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 $-22.73M in operating cash flow for quarter ending 2025-12-31. After capital expenditures of $8.35M, free cash flow was $-31.08M.

Free cash flow margin was -4.9% of revenue. Cash conversion ratio was 0.19x, 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 0.19x 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	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025
Operating Cash Flow	$44.38M	$-22.73M	$52.71M	$-13.22M	$27.62M
Capital Expenditure	$-29.12M	$-8.35M	$-4.12M	$-4.74M	$-11.91M
Free Cash Flow	$15.27M	$-31.08M	$48.6M	$-17.96M	$15.71M