# Forward AIR Corporation (FWRD)

- Sector: Industrials · Industry: Integrated Freight and Logistics
- SEC CIK: 0000912728 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000912728))
- Full page: https://inspectstocks.com/stocks/fwrd
- Data as of: price 2026-09-28; newest filing used 2026-08-05; latest fiscal period ended 2026-06-30

## Grade

**B-** on the growth-and-cash rubric, 4 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | passed | $2.5B | $1.5B |
| Revenue growing recently | passed | $2.5B | $2.5B |
| Free cash flow positive | passed | $48.2M |  |
| Free cash flow growing overall | failed | $48.2M | $229M |
| Free cash flow growing recently | passed | $48.2M | $15.3M |

Business quality (the + / − mark): 0 of 6 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | failed | -11.4% |  |
| Healthy profit margin | failed | -11.4% |  |
| Strong operating margin | failed | -6.7% |  |
| Good return on equity | failed | -252.5% |  |
| Debt under control | failed | 19.05 |  |
| Turns sales into cash | failed | 1.9% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $2.5B |
| Net income, trailing twelve months | -$286.2M |
| Free cash flow, trailing twelve months | $48.2M |
| Net margin | -11.4% |
| Operating margin | -6.7% |
| Return on equity | -252.5% |
| Debt to equity | 19.05 |
| Diluted EPS, trailing twelve months | -$8.90 |
| Share price | $15.27 |
| Market value | $515.8M |
| Price / sales | 0.2x |

## More on this company

- [Overview](https://inspectstocks.com/stocks/fwrd)
- [Financial statements](https://inspectstocks.com/stocks/fwrd/financials)
- [Competitors](https://inspectstocks.com/stocks/fwrd/peers)
- [Earnings](https://inspectstocks.com/stocks/fwrd/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.