FWRD Forward Air Corp
XNAS
17.76
Delayed
Stock quote, options chain, IV rank, technicals, AI analysis, and institutional ownership. Iron condor setups Expected move IV rank history Fibonacci levels Insider trading
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
FWRD
$17.76
—
What changed
Recent filings, trades and movesKey stats
$17.76
- 52-Week Range
- $7.86 – $31.18
- YTD
- -29.32%
- IV Rank (30D)
- 61.88
- Straddle Price
- $4.30
- P/C Vol Ratio
- 0.34
- Market Cap
- $0.6B
- Open
- $17.00
- Day Range
- $16.88 – $17.91
- Volume
- 195,753
- Prev Close
- $16.64
Fair Value
+50.0% vs price
A blended fair-value estimate combining up to six valuation methods. Each method is weighted by how well it fits the company — DCF down-weights for unprofitable names; DDM only fires for steady dividend payers; comparables down-weight when peer multiples disagree.
- DCF (quality-aware) — projects free cash flow with a horizon that scales to business quality. True compounders (quality 6/6) get 10 years explicit + 10 years fade before terminal; cyclical/struggling names (quality 0-1) get a 5-year terminal cliff. Quality is scored from ROE, gross margin, growth, FCF margin, debt load, and FCF consistency — the same factors that drive market premium for compounders.
- Market-Implied Growth (in Model Inputs) — reverse-DCF that answers "what growth rate is the market pricing in?". Lets you sanity-check the deviation: if implied growth is plausible for the business, the model's bearish flag may be wrong; if implausible, the market may be over-extrapolating.
- DDM (Gordon Growth Dividend Model) — values the stream of future dividends. Only used when trailing yield ≥ 2% and dividend payments are stable — below that the dividend is a token payout and Gordon (which values only the dividend stream) systematically underprices growth names, so those route to DCF + comparables + market anchor instead.
- P/E, EV/EBITDA, P/B, P/S — applies the peer-group median multiple to this company's per-share metric. Peers come from the same set as the "Related symbols" card. Earnings/sales metrics are forward-tilted by the company's recent revenue growth (capped at 25%) so they're comparable to peers' growth-embedded multiples — mimics how analysts use NTM rather than TTM. Per-multiple weights are biased by company quality (e.g. P/B down-weighted for asset-light tech).
- Market Anchor (SMA50) — the 50-day moving average, weighted by recent trading-range stability (tighter Bollinger bands → higher weight). Captures information fundamentals miss (forward consensus, sentiment, supply/demand) — but only when recent trading is steady enough that the market has converged on a view. During wild breakouts or breakdowns the anchor's weight collapses.
- Options Expected (B-L 30d) — the risk-neutral expected stock price at 30-day options expiration, derived from the full implied-volatility surface via Breeden-Litzenberger (second derivative of call price wrt strike → implied PDF, then E[S_T]). Forward-looking, captures all options-implied information (smile, skew, term structure) in one number. Weighted by chain liquidity. SP500-only at present (pre-computed daily). Backtest evidence: adds modest alpha across most bucket × holding combos.
- Blended value — weighted average. Confidence reflects how many methods fired and how tight peer dispersion is.
- Deviation pill — green when blended FV ≥ 10% above current price (undervalued); red when ≥ 10% below; grey otherwise.
