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Forward Air Corporation (FWRD)

Industrials | Integrated Freight & Logistics | Dallas, United States | NasdaqGS
15.53 USD -0.05 (-0.321%) ⇩ (Oct. 14, 2026, 4 p.m. EDT)

Short-term:★★☆☆☆Long-term:★☆☆☆☆Dividends:★☆☆☆☆
Hot Take ↕ | Oct. 10, 2026, 8:42 a.m. EDT

The investment case for Forward Air is currently broken by a catastrophic disconnect between its reported financial health and its operational reality. While the balance sheet shows positive free cash flow and a modest operating margin, the company is hemorrhaging equity value due to a severe profitability crisis. The trailing twelve-month EPS is negative at -$8.92, driven by a -11.4% profit margin, while the book value has collapsed to -$3.42, indicating that liabilities now exceed assets. This is not a temporary blip; the company recently flagged a major customer loss, which sent the stock plummeting, followed by a desperate announcement to retain 75% of at-risk business—a clear admission of distress. The market has priced this correctly: the forward P/E of 36x is based on a tiny expected EPS of $0.43, implying a massive turnaround that is not yet visible in the fundamentals. The options market confirms this pessimism, with speculative capital flooding deep out-of-the-money puts, betting on further deterioration. Until the company demonstrates sustained revenue growth and a return to positive net income without relying on one-off retention deals, this remains a high-risk speculative trap.

Model Selection — Backtest MAE (log-scale, lower is better)
ModelMAE
AutoARIMA ✓0.121743
AutoETS0.121743
AutoTheta0.142419
MSTL0.147153

Forecast horizon: 45 days | Selected: AutoARIMA

Forecast Reliability
Score 38%
H-stat 0.10
Ljung-Box p 0.000
Jarque-Bera p 0.275
Excess Kurtosis -1.13
Attribute Value
Sector Industrials
Ex Dividend Date 2023-11-20
Last Dividend Date 2023-11-20
Revenue per Share 79.736
Market Cap 524,616,800
Forward P/E 36.12
Beta 1.41
Profit Margins -11.37%
Website https://www.forwardair.com

As of Oct. 10, 2026, 8:42 a.m. EDT: Speculators are positioning heavily for downside protection, evidenced by massive open interest in deep out-of-the-money puts expiring late 2027 (strikes at $2.50 and $30.00). Conversely, call activity is concentrated in moderate strikes ($17.50-$25.00) with very low volume relative to put interest, suggesting a 'bearish gamma' environment where traders are betting on continued weakness rather than a rebound.


