Forward Air Financials

FWRD Stock

USD 26.81 0.31 1.14%

Based on the analysis of Forward Air's profitability, liquidity, and operating efficiency, Forward Air is not in a good financial situation at this time. It has a very high probability of going through financial hardship in March. At present, Forward Air's Short and Long Term Debt Total is projected to increase significantly based on the last few years of reporting. The current year's Other Current Liabilities is expected to grow to about 180.1 M, whereas Common Stock Shares Outstanding is forecasted to decline to about 23.8 M.

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Forward Air Balance Sheet Chart

At present, Forward Air's Short and Long Term Debt Total is projected to increase significantly based on the last few years of reporting. The current year's Other Current Liabilities is expected to grow to about 180.1 M, whereas Common Stock Shares Outstanding is forecasted to decline to about 23.8 M.

Total Assets Short Long Term Debt Total Other Current Liab Total Current Liabilities

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Key indicators impacting Forward Air's financial strength include:

Current Value

Last Year

Change From Last Year

10 Year Trend

Debt Equity Ratio

10.05

9.57

Sufficiently Up

Slightly volatile

Current Ratio

1.34

1.41

Notably Down

Slightly volatile

The financial analysis of Forward Air is a critical element in measuring its lifeblood. Investors should carefully consider Forward Air's ability to pay suppliers or employees on time, ensuring interest payments are not accumulating.

Net Income

(698.51 Million)

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Understanding current and past Forward Air Financials, including the trends in assets, liabilities, equity and income are directly related to making proper and timely investing decisions. All of Forward Air's financial statements are interrelated, with each one affecting the others. For example, an increase in Forward Air's assets may result in an increase in income on the income statement.

Please note, the presentation of Forward Air's financial position, as portrayed in its financial statements, is often influenced by management's estimates, judgments, and sometimes even manipulations. In the best case, Forward Air's management is honest, while the outside auditors are strict and uncompromising. Please utilize our Beneish M Score to check the likelihood of Forward Air's management manipulating its earnings.

Forward Air Stock Summary

Forward Air competes with FTAI Infrastructure, Quanex Building, Compass Diversified, T1 Energy, and Aspen Aerogels. Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States and Canada. Forward Air Corporation was founded in 1981 and is headquartered in Greeneville, Tennessee. Foward Air operates under Integrated Freight Logistics classification in the United States and is traded on NASDAQ Exchange. It employs 4035 people.

Specialization	Industrials, Integrated Freight & Logistics
Instrument	USA Stock View All
Exchange	NASDAQ Exchange
ISIN	US34986A1043
Business Address	Building N, Greeneville,
Sector	Air Freight & Logistics
Industry	Industrials
Benchmark	Dow Jones Industrial
Website	www.forwardair.com
Phone	423 636 7000
Currency	USD - US Dollar

Forward Air Key Financial Ratios

	Return On Equity	-0.53
	Profit Margin	(0.05) %
	Operating Margin	0.03 %
	Price To Sales	0.34 X
	Revenue	2.47 B

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Forward Air Key Balance Sheet Accounts

	2021	2022	2023	2024	2025	2026 (projected)
Total Assets	1.1B	1.2B	3.0B	2.8B	3.2B	3.4B
Other Current Liab	66.2M	67.7M	103.5M	149.1M	171.5M	180.1M
Net Debt	282.8M	221.0M	1.8B	2.0B	2.3B	2.5B
Retained Earnings	334.9M	436.1M	480.3M	(338.2M)	(389.0M)	(369.5M)
Accounts Payable	44.8M	50.1M	45.4M	105.7M	121.5M	127.6M
Cash	37.3M	45.8M	122.0M	104.9M	120.6M	126.7M
Net Receivables	216.2M	188.2M	158.7M	322.5M	370.9M	389.4M
Other Current Assets	29.3M	70.3M	66.4M	45.1M	51.9M	54.5M
Total Liab	524.2M	500.8M	2.2B	2.5B	2.9B	3.0B
Total Current Assets	282.8M	304.3M	347.0M	472.5M	543.4M	570.5M
Short Term Debt	53.6M	51.6M	57.0M	113.4M	130.4M	136.9M
Common Stock	270K	265K	257K	298K	342.7K	281.4K
Intangible Assets	154.7M	115.6M	134.8M	999.2M	1.1B	1.2B
Other Assets	41.0M	31.0M	1K	51.8M	59.6M	62.6M
Long Term Debt	165.0M	106.6M	1.8B	1.7B	1.9B	2.0B
Good Will	266.8M	258.0M	278.7M	522.7M	601.1M	631.2M
Other Liab	102.8M	130.7M	93.0M	110.1M	126.7M	133.0M
Net Tangible Assets	329.8M	272.2M	172.2M	822.0M	945.2M	992.5M
Long Term Debt Total	72.2M	117.4M	155.5M	106.6M	122.6M	128.7M
Capital Surpluse	226.9M	242.9M	258.5M	270.9M	311.5M	178.9M

