Forward Air CorpForward Air Corp
Forward Air Corp

Forward Air Corp

FWRD
Industrials·Air Freight & Logistics

Forward Air Corp. engages in the provision of transportation and logistics services, including less-than-truckload (LTL), truckload, intermodal drayage, air and ocean forwarding, and contract logistics. It operates through the following segments: Expedited Freight, Omni Logistics, and Intermodal. The Expedited Freight segment provides expedited regional, inter-regional and national LTL services, as well as truckload, local pickup and delivery, shipment consolidation and deconsolidation, warehousing, customs brokerage and other handling services. The Omni Logistics segment provides air and ocean freight consolidation and forwarding, customs brokerage, contract logistics, warehousing, value-added services and other supply chain solutions. The Intermodal segment provides first- and last-mile high-value intermodal container drayage services to and from seaports and railheads. The company was founded by Scott M. Niswonger on October 23, 1981 and is headquartered in Dallas, TX.

Tennessee; U.S.A
Market cap
No dataNo data
Revenue
$2.5B+0.8% YoY
Net income
$-107.8M+86.8% YoY
Free cash flow
$-54M+95.3% YoY

Market

Listed stock
FWRDPriceNasdaq
Loading…Loading…1Y

Financial performance

Revenue
$2.5B+0.8% YoY
Operating income
$36.4M+103.4% YoY
Net income
$-107.8M+86.8% YoY
Free cash flow
$-54M+95.3% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $1.7B, 2022 $2B, 2023 $1.4B, 2024 $2.5B, 2025 $2.5B. Operating income: 2021 $159.3M, 2022 $266M, 2023 $88.2M, 2024 $-1.1B, 2025 $36.4M. Net income: 2021 $105.9M, 2022 $193.2M, 2023 $167.4M, 2024 $-817M, 2025 $-107.8M. Free cash flow: 2021 $-28.8M, 2022 $21.8M, 2023 $-64.4M, 2024 $-1.2B, 2025 $-54M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
0.8%−7966 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $159.3M, 2022-12-31 $266M, 2023-12-31 $88.2M, 2024-12-31 $-1.1B, 2025-12-31 $36.4M. Net income: 2021-12-31 $105.9M, 2022-12-31 $193.2M, 2023-12-31 $167.4M, 2024-12-31 $-817M, 2025-12-31 $-107.8M. Free cash flow: 2021-12-31 $-28.8M, 2022-12-31 $21.8M, 2023-12-31 $-64.4M, 2024-12-31 $-1.2B, 2025-12-31 $-54M

Growth heatmap

2022202320242025CAGR
Revenue
+18.7%
-30.5%
+80.5%
+0.8%
+10.7%
Gross profit
+28.6%
-26.5%
+56.0%
+2.2%
+10.8%
Operating income
+67.0%
-66.8%
-1305.0%
+103.4%
-30.8%
Free cash flow
+175.6%
-395.3%
-1690.3%
+95.3%
No data

Earnings quality

Operating cash flow
$-24.9M+97.8% YoY
Net income
$-107.8M+86.8% YoY
Free cash flow
$-54M+95.3% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 23%, 2024-12-31 137%, 2023-12-31 -20%, 2022-12-31 32%, 2021-12-31 10%. Free cash flow: 2025-12-31 50%, 2024-12-31 141%, 2023-12-31 -38%, 2022-12-31 11%, 2021-12-31 -27%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
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FCF / share
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Diluted shares
Latest
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
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Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
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EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
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EV / EBITDA
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Free cash flow yield
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