What is the 13F Pro Quality Score for FWRD?

13F Pro ranks FORWARD AIR CORP (FWRD) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View FWRD's current score at https://13fpro.ai/research/FWRD (free sign-up required for the full ranking).

Which hedge funds own the most FWRD stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of FWRD include CLEARLAKE CAPITAL GROUP, L.P., BlackRock,, Irenic Capital Management. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/research/FWRD as soon as new 13F filings post.

Where does 13F Pro source FWRD data?

All FORWARD AIR CORP fundamentals and ownership data come directly from SEC EDGAR. FORWARD AIR CORP files with the SEC under CIK 912728. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is FWRD in?

FORWARD AIR CORP (FWRD) is classified in the Industrials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/industrials.

How often is FWRD research updated on 13F Pro?

FWRD's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

FORWARD AIR CORP(FWRD)Stock Analysis

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13F Pro Quality Score

52.4/100

Rank #1,348 of 2,879 stocksTOP 50%

View Industrials peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

84.4/100

Profitability

39.0/100

Balance Sheet

25.4/100

Earnings Quality

30.0/100

Free Cash Flow

54.0/100

Institutional Flow

15.0/100

Revenue Scale

65.8/100

Dilution Risk

73.6/100

FWRD Stock Analysis & AI Quality Score

AI stock analysis and institutional research for FORWARD AIR CORP (FWRD), a Industrials sector company. 13F Pro's AI-powered ranking engine scores FWRD at 52.4/100 on a 32-signal composite quality model, placing it at rank #1,348 of 2,879 stocks — the top half of the AI-ranked universe. FWRD scores in the top quartile across revenue growth (84.4). Areas of concern include institutional flow (15.0) and balance sheet strength (25.4), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q1 2026), FORWARD AIR CORP reports quarterly revenue of $582.0M, net income of $-34.3M, an operating margin of 3.5%. Top institutional holders of FWRD by reported 13-F value include CLEARLAKE CAPITAL GROUP, L.P., BlackRock,, Irenic Capital Management, based on the most recent SEC filings. FWRD trades on the Nasdaq exchange and files with the SEC under CIK 912728. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate FWRD daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for FORWARD AIR CORP directly from SEC EDGAR. FORWARD AIR CORP's 13F Pro composite quality score has ranged between 8 and 70 since 2021, currently 52.4 — an improving long-term trajectory across 56 quarterly and live scoring snapshots.

Revenue

Q1 2026

$582.0M

Net Income

Q1 2026

$-34.3M

Free Cash Flow

Q1 2026

$38.8M

Operating Margin

Q1 2026

3.5%

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+0.8% YoY

$2.50BFY 2025

FY22 $1.68BFY23 $1.37BFY24 $2.47BFY25 $2.50B

Net Income

+86.8% YoY

$-107.8MFY 2025

FY22 $193.2MFY23 $167.4MFY24 $-817.0MFY25 $-107.8M

Operating Income

+103.4% YoY

$36.4MFY 2025

FY22 $247.6MFY23 $88.2MFY24 $-1.06BFY25 $36.4M

EPS (Diluted)

+88.5% YoY

$-3.51FY 2025

FY22 $7.14FY23 $6.40FY24 $-30.63FY25 $-3.51

Total Assets

-3.0% YoY

$2.72BFY 2025

FY22 $1.21BFY23 $2.98BFY24 $2.80BFY25 $2.72B

Total Debt

-0.3% YoY

$1.69BFY 2025

FY22 $118.9MFY23 $12.6MFY24 $1.69BFY25 $1.69B

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$2.50B +0.8%	$2.47B +80.5%	$1.37B -18.4%	$1.68B +21.1%	$1.39B +9.3%	$1.27B
Net Income	$-107.8M +86.8%	$-817.0M -588.2%	$167.4M -13.4%	$193.2M +82.5%	$105.9M +346.0%	$23.7M
Operating Income	$36.4M +103.4%	$-1.06B -1305.0%	$88.2M -64.4%	$247.6M +68.4%	$147.0M +98.9%	$73.9M
EPS (Diluted)	$-3.51 +88.5%	$-30.63 -578.6%	$6.40 -10.4%	$7.14 +85.5%	$3.85 +358.3%	$0.84
Total Assets	$2.72B -3.0%	$2.80B -5.9%	$2.98B +146.6%	$1.21B +8.1%	$1.12B +6.7%	$1.05B
Total Debt	$1.69B -0.3%	$1.69B +13287.6%	$12.6M -89.4%	$118.9M -27.7%	$164.6M +38.0%	$119.2M

AI Insight: FWRD Ratio Trends

FWRD remains deeply loss-making with net margins negative every quarter and debt-to-equity surging to 20.87x, signaling a severely stressed balance sheet.

• Operating margin has been highly volatile, swinging from -170.2% in Q2 2024 to 12.0% in Q4 2024, then collapsing to -0.4% in Q4 2025.

• Net profit margin has been negative in every reported period, ranging from -2.0% in Q2 2025 to -100.3% in Q2 2024.

• D/E ratio has escalated sharply from 5.97x in Q2 2024 to 20.87x in Q1 2026, reflecting rapid leverage buildup.

• ROIC turned negative at -0.6% in Q4 2025 before partially recovering to 4.6% in Q1 2026.

⚠ D/E at 20.87x in Q1 2026 is the highest in the dataset — sustained losses alongside this leverage raise solvency concerns.

⚠ ROE hit -169.5% in Q1 2026, the worst quarterly reading recorded, suggesting equity base is severely eroded.

⚠ Q4 2025 operating margin turned negative again at -0.4% after three positive quarters — watch for a durable recovery trend.

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Available Research

13F Pro tracks comprehensive data for FORWARD AIR CORP including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of FWRD

CLEARLAKE CAPITAL GROUP, L.P.
$63.9M3,825,000 sh
BlackRock, Inc.
$61.8M3,700,087 sh
Irenic Capital Management LP
$20.6M1,229,819 sh
PRIVATE MANAGEMENT GROUP INC
$19.3M1,155,405 sh
FMR LLC
$18.2M1,086,649 sh
STATE STREET CORP
$17.6M1,053,359 sh
VANGUARD CAPITAL MANAGEMENT LLC
$17.2M1,026,697 sh
Paralel Advisors LLC
$16.3M975,000 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$15.0M898,220 sh
Melqart Asset Management (UK) Ltd
$14.7M877,744 sh

Fund	Value	Shares
CLEARLAKE CAPITAL GROUP, L.P.	$63.9M	3,825,000
BlackRock, Inc.	$61.8M	3,700,087
Irenic Capital Management LP	$20.6M	1,229,819
PRIVATE MANAGEMENT GROUP INC	$19.3M	1,155,405
FMR LLC	$18.2M	1,086,649
STATE STREET CORP	$17.6M	1,053,359
VANGUARD CAPITAL MANAGEMENT LLC	$17.2M	1,026,697
Paralel Advisors LLC	$16.3M	975,000
VANGUARD PORTFOLIO MANAGEMENT LLC	$15.0M	898,220
Melqart Asset Management (UK) Ltd	$14.7M	877,744

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Is FWRD a good stock to buy?

13F Pro's AI-powered analysis of FORWARD AIR CORP (FWRD) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Industrials sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for FWRD are available on the FWRD stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own FWRD?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling FWRD. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of FORWARD AIR CORP's investment landscape.