Added to YB: 2026-09-22
Pitch date: 2026-09-21
FWRD [neutral]
Forward Air Corporation
Author Info
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Company Info
Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States, Mexico, Europe, Asia, and Canada.
Market Cap
$501.0M
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
2.89
P/E
-1.65
EV/Sales
0.98
Sector
Air Freight and Logistics
Category
turnaround
Monday Delight: 21/09/2026 - Forward Air Corporation
FWRD (quick overview): Forward Air’s operations are improving, with Q2 2026 expedited-freight revenue up 24% and margins up 340bp, but the balance sheet dominates the equity case: $1.69B of gross debt, negative book equity and a leverage covenant tightening to 5.50x by Q4 2026. Conservative sum-of-the-parts and replacement-value analyses both indicate equity value at or below zero, making current skepticism broadly justified despite self-help progress.
Read full article (1 min)