FORWARD AIR CORP
FWRDNasdaqIndustrials · Arrangement of Transportation of Freight & Cargo · DE · SEC filings ↗ · Compare ⊕
View price & chart on Yahoo Finance ↗Financials
SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $2.50B | $2.47B | $1.37B | $1.68B | $1.39B | $1.27B |
| Operating income | $36.4M | −$1.06B | $88.2M | $247.6M | $147.0M | $73.9M |
| Net income | −$107.8M | −$817.0M | $167.4M | $193.2M | $105.9M | $23.7M |
| Total assets | $2.72B | $2.80B | $2.98B | $1.21B | $1.12B | $1.05B |
| Total liabilities | — | — | — | — | — | — |
| Equity | $113.3M | $201.7M | $764.3M | $707.2M | $593.7M | $547.3M |
| EPS (diluted) | $-3.51 | $-30.63 | $6.40 | $7.14 | $3.85 | $0.84 |
| Shares out. | 30.4M | 26.4M | 26.3M | 26.9M | 27.5M | 28.1M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- 1.5%
- Net margin
- −4.3%
- Return on equity
- −95.1%
- Return on assets
- −4.0%
- Return on capital (ROCE)
- 1.6%
- Liabilities / assets
- —
- Debt / equity
- —
- Book value / share
- $3.73
- Revenue growth (YoY)
- 0.8%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Accruals / assets
- −5.6%clean
- Piotroski F-Score
- 5/8mixed
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast. What these scores mean →
Signs
● 1 severe● 1 warning● 4 good- Filed a late-filing notice (Form NT) — missed an SEC deadline
- Reported a net loss
- Operating margin is positive
- Revenue is growing year-over-year
- Positive operating cash flow
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Risk flags
late SEC filings- NT 10-Kmissed a reporting deadline ↗Mar 18, 2025
- NT 10-Qmissed a reporting deadline ↗May 13, 2024
- NT 10-Kmissed a reporting deadline ↗Mar 1, 2024
A Form NT means the company notified the SEC it would file a periodic report late — often an accounting, audit or liquidity warning sign. Also search SEC enforcement actions for this company.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Cetus Capital Vi, L.P.Passive (13G)May 12, 2026
- Vanguard Group IncPassive (13G)Mar 26, 2026
- Clearlake Capital Group, L.P.Activist (13D)Jul 3, 2025
- Blackrock, Inc.Passive (13G)Apr 30, 2025
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Insider transactions
SEC Form 4 · most recent| Insider | Date | Type | Shares | Price |
|---|---|---|---|---|
| Stewart ShawnOfficer — Chief Executive Officer | Apr 29, 2026 | Tax withholding | 4,136 | $21.51 |
| Osborne Timothy ROfficer — Executive VP of Operations | Mar 15, 2026 | Tax withholding | 2,109 | $16.05 |
| Hance Michael LOfficer — CLO and Secretary | Mar 15, 2026 | Tax withholding | 4,868 | $16.05 |
Headline trade per Form 4 (officers, directors, 10%+ owners). Buy/sell read from the filing's structured data — blank where a field isn't cleanly tagged.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 3.0M | 1.2 | +7.0% |
| Apr 30, 2026 | 2.8M | 4.0 | -33.5% |
| Apr 15, 2026 | 4.3M | 10.8 | -6.6% |
| Mar 31, 2026 | 4.6M | 6.5 | +9.1% |
| Mar 13, 2026 | 4.2M | 4.3 | -1.7% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Results of operationsMay 7, 2026
- Director / officer changeApr 29, 2026
- Results of operationsFeb 23, 2026
- Results of operationsNov 5, 2025
- Director / officer changeOct 15, 2025
- Director / officer changeSep 2, 2025
- Results of operationsAug 11, 2025
- Director / officer changeJul 14, 2025
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.
Recent SEC filings
All filings ↗- SCHEDULE 13G/AMay 12, 2026
- 10-QMay 11, 2026
- 8-KMay 7, 2026
- 4FORM 4May 1, 2026
- 8-KFORM 8-KApr 29, 2026
- ARSApr 29, 2026
- DEFA14AApr 29, 2026
- DEF 14AFORM- DEF 14AApr 29, 2026
- SCHEDULE 13G/AMar 26, 2026
- 4FORM 4Mar 17, 2026
- 4FORM 4Mar 17, 2026
- 4FORM 4Mar 17, 2026
- 4FORM 4Mar 17, 2026
- 10-KMar 11, 2026
- 8-KFeb 23, 2026
Event-driven situations (1)
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