# Forward Air share price today (Forward Air Corporation, FWRD)

> Forward Air Corporation's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. FWRD · Industrials · Integrated Freight & Logistics · data as of 3 November 2026. Page: https://www.sectoralpha.in/us/stocks/fwrd

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## Key numbers

- Price: $18.40 (−2.2% in a year)
- Revenue (Jun 2026): $673 M (+8.8% on a year ago)
- Profit (Jun 2026): −$246 M
- Operating margin: 6.3% (+3.1 points on a year ago)
- ROE: −88%, FY25
- ROIC: 6.2%, against a 7.9% cost of capital: −1.7 points

Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. ## What is the Forward Air share price today? Forward Air Corporation's share price was $18.40 at the close on 3 November 2026. That is 4.9% above its average price over the last 200 trading days. In the last 52 weeks it traded between $9 and $30, and at that close it sat 46% of the way up from that low. Over the past 13 weeks it has done worse than the S&P 500, and it has been behind for 1 week running. Over the last 1 year the share price moved −33% while the S&P 500 moved +21%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 30 October 2026. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What dividend does Forward Air pay? Forward Air Corporation has 2 quarters of declared dividends on file, too few for a 12-month total. The most recent declaration was $0.24 for Dec 2023. Forward Air Corporation declared a dividend in 2 of the last 12 reported quarters, most recently $0.24 for Dec 2023. That is fewer than four quarters, so no 12-month total is shown. ## Which stock lists is Forward Air on? Forward Air is not in the Nasdaq 100, the S&P 500 or the Dow Jones 30, and is not on the US tech stocks list. ## Is Forward Air profitable? Forward Air Corporation posted a net loss of $246 M in the Jun 2026 quarter. The full FY25 year was a loss of $142 M. That loss is 36.5% of the quarter's revenue. The same quarter a year earlier lost $20.4 M. 10 of the last 12 reported quarters were loss-making. ## How much revenue does Forward Air make, and is it growing? Forward Air Corporation reported $673 M of revenue in the Jun 2026 quarter, +8.8% on the same quarter a year earlier. Over 4 years it has grown 15.8% a year on average. The last full year, FY25, came in at $2.5 B. The last four reported quarters add to $2.5 B. The quarterly figures for FY21 do not add up to the full-year total on file, so those quarters are left out of the charts and sums. FY25 revenue was $2.5 B, +0.8% on the year before. Recent pace: the last four quarters grew −0.1% on average, against 15.8% a year over the longer run, so this year is growing slower than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew −0.1%, against +16.2% a year over the last 8 quarters (rolling over). ## How much of every $100 of sales does Forward Air keep? Forward Air Corporation's operating margin was 6.3% in the Jun 2026 quarter, 3.1 percentage points higher than the same quarter a year ago. Across 5 years it has been between 1.9% and 14.7%. The latest quarter is within that range. Why the margin moved: operating margin changed +3.1 percentage points on the year while gross margin changed +3.7 points. So the gain came mostly from the gross margin, which means input costs and prices charged. ## Is Forward Air's profit turning into cash? Over the last 3 years, 120% of Forward Air Corporation's reported profit came in as cash from its operations, so the profit is backed by cash. In FY25 it brought in $44.4 M of operating cash against −$142 M of profit. After $29.1 M of spending on assets, $15.3 M was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why: the cash figure is clear, but the day counts behind it are not in our data, so we show it without guessing the reason. What to look at next: the main use of cash is spending on assets. The next section checks what that spending is building. ## Where does Forward Air's cash go? Forward Air Corporation does not report the customer, stock and supplier day counts a cash cycle needs, so this section looks at its spending on assets instead. It spent $96.9 M on assets over the last 3 years. Averaged over those years that is 1.3% of FY25 revenue a year. Nothing is estimated in place of the missing day counts, so no cash-cycle chart is drawn. Spending on assets: $96.9 M over the last 3 years. In short: most of the cash goes on covering the loss, not on new assets; spending on assets is small next to it. ## What is Forward Air's P/E ratio, and how does it compare with its own history? Forward Air Corporation has no P/E right now, because its earnings are negative. The revenue and margin sections are where a turn would show first. Measured against sales instead, the market values Forward Air Corporation at 0.2× its FY25 revenue of $2.5 B. The P/E comes back here once profit turns positive. ## Is the Forward Air business getting better or worse? Forward Air Corporation's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 10 quarters of 1 measure, with some gaps. Why it matters: with too little history, we say so rather than guess a direction. The latest quarter’s profit includes a one-off item bigger than the normal business, so the profit line is shown but does not count in this