| 10-yr Treasury (rf) | 4.90% |
| Beta vs SPY | 1.23 |
| Cost of Equity (CAPM) | 11.64% (VRP-adj) |
| WACC | 6.71% |
| Volatility Risk Premium | +87.4pp (IV − HV30), ERP adj +50bps |
| Effective Tax Rate | 21.0% |
| Rev. Growth (YoY, DCF input) | +6.5% |
| DCF Horizon | 10 years explicit + fade |
| Forward Tilt (NTM/TTM) | ×1.07 (applied to P/E, EV/EBITDA, P/S) |
| Free Cash Flow (TTM) | $0.0B |
| Return on Equity (TTM) | 247.9% |
| Book / Price | -22.7% |
| Gross Margin (TTM) | 100.0% |
| FCF Margin (TTM) | 1.9% |
| Quality Score | 2/6 — normal (10y DCF) |
| Market-Implied Growth | +11.9% (reverse-DCF on current price) |
| SMA 50 | $16.05 (Market Anchor value) |
| SMA 20 / Bollinger Mid | $16.38 |
| Bollinger Width / SMA20 | 30.9% (drives anchor stability) |
| Net Debt | $1.6B |
| Market Cap | $1B |
Peers used for multiples: CSX, EXPD, FDX, NSC, ODFL, RXO, UNP, UPS
Blended Fair Value
$170.19
Deviation
+50.0%
| Method | Implied Price | Weight | Detail |
|---|---|---|---|
| DCF | $-1.73 | 0% | |
| DDM (Gordon) | n/a | 0% | |
| Peer P/E | n/a | 0% | median 26.3× · 7 peers |
| Peer EV/EBITDA | $70.58 | 60% | median 15.7× · 8 peers |
| Peer P/B | n/a | 0% | median 6.4× · 8 peers |
| Peer P/S | $319.62 | 40% | median 3.9× · 8 peers |
| Market Anchor (SMA50) | $16.05 | 0% | stability 0% (BB-width) |
| Options Expected (B-L 30d) | $16.41 | 0% | 7 strikes · skew +0.25 |
As of 2026-11-09 · updated
Related
About
- Industry (SIC)
- ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO (4731) · industry map
- Exchange
- XNAS
- Market Cap
- $0.6B
- Employees
- 6,062
- List Date
- 1993-11-16
- CIK
- 0000912728
- Next Earnings
- 2026-11-09 (After-Close)
- EPS Forecast
- $0.13
- Headquarters
- Dallas, TX
- Homepage
- https://www.forwardaircorp.com
Forward Air Corp is an asset-light freight and logistics company. The company's operating segment includes Expedited Freight, Omni Logistics, and Intermodal and Corporate. The company generates maximum revenue from the Omni Logistics segment. The expedited Freight segment operates a comprehensive national network to provide expedited regional, inter-regional, and national LTL (less-than-truckload) services. It also offers customers local pick-up and delivery and other services including final mile, truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage, and other…
Summary
—
composite
—
No summary data available for this symbol yet.
Each spoke is this symbol's rank within its sector (0–100; the dotted ring marks the sector median at 50). Higher is more constructive for a long. One spoke — News sentiment — is an absolute reading, not a sector rank. Grayed spokes have no data. A fuller shape is a summary, not a recommendation.
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | -6.16% | -11.90% | 3.01% | -28.75% | 1.22% | 10.94% | -5.27% |
| Feb | 17.93% | -6.78% | -6.63% | -15.07% | -26.93% | -12.73% | -8.37% |
| Mar | 1.30% | -3.00% | 3.56% | -2.90% | -10.91% | -34.29% | -7.71% |
| Apr | -1.24% | 3.90% | -0.85% | -23.89% | -24.86% | 22.23% | -4.12% |
| May | 2.40% | -6.13% | -8.84% | -20.19% | -0.06% | -50.40% | -13.87% |
| Jun | -8.32% | -1.55% | 8.11% | 10.50% | 46.42% | 29.16% | 14.05% |
| Jul | -2.75% | 14.87% | 12.03% | 32.84% | 22.54% | 2.07% | 13.60% |
| Aug | 1.50% | -7.71% | -40.24% | 32.49% | 2.88% | 15.88% | 0.80% |
| Sep | -6.38% | -7.65% | -4.16% | 9.80% | -12.40% | -6.90% | -4.62% |
| Oct | 21.55% | 13.10% | -5.38% | 2.67% | -24.61% | 13.68% | 3.50% |
| Nov | -6.18% | 5.76% | 1.37% | 7.16% | 27.54% | -3.00%* | 5.44% |
| Dec | 21.08% | -5.73% | -4.13% | -10.42% | 3.35% | -- | 0.83% |
| Total | 32.62% | -15.56% | -42.57% | -24.88% | -20.49% | -39.51% | -18.40% |
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $16.48
SMA 50: $16.07
SMA 200: $17.34
Current: $17.78
EMA 12: $17.20
EMA 26: $16.65
MACD: 0.5492 | Signal: 0.1207
