FORWARD AIR CORP
FWRD · Arrangement of Transportation of Freight & Cargo · 31.6M shares · -2%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $82M (gross $94M, SBC $11M)
Reference price $22.38 · est. market cap ~$708M — last insider sale, 2025-11-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D50Asset-light freight provider weighed down by extreme post-Omni leverage, net losses, customer concentration and a strategic-review/potential-sale process.
Strengths
- Broadened service suite (ground, air/ocean, intermodal) post-Omni with deep customer relationships
- Modest revenue growth (+0.8%) and positive operating margin (1.5%)
Risks
- Debt-to-equity 14.9 (98.5th pct) — distress-adjacent leverage with deleveraging targets unmet
- Net margin -4.3%, ROE -95%, net income down 87% (16th pct)
- Up-C structure, Tax Receivable Agreement obligations and customer concentration
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- High leverageHigh leverage (debt/equity 14.89)
- Net lossNet loss (net margin -4.3%)
- Material weakness• If we identify material weaknesses in the future or otherwise fail to maintain an effective system of internal controls, we may not be able to accurately or timely report our financial condition or
- Buying back stockNet buyback — share count -2%/yr over 4y
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
1.5%
Net margin
-4.3%
Return on equity
-95.1%
Return on assets
-4.0%
ROIC
1.6%
Revenue growth (QoQ)
-7.8%
Debt / equity
14.9×
Net debt / EBITDA
8.4×
Current ratio
1.2×
EBITDA
$189M
Tangible book value
-$1.3B
Cash & investments
$106M
Stock comp / revenue
0.5%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-18 | Svindland Paul C. | Grant | 9.5K | — |
| 2026-06-18 | Boyles Dale W | Grant | 9.5K | — |
| 2026-06-18 | Gorjanc Christine Marie | Grant | 9.5K | — |
| 2026-04-29 | Stewart Shawn | Tax withheld | 4.1K | $21.51 |
| 2026-03-16 | Pierson Jamie G. | Grant | 5.7K | — |
| 2026-03-16 | Stewart Shawn | Grant | 19K | — |
| 2026-03-15 | Hance Michael L | Tax withheld | 4.9K | $16.05 |
| 2026-03-15 | OSBORNE TIMOTHY R | Tax withheld | 2.1K | $16.05 |
| 2026-03-15 | OSBORNE TIMOTHY R | Tax withheld | 483 | $16.05 |
| 2026-03-15 | Hance Michael L | Tax withheld | 869 | $16.05 |
| 2026-02-19 | Smith Douglas James | Grant | 5.8K | — |
| 2026-02-19 | Smith Douglas James | Tax withheld | 516 | $27.78 |
| 2026-02-19 | HERREN JESSICA L | Grant | 5.0K | — |
| 2026-02-19 | HERREN JESSICA L | Tax withheld | 436 | $27.78 |
| 2026-02-19 | LORRAIN Jerome Jean-Pierre | Grant | 11K | — |
| 2026-02-19 | Faught James R. | Grant | 2.3K | — |
| 2026-02-19 | Faught James R. | Tax withheld | 362 | $27.78 |
| 2026-02-19 | Hance Michael L | Tax withheld | 946 | $27.78 |
| 2026-02-19 | Stewart Shawn | Grant | 43K | — |
| 2026-02-19 | Stewart Shawn | Tax withheld | 3.2K | $27.78 |
| 2026-02-19 | Pierson Jamie G. | Grant | 21K | — |
| 2026-02-19 | Pierson Jamie G. | Tax withheld | 1.7K | $27.78 |
| 2026-02-19 | Hance Michael L | Grant | 11K | — |
| 2026-02-19 | Brandt Eric Frederick | Grant | 9.0K | — |
| 2026-02-19 | Brandt Eric Frederick | Tax withheld | 1.1K | $27.78 |
| 2026-02-19 | OSBORNE TIMOTHY R | Grant | 5.8K | — |
| 2026-02-19 | OSBORNE TIMOTHY R | Tax withheld | 513 | $27.78 |
| 2026-02-09 | Hance Michael L | Tax withheld | 225 | $30.23 |
| 2026-02-09 | OSBORNE TIMOTHY R | Tax withheld | 111 | $30.23 |
| 2025-12-12 | Smith Douglas James | Tax withheld | 243 | $25.47 |