reading. The return-on-capital line is not shown: net worth is negative, so a return on capital means nothing. The balance sheet is in distress, and this reading uses the growth lines alone. There are fewer than eight usable quarters, so this page does not guess a direction from so little history. ## How much does Forward Air earn on its capital? Forward Air Corporation earned a ROE of −88% in FY25. That is up from a low of −396% in FY24. Its return on capital used (ROIC) is 1.7 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a −5.7% net margin and 0.92× asset turnover (sales divided by assets). Why the return is what it is (FY25): a −5.7% net margin × 0.92× asset turnover × 16.82× leverage (assets divided by equity) ≈ −88.2% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 6.2% − 7.9% = −1.7 percentage points. The 7.9% is an estimate of this company's own cost of capital. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. The 6.2% ROIC above is the latest reading, as reported. The yearly chart below shows FY25 at 3.9%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Forward Air have too much debt? Forward Air Corporation's net worth is negative: it owes more than it owns, so a debt-to-equity ratio means nothing here. Year by year, that ratio went from 0.54 in FY21 to 13.36 in FY25. So the returns on this page come from the business, not from borrowed money. ## What is the Forward Air shareholding pattern? 6.6% of Forward Air Corporation's tradable shares are in short positions, which are bets that the price will fall, so some traders are betting against it. At normal trading volumes, closing those positions would take about 3.8 days. US companies do not publish a quarter-by-quarter list of owners, so this page uses short interest instead. It is a single reading at one point in time; we do not have its history. Why it is at this level: the figure does not say who holds the short positions or why, so we show the level without guessing the story. ## How far is Forward Air from balance-sheet trouble? For Forward Air Corporation, the Z-score is 1.05. A Z-score above about 3 is safe and below about 1.8 signals danger, so this is in the danger zone. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. Why it matters: a Z-score of 1.05 is inside the danger zone, so the balance sheet is a real risk. ## How does Forward Air rank in its industry? 47.6 out of 100, rank 7 of 14 in Integrated Freight & Logistics, with 64% of the evidence available. Forward Air Corporation scores 47.6 out of 100 against the 14 companies it is compared with in Integrated Freight & Logistics, ranking 7. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 19 + 6.2 + 11.3 + 11.1 = 47.6. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Forward Air compared with? Forward Air ranks 7 of 14 Integrated Freight & Logistics companies on the 4-Factor Sector Score, with 47.6 out of 100. 1. [Expeditors International of Washington, Inc.](https://www.sectoralpha.in/us/stocks/expd) EXPD · leader · Most evidence points up · 81% evidence 68.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.4/35 · Revenue 6.8% · Profit 7.6% · Operating margin change 1.4 points · 83% evidence Capital efficiency 20.1/25 · ROCE 46.9% · Operating margin 10.7% · 76% evidence Valuation 7.8/20 · P/E 23.2× · PEG 1.89 · 65% evidence Relative strength 18.5/20 · Lead over its industry 26.6% · Lead over S&P 500 18.5% · 1 year 48.7% · 100% evidence · 11 of 12 weeks ahead Exact sum: 22.4 + 20.1 + 7.8 + 18.5 = 68.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [FedEx Corporation](https://www.sectoralpha.in/us/stocks/fdx) FDX · turning · Most evidence points up · 81% evidence 65.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.4/35 · Revenue 16.6% · Profit 71.5% · Operating margin change 6.6 points · 83% evidence Capital efficiency 13.3/25 · ROCE 9.3% · Operating margin 11.1% · 76% evidence Valuation 13.7/20 · P/E 22.2× · PEG 1.03 · 65% evidence Relative strength 8.4/20 · Lead over its industry -1.2% · Lead over S&P 500 -8.1% · 1 year 21.3% · 100% evidence · 0 of 12 weeks ahead Exact sum: 30.4 + 13.3 + 13.7 + 8.4 = 65.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Pitney Bowes Inc.](https://www.sectoralpha.in/us/stocks/pbi) PBI · quiet · Evidence leans up · 64% evidence 62.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.6/35 · Revenue -5.3% · Profit n/a · Operating margin change 6.2 points · 62% evidence Capital efficiency 18.5/25 · ROCE 26.3% · Operating margin 21.7% · 76% evidence Valuation 11.0/20 · P/E 12.7× · PEG n/a · 15% evidence Relative strength 12.6/20 · Lead over its industry 13.9% · Lead over S&P 500 6.5% · 1 year 64.5% · 100% evidence · 2 of 12 weeks ahead Exact sum: 20.6 + 18.5 + 11 + 12.6 = 62.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [United Parcel Service, Inc.](https://www.sectoralpha.in/us/stocks/ups) UPS · turning · Evidence leans up · 81% evidence 55.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.2/35 · Revenue -0.4% · Profit -20.2% · Operating margin change 0.2 points · 83% evidence Capital efficiency 15.2/25 · ROCE 14.7% · Operating margin 9.1% · 76% evidence Valuation 11.4/20 · P/E 20× · PEG 1.58 · 65% evidence Relative strength 14.4/20 · Lead over its industry 7.4% · Lead over S&P 500 -0.1% · 1 year 13.8% · 100% evidence · 1 of 12 weeks ahead Exact sum: 14.2 + 15.2 + 11.4 + 14.4 = 55.2 · What this means: Relative strength against the index is -0.1%, and revenue and profit growth are weak. 5. [Radiant Logistics, Inc.](https://www.sectoralpha.in/us/stocks/rlgt) RLGT · turning · Evidence leans up · 81% evidence 51.