Forward Air Corporation

FWRD

Integrated Freight & Logistics · Industrials

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Winston Score History

The full picture

Forward Air Corporation is a freight and logistics company based in the United States. It specializes in moving time-sensitive shipments — mainly packages and freight that need to travel quickly between airports, warehouses, and distribution centers. Its main customers are freight forwarders, airlines, and businesses that need fast, reliable ground transportation as part of a larger shipping chain.

The company earns revenue by charging fees for transporting freight, providing expedited less-than-truckload (LTL) services, and offering logistics management. Forward Air operates primarily across North America. In 2023, it completed a large and costly acquisition of Omni Logistics, which significantly increased its debt load and has pressured margins — reflected in its thin 2.1% operating margin and low returns on capital. The main challenge going forward is paying down that debt while integrating Omni's operations and returning the business to stronger profitability in a competitive freight market.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+8.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

Insider Activity

16.3%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~4 years

$139M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$139M cash & investments at current burn rate

Growth context

Forward Air Corporation is growing revenue at 9% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

20.3%

Thin — 20.3% gross margin

Profit after running costs

Operating Margin

-29.9%

Losing money on operations — -29.9%

Return on the money invested

ROCE

-12.8%

Weak — -12.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-0.1%

Shrinking sales (-0.1% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

1.9%

Thin free cash flow (1.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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