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FWRD 
Forward Air Corporation (FWRD)
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Upturn Advisory Summary
11/05/2025: FWRD (2-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Below Average Performance
These Stocks/ETFs, based on Upturn Advisory, often underperform the market, warranting careful consideration before investing.
Number of Analysts
6 Analysts rated it
Limited analyst coverage, niche firm, research info may be scarce.
1 Year Target Price $34
1 Year Target Price $34
| 2 | Strong Buy |
| 0 | Buy |
| 4 | Hold |
| 0 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 61.25% | Avg. Invested days 36 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  3.0 | Stock Returns Performance  3.0 |
| Profits based on simulation | Last Close 11/05/2025 |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 653.09M USD | Price to earnings Ratio - | 1Y Target Price 34 |
Price to earnings Ratio - | 1Y Target Price 34 | ||
Volume (30-day avg) 6 | Beta 1.39 | 52 Weeks Range 9.79 - 37.23 | Updated Date 11/6/2025 |
52 Weeks Range 9.79 - 37.23 | Updated Date 11/6/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) -4.05 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin -6.86% | Operating Margin (TTM) 3.16% |
Management Effectiveness
Return on Assets (TTM) 1.89% | Return on Equity (TTM) -52.07% |
Valuation
Trailing PE - | Forward PE - | Enterprise Value 2803660362 | Price to Sales(TTM) 0.26 |
Enterprise Value 2803660362 | Price to Sales(TTM) 0.26 | ||
Enterprise Value to Revenue 1.11 | Enterprise Value to EBITDA 11.22 | Shares Outstanding 31248234 | Shares Floating 21550326 |
Shares Outstanding 31248234 | Shares Floating 21550326 | ||
Percent Insiders 2.02 | Percent Institutions 109.28 |
Upturn AI SWOT
Forward Air Corporation
Company Overview
History and Background
Forward Air Corporation was founded in 1981. Initially focused on providing expedited regional trucking services, it expanded into air freight and other logistics services through organic growth and acquisitions, becoming a leading provider of time-definite transportation and logistics services.
Core Business Areas
- Expedited Freight: Provides time-definite, less-than-truckload (LTL) transportation services for high-value goods.
- Intermodal: Offers intermodal transportation services, combining truck and rail for cost-effective and environmentally friendly shipping solutions.
- Truckload: Provides truckload transportation services, handling full truckload shipments for various industries.
- Final Mile: Specializes in last-mile delivery services, focusing on delivering heavy or oversized items to residential and commercial customers.
Leadership and Structure
The company's leadership team consists of the Chief Executive Officer (CEO), Chief Financial Officer (CFO), and other key executives. The organizational structure is divided into business units based on service offerings, with support functions such as finance, human resources, and technology providing centralized services.
Top Products and Market Share
Key Offerings
- Expedited LTL: This is the core service offering, focusing on time-sensitive transportation. Competitors include XPO (XPO), Old Dominion Freight Line (ODFL) and ArcBest (ARCB). Forward Air's revenue from this area is significant, contributing a large share to the total. Market share data is not publicly available.
- Final Mile Delivery: Specializes in delivering heavy and bulky items to homes and businesses. Competitors include FedEx (FDX), UPS (UPS), and various regional delivery services. Revenue from final mile delivery continues to increase. Precise market share data is not publicly available.
Market Dynamics
Industry Overview
The transportation and logistics industry is characterized by intense competition, technological advancements, and fluctuating fuel prices. Demand is driven by economic activity, e-commerce growth, and global trade.
Positioning
Forward Air Corporation occupies a niche position focusing on time-definite and specialized transportation services. Its competitive advantages include its network of independent contractors, focus on high-value goods, and expertise in expedited LTL.
Total Addressable Market (TAM)
The total addressable market (TAM) for transportation and logistics is estimated to be in the trillions of dollars globally. Forward Air Corporation is positioned to capture a portion of this market through its specialized service offerings, with estimates varying depending on the specific segments. Specific TAM estimates for Forward Air are unavailable, but estimates for final mile and LTL are multi billion.
Upturn SWOT Analysis
Strengths
- Strong focus on time-definite services
- Extensive network of independent contractors
- Expertise in handling high-value goods
- Established brand reputation
Weaknesses
- Reliance on independent contractors
- Exposure to economic cycles
- Integration challenges from acquisitions
- High capital requirements
Opportunities
- Expanding e-commerce market
- Growing demand for specialized transportation services
- Technological advancements in logistics
- Strategic acquisitions
Threats
- Intense competition
- Fluctuating fuel prices
- Economic downturns
- Regulatory changes
Competitors and Market Share
Key Competitors
- XPO
- ODFL
- ARCB
- SAIA
Competitive Landscape
Forward Air differentiates itself through its focus on time-definite transportation and high-value goods. Compared to larger competitors, it offers specialized expertise and a more tailored service approach, but it may lack the scale and resources of larger players.
Major Acquisitions
Omni Logistics
- Year: 2023
- Acquisition Price (USD millions): 2100
- Strategic Rationale: Expanded Forward Air's global reach, strengthened capabilities in ocean freight forwarding, and broadened customer base.
Growth Trajectory and Initiatives
Historical Growth: Forward Air Corporation has demonstrated growth through organic expansion and strategic acquisitions. Revenue growth has been driven by increased demand for expedited transportation services and expansion into new markets.
Future Projections: Future growth is expected to be driven by continued expansion in e-commerce logistics, increasing demand for specialized transportation services, and strategic acquisitions. Analyst estimates vary, but generally project continued revenue and earnings growth.
Recent Initiatives: Recent initiatives include investments in technology, expansion of the final mile delivery network, and strategic acquisitions to enhance service offerings and market reach.
Summary
Forward Air is a player in the expedited freight and logistics market with a focus on time-definite and specialized services. It has grown through acquisitions and organic expansion, but faces risks related to economic cycles, competition, and integration challenges. The company's future growth depends on its ability to capitalize on e-commerce growth, leverage technology, and manage its network of independent contractors effectively. Recent acquisitions such as Omni Logistics aim to expand its service portfolio and global reach. They need to focus on balancing their long term debt as well.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Company SEC Filings
- Analyst Reports
- Industry Reports
Disclaimers:
The information provided is for informational purposes only and should not be considered financial advice. Market share data are estimates and may not be precise.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Forward Air Corporation
Exchange NASDAQ | Headquaters Greeneville, TN, United States | ||
IPO Launch date 1993-11-16 | President, CEO & Director Mr. Shawn Stewart | ||
Sector Industrials | Industry Integrated Freight & Logistics | Full time employees 6319 | Website https://www.forwardair.com/about |
Full time employees 6319 | Website https://www.forwardair.com/about | ||
Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States, Mexico, Europe, Asia, and Canada. It operates through three segments: Expedited Freight, Omni Logistics, and Intermodal. The Expedited Freight segment provides expedited regional, inter-regional, and national less-than-truckload services; local pick-up and delivery services; and other services, which include shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling. This segment offers expedited truckload brokerage, dedicated fleet, and high security and temperature-controlled logistics services. Its Omni Logistics segment offers full suite of global logistics services, such as air and ocean freight consolidation and forwarding, customs brokerage, warehousing and distribution, time-definite transportation services, and other supply chain solutions. The Intermodal segment provides intermodal container drayage services; and contract and container freight station warehouse and handling services. It serves freight forwarders, third-party logistics companies, integrated air cargo carriers and passenger, passenger and cargo airlines, steamship lines, and retailers. Forward Air Corporation was founded in 1981 and is headquartered in Greeneville, Tennessee.
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