BULLISH
ADX (14): 21.98
WEAK TREND
+DI: 23.47
−DI: 15.96
Momentum Oscillators
RSI (14): 57.44
NEUTRAL
Stoch %K: 49.39
Stoch %D: 60.70
Williams %R: -36.23
Volume & Volatility
BB Upper: $19.07
BB Lower: $13.90
NEUTRAL
OBV: -5,109,653
Vol SMA 20: 357,714
Vol ROC: -43.01%
ATR: $1.12
True Range: $1.27
HV 20: 80.2%
HV 30: 71.3%
HV 60: 61.8%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-11-08T00:00:00 – 2026-11-06T00:00:00
AI Analysis
LLM Stock Analysis Report
Executive Summary Overall Assessment: NEUTRAL (6/10)
Key Drivers:
- Technical indicators suggest a range-bound market with potential for mean reversion
- Recent news headlines are largely negative, which may be contributing to the stock's volatility
- Options market suggests a moderate move by expiration, but puts/calls ratio indicates bullish sentiment
Primary Risks:
- High beta and volatility may lead to increased losses if market declines
- Negative news flow could further pressure the stock
Investment Thesis: FWRD is trading within a range-bound zone, with potential for mean reversion. The options market suggests a moderate move by expiration, but puts/calls ratio indicates bullish sentiment.
Recent News Sentiment Impact: The negative news headlines have likely contributed to the stock's volatility and downward pressure.
Technical Analysis
Trend Direction:
- Short-term: Range-bound
- Medium-term: Bearish (below SMA 50)
- Long-term: Bullish (above SMA 200)
Support/Resistance Levels:
- Lower band: $15.49 (current price)
- Middle band: $17.03 (SMA 20)
- Upper band: $18.57
Momentum Signals: RSI interpretation: Neutral (40.55)
MACD signal: Bullish (above signal line)
Bollinger Bands position: Mean reversion (price touching middle band)
Volume Analysis:
- Volume SMA 20: 510222.10
- On-Balance Volume (OBV): -9278591.87
News & Sentiment Analysis
Recent Headlines Summary: Negative news headlines have dominated the past week, focusing on legal issues and investor alerts.
Sentiment Assessment: Negative sentiment has been prevalent, contributing to the stock's volatility.
Catalyst Identification: No immediate catalysts are identified, but a potential earnings release or product launch could impact the stock in the near term.
Market Narrative: The recent negative news flow may have contributed to the stock's downward pressure, while technical indicators suggest mean reversion is possible.
Risk & Volatility Assessment
Beta Interpretation: High risk relative to market (beta = 1.58)
Volatility Regime: High volatility - stock moves more than market
Options Market Signals:
- IV rank: Medium
- Put/call ratio: Bullish (0.04)
- Unusual activity: Calls outnumbering puts
Downside Protection: Support levels and risk management considerations are essential due to the high beta.
Market Context & Positioning
Sector Performance: FWRD is performing poorly within its sector.
Institutional Activity: Volume patterns suggest institutional interest, but no clear direction.
Correlation Analysis: FWRD moves more than the market (R-squared interpretation).
Relative Valuation: The stock is positioned within a trading range.
Key Levels & Action Items
Critical Price Levels:
- Support: $15.49
- Resistance: $17.03
Breakout/Breakdown Levels: No immediate breakouts/breakdowns identified, but mean reversion could trigger significant moves.
Time-Sensitive Catalysts: Earnings release or product launch could impact the stock in the near term.
Risk Management: Stop-loss levels and position sizing considerations are essential due to the high beta.
Final Thoughts: FWRD is trading within a range-bound zone with potential for mean reversion. The options market suggests a moderate move by expiration, but puts/calls ratio indicates bullish sentiment. Negative news flow has contributed to the stock's volatility, while technical indicators suggest caution.
