FWRD

Forward Air Corp (Delaware)

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29.890

-0.08(-0.267%)1D

Overview
Forecast
Valuation
Earnings

Line

Candle

YTD

High

30.470

Open

29.900

VWAP

29.92

Vol

351.58K

Mkt Cap

909.35M

Low

29.570

Amount

10.52M

EV/EBITDA(TTM)

11.87

Total Shares

26.44M

2.60B

EV/OCF(TTM)

251.79

P/S(TTM)

0.34

Forward Air Corporation is an asset-light provider of transportation services across the United States, Canada and Mexico. Its Expedited Freight segment provides expedited regional, inter-regional and national less-than-truckload (LTL) services. Expedited Freight also offers customers local pick-up and delivery and other services including truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage and other handling. The Omni Logistics segment provides a full suite of global logistics services. Services include air and ocean freight consolidation and forwarding, customs brokerage, warehousing and distribution, time-definite transportation services and other supply chain solutions. The Intermodal segment provides first- and last-mile high-value intermodal container drayage services both to and from seaports and railheads. Intermodal also offers dedicated contract and CFS warehouse and handling services, and in select locations, linehaul and LTL services.

Market Estimates

Earnings Estimates

Revenue

YoY Chg

EPS

YoYChg

FY2025Q2

FY2025Q3

FY2025Q4

627.98M

-2.44%

-0.260

-101.47%

655.18M

-0.12%

-0.158

-89.35%

664.32M

+4.97%

-0.042

-98.54%

Estimates Revision

The market is revising Upward the revenue expectations for Forward Air Corporation (FWRD) for FY2025, with the revenue forecasts being adjusted by 3.67% over the past three months. During the same period, the stock price has changed by 73.48%.

Revenue Estimates for FY2025

Revise Upward

+3.67%

In Past 3 Month

EPS Estimates for FY2025

Revise Upward

+35.77%

In Past 3 Month

Stock Price

Go Up

+73.48%

In Past 3 Month

4 Analyst Rating

15.99% Upside

Wall Street analysts forecast FWRD stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for FWRD is 34.67 USD with a low forecast of 29.00 USD and a high forecast of 40.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

3 Buy

1 Hold

0 Sell

Strong Buy

15.99% Upside

Current: 29.890

Low

29.00

Averages

34.67

High

40.00

15.99% Upside

Current: 29.890

Low

29.00

Averages

34.67

High

40.00

Stifel

Buy

maintain

$29 -> $33

2025-07-24

Reason

Stifel

Price Target

$29 -> $33

2025-07-24

maintain

Buy

Reason

Stifel raised the firm's price target on Forward Air to $33 from $29 and keeps a Buy rating on the shares. Less-Than-Truckload stocks have appreciated as valuations have expanded, notes the analyst, whose channel checks indicate that trends through June "remained sub-seasonal, but stable." Q2 is typically a seasonally stronger quarter for LTL margins, but the firm remains cautious due to the choppy demand backdrop, although core pricing "still seems solid," the analyst added in an earning preview for the group.

Stifel

Hold

Buy

upgrade

$21 -> $29

2025-06-26

Reason

Stifel

Price Target

$21 -> $29

2025-06-26

upgrade

Hold

Buy

Reason

Stifel upgraded Forward Air to Buy from Hold with a price target of $29, up from $21. The company's new management team has mitigated customer attrition, laid out a "credible" go-forward strategy, and made significant progress on integrating Omni Logistics, the analyst tells investors in a research note. Stifel feels risk has abated for Forward Air, even if still elevated relative to the group, and that fundamental upside is sufficient to warrant an upgrade. An eventual cycle inflection would help drive multiple normalization toward less-than-truckload and non-asset-based peers, contends the firm. Further, recent developments suggest heightened potential for a takeout of Forward Air, which could be in the low-to-mid $30s per share, Stifel contends.

Stifel

Hold

downgrade

$22 -> $21

2025-05-09

Reason

Stifel

Price Target

$22 -> $21

2025-05-09

downgrade

Hold

Reason

Stifel lowered the firm's price target on Forward Air to $21 from $22 and keeps a Hold rating on the shares. With "some swagger in its step," management announced a plan to double revenue to $5B in five years, implying a 15% compound annual growth rate, but that assumes normalization in the market and "there's plenty of wood to chop in the near term," the analyst tells investors.

Stifel

J. Bruce Chan

Hold

Maintains

$29 → $22

2025-04-10

Reason

Stifel

J. Bruce Chan

Price Target

$29 → $22

2025-04-10

Maintains

Hold

Reason

Susquehanna

Bascome Majors

Buy

Maintains

$35 → $32

2025-03-31

Reason

Susquehanna

Bascome Majors

Price Target

$35 → $32

2025-03-31

Maintains

Buy

Reason

Susquehanna analyst Bascome Majors lowered the firm's price target on Forward Air to $32 from $35 and keeps a Positive rating on the shares as part of a Q1 earnings report. The firm is cautious into spring on logistics names, saying less-than-truckload volumes risk is "skewing sub-seasonal" into the industry's strongest quarter. Susquehanna will look for "lower-risk entry points into summer as expectations reset," the analyst tells investors in a research note. The "chaotic policy and macro backdrop of the last six weeks has only amplified our fears into this important spring and early-summer period for the industry," contends Susquehanna.

Baird

Benjamin Hartford

Hold

Maintains

$32 → $28

2025-02-27

Reason

Baird

Benjamin Hartford

Price Target

$32 → $28

2025-02-27

Maintains

Hold

Reason

Baird analyst Garrett Holland lowered the firm's price target on Forward Air to $28 from $32 and keeps a Neutral rating on the shares. The firm updated its model following its Q4 results as LTL results were weaker.

See All Ratings

Valuation Metrics

The current forward P/E ratio for Forward Air Corp (Delaware) (FWRD.O) is -48.32, compared to its 5-year average forward P/E of 42.99. For a more detailed relative valuation and DCF analysis to assess Forward Air Corp (Delaware) 's fair value, click here.

Forward PE

The forward P/E ratio is a valuation metric that divides a company's current stock price by its estimated future earnings per share over the next 12 months.

N/A

5Y Average PE

42.99

Current PE

-48.32

Overvalued PE

343.99

Undervalued PE

-258.01

Forward EV/EBITDA

The forward EV/EBITDA ratio is a valuation metric that divides a company's enterprise value (EV) by its estimated future earnings before interest, taxes, depreciation, and amortization (EBITDA) over the next 12 months.

Fair

5Y Average EV/EBITDA

10.29

Current EV/EBITDA

9.80

Overvalued EV/EBITDA

12.82

Undervalued EV/EBITDA

7.76

Forward PS

The forward P/S ratio is a valuation metric that divides a company's current stock price by its estimated future sales (or revenue) per share over the next 12 months.

Undervalued

5Y Average PS

1.03

Current PS

0.34

Overvalued PS

1.57

Undervalued PS

0.48