Forward Air Corp (Delaware)

FWRD · NASDAQ

$15.31−$0.01 (−0.07%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $15.32

FWRD analyst rating

BuyConsensus of 2 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy2
Hold0
Underperform0
Sell0

12-month price target · 4 analysts

Average $28.56 (+86.5% upside)

Low: $27.27
Now: $15.31
High: $30.45

Upgrades and downgrades

The latest rating actions, newest first

FWRD analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Stifel	Oct 8, 2026	Maintains	Buy	$27.00 → $24.00	50%
Susquehanna	Oct 2, 2026	Maintains	Positive	$29.00 → $25.00	52%
Susquehanna	Aug 13, 2026	Maintains	Positive	$18.00 → $29.00	52%
Stifel	Aug 6, 2026	Maintains	Buy	$19.00 → $27.00	50%
Susquehanna	May 8, 2026	Maintains	Positive	$42.00 → $18.00	52%
Stifel	Apr 16, 2026	Maintains	Buy	$31.00 → $30.00	50%
Stifel	Jan 21, 2026	Maintains	Buy	$30.00 → $32.00	50%
Susquehanna	Jan 5, 2026	Maintains	Positive	$42.00 → $45.00	52%

The case for and against

Updated Dec 15, 2025

Bull case

Forward Air Corp is poised for growth in the 3PL industrial market, which is expected to enhance the company's density characteristics and mitigate secular mix pressures. The company's asset-light business model, which relies on outsourced trucking capacity, has historically facilitated lower capital expenditures and resulted in superior return on invested capital (ROIC) and cash flows compared to more capital-intensive businesses. Additionally, improvements in underlying cash flow generation, operating margins, and working capital management indicate a positive trend, despite concerns related to liquidity and elevated debt levels following the Omni acquisition.

Bear case

Forward Air Corp's stock outlook is negatively impacted by the potential for a significant decline in EBITDA, with projections suggesting a fall to approximately $260 million, which indicates concerns about profitability moving forward. The company faces elevated trade-related risks compared to its less-than-truckload (LTL) peers, particularly given the uncertainty surrounding ceiling tariff outcomes. Additionally, after the costly acquisition of Omni Logistics, the company's valuation has declined to about 8x FY2 EV, reflecting ongoing investor skepticism which has resulted in Forward Air trading at lower multiples than its asset-light and asset-based counterparts.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.