FWRD
IndustrialsForward Air Corporation · Integrated Freight & Logistics · $280M
What is Forward Air Corporation?
Forward Air Corporation is a small-cap, asset-light freight and logistics company serving the United States and Canada. It connects freight forwarders, airlines, and retailers through two core segments.
Forward Air generates revenue through its Expedited Freight and Intermodal segments. The Expedited Freight segment handles less-than-truckload, truckload brokerage, final mile, and temperature-controlled logistics. The Intermodal segment provides container drayage and freight station warehousing. Customers include third-party logistics companies, air cargo carriers, steamship lines, and retailers.
Founded in 1981 and headquartered in Greeneville, Tennessee.
- Expedited less-than-truckload (LTL) freight services
- Intermodal container drayage
- Final mile and truckload brokerage
- Customs brokerage and warehousing
Is FWRD a Good Stock to Buy?
UQS Score rates FWRD as Poor overall.
Among the five pillars, Growth stands out as the relative bright spot, suggesting the business retains some forward momentum. Valuation is rated Neutral, meaning the stock is not obviously mispriced relative to its fundamentals.
Quality, Moat, and Risk are all rated Weak — a combination that points to meaningful structural and financial challenges investors should weigh carefully.
See the exact pillar breakdown and full financial metrics by signing up for a UQS Pro account. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does FWRD pay dividends?
No — Forward Air Corporation does not currently pay a dividend.
Forward Air does not currently pay a dividend. For a company navigating a challenging operational and financial period, retaining capital rather than distributing it to shareholders is a common approach while management focuses on stabilizing the business.
When does FWRD report earnings?
Forward Air reports earnings on a quarterly cadence, typical for US-listed equities.
The company's recent results reflect the pressures visible in its UQS pillar profile — particularly across Quality and Risk. Freight market conditions and integration-related costs have weighed on performance in recent periods.
For the most recent quarter's results, visit Forward Air Corporation's investor relations page directly.
FWRD Price History
-75.5% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Forward Air Corporation?
Based on Forward Air Corporation's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
Frequently Asked Questions
What does Forward Air Corporation do?
Forward Air operates as an asset-light freight and logistics company. It provides expedited less-than-truckload freight, intermodal container drayage, final mile delivery, customs brokerage, and warehousing services across the United States and Canada.
Does FWRD pay dividends?
No, Forward Air does not currently pay a dividend. The company is retaining capital as it manages through a period of operational and financial pressure.
When does FWRD report earnings?
Forward Air reports on a quarterly basis. For exact dates, check the investor relations section of the company's official website, as our data source does not cover upcoming earnings dates.
Is FWRD a good stock to buy?
UQS Score rates FWRD as Poor overall, with Weak scores across Quality, Moat, and Risk. Growth is the one relatively stronger pillar. The complete pillar breakdown is available to Pro members at uqs-score.com.
Is FWRD overvalued?
UQS Score rates FWRD's Valuation pillar as Neutral, suggesting the stock is not clearly overpriced or underpriced relative to its current fundamentals. Context from the other pillars matters — view the full analysis on UQS Pro.
What is FWRD's market cap bracket?
Forward Air is classified as a small-cap company. Small-cap stocks can carry higher volatility and liquidity risk compared to large- or mega-cap peers in the Industrials sector.
Is FWRD a long-term quality investment?
As a long-term quality indicator, UQS Score currently rates FWRD as Poor. Weak Moat and Quality scores suggest the business lacks the durable competitive advantages typically associated with strong long-term compounders.
What sector does FWRD belong to?
Forward Air operates in the Industrials sector, specifically within freight transportation and logistics. The sector is sensitive to economic cycles, fuel costs, and shipping volume trends.
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Pro Analysis
FWRD — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 16, 2026 | 34.0 | 30.2 | 20.0 | 38.5 | 6.9 | 85.2 | +2.4 |
| May 8, 2026 | 31.6 | 1.9 | 20.0 | 62.7 | 36.9 | 53.6 | +0.1 |
| May 7, 2026 | 31.5 | 17.0 | 20.0 | 62.7 | 6.8 | 57.6 | +0.6 |
| May 3, 2026 | 30.9 | 17.0 | 20.0 | 62.7 | 6.8 | 53.7 | +0.4 |
| Apr 26, 2026 | 30.5 | 17.0 | 20.0 | 62.7 | 6.8 | 51.0 | -0.2 |
| Apr 25, 2026 | 30.7 | 17.0 | 20.0 | 62.7 | 6.8 | 52.6 | -0.1 |
| Apr 23, 2026 | 30.8 | 17.2 | 20.0 | 62.7 | 6.8 | 52.7 | 0.0 |
| Apr 21, 2026 | 30.8 | 17.3 | 20.0 | 62.7 | 6.8 | 53.0 | -0.1 |
| Apr 19, 2026 | 30.9 | 17.3 | 20.0 | 63.0 | 6.8 | 53.2 | -0.6 |
| Apr 18, 2026 | 31.5 | 17.3 | 20.0 | 63.0 | 6.8 | 56.8 | +0.2 |
FWRD — Pillar Breakdown
Quality
— 30.2/100 (25%)Forward Air Corporation currently shows below-average quality metrics, suggesting challenges with profitability.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 38.5/100 (20%)Forward Air Corporation shows steady but unspectacular growth, typical for mature companies.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Risk
— 6.9/100 (15%)Forward Air Corporation presents elevated risk with concerns around leverage or financial stability.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 85.0/100 (15%)Forward Air Corporation appears attractively valued relative to its earnings, cash flows, and sector peers.
How many years of FCF the market cap represents.
Enterprise value multiple relative to sector median.
Moat
— 20/100 (25%)Forward Air Corporation operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for FWRD.
Score Composition
Financial Data
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How is the FWRD UQS Score Calculated?
The UQS (Unified Quality Score) for Forward Air Corporation is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Forward Air Corporation's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Forward Air Corporation is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.