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Employees: 6,062
Size Forward Air (FWRD) is a United States Industrials company (Trucking) with a market value of $562M, the 2616th largest of 3,117 United States companies the cockpit tracks. Shares closed at $16.64 on 6 Nov 2026.
Performance Over six months the shares gained 68.6%, against -11.3% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue fell 0.1% over the last twelve months (peer median +3.4%); the operating margin is 3.0% (peer median 5.1%).
Valuation It trades at 153.6× forward earnings against a peer median of 15.0× (most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.4 points below its cost of capital (6.7% WACC).
Short interest Short interest is 5.3% of the free float (15 Oct 2026).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.52B | $2.50B | $2.47B | $1.37B | $1.68B |
| Revenue growth | — | +1% | +81% | -18% | — |
| Gross profit | $75.3M | $36.4M | -$34.5M | $88.2M | $248M |
| EBITDA | $231M | $189M | $109M | $146M | $290M |
| Net income | -$286M | -$108M | -$811M | $11.3M | $192M |
| Free cash flow | $48.2M | $15.3M | -$112M | $151M | $220M |
| Capital expenditure | $22.6M | $29.1M | $37.1M | $30.7M | $39.3M |
| Total debt | $2.11B | $2.16B | $2.15B | $1.95B | $267M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FWRD | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.0% | -5.3% | 5th highest of 21 |
| 6-month return | +68.6% | -11.3% | 2nd highest of 21 |
| Distance from 52-week high | -46.6% | -26.7% | 4th lowest of 21 |
| Revenue growth (TTM) | -0.1% | +3.4% | 9th lowest of 21 |
| Operating margin | 3.0% | 5.1% | 7th lowest of 21 |
| Forward P/E | 153.6× | 15.0× | most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 17.1% | 5.1% | 2nd most demanding of 14 |
| Growth delivered (Del g) | +14.5% | +4.2% | 2nd highest of 14 |
| Hurdle (Req g minus delivered) | +2.7 pp | -5.8 pp | 7th most demanding of 14 |
| ROIC minus cost of capital | -3.4 pp | -0.3 pp | 6th lowest of 21 |
| EV / EBITDA | 11.0× | 8.9× | 3rd most expensive of 14 |
| Net debt / EBITDA | 8.6× | 1.3× | most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Forward Air FWRD | United States | $562M | +69% | 0% | 3% | 153.6× | 17.1% | +14.5% |
| San Yang Ma (Chongqing) Logistics 001317.SZ | China | $606M | -11% | -51% | 4% | n/a | 35.8% | +7.1% |
| VRL Logistics VRLLOG.NS | India | $624M | +27% | +11% | 14% | 16.1× | 6.2% | +12.8% |
| Shengyuan Environmental Protection 300867.SZ | China | $638M | -24% | +3% | 28% | 11.8× | -4.1% | +8.5% |
| Yongtaiyun Chemical Logistics 001228.SZ | China | $481M | +7% | +31% | 5% | n/a | n/a | n/a |
| Transport Corporation of India TCI.NS | India | $700M | -12% | +12% | 8% | 14.2× | 14.9% | +11.9% |
| Shanghai Jin Jiang Online Network Service 600650.SS | China | $705M | -14% | -19% | -2% | n/a | 5.6% | -10.8% |
| Universal Logistics ULH | United States | $715M | +108% | -7% | 4% | 13.9× | n/a | n/a |
| K.R.S.Corporation 9369.T | Japan | $441M | -9% | +4% | 3% | 32.4× | n/a | n/a |
| Shibusawa Logistics 9304.T | Japan | $723M | +48% | +2% | 5% | n/a | 16.9% | +4.1% |
| Fulongma 603686.SS | China | $743M | -37% | +6% | 6% | 27.8× | 2.4% | -2.0% |
| Hangzhou Dadi Haiyang Environmental Protection 301068.SZ | China | $409M | -45% | +25% | 3% | 15.7× | 16.2% | +23.5% |
| Heartland Express HTLD | United States | $780M | -24% | -17% | -6% | 28.2× | n/a | n/a |
| Sakai Moving Service 9039.T | Japan | $785M | +2% | +4% | 10% | 13.7× | -11.2% | +4.5% |
| Covenant Logistics CVLG | United States | $801M | -5% | +12% | 1% | 12.3× | n/a | n/a |
| Shanghai Juss Sports and Entertainment 600676.SS | China | $802M | -36% | -14% | -15% | n/a | 5.1% | -11.0% |
| Kerry TJ Logistics 2608.TW | Taiwan | $391M | -8% | -1% | 12% | n/a | -5.0% | +0.8% |
| Maruzen Showa Unyu 9068.T | Japan | $922M | -15% | +3% | 10% | 10.5× | -7.4% | +4.2% |
| Logwin TGHN.DE | Germany | $942M | +5% | -6% | 5% | 15.2× | -16.0% | +3.9% |
| Marten Transport MRTN | United States | $959M | -25% | -5% | 1% | 27.1× | n/a | n/a |
| Midac 6564.T | Japan | $326M | -12% | +14% | 40% | 14.8× | n/a | n/a |