Generated
News
All FWRD news →
Earnings History
12 of 19 under expected move
Avg Expected Move
12.12%
Avg Actual Move
10.07%
| Earnings Date | Timing | Expected Move | Actual Move | Ratio | Outcome |
|---|---|---|---|---|---|
| 2021-07-29 | After-Close | 7.63% | 0.05% | 0.01x | Within |
| 2022-02-09 | After-Close | 8.42% | 8.54% | 1.01x | Exceeded |
| 2022-07-18 | After-Close | 3.59% | 6.00% | 1.67x | Exceeded |
| 2022-10-26 | After-Close | 10.45% | 1.45% | 0.14x | Within |
| 2023-02-08 | After-Close | 3.38% | 14.33% | 4.24x | Exceeded |
| 2023-05-01 | After-Close | 1.87% | 7.57% | 4.05x | Exceeded |
| 2023-08-02 | After-Close | 7.53% | 5.68% | 0.75x | Within |
| 2023-10-30 | After-Close | 9.65% | 9.26% | 0.96x | Within |
| 2024-02-29 | After-Close | 8.70% | 13.71% | 1.58x | Exceeded |
| 2024-05-09 | After-Close | 7.88% | 7.88% | 1.00x | Within |
| 2024-08-07 | After-Close | 20.67% | 21.07% | 1.02x | Exceeded |
| 2025-01-06 | After-Close | 9.45% | 1.69% | 0.18x | Within |
| 2025-02-26 | After-Close | 17.67% | 10.68% | 0.60x | Within |
| 2025-05-07 | After-Close | 16.40% | 0.23% | 0.01x | Within |
| 2025-08-11 | After-Close | 18.11% | 1.93% | 0.11x | Within |
| 2025-11-05 | After-Close | 22.61% | 18.15% | 0.80x | Within |
| 2026-02-23 | After-Close | 18.39% | 4.55% | 0.25x | Within |
| 2026-05-07 | After-Close | 21.35% | 43.05% | 2.02x | Exceeded |
| 2026-08-05 | After-Close | 16.55% | 15.51% | 0.94x | Within |
Earnings calendar: this week’s reports with expected vs actual moves →
FWRD Options Activity & IV Rank
FWRD IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 97.3%
7-DTE IV: 120.2%
Expected Move: $4.30
7-DTE Move: $2.90
Days to Exp: 39 (2026-12-18)
Options Flow · All expiries
Call Volume: 975
Put Volume: 331
P/C Volume: 0.339
BULLISH
Call OI: 18,424
Put OI: 2,576
P/C OI: 0.14
Total OI: 21,000
ATM Options Pricing
ATM Call: $2.08
ATM Put: $2.23
Call %: 11.7%
Put %: 12.5%
Chain Summary
Chain Volume: 1,306
Chain OI: 21,000
Last Updated: 11/9/2026
Spread Scanner
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Calendars: the long leg is valued at the short leg’s expiration (Black-Scholes at its current IV) across the range of prices the short leg’s IV implies, giving the best-case profit (R/R = that over the debit) and P(profit).
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Scanning bull put, bear call, iron condor and calendar spreads…
Dealer Positioning
TYPICAL γ
Estimated net dealer gamma is at the 59th percentile of this name's own daily history, within its typical range. This describes current positioning; it is not a forecast or a trading signal.
Gamma percentile
59%
vs own history
GEX tilt
+0.74
OI-weighted, today
Vanna tilt
+0.82
δ-sensitivity to IV
Charm tilt
-0.65
δ-decay vs time
Vanna tilt +0.82: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt -0.65: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 9 ATM contracts, 2k total OI
Net dealer gamma is an estimate of the aggregate gamma held by options market makers across this name's option chain, weighted by open interest. Dealer positions aren't public, so it uses a standard simplifying assumption: dealers are treated as long the calls and short the puts that are open. Actual dealer books can differ.
Gamma percentile ranks today's estimate against this name's own daily history, from 0% (the lowest reading on record) to 100% (the highest). Raw gamma scales with how much open interest a chain carries, so it isn't comparable across names; the percentile is. The badge marks the bottom 20% as low and the top 20% as high.
Tilts run from −1 to +1 and show how lopsided the estimated dealer exposure is. GEX tilt compares call gamma with put gamma. Vanna tilt describes how the hedge would shift if implied volatility changed, and charm tilt how it would shift with the passage of time.
