Forward Air (FWRD)
Moves high-value freight through expedited ground, forwarding, contract logistics, and drayage networks.
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Provides asset-light ground transportation, air and ocean forwarding, contract logistics, and intermodal drayage. The business spans the Americas, Europe, and Asia, with Omni Logistics now reshaping a legacy expedited LTL network built around time-definite ground service.
Operates an asset-light freight and logistics portfolio built from Expedited Freight, Omni Logistics, and Intermodal. Expedited Freight moves time-definite LTL and truckload freight by ground, while Omni adds air and ocean forwarding, contract logistics, customs brokerage, warehousing, distribution, and specialized handling.
The network reaches North and South America, Europe, and Asia. Execution depends on reliable pickup, delivery, consolidation, facility location, capacity, and service quality in a fragmented freight market where customers can compare price and transit speed across many providers.
Current structure is being reset after the Omni acquisition, the Final Mile exit, and a strategic review that produced no actionable sale proposals. The board has targeted non-core asset sales, including Intermodal, while a large customer transition is expected to reshape comparisons.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 13, 2026 | Susquehanna | Reiterate | Rating: —Target: $18 | Target: $29 |
| Jul 21, 2026 | Stifel Nicolaus | Target | Target: $17 | Target: $19 |
| May 8, 2026 | Susquehanna | Reiterate | Rating: —Target: $42 | Target: $18 |
| May 8, 2026 | Stifel Nicolaus | Target | Target: $32 | Target: $17 |
| Feb 24, 2026 | Susquehanna | Target | Target: $45 | Target: $42 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $139.4M · Total debt $2.11B · Total assets $2.41B · Shareholders' equity −$115.4M
- Revenue
- $673.0M
- Operating income
- −$201.3M
- Net income
- −$207.3M
HistoryDividendAnnual yield
| Institutions | ≈ 90.86% | 30.69M shares | |
|---|---|---|---|
| 207 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 2.08% | 701.4K shares | |
| 23 holders · as of Jun 29, 2026 | |||
| Strategic holders | 18.34% | 6.19M shares | |
| 2 holders · as of Feb 17, 2026 | |||
| Adds to | 111.28% | ||
33.78M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 111.28%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Clearlake Capital Group, L.P.Institution | 11.32% | 3.83M | as of Jun 30, 2026 |
Cetus Capital VI, L.P.1Strategic10 percent owner | 9.23% | 3.12M | filed Feb 17, 2026 |
Ridgemont Equity Management III, LLC2Strategicdirector, 10 percent owner | 9.11% | 1.87M | filed Aug 12, 2024 |
BlackRock, Inc.Institution | 8.21% | 2.77M | as of Jun 30, 2026 |
FMR LLCInstitution | 5.94% | 2.01M | as of Jun 30, 2026 |
- Reported at 0.76% on May 12, 2026, under the 5% line, so no further filing is required.
- Ridgemont Equity Management III, LLC's transaction reports restate only vehicles that traded; the 2024 ownership statement (1.87M) plus the 1.21M net shares acquired since is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Oct 14, 2025 | Cetus Capital VI, L.P. | 10 percent owner | −30,000 | $21.42 |
| Nov 12, 2025 | Cetus Capital VI, L.P. | 10 percent owner | −10,000 | $22.38 |
| Nov 11, 2025 | Cetus Capital VI, L.P. | 10 percent owner | −67,163 | $21.71 |
| Nov 10, 2025 | Cetus Capital VI, L.P. | 10 percent owner | −120,000 | $21.83 |
| Nov 6, 2025 | Cetus Capital VI, L.P. | 10 percent owner | −75,000 | $21.85 |
- Expeditors
Global forwarding and customs broker overlapping Omni.
- FedEx Freight
Largest public LTL carrier and direct expedited-freight peer.
- C.H. Robinson Worldwide
3PL, brokerage, and forwarding overlap across modes.
- Old Dominion Freight Line
Premium LTL carrier with service-quality overlap.
- XPO
Asset-based North American LTL competitor.
- Hub Group
Intermodal, brokerage, and logistics-services overlap.
- J.B. Hunt
Large-scale intermodal and brokerage benchmark.
- Saia
National LTL carrier with expedited-service overlap.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Forward Air | $15.06 | +3.22% | $461.4M | — | 94.7 | 0.2 | +8.8% |
| Expeditors | $187.95 | −2.19% | $25.13B | 28.0 | 24.4 | 2.1 | +32.1% |
| FedEx Freight | $119.82 | +1.89% | $17.58B | 30.4 | 21.6 | 2.0 | — |
| C.H. Robinson Worldwide | $149.46 | −2.21% | $18.02B | 29.2 | 21.7 | 1.1 | +19.3% |
| Old Dominion Freight Line | $175.75 | +0.22% | $36.47B | 33.8 | 28.1 | 6.5 | +10.4% |
| XPO | $177.92 | +2.05% | $20.41B | 51.4 | 30.1 | 2.4 | +13.2% |
| Hub Group | $32.11 | +1.37% | $1.92B | — | 39.1 | — | −1.0% |
| J.B. Hunt | $236.95 | +0.33% | $22.18B | 33.5 | 27.5 | 1.7 | +19.4% |
| Saia | $350.42 | +0.68% | $9.28B | 33.6 | 27.4 | 2.7 | +17.1% |
| Median | 33.5 | 27.5 | 2.1 | +17.1% |