Forward Air Corporation
FWRDIndustrialsNASDAQIntegrated Freight & Logistics · Last scanned May 30, 2026
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Daily timeframeHeadquartered within the industrials sector, Forward Air Corporation focuses on Integrated Freight & Logistics services and products. Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States, Mexico, Europe, Asia, and Canada. The $334.6M market capitalization puts FWRD squarely in small-cap range for its industry. The company operates through three segments: Expedited Freight, Omni Logistics, and Intermodal.
Market Cap
$334.6M
Beta
1.59
P/E (TTM)
—
P/E (Fwd)
-41.76
EPS (TTM)
$-2.92
EPS (Fwd)
$-0.25
ROE
-69.1%
ROA
2.1%
Cash
$141.0M
Total Debt
$2.15B
Free CF
$55.9M
52W Change
-36.9%
Annual Financials
Cash vs Debt
The company holds $141.0M in cash, though total debt stands at $2.15B. This level of leverage is common in the industry but worth monitoring as interest rate conditions evolve. The company generates $55.9M in free cash flow annually, which funds everything from R&D to shareholder returns without needing external financing. Return on equity stands at -69.1%, which is negative for the sector. ROE measures how effectively a company uses shareholder capital to generate profits. ROA of 2.1% is on the lower side, which is common in asset-heavy industries. Revenue has grown from $1.68B (2022) to $2.50B (2025), reflecting a 49% increase over the period.
A beta of 1.59 means FWRD is more volatile than average. Investors should be prepared for wider price swings relative to broader indices. Debt significantly exceeds cash reserves, which means the company's financial flexibility could be constrained during economic downturns. It is important to consider these factors alongside broader market conditions and individual financial goals when reviewing FWRD.