This card describes estimated positioning and where it sits historically. It is not a forecast of price direction or volatility and not a trading signal. Market-wide view: Dealer positioning screener.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
—
—
pts
EXTREME
No data
30 DTE / 10d
—
—
pts
EXTREME
No data
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
Loading the implied volatility surface…
Volatility Smile
Loading the implied volatility smile…
IV Rank (7 DTE)59.7MediumNov 9
IV Rank (30 DTE)61.9MediumNov 9
Straddle Price (30 DTE)$4.30Nov 9
Beta Analysis
Risk Metrics
Beta: 1.8540
Alpha: -0.11%
Correlation: 0.3027
R-Squared: 9.2%
Stock Volatility: 84.4%
Market Volatility: 13.8%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
High volatility - stock moves more than market
High volatility - stock moves more than market
Beta & Alpha Over Time
Notable investors who own FWRD
4 of 37 tracked investors
| Investor | Value | Share of their portfolio | Rank | Q/Q shares | Source |
|---|---|---|---|---|---|
| Millennium Management Hedge fund Izzy Englander | $5.7M | #1970 of 3716 | +309.5% | 13F | |
| Renaissance Technologies Hedge fund Jim Simons | $2.6M | #1826 of 3138 | -9.8% | 13F | |
| Citadel Hedge fund Ken Griffin | $2.5M | #2684 of 6285 | -55.1% | 13F | |
| Rockefeller Capital Management Family office Rockefeller family | $6K | #4182 of 4729 | +151.6% | 13F |
Hedge funds, activists, holding companies and family offices we track, from their latest 13F (quarter-end value) and Form 4 filings in the last 3 years. Family offices · all institutions
FWRD Institutional Ownership (13F)
Filings for 2026-06-30 · 54 already for 2026-09-30
? 13F Guide
Diluted shares outstanding: 31,411,750 (as of 2026-06-30)
Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
16 filers$27.04M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Goldman Sachs Group Inc Custodian | $4.90M | 18.12% | 2026-06-30 |
| 2 | Jane Street Group, LLC Custodian | $4.25M | 15.74% | 2026-06-30 |
| 3 | GROUP ONE TRADING LLC Custodian | $3.51M | 12.99% | 2026-06-30 |
| 4 | Citadel Advisors LLC Custodian | $3.17M | 11.73% | 2026-06-30 |
| 5 | Susquehanna International Group, LLP Custodian | $2.81M | 10.39% | 2026-06-30 |
| 6 | Point72 Asset Management, L.P. | $2.03M | 7.50% | 2026-06-30 |
| 7 | Verition Fund Management LLC | $1.35M | 5.00% | 2026-06-30 |
| 8 | Caption Management, LLC | $1.15M | 4.25% | 2026-06-30 |
| 9 | Simplex Trading, LLC Custodian | $1.14M | 4.21% | 2026-09-30 |
| 10 | D. E. Shaw & Co., Inc. Custodian | $1.07M | 3.97% | 2026-06-30 |
| 11 | Walleye Trading LLC | $1.04M | 3.84% | 2026-06-30 |
| 12 | Rangeley Capital, LLC | $271.55K | 1.00% | 2026-06-30 |
| 13 | IMC-Chicago, LLC Custodian | $211.97K | 0.78% | 2026-09-30 |
| 14 | Advisory Services Network, LLC Custodian | $66.20K | 0.24% | 2026-06-30 |
| 15 | Walleye Capital LLC | $64.85K | 0.24% | 2026-06-30 |
| 16 | Covestor Ltd | $0 | 0.00% | 2026-09-30 |
8 filers$2.23M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Susquehanna International Group, LLP Custodian | $1.02M | 45.63% | 2026-06-30 |
| 2 | GROUP ONE TRADING LLC Custodian | $387.74K | 17.39% | 2026-06-30 |
| 3 | Citadel Advisors LLC Custodian | $278.31K | 12.48% | 2026-06-30 |
| 4 | D. E. Shaw & Co., Inc. Custodian | $266.15K | 11.94% | 2026-06-30 |
| 5 | Jane Street Group, LLC Custodian | $158.07K | 7.09% | 2026-06-30 |
| 6 | Simplex Trading, LLC Custodian | $71.67K | 3.22% | 2026-09-30 |
| 7 | Walleye Capital LLC | $45.93K | 2.06% | 2026-06-30 |
| 8 | Walleye Trading LLC | $4.05K | 0.18% | 2026-06-30 |
FWRD Insider Trading (Form 4)
Latest: 2026-06-22Form 4 filings — insider beneficial-ownership changes by officers, directors, and 10%+ holders. Filed within 2 business days of transaction.