Forward Air Key Income Statement Accounts

	2021	2022	2023	2024	2025	2026 (projected)
Interest Expense	4.3M	5.1M	31.6M	189.2M	217.6M	228.5M
Total Revenue	1.4B	1.7B	1.4B	2.5B	2.8B	3.0B
Gross Profit	314.0M	491.7M	330.2M	339.7M	390.6M	203.7M
Operating Income	147.0M	247.6M	88.2M	(1.1B)	(956.6M)	(908.8M)
Ebit	147.0M	247.6M	88.2M	(1.1B)	(954.6M)	(906.8M)
Ebitda	182.0M	290.1M	145.6M	(916.6M)	(1.1B)	(1.0B)
Cost Of Revenue	1.1B	1.2B	1.0B	2.1B	2.5B	2.6B
Income Before Tax	142.7M	242.5M	56.6M	(1.2B)	(1.1B)	(1.1B)
Net Income	105.9M	193.2M	167.4M	(817.0M)	(735.3M)	(698.5M)
Income Tax Expense	35.8M	63.0M	13.8M	(125.0M)	(143.7M)	(136.6M)
Research Development	1.7M	2.1M	2.4M	2.6M	2.9M	1.6M
Tax Provision	38.9M	67.6M	13.8M	(125.0M)	(112.5M)	(106.9M)
Net Interest Income	(4.3M)	(5.1M)	(31.6M)	(189.2M)	(170.3M)	(161.8M)

Forward Air Key Cash Accounts

	2021	2022	2023	2024	2025	2026 (projected)
Change In Cash	(2.9M)	8.5M	1.9B	(1.8B)	(1.7B)	(1.6B)
Free Cash Flow	81.2M	218.4M	150.7M	(112.5M)	(129.3M)	(122.9M)
Depreciation	39.6M	47.4M	57.4M	144.0M	165.6M	173.9M
Other Non Cash Items	3.9M	10.9M	(13.9M)	1.0B	1.2B	1.3B
Dividends Paid	20.5M	20.9M	23.0M	25.9M	25.0M	0.0
Capital Expenditures	39.1M	40.7M	30.7M	37.1M	42.6M	27.3M
Net Income	116.1M	193.2M	42.8M	(1.1B)	(1.0B)	(961.7M)
End Period Cash Flow	37.3M	45.8M	2.0B	105.3M	121.1M	104.1M
Change To Netincome	23.9M	16.9M	26.5M	29.9M	34.4M	36.1M
Change Receivables	2.1M	(25.7M)	(60.8M)	(11.0M)	(9.9M)	(10.4M)
Net Borrowings	42.6M	(49M)	1.7B	(98.4M)	(113.2M)	(107.5M)
Investments	(88.3M)	(104.5M)	174.8M	(1.6B)	(1.4B)	(1.4B)

Forward Financial Ratios Relationships

Comparative valuation techniques use various fundamental indicators to help in determining Forward Air's current stock value. Our valuation model uses many indicators to compare Forward Air value to that of its competitors to determine the firm's financial worth. You can analyze the relationship between different fundamental ratios across Forward Air competition to find correlations between indicators driving Forward Air's intrinsic value. More Info.

Forward Air is rated below average in return on equity category among its peers. It is rated # 4 in return on asset category among its peers . At present, Forward Air's Return On Equity is projected to slightly decrease based on the last few years of reporting. Comparative valuation analysis is a catch-all technique that is used if you cannot value Forward Air by discounting back its dividends or cash flows. It compares the stock's price multiples to nearest competition to determine if the stock is relatively undervalued or overvalued.

Most indicators from Forward Air's fundamental ratios are interrelated and interconnected. However, analyzing fundamental ratios indicators one by one will only give a small insight into Forward Air current financial condition. On the other hand, looking into the entire matrix of fundamental ratios indicators, and analyzing their relationships over time can provide a more complete picture of the company financial strength now and in the future. Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Forward Air. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in real.