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.1/35 · Revenue 3.3% · Profit 11.8% · Operating margin change 0.7 points · 83% evidence Capital efficiency 8.0/25 · ROCE 5.9% · Operating margin 2.3% · 76% evidence Valuation 10.0/20 · P/E 22.8× · PEG 1.59 · 65% evidence Relative strength 17.3/20 · Lead over its industry 21.9% · Lead over S&P 500 13.8% · 1 year 54% · 100% evidence · 2 of 12 weeks ahead Exact sum: 16.1 + 8 + 10 + 17.3 = 51.4 · What this means: Relative strength against the index is 13.8%, and revenue and profit growth are weak. 6. [J.B. Hunt Transport Services, Inc.](https://www.sectoralpha.in/us/stocks/jbht) JBHT · quiet · Evidence leans up · 85% evidence 50.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.5/35 · Revenue 10.6% · Profit 18% · Operating margin change -1.2 points · 95% evidence Capital efficiency 14.8/25 · ROCE 14.7% · Operating margin 6.7% · 76% evidence Valuation 11.4/20 · P/E 31.1× · PEG 1.34 · 65% evidence Relative strength 3.8/20 · Lead over its industry -2% · Lead over S&P 500 -8.8% · 1 year 31.4% · 100% evidence · 0 of 12 weeks ahead Exact sum: 20.5 + 14.8 + 11.4 + 3.8 = 50.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. Forward Air Corporation this page FWRD · quiet · Evidence leans down · 64% evidence 47.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.0/35 · Revenue -0.1% · Profit n/a · Operating margin change 3.1 points · 62% evidence Capital efficiency 6.2/25 · ROCE 5.6% · Operating margin 6.3% · 76% evidence Valuation 11.3/20 · P/E 9.7× · PEG n/a · 15% evidence Relative strength 11.1/20 · Lead over its industry -0.9% · Lead over S&P 500 -8% · 1 year -12% · 100% evidence · 9 of 12 weeks ahead Exact sum: 19 + 6.2 + 11.3 + 11.1 = 47.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Cryoport, Inc.](https://www.sectoralpha.in/us/stocks/cyrx) CYRX · turning · Evidence leans down · 71% evidence 47.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.8/35 · Revenue 12.7% · Profit -164.8% · Operating margin change 0.8 points · 83% evidence Capital efficiency 3.0/25 · ROCE -5.6% · Operating margin -20.4% · 76% evidence Valuation 11.5/20 · P/E 5.3× · PEG n/a · 15% evidence Relative strength 18.2/20 · Lead over its industry 33.1% · Lead over S&P 500 25% · 1 year 96.3% · 100% evidence · 6 of 12 weeks ahead Exact sum: 14.8 + 3 + 11.5 + 18.2 = 47.5 · What this means: Relative strength against the index is 25%, and revenue and profit growth are weak. 9. [GXO Logistics, Inc.](https://www.sectoralpha.in/us/stocks/gxo) GXO · turning · Evidence leans down · 81% evidence 47.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.4/35 · Revenue 7.5% · Profit 100% · Operating margin change -0.3 points · 83% evidence Capital efficiency 7.3/25 · ROCE 5.7% · Operating margin 3% · 76% evidence Valuation 5.4/20 · P/E 44.5× · PEG 2.21 · 65% evidence Relative strength 13.2/20 · Lead over its industry 2.1% · Lead over S&P 500 -5.1% · 1 year 2.3% · 100% evidence · 1 of 12 weeks ahead Exact sum: 21.4 + 7.3 + 5.4 + 13.2 = 47.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [C.H. Robinson Worldwide, Inc.](https://www.sectoralpha.in/us/stocks/chrw) CHRW · basing · Evidence leans down · 81% evidence 45.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.6/35 · Revenue -0.1% · Profit 18.8% · Operating margin change 0 points · 83% evidence Capital efficiency 17.8/25 · ROCE 24.8% · Operating margin 5.3% · 76% evidence Valuation 8.0/20 · P/E 35.1× · PEG 1.84 · 65% evidence Relative strength 3.6/20 · Lead over its industry -18.1% · Lead over S&P 500 -24% · 1 year -10.7% · 100% evidence · 0 of 12 weeks ahead Exact sum: 15.6 + 17.8 + 8 + 3.6 = 45 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Hub Group, Inc.](https://www.sectoralpha.in/us/stocks/hubg) HUBG · basing · Too little evidence to rank firmly · 60% evidence 41.8 out of 100 Growth Capital Valuation Relative
12. [Landstar System, Inc.](https://www.sectoralpha.in/us/stocks/lstr) LSTR · quiet · Evidence leans down · 71% evidence 39.9 out of 100 Growth Capital Valuation Relative
13. FedEx Freight Holding Company, Inc. FDXF · quiet · Too little evidence to rank firmly · 51% evidence 31.1 out of 100 Growth Capital Valuation Relative
14. Proficient Auto Logistics, Inc. PAL · Too little evidence to rank firmly · 41% evidence 31.2 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led S&P 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led S&P 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Integrated Freight & Logistics](https://www.sectoralpha.in/us/sectors/integrated-freight-logistics), all 14 compared on one page. ## Which companies are close to Forward Air in size? Forward Air is the 12th largest of 13 Integrated Freight & Logistics companies on Sector Alpha by market value (scores of 3 November 2026). Just above it: GXO Logistics, Inc., Landstar System, Inc., Pitney Bowes Inc., Hub Group, Inc. and Cryoport, Inc. Just below it: Radiant Logistics, Inc. ### Integrated Freight & Logistics companies close in size

