# FORWARD AIR CORPORATION (FWRD) · Edgar & Edgarette company card

> Forward Air (FWRD) grew revenue 0.8% in FY2025 to $2.5 billion, operating margin 1.5%, in line with the 1.9% median for arrangement of  transportation of  freight & cargo, equity 4.2% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 912728 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/FWRD) · [JSON](https://www.pops4.com/boards/company/FWRD.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $2.5B |
| Revenue growth, 1 year | 0.8% |
| Revenue growth per year | 15.8% |
| Operating margin | 1.5% (prior year -43.0%) |
| Net margin | -5.7% |
| Operating cash flow | — |
| Capital spending | $29M |
| Free cash flow | — |
| Cash | $106M |
| Long-term debt | $1.7B |
| Total assets | $2.7B |
| Total equity | $113M |
| Equity ÷ assets | 4.2% |
| Return on equity | -125.0% |
| Dividend per share | $0 |
| Dividend years rising | 0 |

## Readings, computed from those figures

- Altman Z: -0.18 (distress zone)
- Piotroski F: 2 of 9 (2 of 6 tested)
- Health Harbor boat: Sound ship · one warning sign · revenue is hard to predict: its 80% range is ±36%

## Edgarette's reading

Exposure: revenue $2.5B (FY2025), total debt $1.7B. Experience: revenue up 0.8% on the year, up 15.8% a year over 4 years; operating margin 1.5%, up from -43.0%. Soundness: equity 4.2% of assets, return on equity -125.0%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $1.8B and $3.8B next year (method v4.1: its own 4-year record of growth weighed at 50% against $1B–10B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $1.4B to $5.0B. A statistical range, not company guidance. Against peers (8 filers, $50M+ revenue, arrangement of  transportation of  freight & cargo): operating margin 1.5% against a 1.9% median.

Range logged 2026-10-31, receipt 39414f383d950635, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 2, latest 2026-07-10 ([filing](https://www.sec.gov/Archives/edgar/data/912728/000162828026047900/0001628280-26-047900-index.htm))

## Recent filings

- 8-K · filed 2026-10-28 · 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/912728/000162828026067736/0001628280-26-067736-index.htm)
- 10-Q · filed 2026-08-05 · [filing](https://www.sec.gov/Archives/edgar/data/912728/000162828026053329/0001628280-26-053329-index.htm)
- 8-K · filed 2026-08-05 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/912728/000162828026053272/0001628280-26-053272-index.htm)
- 8-K · filed 2026-07-21 · 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/912728/000162828026048928/0001628280-26-048928-index.htm)
- 8-K · filed 2026-07-10 · 5.02 Departure or Election of Directors; Appointment of Officers; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/912728/000162828026047900/0001628280-26-047900-index.htm)
- 8-K · filed 2026-06-17 · 5.07 Submission of Matters to a Vote of Security Holders; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/912728/000162828026043864/0001628280-26-043864-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0000912728.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=912728

## Cite

POPS4, Edgar & Edgarette: FORWARD AIR CORPORATION (FWRD) company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/FWRD. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.