| 2025-11-18 | HERREN JESSICA L | Tax withheld | 148 | $21.05 |
| 2025-11-12 | Cetus Capital VI, L.P. | Sell | 10K | $22.38 |
| 2025-11-11 | Cetus Capital VI, L.P. | Sell | 67K | $21.71 |
| 2025-11-10 | Cetus Capital VI, L.P. | Sell | 30K | $22.66 |
| 2025-11-10 | Cetus Capital VI, L.P. | Sell | 90K | $21.55 |
| 2025-11-06 | Cetus Capital VI, L.P. | Sell | 284 | $22.39 |
| 2025-11-06 | Cetus Capital VI, L.P. | Sell | 75K | $21.85 |
| 2025-10-20 | Cetus Capital VI, L.P. | Buy | 215K | $17.89 |
| 2025-10-20 | Cetus Capital VI, L.P. | Buy | 10K | $18.86 |
| 2025-10-14 | Cetus Capital VI, L.P. | Sell | 30K | $21.42 |
| 2025-07-11 | LORRAIN Jerome Jean-Pierre | Grant | 7.3K | — |
| 2025-06-28 | Faught James R. | Tax withheld | 308 | — |
| 2025-06-13 | ANDERSON CHARLES LEONARD | Grant | 7.0K | — |
| 2025-06-13 | ANDERSON CHARLES LEONARD | Grant | 6.4K | — |
| 2025-06-13 | ANDERSON CHARLES LEONARD | Grant | 7.0K | — |
| 2025-06-13 | Edwards Robert Leon Jr | Grant | 7.0K | — |
| 2025-06-13 | Svindland Paul C. | Grant | 6.4K | — |
| 2025-06-13 | HODGE MICHAEL B | Grant | 6.4K | — |
| 2025-06-13 | HODGE MICHAEL B | Grant | 7.0K | — |
| 2025-06-13 | Gorjanc Christine Marie | Grant | 6.4K | — |
| 2025-06-13 | Boyles Dale W | Grant | 6.4K | — |
| 2025-06-13 | Edwards Robert Leon Jr | Grant | 6.4K | — |
| 2025-06-13 | Edwards Robert Leon Jr | Grant | 7.0K | — |
| 2025-06-13 | Edwards Robert Leon Jr | Grant | 6.4K | — |
| 2025-06-13 | ANDERSON CHARLES LEONARD | Grant | 6.4K | — |
| 2025-05-06 | HODGE MICHAEL B | Grant | 70K | — |
| 2025-03-15 | TOMASELLO JOSEPH MICHAEL | Tax withheld | 678 | — |
| 2025-03-15 | Hance Michael L | Tax withheld | 940 | — |
| 2025-02-19 | Smith Douglas James | Grant | 5.2K | — |
| 2025-02-19 | Faught James R. | Grant | 3.1K | — |
| 2025-02-19 | Hance Michael L | Grant | 9.6K | — |
| 2025-02-19 | Brandt Eric Frederick | Grant | 8.0K | — |
| 2025-02-19 | TOMASELLO JOSEPH MICHAEL | Grant | 5.2K | — |
| 2025-02-19 | Stewart Shawn | Grant | 39K | — |
| 2025-02-19 | Pierson Jamie G. | Grant | 18K | — |
| 2025-02-08 | TOMASELLO JOSEPH MICHAEL | Tax withheld | 151 | — |
| 2025-02-08 | Hance Michael L | Tax withheld | 244 | — |
| 2025-02-07 | TOMASELLO JOSEPH MICHAEL | Tax withheld | 139 | — |
| 2025-02-07 | Hance Michael L | Tax withheld | 225 | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-17 | Shareholder voteExhibits | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-04-29 | Exec/director change | filing ↗ |
| 2026-02-23 | ResultsExhibits | filing ↗ |
| 2025-11-05 | ResultsExhibits | filing ↗ |
| 2025-10-15 | Exec/director change | filing ↗ |
| 2025-09-02 | Exec/director changeExhibits | filing ↗ |
| 2025-08-11 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-17 | 2026-06-17 | 0001628280-26-043864 ↗ |
| 10-Q | 2026-05-11 | 2026-03-31 | 0001628280-26-033501 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001628280-26-032056 ↗ |
| 8-K | 2026-04-29 | 2026-04-24 | 0001104659-26-051629 ↗ |
| 10-K | 2026-03-11 | 2025-12-31 | 0001628280-26-016793 ↗ |
| 8-K | 2026-02-23 | 2026-02-23 | 0001628280-26-010569 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001628280-25-049525 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001628280-25-049509 ↗ |
| 8-K | 2025-10-15 | 2025-10-10 | 0001628280-25-045052 ↗ |
| 8-K | 2025-09-02 | 2025-08-29 | 0000912728-25-000005 ↗ |
| 8-K | 2025-08-11 | 2025-08-11 | 0001628280-25-039528 ↗ |
| 10-Q | 2025-08-11 | 2025-06-30 | 0001628280-25-039530 ↗ |