FORWARD AIR CORP
Company Stats
- Market Cap
- $515.2M
- as of Sep 30, 2026
- Shares Outstanding
- 33.8M
- Free Float
- 64.5%
Income Statement
- Revenue
- $2.5B
- Operating Income
- $36.4M
- Net Income
- -$107.8M
- EBITDA
- $189.1M
- Revenue Growth, 3Y
- 14.1%
- FCF Margin, 3Y Avg
- 2.9%
- FCF Margin, Worst Year
- -4.3%
Cash Flow
- Free Cash Flow
- $15.3M
- FCF Yield
- 3.0%
- Owner FCF Yield
- 0.4%
Balance Sheet
- Cash & Equivalents
- $106.0M
Returns & Capital
- Buyback Yield, 3Y Avg
- 6.1%
- SBC, 3Y Avg
- $11.7M
Cash Flow by Year
| Year | Revenue | FCF | Margin |
|---|---|---|---|
| FY2025 | $2.5B | $15.3M | 0.6% |
| FY2024 | $2.5B | -$106.1M | -4.3% |
| FY2023 | $1.4B | $168.5M | 12.3% |
| FY2022 | $1.7B | $210.9M | 12.6% |
| FY2021 | $1.4B | $82.2M | 5.9% |
Annual filing data through FY ended December 31, 2025; shares and float as of October 25, 2026. Yields and enterprise value use the calculated market cap above, at its as-of date. Ratios are our calculations from reported figures.
Freight and Logistics Cycle: Tighter Capacity, Uneven Demand
Stronger demand supports expansion as pricing diverges