Forward Air Corp (FWRD) stock

FWRDNasdaqArrangement of Transportation of Freight & CargoFiscal year ends December 31

Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 9, 2026Score 3/30

$17.39+0.23 (+1.34%)

Close on Nov 13, 2026Market cap $587.45MP/E –Yield 0.00%

Forward Air statistics

93 measures from SEC filings and the closing price. Hover a name for the formula; the last column is the median of companies in the same industry group.

Important dates

Next earnings: Feb 22, 2027 (estimated, during market hours)
Last ex-dividend date: Nov 21, 2023
Fundamentals through: Sep 30, 2026
Share price as of: Nov 13, 2026

Valuation ratiosIndustry

Market Cap: $587.45M; $537.45M
Enterprise Value: $2.09B; $1.43B
PS Ratio: 0.23; 1.57
P/FCF Ratio: 18.44; 15.85
P/OCF Ratio: 10.99; 10.99

Enterprise valuationIndustry

EV / Sales: 0.82; 1.45
EV / EBITDA: 137.47; 11.59
EV / FCF: 65.61; 22.14

Share statisticsIndustry

Shares Outstanding: 34M; 53M
Shares Change (YoY): 5.74%; 1.45%
Shares Change (QoQ): 0.04%; 0.00%
Float: 29M; 49M
Shares Held by Insiders: 14.4%; 4.11%
Shares Held by Institutions: 90.2%; 82.2%

Short sellingIndustry

Short Interest: 2M; –
Short Interest Change: 1.57%; -0.27%
Short % of Float: 6.33%; 6.06%
Short % of Shares Outstanding: 5.42%; 4.99%
Days to Cover: 5.07; 4.04

Stock price statisticsIndustry

52-Week High: $31.18; –
52-Week Low: $7.86; –
20-Day Moving Average: $16.89; –
50-Day Moving Average: $16.15; –
200-Day Moving Average: $17.14; –
Average True Range (14): $1.17; –
Price Change (1 Week): 4.51%; 0.87%
Price Change (1 Month): 9.79%; -3.17%
Price Change (3 Months): -9.99%; -12.5%
Price Change (6 Months): 98.5%; -2.36%
Price Change (YTD): -30.4%; -20.6%
Price Change (1 Year): -22.3%; -22.3%
Price Change (3 Years): -73.8%; 23.2%
Price Change (5 Years): -83.7%; 9.62%
Price Change (10 Years): -64.3%; 167.9%
Average Volume (10 Days): 494,580; –
Average Volume (20 Days): 436,343; –
Average Volume (90 Days): 542,141; –
Relative Volume: 0.80; 0.67
Relative Strength Index (14): 53.7; 49.8
Volatility (1 Year): 84.6%; 67.2%
Beta (5 Years): 1.35; 1.09

MarginsIndustry

Operating Margin: -5.46%; -1.84%
Pretax Margin: -12.4%; -4.03%
Profit Margin: -10.1%; -1.71%
EBITDA Margin: 0.59%; 0.86%
FCF Margin: 1.24%; 1.25%

Returns on capitalIndustry

Return on Equity (ROE): -1291.3%; -0.47%
Return on Assets (ROA): -9.89%; -1.75%
Return on Invested Capital (ROIC): -7.10%; 3.92%
Return on Capital Employed (ROCE): -7.09%; 3.69%

Financial positionIndustry

Current Ratio: 1.41; 1.41
Quick Ratio: 1.26; 1.00
Debt / EBITDA: 111.60; 2.34
Debt / FCF: 53.26; 4.08
Net Debt / EBITDA: 99.43; 2.02
Interest Coverage: -0.79; 0.35

GrowthIndustry

Revenue Growth (YoY): 2.54%; 6.71%
FCF Growth (YoY): 100.9%; 0.56%
Revenue Growth (3Y CAGR): 14.1%; 5.44%
Revenue Growth (5Y CAGR): 14.5%; 15.4%

