Forward Air Corporation (FWRD)

From the record

Forward Air Corporation's filings since 2017 show 5 warning events of 3 kinds: a notice about its exchange listing (8-K item 3.01, the latest 2024-01-31); an auditor change (8-K item 4.01, the latest 2025-03-27); a late-report notice (Form NT 10-K or NT 10-Q, 3 times, the latest 2025-03-18) (its current reports).

From the record

Forward Air Corporation's 7 filed years say what it did: revenue went from $1.2 billion in fiscal 2019 to $2.5 billion in fiscal 2025, up 12.7% a year; it rose in 5 of 6 years; the deepest fall was 18% from fiscal 2022 to fiscal 2023; net income was positive in 5 of 7 of those years (its annual reports).

From the record

Over the 3 fiscal years to 2025-12-31, Forward Air Corporation's diluted share count grew about 4.5% a year, and dividends and buybacks returned about 68% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 0 sales and 0 purchases of their own stock on the open market in the year to 2026-09-30 (their Form 4 filings).

From the record

Return on equity: in the fiscal year ended 2025-12-31, Forward Air Corporation lost about 95 cents for every dollar of shareholders' money. Leverage: it owed about 96 cents per dollar of assets, and net share issuance: its share count grew 11.5% over the year (the filed statements).

From the record

Forward Air Corporation's standing among 17 graded names in its industry family: revenue of $2.5 billion in fiscal 2025 ranks in the top 30% by size; a net margin of -4.3% ranks in the top 44%; revenue growth of 14.1% a year over the last 3 filed years ranks in the top 9% (its annual reports).

From the record

Forward Air Corporation's leadership, from its insiders' filings and its current reports: the chief executive on the record is Stewart, Shawn (Chief Executive Officer, as filed), filing under that title since 2024-05-01, 2.5 years (bottom 36% of its family); the 18 officers and directors filing in the last fifteen months have been on the record a median of 1.6 years (bottom 21%); 17 officer or director changes were reported on Form 8-K since 2023-11-13, against the 18 people in charge now (bottom 28%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

From the record

Forward Air Corporation's room to grow, from the newest filed statements (fiscal 2025): cash of $106 million against debt of $1.7 billion leaves -58.2% of its assets as net cash, bottom 3% of its family; cash from operations less capital spending is 0.6% of revenue (top 38%) (its annual report).

From the record

Forward Air Corporation's growth drivers, from the filed years to fiscal 2025: revenue grew 14.1% a year over the last three filed years against 12.7% over all 7, speeding up (top 3% of its family); the newest year grew 0.8% (top 44%); capital spending grew -9.5% a year (top 38%) (its annual reports). Forward Air Corporation reported 3 lines of business in fiscal 2025: Omni Logistics at $1.4 billion (54%), Expedited Freight at $915 million (37%), Intermodal at $229 million (9%); 1 of 3 grew against the year before (its annual report).

From the record

Forward Air Corporation's newest year against its own record: revenue of $2.5 billion in fiscal 2025 came in 16.9% below the $3.0 billion its prior three years' pace pointed to (bottom 10% of its family); net income of $108 million against a prior three-year average of $152 million (top 23%); a net margin of -4.3% against -3.1% before (top 43%) (its annual reports).