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FWRD 
Forward Air Corporation (FWRD)
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Upturn Advisory Summary
12/05/2025: FWRD (2-star) has a low Upturn Star Rating. Not recommended to BUY.
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 65.73% | Avg. Invested days 30 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating | Upturn Advisory Performance  3.0 | Stock Returns Performance  3.0 |
| Profits based on simulation | Last Close 12/05/2025 |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 809.33M USD | Price to earnings Ratio - | 1Y Target Price 34 |
Price to earnings Ratio - | 1Y Target Price 34 | ||
Volume (30-day avg) 6 | Beta 1.37 | 52 Weeks Range 9.79 - 35.47 | Updated Date 12/7/2025 |
52 Weeks Range 9.79 - 35.47 | Updated Date 12/7/2025 | ||
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 -4.64% | Operating Margin (TTM) 3.3% |
Management Effectiveness
Return on Assets (TTM) 1.54% | Return on Equity (TTM) -52.85% |
Valuation
Trailing PE - | Forward PE - | Enterprise Value 2825248260 | Price to Sales(TTM) 0.32 |
Enterprise Value 2825248260 | Price to Sales(TTM) 0.32 | ||
Enterprise Value to Revenue 1.13 | Enterprise Value to EBITDA 10.73 | Shares Outstanding 31248234 | Shares Floating 22160310 |
Shares Outstanding 31248234 | Shares Floating 22160310 | ||
Percent Insiders 1.99 | Percent Institutions 110.27 |
Upturn AI SWOT
Forward Air Corporation
Company Overview
History and Background
Forward Air Corporation was founded in 1991 and has evolved into a leading less-than-truckload (LTL) carrier focusing on expedited, regional, and intermodal freight. Key milestones include its IPO in 1998, expansion into temperature-controlled services, and strategic acquisitions to broaden its service offerings and geographic reach. The company has consistently focused on premium, time-sensitive freight.
Core Business Areas
- Expedited Freight: Provides direct, expedited, less-than-truckload (LTL) services primarily in the Eastern United States. This segment targets time-sensitive shipments requiring fast and reliable delivery, often serving industries with just-in-time inventory needs.
- Intermodal: Offers intermodal drayage services, transporting containers between ports, rail yards, and customer facilities. This segment leverages partnerships with steamship lines and railroads to provide efficient, multi-modal transportation solutions.
- Temperature-Controlled: Delivers refrigerated and temperature-controlled LTL services, catering to industries like pharmaceuticals and food & beverage that require specific temperature ranges during transit.
- Pool Distribution: Provides services to retailers, consolidating shipments from various manufacturers and distributing them to multiple store locations within a specific region.
Leadership and Structure
Forward Air Corporation is led by a senior management team, including a Chief Executive Officer, Chief Financial Officer, and heads of various operational divisions. The company operates with a hierarchical structure, with regional management overseeing operations in their respective territories.
Top Products and Market Share
Key Offerings
- Expedited LTL: This is Forward Air's flagship service, offering fast, reliable LTL transportation. The company emphasizes its network efficiency and commitment to on-time delivery. Competitors include XPO Logistics (Expedited Services), Saia LTL Freight (Expedited options), and regional expedited carriers.
- Intermodal Drayage: Forward Air's intermodal services are crucial for connecting various transportation modes. Competitors include Hub Group, J.B. Hunt Transport Services, and many smaller drayage providers.
- Temperature-Controlled LTL: This specialized service addresses a growing demand for specialized freight handling. Competitors include Averitt Express, YRC Freight (now Yellow), and other LTL carriers with temperature-controlled capabilities.
Market Dynamics
Industry Overview
The LTL freight industry is highly competitive and cyclical, influenced by economic conditions, fuel prices, and demand for goods. The expedited and temperature-controlled segments offer higher margins but require specialized infrastructure and operational excellence. E-commerce growth continues to drive demand for efficient logistics solutions.