1. [GXO Logistics, Inc.](https://www.sectoralpha.in/us/stocks/gxo) $6 billion
2. [Landstar System, Inc.](https://www.sectoralpha.in/us/stocks/lstr) $5.1 billion
3. [Pitney Bowes Inc.](https://www.sectoralpha.in/us/stocks/pbi) $2.1 billion
4. [Hub Group, Inc.](https://www.sectoralpha.in/us/stocks/hubg) $1.6 billion
5. [Cryoport, Inc.](https://www.sectoralpha.in/us/stocks/cyrx) $833 million
6. Forward Air Corporation $622 million
7. [Radiant Logistics, Inc.](https://www.sectoralpha.in/us/stocks/rlgt) $441 million

[All 13 Integrated Freight & Logistics companies, largest first](https://www.sectoralpha.in/us/sectors/integrated-freight-logistics#all-companies)

### Companies close in size in other industries

1. [Matthews International Corporation](https://www.sectoralpha.in/us/stocks/matw) $621 million · Conglomerates
2. [BlueLinx Holdings Inc.](https://www.sectoralpha.in/us/stocks/bxc) $619 million · Industrial Distribution
3. Forward Air Corporation $619 million
4. [Kopin Corporation](https://www.sectoralpha.in/us/stocks/kopn) $618 million · Electronic Components
5. [Kelly Services, Inc.](https://www.sectoralpha.in/us/stocks/kelyb) $617 million · Staffing & Employment Services

## What else do people ask about Forward Air? ### What were Forward Air's latest quarterly results? Forward Air Corporation reported revenue of $673 M and a net loss of $246 M for the Jun 2026 quarter. Earnings per share were −$6.38. The operating margin was 6.3%, 3.1 percentage points higher than a year earlier (as of 3 November 2026). ### What is Forward Air's market cap? Forward Air Corporation's market capitalisation is $622 M at a stock price of $18.40. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Forward Air performing? Forward Air Corporation's latest readings are below. Over the past 13 weeks it has done worse than the S&P 500, for 1 week running. This describes what the data did, not a rating (as of 3 November 2026). ### Will Forward Air's stock price go up? This page does not forecast Forward Air Corporation's stock price. What it shows instead: the stock price is $18.40. Nobody can reliably say which way a price will move, and this site does not try (as of 3 November 2026). ### Does Forward Air have too much debt? Yes, Forward Air Corporation has a lot of debt: its debt is 17.59× its equity. A year-by-year history of its borrowings is not in our data, so this uses the latest reading. Keep that borrowing in mind when reading the returns on this page (as of 3 November 2026). ### Is Forward Air's profit real cash? Yes, over the last 3 years, 120% of Forward Air Corporation's reported profit came in as cash from operations. The latest year was lower at -31%, so the trend is worth watching. In FY25, operating cash was $44.4 M against reported profit of −$142 M. Most of that cash then goes into building new capacity. These are yearly figures (as of 3 November 2026). ### Where is Forward Air in its business cycle? Forward Air Corporation's FY25 operating margin was 3.5%, against a 5-year range of 1.9% to 14.7%: the low end of its own range, which is often where recoveries start. The latest quarter was 6.3%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Forward Air story? Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Forward Air a stock worth studying right now? What the numbers show: Forward Air Corporation's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). This is research, not advice. We’re not SEBI-registered.