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FWRD · Transport & shipping · U.S.

Forward Air

Moves freight for businesses by truck, often to and from airports.

Company Health

29
/100
Weak
A quick check of the business from its yearly reports (2022–2025). It doesn’t say whether the stock is a good buy.
Does it make money?
1 of 25 · Poor
It lost money last year: $4 of every $100 in sales.
Is it growing?
21 of 25 · Good
Sales grew about 14% a year over the last 3 years.
Can it handle what it owes?
0 of 25 · Poor
It would take about 56 years of the cash its business brings in to pay off everything it owes.
Does it bring in spare cash?
7 of 25 · Poor
After paying for buildings and equipment, less than $1 of every $100 in sales was left as spare cash.

Who owns it

None of the 23 funds we follow reported owning Forward Air in their latest reports. Melqart sold all their shares in their latest report.
bought lately
owns it
doesn’t own it
Didn’t report owning it: Whale Rock, Appaloosa, Melqart, Coatue, D1 Capital, Light Street, Lone Pine, Third Point, TCI, Pershing Square, Duquesne, Himalaya Capital, Greenlight, Giverny Capital, Fundsmith, Semper Augustus, Akre
Their letters don’t mention it: Arquitos, Laughing Water, Alluvial, Bireme, Kingdom Capital, Saga Partners
From each fund’s latest 13F report (Jun 30, 2026). Funds that don’t file one: from their own letters.

The numbers

From Forward Air’s yearly reports. Tap a year to see its figures.

Sales and profit

Sales grew from $1.27 billion in 2020 to $2.50 billion in 2025, and it made a profit in 4 of the 6 years.
2025
Sales
$2.50 billion
Loss
$108 million

Spare cash each year

It had cash to spare in 5 of the 6 years, including $15.3 million in 2025.
2025
Spare cash
$15.3 million
Spare cash is the cash its business brought in, minus what it spent on buildings and equipment.

What it owns and what it owes

At the end of 2025 it owned $2.72 billion, including $106 million in cash, and owed $2.61 billion.

Key facts

From its yearly report for 2025.
Sales
$2.50 billion
Loss
$108 million
Spare cash
$15.3 million
Cash in the bank
$106 million
Everything it owes
$2.61 billion
Year ends
December
Money shown in
U.S. dollars
Latest yearly report
10-K, filed Mar 11, 2026
Figures from Forward Air’s yearly reports to the SEC (EDGAR), collected Oct 12, 2026.
Not investment advice. Holdings come from public SEC reports and the funds’ own letters, and can be up to 4½ months old. How this works
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