Positioning
Forward Air differentiates itself through its focus on premium, time-sensitive freight, offering a higher level of service and reliability compared to traditional LTL carriers. Its extensive network and commitment to technology allow for efficient operations and customer visibility. Its competitive advantage lies in its specialized handling of expedited and temperature-controlled freight, commanding premium pricing.
Total Addressable Market (TAM)
The LTL market in the US is substantial, estimated to be in the tens of billions of dollars annually. Forward Air operates within specialized niches of this market, particularly expedited and temperature-controlled LTL, which represent a significant portion of the overall freight spend. The company is well-positioned within its chosen premium segments, aiming to capture a larger share through service excellence and network expansion.
Upturn SWOT Analysis
Strengths
- Strong brand reputation for reliability and on-time performance in expedited freight.
- Extensive network of terminals and owned assets.
- Focus on premium, high-margin service offerings.
- Experienced management team with deep industry knowledge.
- Strong customer relationships in key industries.
Weaknesses
- Susceptible to economic downturns impacting freight volumes.
- High operating costs associated with expedited services (e.g., higher driver pay, dedicated equipment).
- Dependence on a limited number of large customers for a significant portion of revenue.
- Potential for labor shortages and rising wages in the trucking industry.
Opportunities
- Expansion of temperature-controlled services to meet growing demand.
- Further penetration into intermodal and specialized logistics markets.
- Leveraging technology for improved efficiency, tracking, and customer experience.
- Acquisition of smaller, complementary logistics companies.
- Growth in e-commerce driving demand for expedited delivery solutions.
Threats
- Intensifying competition from larger LTL carriers and new market entrants.
- Rising fuel costs and regulatory changes impacting transportation.
- Economic recession leading to reduced freight volumes.
- Disruptions in supply chains or port congestion impacting intermodal operations.
- Cybersecurity threats targeting logistics networks.
Competitors and Market Share
Key Competitors
- XPO Logistics (XPO)
- Saia, Inc. (SAIA)
- Old Dominion Freight Line, Inc. (ODFL)
- Knight-Swift Transportation Holdings Inc. (KNX)
Competitive Landscape
Forward Air competes in a fragmented market but differentiates itself by focusing on premium, time-sensitive freight segments. Its advantages lie in its specialized operational capabilities and customer service for expedited and temperature-controlled needs. However, it faces competition from larger, more diversified carriers that can offer a wider range of services and potentially leverage greater economies of scale.
Growth Trajectory and Initiatives
Historical Growth: Forward Air has experienced steady historical growth, driven by its strategic focus on expedited and temperature-controlled freight. This has allowed the company to outpace the broader LTL market in terms of revenue and profitability growth. Expansion of its network and service capabilities has been a key driver.
Future Projections: Analyst estimates for Forward Air's future growth typically focus on continued expansion in its core markets, potential new service introductions, and market share gains. Projections are usually presented as year-over-year percentage increases in revenue and earnings. Specific growth rates would be included here.
Recent Initiatives: Recent initiatives may include investments in new technology for enhanced tracking and efficiency, expansion of terminal networks, acquisitions to broaden service capabilities, and efforts to improve driver retention and recruitment.
Summary
Forward Air Corporation is a strong player in the expedited and temperature-controlled LTL market, leveraging its premium service offerings for higher margins. Its consistent historical growth and focus on specialized freight are working well. However, it must remain vigilant against increasing competition, potential economic downturns impacting freight volumes, and rising operating costs within the logistics sector.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Company Financial Reports (10-K, 10-Q)
- Industry Analyst Reports
- Financial News Outlets
- Market Data Providers
Disclaimers:
This JSON output is a structured analysis based on publicly available information and general industry knowledge. It is not intended as investment advice. Financial data and market share figures are approximations and may vary based on the specific reporting period and methodology. Users should conduct their own due diligence before making any investment decisions.
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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