	0.88	2.13	2.64	4.06
P/S TTM	0.21	0.31	0.32	0.30	0.24	0.36	0.45	0.27	0.52	1.19	1.44	1.97
Market Cap	525.96M	767.95M	794.12M	746.73M	606.58M	888.17M	989.11M	510.33M	815.61M	1.63B	1.76B	2.73B
Enterprise Value	2.09B	2.37B	2.35B	2.35B	2.19B	2.49B	2.54B	2.10B	2.34B	-214.39M	1.88B	2.85B
Calculated Values
Free Cash Flow TTM	65.97M	42.88M	43.47M	35.61M	-33.68M	-106.08M	-27.13M	-43.25M	69.64M	185.80M	176.85M	229.49M
Net Debt	1.56B	1.60B	1.56B	1.60B	1.58B	1.60B	1.55B	1.59B	1.52B	-1.84B	115.07M	115.45M
Per-Share and Margin
EPS TTM
Adjusted EPS TTM
Cash Flow Per Share TTM
Pretax Margin TTM
Stock Comp to Revenue TTM
Turnover Ratios and Averages
Average Assets
Average Equity
Average Inventory
Average Receivables
Average Accounts Payables
Inventory Turnover TTM
Payables Turnover TTM
Days Inventory Outstanding TTM
Days Payables Outstanding TTM
Cash Conversion Cycle TTM
Working Capital to Revenue
Deferred Revenue to Revenue
Growth Rates
Total Assets Growth (1Y)
Total Assets Growth (3Y)
Total Assets Growth (5Y)
Dividends Paid Growth (1Y)
Dividends Paid Growth (3Y)
Dividends Paid Growth (5Y)
EPS Growth (3Y)
EPS Growth (5Y)
Net Income Growth (3Y)
Net Income Growth (5Y)
Net Profit Margin Growth (1Y)
Net Profit Margin Growth (3Y)
Net Profit Margin Growth (5Y)
Net Revenue Growth (3Y)
Net Revenue Growth (5Y)
Deferred Revenue Growth (1Y)
Retained Earnings Growth (1Y)
Credit, Liquidity, Returns, Payout
Cash Ratio
Net Working Capital
Debt to EBITDA TTM
Net Debt to EBITDA TTM
Net Debt to Equity
Altman A
Altman B
Altman C
Altman D
Altman E
Altman Z-Score
ROA TTM
ROE TTM
NOPAT TTM
ROIC TTM
Effective Tax Rate TTM
Payout Ratio TTM
Dilution Ratio
Retained Earnings to Equity
Treasury Stock to Equity
Treasury Stock Change (1Y)
Accrued to Current Liabilities
Valuation Ratios
P/CF TTM
Dividend Yield TTM
Free Cash Flow Yield TTM
EV EBITDA TTM
EV EBIT TTM
Stock Compensation TTM
Adjusted Net Income TTM
Billings TTM
Total Debt
Invested Capital

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Insider Transactions

2025-11-12Sale

Owner: Cetus, Capital Vi, L.P.

Title: -

Shares: 10,000

Price/Share: $22.38

Value: $223,800.00

Shares Owned: 3,116,546

Relationship: TenPercentOwner

Ownership: Direct

2025-10-20Purchase

Owner: Cetus, Capital Vi, L.P.

Title: -

Shares: 225,000

Price/Share: $18.38

Value: $4,135,500.00

Shares Owned: 3,388,709

Relationship: TenPercentOwner

Ownership: Direct

2025-10-14Sale

Owner: Cetus, Capital Vi, L.P.