| Filed | Reporter | Role | Action | Shares | Avg Price | Net $ | Link |
|---|---|---|---|---|---|---|---|
| 2026-06-22 | Paul C. Svindland | Director | Award (A) | +9,545 | — | EDGAR | |
| 2026-06-22 | Christine Marie Gorjanc | Director | Award (A) | +9,545 | — | EDGAR | |
| 2026-06-22 | Dale W Boyles | Director | Award (A) | +9,545 | — | EDGAR | |
| 2026-05-01 | Shawn Stewart | Chief Executive Officer | Tax (F) | −4,136 | $21.51 | -$89.0K | EDGAR |
| 2026-03-17 | Timothy R Osborne | Executive VP of Operations | Tax (F) | −2,592 | $16.05 | -$41.6K | EDGAR |
| 2026-03-17 | Jamie G. Pierson | CFO | Award (A) | +5,732 | — | EDGAR | |
| 2026-03-17 | Michael L Hance | CLO and Secretary | Tax (F) | −5,737 | $16.05 | -$92.1K | EDGAR |
| 2026-03-17 | Shawn Stewart | Chief Executive Officer | Award (A) | +18,692 | — | EDGAR | |
| 2026-02-23 | Michael L Hance | CLO and Secretary | Mixed Grant +10,799 · Tax −946 |
+9,853 | $27.78 | -$26.3K | EDGAR |
| 2026-02-23 | James R. Faught | Chief Accounting Officer | Mixed Tax −362 · Grant +2,340 |
+1,978 | $27.78 | -$10.1K | EDGAR |
| 2026-02-23 | Jessica L Herren | Chief Supply Chain Officer | Mixed Grant +4,950 · Tax −436 |
+4,514 | $27.78 | -$12.1K | EDGAR |
| 2026-02-23 | Jerome Jean-Pierre LORRAIN | Executive Chairman | Award (A) | +10,799 | — | EDGAR | |
| 2026-02-23 | Shawn Stewart | Chief Executive Officer | Mixed Grant +43,197 · Tax −3,214 |
+39,983 | $27.78 | -$89.3K | EDGAR |
| 2026-02-23 | Eric Frederick Brandt | Chief Commercial Officer | Mixed Grant +8,999 · Tax −1,057 |
+7,942 | $27.78 | -$29.4K | EDGAR |
| 2026-02-23 | Douglas James Smith | Chief People Officer | Mixed Grant +5,850 · Tax −516 |
+5,334 | $27.78 | -$14.3K | EDGAR |
Codes: P = open-market purchase · S = open-market sale · A = grant/award · M = option exercise · F = tax withholding at vest · G = bona-fide gift · D = disposition to issuer · J = other (described in filing footnote — typically 401(k), trust, inheritance) · W = will/inheritance. Only P / S codes carry directional signal.
FWRD Insider Holdings
17 insiders · @ $17.78
Officers, directors, and 10%+ owners who have filed a Form 4 in the past two years, ranked by current disclosed exposure (shares × today's price). Shares are direct + indirect (via trusts / LLCs / spouse). Excludes unvested RSU and option grants — those aren't beneficially owned until vest.
