Forward Air Corporation

NASDAQ•FWRD

CEO: Mr. Michael L. Hance J.D.

Sector: Industrials

Industry: Integrated Freight & Logistics

Listing Date: 1993-11-16

Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States and Canada. It operates in two segments, Expedited Freight and Intermodal. The Expedited Freight segment provides expedited regional, inter-regional, and national less-than-truckload services; local pick-up and delivery services; and other services, which include shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling. This segment offers expedited truckload brokerage, dedicated fleet, and high security and temperature-controlled logistics services. The Intermodal segment provides intermodal container drayage services; and contract and container freight station warehouse and handling services. It serves freight forwarders, third-party logistics companies, integrated air cargo carriers and passenger, passenger and cargo airlines, steamship lines, and retailers. Forward Air Corporation was founded in 1981 and is headquartered in Greeneville, Tennessee.

Contact Information

Building N, 1915 Snapps Ferry Road, Greeneville, TN, 37745, United States

423-636-7000

www.forwardair.com/about

Market Cap

$600.79M

P/E (TTM)

-5.5

35.7

Dividend Yield

52W High

$32.47

52W Low

$13.61

52W Range

29%

Rank36Top 31.8%

4.5

F-Score

Modified Piotroski Analysis

Based on 10-year fundamentals

Average • 4.5 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2016-2025

Financial Dashboard

Q4 2025 Data

Revenue

$631.23M+0.00%

4-Quarter Trend

EPS

-$0.91+0.00%

4-Quarter Trend

FCF

-$31.08M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Revenue Growth Modest Total operating revenue reached $2.50B USD, up 0.8%, despite Expedited Freight revenue falling 9.2% due to volume softness.

Profitability Swings Positive Income from operations swung to $36.42M USD profit, reversing $1.06B loss, primarily due to no goodwill impairment recorded in 2025.

Omni Logistics Revenue Rises Omni Logistics revenue increased 12.9% to $1.35B USD, benefiting from extra days and increased demand for contract logistics services.

Expedited Freight Volume Drops Expedited Freight tonnage dropped 12.1% in 2025, resulting in a 9.2% revenue decrease for the segment compared to prior year.

Risk Factors

Economic Conditions Reduce Volumes Overall economic conditions reducing freight volumes could materially reduce revenues and exert downward pressure on pricing across all segments.

Substantial Debt Burden Total long-term debt stands at $1.69B USD, limiting financial flexibility and requiring significant cash flow for servicing obligations.

Capacity Provider Retention Risk Difficulty attracting and retaining Leased Capacity Providers or freight handlers increases operating costs and may impede delivery schedules.

Customer Concentration Exposure Top ten customers accounted for 26% of 2025 revenue, posing material risk if major contracts are lost or experience adverse industry changes.

Outlook

Strategic Alternatives Review Board initiated comprehensive review of strategic alternatives, including potential sale or merger, aiming to maximize long-term shareholder value.

Information Systems Enhancement Committed to developing information system enhancements to provide competitive service advantages and increased productivity across operations.

Geographic Expansion Plans Pursuing geographic expansion into under-penetrated markets, specifically planning investment for expansion into Latin America operations.

Transformation Synergy Focus Focus remains on transforming combined entity to realize anticipated revenue synergies and optimize corporate cost structure post-acquisition.

Peer Comparison

Revenue (TTM)

FWRD

$2.50B

+0.8%

CODI

$1.87B

-4.8%

$1.85B

+28.4%

Gross Margin (Latest Quarter)

SNCY

65.4%

+44.9pp

62.1%

-0.4pp

FWRD

48.4%

-14.5pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
SNCY	$973.82M	18.0	8.6%	35.2%
NX	$895.80M	-3.7	-30.2%	45.1%
HTLD	$852.00M	-16.2	-6.7%	13.5%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

1.0%

Moderate Growth

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

50%

Cash Flow Needs Attention

Deep Research

Next earnings:Apr 23, 2026

EPS:-$0.38

Revenue:$622.27M

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data