Title: -

Shares: 30,000

Price/Share: $21.42

Value: $642,600.00

Shares Owned: 3,063,709

Relationship: TenPercentOwner

Ownership: Direct

2023-08-25Purchase

Owner: Mitchin, Kyle R

Title: Chief People Officer

Shares: 1,093

Price/Share: $68.63

Value: $75,012.59

Shares Owned: 18,896

Relationship: Officer

Ownership: Direct

2023-08-25Purchase

Owner: Ruble, Chris C

Title: Chief Operating Officer

Shares: 1,433

Price/Share: $69.77

Value: $99,992.27

Shares Owned: 28,276

Relationship: Officer

Ownership: Direct

Filed Date	Owner	Relationship	Title	Ownership	Purchase/Sale	No. Shares	Price Per Share	Value	Shares Owned	Document Type
2025-11-12	Cetus, Capital Vi, L.P.	TenPercentOwner	-	Direct	Sale	10,000	22.38	$223,800.00	3,116,546	4
2025-10-20	Cetus, Capital Vi, L.P.	TenPercentOwner	-	Direct	Purchase	225,000	18.38	$4,135,500.00	3,388,709	4
2025-10-14	Cetus, Capital Vi, L.P.	TenPercentOwner	-	Direct	Sale	30,000	21.42	$642,600.00	3,063,709	4
2023-08-25	Mitchin, Kyle R	Officer	Chief People Officer	Direct	Purchase	1,093	68.63	$75,012.59	18,896	4
2023-08-25	Ruble, Chris C	Officer	Chief Operating Officer	Direct	Purchase	1,433	69.77	$99,992.27	28,276	4
2023-08-22	Ronning, Nancee L	Officer	Chief Commercial Officer	Direct	Purchase	315	64.65	$20,364.75	3,045	4
2023-08-18	Polit, Javier	Director	-	Direct	Purchase	1,000	64.59	$64,590.00	6,343	4
2023-08-18	Campbell, C Robert	Director	-	Direct	Purchase	5,000	64.33	$321,650.00	28,994	4
2023-08-18	Mayes, George S Jr	Director	-	Direct	Purchase	500	64.00	$32,000.00	5,256	4
2023-08-18	Mitchin, Kyle R	Officer	Chief People Officer	Direct	Purchase	398	64.12	$25,499.24	17,803	4
2023-08-18	Carlock, Craig	Director	-	Direct	Purchase	1,600	64.84	$103,744.00	16,550	4
2023-08-18	Lynch, George M	Director	-	Direct	Purchase	500	63.28	$31,640.00	11,083	4
2023-08-17	Tucker, Laurie Anne	Director	-	Direct	Purchase	4,000	61.23	$244,920.00	15,573	4
2023-08-17	Allen, Ronald W	Director	-	Direct	Purchase	2,000	64.06	$128,120.00	24,463	4
2023-08-17	Hance, Michael L	Officer	CLO and Secretary	Direct	Purchase	411	60.66	$24,931.26	45,372	4
2023-08-17	Schmitt, Thomas	Director,Officer	President & CEO	Direct	Purchase	16,050	62.70	$1,006,335.00	73,879	4
2023-08-17	Nayak, Chitra	Director	-	Direct	Purchase	1,600	63.76	$102,016.00	5,856	4
2023-02-15	Tucker, Laurie Anne	Director	-	Direct	Purchase	4,000	101.97	$407,880.00	10,221	4
2022-12-14	Ruble, Chris C	Officer	Chief Operating Officer	Direct	Sale	2,000	108.90	$217,800.00	23,336	4
2022-12-12	Ruble, Chris C	Officer	Chief Operating Officer	Direct	Sale	2,177	107.20	$233,374.40	25,336	4
2022-12-09	Ruble, Chris C	Officer	Chief Operating Officer	Direct	Sale	2,823	107.00	$302,061.00	27,513	4
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Institutional Ownership

No data available for chart

2026-03-31

90.76%

Inst. Shares: 28,566,629

Shares Outstanding: 31,476,000

2025-12-31

95.24%

Inst. Shares: 29,255,702

Shares Outstanding: 30,718,000

2025-09-30

108.88%

Inst. Shares: 33,721,783

Shares Outstanding: 30,972,000

2025-06-30

106.31%

Inst. Shares: 32,348,294

Shares Outstanding: 30,429,000

2025-03-31

107.80%

Inst. Shares: 32,547,823

Shares Outstanding: 30,193,000

Date	Institutional Shares Owned	Shares Outstanding	Institutional Ownership %
2026-03-31	28,566,629	31,476,000	90.76%
2025-12-31	29,255,702	30,718,000	95.24%
2025-09-30	33,721,783	30,972,000	108.88%
2025-06-30	32,348,294	30,429,000	106.31%
2025-03-31	32,547,823	30,193,000	107.80%
2024-12-31	32,504,823	27,540,000	118.03%
2024-09-30	32,241,146	27,941,000	115.39%
2024-06-30	32,550,403	26,803,000	121.44%
2024-03-31	27,523,212	26,217,000	104.98%
2023-12-31	24,230,615	25,913,000	93.51%
2023-09-30	24,722,551	25,697,000	96.21%
2023-06-30	22,574,963	25,935,000	87.04%
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FORWARD AIR CORP (FWRD) — SEC Financial Statements & Analysis

FORWARD AIR CORP (FWRD) is a arrangement of transportation of freight & cargo company, incorporated in DE. FORWARD AIR CORP trades on FWRD: Nasdaq as: FWRD. Based on its latest SEC filing (Form 10-Q, period ending 2026-03-31), FORWARD AIR CORP reported a -3.22% year-over-year revenue growth, a Gross Profit Margin of 79.33% (TTM), a Debt-to-Equity ratio of 3.61x, a Price-to-Sales (P/S) ratio of 0.21x (TTM), a Price-to-Book (P/B) ratio of 4.3 (TTM), at a market cap of $525.96M. Figures below are sourced from SEC EDGAR, as-filed.

Net Revenue TTM Growth 1Y: -3.22%
Gross Profit Margin TTM: 79.33%
Debt To Equity: 3.61x
P/S TTM: 0.21x
P/B TTM: 4.3
Market Cap: $525.96M

Data as of 2026-03-31 · Source: SEC EDGAR

Frequently Asked Questions

What industry is FORWARD AIR CORP in?

FORWARD AIR CORP (FWRD) operates in the Arrangement of Transportation of Freight & Cargo industry.

What is FWRD's market cap?

FORWARD AIR CORP (FWRD) has a market capitalization of $525.96M as of 2026-03-31.

What exchange does FWRD trade on?

FORWARD AIR CORP (FWRD) trades on the FWRD: Nasdaq.

Where is FORWARD AIR CORP incorporated?

FORWARD AIR CORP is incorporated in DE.

FORWARD AIR CORP (FWRD) — SEC Financial Statements & Analysis

Frequently Asked Questions

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