EfficiencyIndustry

Asset Turnover: 0.98; 0.85
Revenue Per Employee: $422.33K; $422.33K
Profits Per Employee: -$42.65K; -$11.14K
Employee Count: 6,062; 1,107
WACC: 9.16%; 9.83%

Income statement (TTM)Industry

Revenue: $2.56B; $276.66M
Operating Income: -$139.84M; -$609.42K
Pretax Income: -$318.41M; -$698.68K
Net Income: -$258.57M; -$385.21K
EBITDA: $15.20M; $15.20M
EPS (Diluted): -$8.04; -$0.00

Balance sheetIndustry

Cash & Short-Term Investments: $184.93M; $26.38M
Total Debt: $1.70B; $814.25M
Net Cash (Debt): -$1.51B; -$2.52M
Net Cash Per Share: -$44.75; -$0.31
Equity (Book Value): -$99.74M; $74.92M
Book Value Per Share: -$2.95; $3.18
Tangible Book Value: -$1.22B; $4.98M
Working Capital: $190.15M; $11.37M

Cash flow (TTM)Industry

Operating Cash Flow: $53.44M; $122.35K
Capital Expenditures: -$21.59M; -$21.59M
Free Cash Flow: $31.85M; $31.85M
FCF Per Share: $0.94; $0.90

Dividends and yieldsIndustry

Earnings Yield: -44.0%; 1.06%
FCF Yield: 5.42%; 3.45%
Dividend Yield: 0.00%; 0.79%
Shareholder Yield: 0.00%; 0.92%
Dividend Per Share: $0.00; $1.54
Years of Dividend Growth: 0; 2

Taxes and interestIndustry

Interest Expense: $176.50M; $5.50M
Income Tax: -$7.06M; $2.50M

Scores and fair valueIndustry

Altman Z-Score: 0.70; 1.56
Piotroski F-Score: 4; 4

Total return vs. the S&P 500

Price change plus reinvested dividends, to the close on Nov 13, 2026. The S&P 500 is measured by the SPY fund.

Period	FWRD	S&P 500	Difference	FWRD per year	S&P 500 per year
1 month	+11.6%	-3.0%	+14.7 pts
3 months	-13.9%	-2.8%	−11.1 pts
Year to date	-30.4%	+11.5%	−41.9 pts
1 year	-18.1%	+13.5%	−31.5 pts
3 years	-72.7%	+77.7%	−150.4 pts	-35.1%	+21.1%
5 years	-83.3%	+72.6%	−155.9 pts	-30.1%	+11.5%
10 years	-61.1%	+308.2%	−369.3 pts	-9.0%	+15.1%

Short interest

Shares sold short and not yet covered, reported by brokers to FINRA twice a month. Latest settlement date Oct 30, 2026.

2M FWRD shares were sold short on Oct 30, 2026, up 1.6% from the previous report, or 6.33% of the shares available to trade. At recent volumes it would take 5.1 days to buy them back. Over the last 20 sessions, 43.0% of the volume reported to FINRA was short selling.

Settlement date	Shares short	Change	Avg. daily volume	Days to cover
Oct 30, 2026	1,830,740	+1.6%	361,212	5.1
Oct 15, 2026	1,802,395	-14.9%	387,251	4.7
Sep 30, 2026	2,118,809	-2.1%	567,238	3.7
Sep 15, 2026	2,163,196	+2.6%	504,563	4.3
Aug 31, 2026	2,108,147	+1.6%	455,925	4.6
Aug 14, 2026	2,075,886	-9.9%	695,340	3.0
Jul 31, 2026	2,304,283	-1.1%	822,392	2.8
Jul 15, 2026	2,329,137	-1.1%	619,427	3.8
Jun 30, 2026	2,355,842	-23.8%	1,579,021	1.5
Jun 15, 2026	3,093,169	-0.5%	1,208,772	2.6
May 29, 2026	3,108,435	+2.3%	1,368,242	2.3
May 15, 2026	3,040,008	+7.0%	2,628,797	1.2