FWRDFORWARD AIR CORP
Arrangement Of Transportation Of Freight & Cargo
- Revenue
- $2.5B
- 0.8% YoY
- Operating margin
- 1.5%
- 103% YoY
- EBITDA
- $189M
- 121% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 0.1×
- $22M net debt
- AI in 10-K
- —
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCClear1% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear12% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.4B | $1.7B | $1.4B | $2.5B | $2.5B | 0.8% |
| Operating income | $147M | $248M | $88M | −$1.1B | $36M | 103% |
| Net income | $106M | $193M | $167M | −$820M | −$104M | 87% |
| Operating cash flow | $121M | $250M | $199M | −$69M | $44M | 164% |
| Capex | $38M | $39M | $31M | $37M | $29M | 21% |
| Stock-based comp | $11M | $11M | $11M | $10M | $13M | 32% |
| Buybacks | $49M | $63M | $94M | $0 | $0 | |
| Dividends | $23M | $26M | $25M | $0 | $0 |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 33 | 135 |
| FY2024 | — | — | 46 | 127 |
| FY2023 | — | — | 90 | 120 |
| FY2022 | — | — | 150 | 97 |
| FY2021 | — | — | 173 | 121 |