FWRD NASDAQ
Forward Air Corporation
1W: -1.1%
1M: -0.8%
3M: +3.8%
YTD: -39.8%
1Y: -23.0%
3Y: -79.9%
5Y: -82.3%
$15.14
+0.06 (+0.40%)
After Hours: $15.25 (+0.11, +0.73%)
Weekly Expected Move ±6.6%
$13
$14
$15
$16
$17
Credit Risk of going bust: higher than 94% of companies Debt: 80.6% of company value Bonds: $148.2M held by 79 funds, 555 bp over Treasuries → details ▾
Of US companies ranked in the riskiest tenth, about 1 in 20 filed for bankruptcy within a year (2020-2025).
If the stock fell to about $4.36 (down 71%), Forward Air Corporation would be worth roughly what it owes.
Total debt $2.11B against a stock market value of $509.4M.
Distance to default 1.01 (Merton model): prices to 2026-10-26, balance sheet 2026-06-30, debt counted $846.7M (short-term plus half of long-term), stock volatility 91.7%; Altman Z'' -1.33. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
If the stock fell to about $4.36 (down 71%), Forward Air Corporation would be worth roughly what it owes.
Total debt $2.11B against a stock market value of $509.4M.
Distance to default 1.01 (Merton model): prices to 2026-10-26, balance sheet 2026-06-30, debt counted $846.7M (short-term plus half of long-term), stock volatility 91.7%; Altman Z'' -1.33. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
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Balance Sheet Trends
Total Assets
$2.7B
-2.1% ▼
5Y CAGR: +21.2%
Total Liabilities
$2.6B
+2.6% ▲
5Y CAGR: +38.9%
Shareholders Equity
$113M
-43.8% ▼
5Y CAGR: -27.0%
Cash & Investments
$106M
+1.0% ▲
5Y CAGR: +21.4%
Total Debt
$2.2B
+0.6% ▲
5Y CAGR: +54.8%
Net Debt
$2.1B
+0.6% ▲
Assets vs Liabilities & Equity
Year-over-Year Growth
View Full Balance Sheet
| Line Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| — Assets — | |||||
| Cash | $37M | $46M | $122M | $105M | $106M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 |
| Cash & ST Investments | $37M | $46M | $122M | $105M | $106M |
| Net Receivables | $216M | $188M | $159M | $322M | $350M |
| Inventory | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $7M | $45M | $41M | $16M | $65M |
| Total Current Assets | $283M | $304M | $347M | $472M | $521M |
| Property, Plant & Equip. | $367M | $377M | $370M | $736M | $710M |
| Goodwill & Intangibles | $421M | $374M | $413M | $1.5B | $1.4B |
| Long-Term Investments | $0 | $0 | $1.8B | $0 | $0 |
| Other Non-Current Assets | $46M | $153M | $59M | $72M | $84M |
| Total Non-Current Assets | $835M | $904M | $2.6B | $2.3B | $2.2B |
| Total Assets | $1.1B | $1.2B | $3.0B | $2.8B | $2.7B |
| — Liabilities — | |||||
| Accounts Payable | $45M | $50M | $45M | $106M | $122M |
| Short-Term Debt | $6M | $9M | $13M | $0 | $0 |
| Deferred Revenue | $0 | $0 | $0 | $10M | $13M |
| Other Current Liabilities | $5M | $17M | $88M | $0 | $0 |
| Total Current Liabilities | $165M | $169M | $237M | $384M | $428M |
| Long-Term Debt | $155M | $107M | $1.8B | $1.7B | $1.7B |
| Other Non-Current Liab. | $50M | $65M | $47M | $62M | $65M |
| Total Non-Current Liabilities | $359M | $331M | $2.0B | $2.1B | $2.2B |
| Total Liabilities | $524M | $501M | $2.2B | $2.5B | $2.6B |
| — Equity — | |||||
| Common Stock | $270K | $265K | $257K | $298K | $313K |
| Retained Earnings | $335M | $436M | $480M | -$338M | -$447M |
| Accumulated OCI | $0 | $0 | $0 | -$3M | $580K |
| Total Stockholders Equity | $594M | $707M | $764M | $202M | $113M |
| Total Liabilities & Equity | $1.1B | $1.2B | $3.0B | $2.8B | $2.7B |
| — Key Metrics — | |||||
| Total Debt | $320M | $267M | $1.9B | $2.1B | $2.2B |
| Net Debt | $283M | $221M | $1.8B | $2.0B | $2.1B |
| Total Investments | $0 | $0 | $1.8B | $0 | $0 |