For information on how to trade Forward Stock refer to our How to Trade Forward Stock guide.The current year's Enterprise Value is expected to grow to about 1.7 B, whereas Selling General Administrative is forecasted to decline to about 47.4 M.

	2023	2024	2025	2026 (projected)
Gross Profit	330.2M	339.7M	390.6M	203.7M
Total Revenue	1.4B	2.5B	2.8B	3.0B

Gross Profit Total Revenue

Forward Air fundamental ratios Correlations

	Total Assets	Short Long Term Debt Total	Other Current Liab	Total Current Liabilities	Total Stockholder Equity	Property Plant And Equipment Net	Net Debt	Retained Earnings	Accounts Payable	Cash	Non Current Assets Total	Non Currrent Assets Other	Cash And Short Term Investments	Net Receivables	Common Stock Shares Outstanding	Non Current Liabilities Total	Inventory	Other Current Assets	Other Stockholder Equity	Total Liab	Property Plant And Equipment Gross	Total Current Assets	Short Term Debt	Current Deferred Revenue	Common Stock Total Equity	Common Stock
Total Assets		0.98	0.95	0.96	-0.02	0.93	0.98	-0.64	0.92	0.66	1.0	0.53	0.66	0.88	-0.87	0.98	-0.14	0.78	0.93	0.99	0.95	0.94	0.9	0.12	0.18	0.29
Short Long Term Debt Total	0.98		0.93	0.95	-0.21	0.92	1.0	-0.75	0.92	0.68	0.98	0.43	0.68	0.86	-0.83	1.0	-0.19	0.69	0.91	1.0	0.97	0.91	0.89	-0.01	0.08	0.2
Other Current Liab	0.95	0.93		0.99	-0.08	0.98	0.93	-0.71	0.96	0.58	0.94	0.66	0.58	0.94	-0.89	0.94	0.02	0.79	0.97	0.95	0.97	0.96	0.95	0.23	0.17	0.29
Total Current Liabilities	0.96	0.95	0.99		-0.13	0.99	0.95	-0.75	0.98	0.58	0.95	0.6	0.58	0.96	-0.87	0.95	-0.06	0.75	0.98	0.96	0.98	0.96	0.98	0.14	0.16	0.29
Total Stockholder Equity	-0.02	-0.21	-0.08	-0.13		-0.16	-0.21	0.74	-0.2	-0.12	-0.02	0.33	-0.12	-0.08	-0.03	-0.18	0.17	0.35	-0.12	-0.18	-0.23	-0.04	-0.15	0.54	0.48	0.35
Property Plant And Equipment Net	0.93	0.92	0.98	0.99	-0.16		0.92	-0.78	0.99	0.58	0.91	0.59	0.58	0.98	-0.85	0.92	-0.1	0.71	0.99	0.94	0.97	0.97	0.95	0.12	0.22	0.35
Net Debt	0.98	1.0	0.93	0.95	-0.21	0.92		-0.75	0.92	0.65	0.98	0.43	0.65	0.86	-0.83	1.0	-0.19	0.69	0.91	1.0	0.97	0.91	0.9	-0.01	0.07	0.19
Retained Earnings	-0.64	-0.75	-0.71	-0.75	0.74	-0.78	-0.75		-0.8	-0.43	-0.63	-0.18	-0.43	-0.72	0.54	-0.74	0.17	-0.24	-0.76	-0.75	-0.81	-0.67	-0.74	0.27	0.17	0.0
Accounts Payable	0.92	0.92	0.96	0.98	-0.2	0.99	0.92	-0.8		0.54	0.9	0.54	0.54	0.98	-0.83	0.92	-0.11	0.67	0.99	0.93	0.96	0.96	0.94	0.09	0.19	0.33
Cash	0.66	0.68	0.58	0.58	-0.12	0.58	0.65	-0.43	0.54		0.64	0.21	1.0	0.47	-0.56	0.68	-0.19	0.5	0.51	0.67	0.64	0.71	0.51	-0.08	0.3	0.36
