Home 
Today's Top Picks 
Top Performers 
Watchlist 
My Robo Portfolios 
ETF Zone 
How It Works 
News - Chart
- Upturn Summary
- Highlights
- Revenue
- Valuation
Upturn AI Summary - About
Forward Air Corporation(FWRD)
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for FWRD
11/02/2026: FWRD (1-star) has a low Upturn Star Rating. Not recommended to BUY.
Forward Air Corporation is a publicly traded logistics company specializing in time-definite, expedited ground transportation and premium freight services. The company is recognized for its asset-light model and historically strong record of handling high-value freight with minimal damage. Its current primary growth story centers on realizing synergies following the large-scale acquisition of Omni Logistics to broaden its market reach. However, the company faces significant execution risks, including the challenge of integrating complex operations amid a cyclical freight environment. Investors should monitor progress on margin recovery and debt management, as the stock may suit those willing to navigate high volatility for potential turnaround gains.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
Company fundamentals, valuation, risks, and news provide supporting context about the business.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Mixed fit | The company is currently in a restructuring and integration phase, making growth trajectories less predictable. |
| Momentum investor | Weak fit | Recent volatility and integration challenges have clouded short-term momentum signals. |
| Value investor | Mixed fit | The stock may present value opportunities if the current integration successfully drives margin expansion. |
| Dividend investor | Mixed fit | While dividends are paid, the primary focus is currently on capital deployment for corporate integration. |
| Low-risk investor | Weak fit | High sensitivity to macroeconomic cycles and integration risks create significant volatility for low-risk profiles. |
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Price volatility | High | The stock is highly sensitive to freight volume cycles and news regarding operational integration. |
| Valuation risk | Medium | Market expectations for synergy realization create potential for valuation adjustments. |
| Competition risk (logistics) | High | Large, well-capitalized competitors pose a constant threat to market share in the LTL space. |
| Business quality | Medium | The business model is solid but currently undergoing significant transformational pressure. |
| Dividend income | Medium | Dividends are subject to the company's capital allocation priorities during the integration phase. |
| Execution risk | High | Successfully integrating large acquisitions like Omni is critical to long-term financial performance. |
Price Behavior
Steep Decline
The stock price has dropped sharply with strong downward pressure.
Extreme Price Shocks
The stock has experienced exceptionally large and disruptive price movements during the period.
Analysis of Past Performance
Type Stock | Historic Profit 27.43% | Avg. Invested days 34 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Advisory Rating  | Upturn Advisory Performance  3.0 | Stock Returns Performance  3.0 |
| Profits based on simulation | Last Close 11/02/2026 |
Upturn Scorecard
Upturn Star Rating 
Company Fundamentals
Financial Health Rating
Growth Momentum Score
Ownership
Top 5 Institutional Investors
Unit Economics (Per $1K Revenue)
Economic Dimensions
Quantitative Style Profile
Style Classification
Quality Focused
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 595.22M USD | Price to earnings Ratio - | 1Y Target Price 26 |
Price to earnings Ratio - | 1Y Target Price 26 | ||
Volume (30-day avg) 414.4K shares | Beta 1.41 | 52 Weeks Range 7.86 - 31.18 | Updated Date 11/01/2026 |
52 Weeks Range 7.86 - 31.18 | Updated Date 11/01/2026 | ||
Dividends yield (FY) - | Basic EPS (TTM) -8.92 |
How Company Makes Money
| Business area | What it includes | Retail investor read |
|---|---|---|
| Expedited Freight | Air freight forwarding and ground transportation services. | The primary core of the business focused on moving high-priority goods. |
| Intermodal & Final Mile | Container transport and last-step delivery to end consumers. | Service areas that extend the company's reach into local delivery markets. |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date 2026-11-09 | When After Market | Estimate 0.2 | Actual - |
Profitability
Profit Margin -11.37% | Operating Margin (TTM) 6.34% |
Management Effectiveness
Return on Assets (TTM) 3.06% | Return on Equity (TTM) -735.72% |
Valuation
Trailing PE - | Forward PE 19.92 | Enterprise Value 2.57B | Price to Sales(TTM) 0.24 |
Enterprise Value 2.57B | Price to Sales(TTM) 0.24 | ||
Enterprise Value to Revenue 1.02 | Enterprise Value to EBITDA 13.24 | Shares Outstanding 33.78M | Shares Floating 27.31M |
Shares Outstanding 33.78M | Shares Floating 27.31M | ||
Percent Insiders 1.86 | Percent Institutions 97.66 |
Financial Metrics
🧭 Investment Snapshot
Total Revenue (Scale)
Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.
Net Income (Profit)
Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.
Free Cash Flow (Cash Strength)
Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.
📈 Growth & Strength
Operating Income (Core Profit)
Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.
EBITDA (Cash Earnings)
Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.
Gross Profit (Unit Profitability)
Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.
🛡️ Financial Safety
Cash (Liquidity Buffer)
Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.
Total Debt (Leverage Risk)
Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.
Net Working Capital (Short-Term Health)
Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.
🧱 Balance Sheet Strength
Stockholder Equity (Net Worth)
Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.
Total Assets (Asset Base)
The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.
Income Before Tax (Pre-Tax Earnings)
Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.
⚙️ Cost & Drag Factors
Cost of Revenue (Production Cost)
Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.
Total Operating Expenses (Operating Cost)
Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.
Income Tax Expense (Tax Drag)
Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.
Note: This website is maintained by Upturn Corporation, which is an investment adviser registered with the U.S. Securities and Exchange Commission. Such registration does not imply a certain level of skill or training. Investing in securities has risks. Past performance is no guarantee of future returns. No assurance is provided as to any particular investment return, and you may lose money using our services. You are strongly advised to consult appropriate counsel before making any investments in companies you learn about through our services. You should obtain appropriate legal, tax, investment, accounting, and other advice that takes into account your investment portfolio and overall financial situation. You are solely responsible for conducting due diligence on a potential investment. We do not affect trades for you. You will select your own broker through which to transact. Investments are not FDIC insured, they are not guaranteed, and they may lose value. Please see the Privacy Policy, Terms of Use, and Disclosure for more information.
All company names, trademarks, logos, and brands are the property of their respective owners and are used for identification and informational purposes only. Use of these names, trademarks, and logos does not imply endorsement by their respective owners.