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Forward AIR Corp Stock: price and insider trades · United States
No insider purchase over the last 90 days. The latest was filed 17 Feb 2026.
Forward AIR Corp: what insiders have been doing
Forward AIR Corp is a Industrials company. Its directors and officers file their transactions with SEC (Form 4). 13 insiders have disclosed 23 filings since 18 October 2025.
Open-market activity splits into 1 purchase totalling €3.3M and 1 sale totalling €554k; 1 insider sit on the buying side and 1 insider on the selling side. Netting one side against the other leaves €2.7M of net buying. A purchase on the market is a deliberate choice to commit personal money, which is why it draws more attention than a grant. Biggest ticket of the year: €3.3M, bought by Cetus Capital VI, L.P. and made public on 17 February 2026.
The clock since the last published purchase (17 February 2026) now reads 243 days. Typically, a trade is published a median of 4 days after it takes place. For comparison, the SEC allows two business days to file a Form 4.
For context, the typical company on the same exchange (median of 5,813 companies) published 19 filings over the same period, against 23 filings here. Our records for Forward AIR Corp go back to 2016, with 20 purchases and 7 sales on the open market in total. On the fundamentals side, the SEC filing (10-K) for the period ending 31 December 2025 lists revenue at 2.50 bn USD and net income at -107.8 m USD.
Elsewhere in the same sector, our signals recently picked up insider purchases at Tennant Co and Butler National Corp. Every figure here comes from the filings published by SEC (Form 4) and describes the past, not future prices; it is not investment advice.
Insider Decl.
182
Thresholds
n/a
Buy Volume
€7M
20 ops. · all time
Sell Volume
€2M
7 ops. · all time
Who traded when
BuySaleCetus Capital VI, L.P.1 buy1 sale
Since the insiders bought
- -69.9%Entry US$27.60 · Close at T+90 US$8.31
- -55.1%Entry US$70.82 · Close at T+365 US$31.77
- -55.1%Entry US$70.82 · Close at T+365 US$31.77
Entry is the close on the day after publication, the first price a reader could act on. Prices in the listing currency. Past moves are not a forecast.
Analyst consensus: bullish or bearish?
Analysts rate Forward AIR Corp Buy (bullish), based on 2 analysts. Average price target: US$24.50.
This score ranks the purchase within its own market. A position size is suggested only on the venues of the backtested strategy universe; elsewhere, signals stay on watch. Not investment advice.
Fundamental score
Ranked 21,413 of 24,148 companies
23.6
score / 100
Value35
Quality13
FCF yld3.0%
Earn yld-21%
EV/EBITDA14.3x
ROE·
Gross mgn14%
Net mgn-4.3%
Debt/EBITDA11.6x
Pillars2/3
Transparent value + quality ranking, distinct from the insider signal.
Financial data
as of FY 2025FY ended December 2025 · cache
US$15.04
Analyst consensus
2 analystsBuy
US$24.00Target US$24.50(+63%)US$25.00
Income statement
RevenueUS$2.5B
Gross profitUS$338.2M14% margin
EBITDAUS$186.2M7% margin
Net income-US$107.8M-11.4% margin
Valuation
PER (forward)35.0x
P/Book7.3x
Beta1.41
Balance sheet & cash
Market capUS$508.1M
Total debtUS$2.2B
Free Cash FlowUS$15.3M
Debt / Equity1759%
Profitability & ownership
ROE-735.7%
ROA3.1%
% insiders1.9%
% institutions97.5%
Last declaration on 22 June 2026
Declarations182 total
9,545 sharesCommon StockSEC:0001628280-26-044652:0
9,545 sharesCommon StockSEC:0001628280-26-044651:0
9,545 sharesCommon StockSEC:0000912728-26-000003:0
4,136 shares@ US$21.510.014% mcap100.0% of flowCommon StockSEC:0001628280-26-029308:0
4,868 shares@ US$16.0516.8% of flowCommon StockSEC:0001628280-26-018705:0
5,732 shares0Common StockSEC:0001628280-26-018700:0
18,692 shares0Common StockSEC:0001628280-26-018697:0
2,109 shares@ US$16.0591.2% of flowCommon StockSEC:0001628280-26-018708:0
20,698 shares0Common StockSEC:0001628280-26-010544:0
43,197 shares0Common StockSEC:0001628280-26-010545:0
10,799 shares0Common StockSEC:0001628280-26-010543:0
8,999 shares0Common StockSEC:0001628280-26-010542:0
4,950 shares0Common StockSEC:0001628280-26-010538:0
10,799 shares0Common StockSEC:0001628280-26-010536:0
2,340 shares0Common StockSEC:0001628280-26-010534:0
5,850 shares0Common StockSEC:0001628280-26-010540:0
5,850 shares0Common StockSEC:0001628280-26-010539:0
30,000 shares@ US$21.4214.4% of flowCommon StockSEC:0001104659-26-016694:0
215,000 shares@ US$17.8985.6% of flowCommon StockSEC:0001104659-26-016698:0
Canonical exit: 18 Jan 2026 (T+90)
111 shares@ US$30.238.8% of flowCommon StockSEC:0001628280-26-007267:0
225 shares@ US$30.231.4% of flowCommon StockSEC:0001628280-26-007265:0
243 shares@ US$25.47100.0% of flowCommon StockSEC:0001628280-25-057320:0
148 shares@ US$21.05100.0% of flowCommon StockSEC:0001628280-25-053383:0
7,307 shares0Common StockSEC:0001628280-25-034972:0
308 shares0Common StockSEC:0001628280-25-033976:0
25 of 182 declarations
About Forward AIR Corp
Forward Air Corp. (NASDAQ: FWRD) is a U.S.-listed transportation and logistics company traded on the NASDAQ market in the United States. Headquartered in Dallas, Texas, the company was founded in 1981 with a clear original mission: to provide a reliable, expedited ground alternative to short-haul air freight. Over more than four decades, Forward has evolved from a focused expedited less-than-truckload (LTL) operator into a broader logistics platform with a more integrated service offering. Its investment case is built around an asset-light model, time-definite execution, and a dense North American network serving customers with highly service-sensitive shipping needs.
Today, the business is organized around several complementary service lines. The Expedited Freight segment provides expedited regional, inter-regional and national LTL services, along with truckload, pick-up and delivery, shipment consolidation and deconsolidation, warehousing, and customs brokerage. The Omni Logistics segment, acquired in January 2024, significantly expanded the group’s global reach and product breadth, adding air and ocean freight forwarding, customs brokerage, warehousing and distribution, value-added services, and broader supply-chain solutions. The Intermodal segment focuses on first- and last-mile drayage services to and from seaports and railheads in the United States, plus dedicated container freight station and warehouse handling services. Together, these businesses allow Forward to present itself as a single-source provider for complex logistics requirements.
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From a competitive standpoint, Forward competes with specialized LTL carriers, freight brokers, intermodal operators, and global logistics providers. Its differentiation comes from precision execution, speed, network density, and the ability to serve time-critical freight flows rather than competing purely on price. The company primarily serves the United States, while also operating in Canada and Mexico; recent filings also show activity across North and South America, and selected international logistics reach in Europe and Asia through the Omni platform.
Recent developments matter for investors. In 2025, Forward continued integrating Omni Logistics, with integration costs still visible in reported results. The board also launched a strategic review in early 2025 to assess alternatives aimed at maximizing shareholder value. That makes Forward a live restructuring and transformation story rather than a static transportation name: the key themes are synergy capture, margin stabilization, and the gradual repositioning of the company toward a more diversified global logistics platform.
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