Non Current Assets Total	1.0	0.98	0.94	0.95	-0.02	0.91	0.98	-0.63	0.9	0.64		0.52	0.64	0.87	-0.86	0.98	-0.14	0.78	0.91	0.99	0.94	0.92	0.89	0.11	0.16	0.26
Non Currrent Assets Other	0.53	0.43	0.66	0.6	0.33	0.59	0.43	-0.18	0.54	0.21	0.52		0.21	0.57	-0.72	0.45	0.23	0.86	0.59	0.47	0.5	0.6	0.58	0.71	0.06	0.1
Cash And Short Term Investments	0.66	0.68	0.58	0.58	-0.12	0.58	0.65	-0.43	0.54	1.0	0.64	0.21		0.47	-0.56	0.68	-0.19	0.5	0.51	0.67	0.64	0.71	0.51	-0.08	0.3	0.36
Net Receivables	0.88	0.86	0.94	0.96	-0.08	0.98	0.86	-0.72	0.98	0.47	0.87	0.57	0.47		-0.81	0.86	-0.09	0.66	0.98	0.88	0.92	0.95	0.92	0.16	0.29	0.42
Common Stock Shares Outstanding	-0.87	-0.83	-0.89	-0.87	-0.03	-0.85	-0.83	0.54	-0.83	-0.56	-0.86	-0.72	-0.56	-0.81		-0.84	0.0	-0.84	-0.83	-0.85	-0.82	-0.87	-0.81	-0.43	-0.02	-0.1
Non Current Liabilities Total	0.98	1.0	0.94	0.95	-0.18	0.92	1.0	-0.74	0.92	0.68	0.98	0.45	0.68	0.86	-0.84		-0.18	0.7	0.91	1.0	0.97	0.92	0.89	0.01	0.09	0.2
Inventory	-0.14	-0.19	0.02	-0.06	0.17	-0.1	-0.19	0.17	-0.11	-0.19	-0.14	0.23	-0.19	-0.09	0.0	-0.18		0.14	-0.08	-0.16	-0.08	-0.1	-0.07	0.42	0.05	0.02
Other Current Assets	0.78	0.69	0.79	0.75	0.35	0.71	0.69	-0.24	0.67	0.5	0.78	0.86	0.5	0.66	-0.84	0.7	0.14		0.7	0.71	0.67	0.77	0.71	0.53	0.14	0.19
Other Stockholder Equity	0.93	0.91	0.97	0.98	-0.12	0.99	0.91	-0.76	0.99	0.51	0.91	0.59	0.51	0.98	-0.83	0.91	-0.08	0.7		0.93	0.96	0.95	0.94	0.13	0.22	0.35
Total Liab	0.99	1.0	0.95	0.96	-0.18	0.94	1.0	-0.75	0.93	0.67	0.99	0.47	0.67	0.88	-0.85	1.0	-0.16	0.71	0.93		0.97	0.93	0.91	0.03	0.1	0.22
Property Plant And Equipment Gross	0.95	0.97	0.97	0.98	-0.23	0.97	0.97	-0.81	0.96	0.64	0.94	0.5	0.64	0.92	-0.82	0.97	-0.08	0.67	0.96	0.97		0.95	0.93	0.02	0.18	0.31
Total Current Assets	0.94	0.91	0.96	0.96	-0.04	0.97	0.91	-0.67	0.96	0.71	0.92	0.6	0.71	0.95	-0.87	0.92	-0.1	0.77	0.95	0.93	0.95		0.92	0.17	0.32	0.43
Short Term Debt	0.9	0.89	0.95	0.98	-0.15	0.95	0.9	-0.74	0.94	0.51	0.89	0.58	0.51	0.92	-0.81	0.89	-0.07	0.71	0.94	0.91	0.93	0.92		0.1	0.14	0.27
Current Deferred Revenue	0.12	-0.01	0.23	0.14	0.54	0.12	-0.01	0.27	0.09	-0.08	0.11	0.71	-0.08	0.16	-0.43	0.01	0.42	0.53	0.13	0.03	0.02	0.17	0.1		0.02	-0.02
Common Stock Total Equity	0.18	0.08	0.17	0.16	0.48	0.22	0.07	0.17	0.19	0.3	0.16	0.06	0.3	0.29	-0.02	0.09	0.05	0.14	0.22	0.1	0.18	0.32	0.14	0.02		0.98
Common Stock	0.29	0.2	0.29	0.29	0.35	0.35	0.19	0.0	0.33	0.36	0.26	0.1	0.36	0.42	-0.1	0.2	0.02	0.19	0.35	0.22	0.31	0.43	0.27	-0.02	0.98

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Forward Air Account Relationship Matchups

