profit from every $100 of sales.
$0$100
Forward Air
$17.39+1.34% today
-18.1% in 1 year
1-year low $8.311-year high $30.23
Trading in the middle of its range for the past year.
The essentials
Four questions every investor asks, answered in one line each.
more sales each year, on average, 2022 to 2025.
0%20% a year
It has no yearly profit to compare the price with.
CheapExpensive
of earnings would pay off all its debt.
No debt5 years
Money in, money out
What Forward Air sold, what it kept, and what it did with the cash.
Sales went from $1.68 billion in 2022 to $2.50 billion in 2025, with -$108 million of profit last year.
SalesProfit
Forward Air vs. similar companies
How it compares with the largest companies in its industry.
| Company | Profit from $100 of sales | Sales growth a year | Price per $1 of profit |
|---|---|---|---|
| Forward Air | No profit yet | ||
 United Parcel Service | 17.2× · Fair price | ||
 FedEx | 17.1× · Fair price | ||
 DHL Group | 19.5× · Fair price | ||
 DSV | 43.7× · Expensive |
AI analysis
An AI analyst reads Forward Air's last five years, its segments, earnings, insiders and peers, and writes the bull case, the bear case and what the price expects.
Run the AI analysisFull statementsIncome, balance sheet and cash flow, year by year
Income statement
| In millions of USD | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 1,680 | 1,371 | 2,474 | 2,495 | |
| 492 | 330 | 340 | 338 | |
| 248 | 88 | -35 | 36 | |
| 290 | 146 | -917 | 186 | |
| 193 | 167 | -817 | -108 | |
| 7.14 | 6.40 | -29.66 | -3.51 | |
| 29.3% | 24.1% | 13.7% | 13.6% | |
| 14.7% | 6.4% | -1.4% | 1.5% | |
| 11.5% | 12.2% | -33.0% | -4.3% |
Balance sheet
| In millions of USD | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total assets | 1,208 | 2,980 | 2,803 | 2,719 |
| Cash | 46 | 122 | 105 | 106 |
| Total debt | 267 | 1,946 | 2,146 | 2,160 |
| Total liabilities | 501 | 2,215 | 2,517 | 2,557 |
| 707 | 764 | 202 | 113 | |
| 27 | 26 | 28 | 31 | |
| 20.1% | 2.6% | -35.7% | 1.2% | |
| 27.3% | 21.9% | -405.0% | -95.1% |
Cash flow
| In millions of USD | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 259 | 181 | -75 | 44 | |
| 39 | 31 | 37 | 29 | |
| 220 | 151 | -112 | 15 | |
| Dividends paid | 26 | 25 | 0 | 0 |
| 63 | 94 | 0 | 0 | |
| 11 | 11 | 10 | 13 |
Valuation
- –
- –
- –
- 3.2×
- 0.2×
- 38.4×
- 14.2×
- 2.6%
- -18.4%
- 0.0%
Profitability
- 13.6%
- 1.5%
- -4.3%
- 8.3%
- 1.8%
- -0.4%
- -75.3%
- -3.4%
- 2.3%
- –
Growth
- +14.1%
- –
- +113.6%
- +8.8%
- +3.3%
Financial health
- 9.9×
- 26.55
- 79.8%
- 0.6×
- 1.23
- 1.23
- 0.91
How it ranks in Industrials
Each dot is where the company stands among every company over $300M in the sector. Further right is better.
Bottom 11%of 985
Bottom 10%of 988
Top 22%of 989
Bottom 38%of 987
What analysts expect
- Average price target
- $37.00
- Range
- $32.00 – $42.00
- 1 analysts
These targets were collected on May 20, 2026 and our analyst feed has not updated since, so we no longer compare them with today's price.
Recent earnings
Our results feed has not updated since May 21, 2026. Results reported after that are not in this table yet.
| Date | EPS | Expected | Surprise |
|---|---|---|---|
| May 7, 2026 | -1.09 | -0.35 | −211.4% |
| Feb 23, 2026 | -0.28 | -0.27 | −5.7% |
| Nov 5, 2025 | -0.52 | -0.13 | −300.0% |
| Aug 11, 2025 | -0.41 | -0.17 | −141.2% |
| May 7, 2025 | -1.59 | -0.47 | −238.3% |
| Feb 26, 2025 | 0.01 | -0.12 | +108.3% |
| Nov 4, 2024 | -1.71 | -0.05 | −3,320.0% |
| Aug 7, 2024 | -23.29 | -0.07 | −33,171.4% |
News
Warren Buffett’s 1991 Playbook Points The Path Forward As Nvidia Reportedly Prepares To Oust Jensen Huang. Buffett Said He Could Forgive Losses, But There Was One Thing He Would Be Ruthless AboutYahoo Finance · Nov 12, 2026RLX Technology (RLX): Overseas Expansion Must Deliver Beyond a Revenue Pull-ForwardYahoo Finance · Nov 6, 2026BUUU Group announces 10-for-1 forward share splitSeeking Alpha · Oct 16, 2026Archer-Daniels Stock is Trading at 15 Times Forward Earnings. Is that Cheap?Yahoo Finance · Oct 4, 2026Bristol Myers Squibb Now Trades at Only 9.4X Forward Earnings -- Is This Value Stock a Buy?Yahoo Finance · Oct 3, 2026Insider trades
Our insider feed has not updated since May 26, 2026. Trades filed after that are not listed yet.
No insider trades on file.
The seven classic investing rulebooks
0/7Passes 0 of 7. Each bar is how well the company fits that investor's published rules, from 0 to 100; 60 or more counts as a pass.
Warren Buffett
12No pass
Benjamin Graham
6No pass
Philip Fisher
23No pass
Peter Lynch
25No pass
Joel Greenblatt
0No pass
Charlie Munger
7No pass
Terry Smith
11No pass
Questions about Forward Air
Is Forward Air a good stock to buy?
A business with weak numbers that is not profitable yet. 0 of the 7 famous investors' published rulebooks we apply pass it. Whether it suits you depends on your goals and the price you pay; invest-like never tells anyone to buy or sell. The AI analysis lays out the case for and against. Read the Forward Air AI analysis
What does Forward Air do?
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. It is in Integrated Freight & Logistics.
Does Forward Air pay a dividend?
No. Forward Air does not pay a dividend at the moment.
Is Forward Air stock halal?
No. Forward Air does not pass our halal screen: its debt is 368% of its market value, at or above the 33% limit. How we check
How has Forward Air stock done over the past year?
Down 18.1% over the past twelve months, to $17.39. It traded between $8.31 and $30.23 and is 42.5% below its high.
Who are Forward Air's competitors?
The largest listed companies in the same industry are United Parcel Service, FedEx, DHL Group and DSV. The peers table on this page compares their profit, growth and price with Forward Air's.
Prices: daily closes to Nov 13, 2026. Fundamentals: company reports via invest-like data.