Dividend Data

Dividend History
Date Dividend Yield %
2023-11-21 0.240000 0.369743
2023-08-16 0.240000 0.373250
2023-05-24 0.240000 0.252207
2023-03-01 0.240000 0.230636
2022-11-22 0.240000 0.219459
2022-08-17 0.240000 0.224782
2022-05-25 0.240000 0.259179
2022-03-02 0.240000 0.232987
2021-11-23 0.210000 0.199052
2021-08-19 0.210000 0.244044
2021-05-26 0.210000 0.219780
2021-03-03 0.210000 0.236646
2020-11-24 0.210000 0.270340
2020-08-19 0.180000 0.309013
2020-05-21 0.180000 0.394910
2020-03-04 0.180000 0.303132
2019-11-20 0.180000 0.258324
2019-08-21 0.180000 0.293399
2019-05-23 0.180000 0.310827
2019-03-06 0.180000 0.291876
2018-11-21 0.180000 0.288693
2018-08-22 0.150000 0.234522
2018-05-24 0.150000 0.251720
2018-03-07 0.150000 0.276600
2017-11-21 0.150000 0.272777
2017-08-23 0.150000 0.296795
2017-05-23 0.150000 0.299940
2017-03-07 0.150000 0.315524
2016-11-21 0.150000 0.309917
2016-08-18 0.120000 0.261723
2016-05-26 0.120000 0.267082
2016-03-08 0.120000 0.291687
2015-11-19 0.120000 0.251204
2015-08-20 0.120000 0.254939
2015-05-22 0.120000 0.226415
2015-03-10 0.120000 0.227144
2014-11-19 0.120000 0.251572
2014-08-19 0.120000 0.254994
2014-05-21 0.120000 0.281360
2014-03-06 0.120000 0.268216
2013-11-20 0.100000 0.238777
2013-08-21 0.100000 0.272702
2013-05-21 0.100000 0.255363
2013-03-06 0.100000 0.264340
2012-11-20 0.100000 0.316456
2012-08-21 0.100000 0.297089
2012-05-21 0.070000 0.222011
2012-03-06 0.070000 0.208706
2011-11-22 0.070000 0.231635
2011-08-22 0.070000 0.287711
2011-05-19 0.070000 0.206673
2011-03-09 0.070000 0.237610
2010-11-18 0.070000 0.255941
2010-08-23 0.070000 0.277008
2010-05-24 0.070000 0.264051
2010-03-08 0.070000 0.270898
2009-11-18 0.070000 0.294613
2009-08-25 0.070000 0.291181
2009-05-20 0.070000 0.338983
2009-03-09 0.070000 0.503597
2008-11-19 0.070000 0.366876
2008-08-20 0.070000 0.197740
2008-05-21 0.070000 0.207530
2008-03-10 0.070000 0.226537
2007-11-28 0.070000 0.209644
2007-08-28 0.070000 0.210021
2007-05-23 0.070000 0.208086
2007-03-13 0.070000 0.227273
2006-11-21 0.070000 0.202957
2006-08-23 0.070000 0.223642
2006-05-24 0.070000 0.193103
2006-03-15 0.070000 0.191781
2005-11-30 0.060000 0.156047
2005-08-17 0.060000 0.175182
2005-05-18 0.060000 0.233010
2005-03-31 0.040000 0.140911
1998-09-24 1.611111 45.312490
Additional Data
dividendYield 0.0
exDividendDate 2023-11-21
trailingAnnualDividendRate 0.0
trailingAnnualDividendYield 0.0
lastDividendValue 0.24
lastDividendDate 2023-11-21
dividendDate 2023-12-07

