Forward Air Corporation FWRD NASDAQ

NASDAQ Global Select • Industrials • Integrated Freight & Logistics • US • USD

SharesGrow Score

44/100

1/7 Pass

SharesGrow Intrinsic Value

Income Statement Balance Sheet Cash Flow Statement

Annual Quarterly

Forward Air Corporation (FWRD) generated $44.38M in operating cash flow for fiscal year 2025. After capital expenditures of $29.12M, free cash flow was $15.27M.

Free cash flow margin was 0.6% of revenue. Cash conversion ratio was -0.41x, suggesting some earnings are non-cash.

Criteria supported by this page:

HEALTH (17/100, Fail) — weak cash flow raises concerns about debt servicing
MOAT (32/100, Fail) — limited free cash flow weakens the competitive position
INCOME (10/100) — Cash conversion ratio was -0.41x suggests some earnings are non-cash items

Overall SharesGrow Score: 44/100 with 1/7 criteria passed.

SharesGrow 7-Criteria Score

44/100

SG Score

View full scorecard →

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VALUE

100/100

Price-to-Earnings & upside

→ Valuation

FUTURE

52/100

Analyst consensus

→ Forecast

PAST

50/100

→ Income

✗

HEALTH

17/100

Debt-to-Equity & liquidity

Proven by this page

✗

MOAT

32/100

Proven by this page

GROWTH

48/100

→ Income

✗

INCOME

10/100

→ Income

Forward Air Corporation Cash Flow History

Metric	TTM	FY2025	FY2024	FY2023	FY2022
Operating Cash Flow	$44.38M	$44.38M	$-75.4M	$181.39M	$259.09M
Capital Expenditure	$-29.12M	$-29.12M	$-37.06M	$-30.73M	$-40.73M
Free Cash Flow	$15.27M	$15.27M	$-112.46M	$150.66M	$218.36M