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%)
Weekly Expected Move ±6.6%
$13
$14
$15
$16
$17
Credit Risk of going bust: higher than 94% of companies Debt: 80.5% 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 $511.4M.
Distance to default 1.01 (Merton model): prices to 2026-10-27, balance sheet 2026-06-30, debt counted $846.7M (short-term plus half of long-term), stock volatility 91.6%; 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 $511.4M.
Distance to default 1.01 (Merton model): prices to 2026-10-27, balance sheet 2026-06-30, debt counted $846.7M (short-term plus half of long-term), stock volatility 91.6%; 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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Revenue by Segment (5-Year Trend)
Income Trends
Revenue
$2.5B
+0.8% ▲
5Y CAGR: +14.5%
Gross Profit
$511M
+50.4% ▲
5Y CAGR: +17.4%
Operating Income
$36M
+103.4% ▲
5Y CAGR: -13.2%
Net Income
-$108M
+86.8% ▲
EPS (Diluted)
$-3.48
+88.3% ▲
EBITDA
$186M
+120.3% ▲
5Y CAGR: +10.9%
Profit Margins
Year-over-Year Growth
View Full Income Statement
| Line Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | $1.4B | $1.7B | $1.4B | $2.5B | $2.5B |
| YoY Growth | +30.9% | +18.7% | -30.5% | +80.5% | +0.8% |
| Cost of Revenue | $1.1B | $1.2B | $1.0B | $2.1B | $2.0B |
| Gross Profit | $314M | $492M | $330M | $340M | $511M |
| Gross Margin | 22.6% | 29.3% | 24.1% | 13.7% | 20.5% |
| R&D Expenses | $0 | $0 | $0 | $0 | $0 |
| SG&A Expenses | $39M | $47M | $50M | $65M | $0 |
| Operating Expenses | $167M | $244M | $242M | $1.4B | $475M |
| Operating Income | $147M | $248M | $88M | -$1.1B | $36M |
| Operating Margin | 10.6% | 14.7% | 6.4% | -43.0% | 1.5% |
| Interest Expense | $4M | $5M | $32M | $189M | $181M |
| Income Before Tax | $143M | $242M | $57M | -$1.2B | -$147M |
| Tax Expense | $36M | $63M | $14M | -$125M | -$5M |
| Net Income | $106M | $193M | $167M | -$817M | -$108M |
| Net Margin | 7.6% | 11.5% | 12.2% | -33.0% | -4.3% |
| EPS (Diluted) | $3.85 | $7.14 | $0.43 | $-29.66 | $-3.48 |
| EBITDA | $182M | $290M | $146M | -$917M | $186M |
| Shares Outstanding | 27M | 27M | 26M | 28M | 31M |