Info Dump

Attribute Value
52 Week Change -0.25408262
Address1 3,200 Olympus Boulevard
Address2 Suite 300
All Time High 125.71
All Time Low 1.444444
Ask 19.48
Ask Size 2
Audit Risk 9
Average Analyst Rating 2.2 - Buy
Average Daily Volume10 Day 414,570
Average Daily Volume3 Month 590,931
Average Volume 590,931
Average Volume10Days 414,570
Beta 1.413
Bid 11.11
Bid Size 2
Board Risk 5
Book Value -3.422
City Dallas
Compensation As Of Epoch Date 1,767,139,200
Compensation Risk 4
Country United States
Crypto Tradeable 0
Currency USD
Current Price 15.53
Current Ratio 1.321
Custom Price Alert Confidence HIGH
Date Short Interest 1,790,726,400
Day High 15.68
Day Low 15.085
Display Name Forward Air
Dividend Date 1,701,907,200
Dividend Yield 0.0
Earnings Call Timestamp End 1,785,961,800
Earnings Call Timestamp Start 1,785,961,800
Earnings Timestamp 1,785,960,000
Earnings Timestamp End 1,793,822,400
Earnings Timestamp Start 1,793,822,400
Ebitda 281,767,008
Ebitda Margins 0.111899994
Enterprise To Ebitda 8.83
Enterprise To Revenue 0.988
Enterprise Value 2,487,913,728
Eps Current Year -1.01
Eps Forward 0.43
Eps Trailing Twelve Months -8.9
Esg Populated 0
Ex Dividend Date 1,700,524,800
Exchange NMS
Exchange Data Delayed By 15
Exchange Timezone Name America/New_York
Exchange Timezone Short Name EDT
Fifty Day Average 16.6718
Fifty Day Average Change -1.1418009
Fifty Day Average Change Percent -0.06848696
Fifty Two Week Change Percent -25.408262
Fifty Two Week High 31.18
Fifty Two Week High Change -15.650001
Fifty Two Week High Change Percent -0.50192434
Fifty Two Week Low 7.86
Fifty Two Week Low Change 7.6699996
Fifty Two Week Low Change Percent 0.9758269
Fifty Two Week Range 7.86 - 31.18
Financial Currency USD
First Trade Date Milliseconds 753,460,200,000
Five Year Avg Dividend Yield 1.03
Float Shares 27,309,800
Forward Eps 0.43
Forward P E 36.11628
Free Cashflow 86,966,248
Full Exchange Name NasdaqGS
Full Time Employees 6,062
Fullday Change -0.05000019
Fullday Change Percent -0.32092547
Fullday Price 15.53
Gmt Off Set Milliseconds -14,400,000
Governance Epoch Date 1,790,812,800
Gross Margins 0.2149
Gross Profits 541,142,976
Has Pre Post Market Data 1
Held Percent Insiders 0.01859
Held Percent Institutions 0.97463995
Implied Shares Outstanding 33,780,862
Industry Integrated Freight & Logistics
Industry Disp Integrated Freight & Logistics
Industry Key integrated-freight-logistics
Is Earnings Date Estimate 1
Language en-US
Last Dividend Date 1,700,524,800
Last Dividend Value 0.24
Last Fiscal Year End 1,767,139,200
Last Split Date 1,112,572,800
Last Split Factor 3:2
Long Business Summary 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 company operates through three segments: Expedited Freight, Omni Logistics, and Intermodal. Its 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 Omni Logistics segment offers full suite of global logistics services, such as air and ocean freight consolidation and forwarding, customs brokerage, warehousing and distribution, value-added services, time-definite transportation services, and other supply chain solutions. Its Intermodal segment provides intermodal container drayage services; and contract and container freight station warehouse and handling services. The company 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 incorporated in 1981 and is headquartered in Dallas, Texas.
Long Name Forward Air Corporation
Market us_market
Market Cap 524,616,800
Market State PRE
Max Age 86,400
Message Board Id finmb_333309
Most Recent Quarter 1,782,777,600
Net Income To Common -284,120,000
Next Fiscal Year End 1,798,675,200
Non Diluted Market Cap 509,415,398
Number Of Analyst Opinions 2
Open 15.41
Operating Cashflow 70,841,000
Operating Margins 0.06343
Overall Risk 4
Payout Ratio 0.5854
Peg Ratio 0.65
Phone 817 552 5270
Previous Close 15.58
Price Eps Current Year -15.376238
Price Hint 2
Price To Book -4.538282
Price To Sales Trailing12 Months 0.20834042
Profit Margins -0.11366
Quick Ratio 1.166
Quote Source Name Nasdaq Real Time Price
Quote Type EQUITY
Recommendation Key buy
Recommendation Mean 2.2
Region US
Regular Market Change -0.05000019
Regular Market Change Percent -0.3209255
Regular Market Day High 15.68
Regular Market Day Low 15.085
Regular Market Day Range 15.085 - 15.68
Regular Market Open 15.41
Regular Market Previous Close 15.58
Regular Market Price 15.53
Regular Market Time 1,792,008,001
Regular Market Volume 341,066
Return On Assets 0.030580001
Return On Equity -7.35718
Revenue Growth 0.088
Revenue Per Share 79.736
Sand P52 Week Change 0.16440773
Sector Industrials
Sector Disp Industrials
Sector Key industrials
Share Holder Rights Risk 3
Shares Outstanding 33,780,862
Shares Percent Shares Out 0.0627
Shares Short 2,118,809
Shares Short Previous Month Date 1,788,134,400
Shares Short Prior Month 2,108,147
Short Name Forward Air Corporation
Short Percent Of Float 0.0945
Short Ratio 3.64
Source Interval 15
State TX
Symbol FWRD
Target High Price 25.0
Target Low Price 24.0
Target Mean Price 24.5
Target Median Price 24.5
Total Cash 139,448,000
Total Cash Per Share 4.128
Total Debt 2,109,981,056
Total Revenue 2,518,074,880
Tradeable 0
Trailing Annual Dividend Rate 0.0
Trailing Annual Dividend Yield 0.0
Trailing Eps -8.9
Trailing Peg Ratio None
Triggerable 1
Two Hundred Day Average 18.2692
Two Hundred Day Average Change -2.7391996
Two Hundred Day Average Change Percent -0.1499354
Type Disp Equity
Volume 341,066
Website https://www.forwardair.com
Zip 75,019