Forward Air fundamental ratios Accounts

	2021	2022	2023	2024	2025	2026 (projected)
Total Assets	1.1B	1.2B	3.0B	2.8B	3.2B	3.4B
Other Current Liab	66.2M	67.7M	103.5M	149.1M	171.5M	180.1M
Net Debt	282.8M	221.0M	1.8B	2.0B	2.3B	2.5B
Retained Earnings	334.9M	436.1M	480.3M	(338.2M)	(389.0M)	(369.5M)
Accounts Payable	44.8M	50.1M	45.4M	105.7M	121.5M	127.6M
Cash	37.3M	45.8M	122.0M	104.9M	120.6M	126.7M
Net Receivables	216.2M	188.2M	158.7M	322.5M	370.9M	389.4M
Other Current Assets	29.3M	70.3M	66.4M	45.1M	51.9M	54.5M
Total Liab	524.2M	500.8M	2.2B	2.5B	2.9B	3.0B
Total Current Assets	282.8M	304.3M	347.0M	472.5M	543.4M	570.5M
Short Term Debt	53.6M	51.6M	57.0M	113.4M	130.4M	136.9M
Common Stock	270K	265K	257K	298K	342.7K	281.4K
Intangible Assets	154.7M	115.6M	134.8M	999.2M	1.1B	1.2B
Other Assets	41.0M	31.0M	1K	51.8M	59.6M	62.6M
Long Term Debt	165.0M	106.6M	1.8B	1.7B	1.9B	2.0B
Good Will	266.8M	258.0M	278.7M	522.7M	601.1M	631.2M
Other Liab	102.8M	130.7M	93.0M	110.1M	126.7M	133.0M
Net Tangible Assets	329.8M	272.2M	172.2M	822.0M	945.2M	992.5M
Long Term Debt Total	72.2M	117.4M	155.5M	106.6M	122.6M	128.7M
Capital Surpluse	226.9M	242.9M	258.5M	270.9M	311.5M	178.9M

Today, most investors in Forward Air Stock are looking for potential investment opportunities by analyzing not only static indicators but also various Forward Air's growth ratios. Consistent increases or decreases in fundamental ratios usually indicate a possible pattern that can be successfully translated into profits. However, when comparing two companies, knowing each company's growth growth rates may not be enough to decide which company is a better investment. That's why investors frequently use static breakdown of Forward Air growth as a starting point in their analysis.

Price Earnings To Growth Ratio

1.93E-4

At present, Forward Air's Price Earnings To Growth Ratio is projected to increase based on the last few years of reporting.

Forward Air February 18, 2026 Opportunity Range

Along with financial statement analysis, the daily predictive indicators of Forward Air help investors to analyze its daily demand and supply, volume, patterns, and price swings to determine the real value of Forward Air. We use our internally-developed statistical techniques to arrive at the intrinsic value of Forward Air based on widely used predictive technical indicators. In general, we focus on analyzing Forward Stock price patterns and their correlations with different microeconomic environment and drivers. We also apply predictive analytics to build Forward Air's daily price indicators and compare them against related drivers.

	Downside Deviation	2.98
	Information Ratio	0.1171
	Maximum Drawdown	14.89
	Value At Risk	(5.10)
	Potential Upside	4.33

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Forward Air Financials

Forward Air Balance Sheet Chart

Net Income

(698.51 Million)

Forward Air Stock Summary

Forward Air Key Financial Ratios

Forward Air Key Balance Sheet Accounts

Forward Air Key Income Statement Accounts

Forward Air Key Cash Accounts

Forward Financial Ratios Relationships

Forward Air fundamental ratios Correlations

Forward Air Account Relationship Matchups

High Positive Relationship

High Negative Relationship

Forward Air fundamental ratios Accounts

Price Earnings To Growth Ratio

1.93E-4

Forward Air February 18, 2026 Opportunity Range

Complementary Tools for Forward Stock analysis

COMMON DESTINATIONS

MAIN CATEGORIES

COMPANY

Non Current Assets Total	+ 1.0	Total Assets
Net Debt	+ 1.0	Short Long Term Debt Total
Non Current Liabilities Total	+ 1.0	Short Long Term Debt Total
Total Liab	+ 1.0	Short Long Term Debt Total
Non Current Liabilities Total	+ 1.0	Net Debt
Total Liab	+ 1.0	Net Debt

Common Stock Shares Outstanding	- 0.89	Other Current Liab
Total Current Assets	- 0.87	Common Stock Shares Outstanding
Common Stock Shares Outstanding	- 0.87	Total Current Liabilities
Common Stock Shares Outstanding	- 0.87	Total Assets
Common Stock Shares Outstanding	- 0.86	Non Current Assets Total
Total Liab	- 0.85	Common Stock Shares Outstanding