| # | Insider | Role | Shares | Disclosed Exposure | Lifetime OM Net | Filings | Last Filed |
|---|---|---|---|---|---|---|---|
| 1 | Cetus Capital VI, L.P. | 10%+ Owner | 3,313,993 | $58.92M | -$2.55M | 2 | 2026-02-17 |
| 2 | Shawn Stewart | Chief Executive Officer | 144,030 | $2.56M | $0 | 5 | 2026-05-01 |
| 3 | Robert Leon Edwards Jr | Director | 108,628 | $1.93M | $0 | 2 | 2025-06-17 |
| 4 | Charles Leonard Anderson | Director | 108,628 | $1.93M | $0 | 2 | 2025-06-17 |
| 5 | Jamie G. Pierson | CFO | 91,884 | $1.63M | $0 | 4 | 2026-03-17 |
| 6 | Michael L Hance | CLO and Secretary | 90,486 | $1.61M | -$4.05M | 45 | 2026-03-17 |
| 7 | Michael B Hodge | Director | 86,883 | $1.54M | $0 | 10 | 2025-06-17 |
| 8 | Joseph Michael Tomasello | Chief Information Officer | 30,131 | $535.7K | $0 | 14 | 2025-03-18 |
| 9 | Timothy R Osborne | Executive VP of Operations | 23,831 | $423.7K | $0 | 3 | 2026-03-17 |
| 10 | Dale W Boyles | Director | 22,940 | $407.9K | $0 | 3 | 2026-06-22 |
Lifetime OM Net = signed sum of open-market buys (P) and sells (S) over their career; excludes grants, tax withholdings, and dispositions to issuer. A large negative number is normal for long-tenured executives — they've sold compensation grants over many years.
FWRD Board & Officers
As of SEC filings through Jun 29, 2026Directors 5
- Shawn Stewart · since Apr 29, 2024
- Christine Marie Gorjanc · since Jun 3, 2024
- Dale W Boyles · since Jun 3, 2024
- Jerome Jean-Pierre LORRAIN · since Oct 1, 2024
- Paul C. Svindland · since Jun 11, 2025
Officers 14
- Shawn Stewart · Chief Executive Officer · since Apr 29, 2024
- Fabio de Moraes Mendunekas · President, LATAM · since Jun 17, 2026
- Jonathan Van Altena · President, Europe · since Jun 17, 2026
- Justin Lindsay · President, U.S. & Canada · since Jun 17, 2026
- Yanqing Zhu · President, Asia Pacific · since Jun 17, 2026
- Jamie G. Pierson · CFO · since May 20, 2024
- James R. Faught · Chief Accounting Officer · since Jul 3, 2024
- Douglas James Smith · Chief People Officer · since Dec 12, 2024
- Eric Frederick Brandt · Chief Commercial Officer · since Jan 13, 2025
- Jessica L Herren · Chief Supply Chain Officer · since Jun 11, 2025
- Karl Khambatta · Chief Transformation Officer · since Jun 17, 2026
- Lance Sons · Chief Information Officer · since Jun 17, 2026
- Michael L Hance · CLO and Secretary · listed since Feb 2020
- Timothy R Osborne · Executive VP of Operations · since Jun 11, 2025
Changes in the last 10 years (92)
| Jul 10, 2026 | The company announced the departure of Jerome Jean-Pierre LORRAIN as Executive Chairman in an SEC filing |
| Jun 17, 2026 | Yanqing Zhu became President, Asia Pacific |
| Jun 17, 2026 | Lance Sons became Chief Information Officer |
| Jun 17, 2026 | Karl Khambatta became Chief Transformation Officer |
| Jun 17, 2026 | Justin Lindsay became President, U.S. & Canada |
| Jun 17, 2026 | Jonathan Van Altena became President, Europe |
| Jun 17, 2026 | Fabio de Moraes Mendunekas became President, LATAM |
| Apr 24, 2026 | The company announced the departure of Robert Leon Edwards Jr from the board in an SEC filing |
| Apr 24, 2026 | The company announced the departure of Charles Leonard Anderson from the board in an SEC filing |
| Feb 17, 2026 | Cetus Capital VI, L.P. reported in an SEC filing no longer being a 10% owner |
| Oct 13, 2025 | Cetus Capital VI, L.P. became a 10% owner |
| Oct 10, 2025 | The company announced the departure of Joseph Michael Tomasello as Chief Information Officer in an SEC filing |
| Aug 29, 2025 | The company announced the departure of Michael B Hodge from the board in an SEC filing |
| Jul 15, 2025 | Jerome Jean-Pierre LORRAIN first listed as Executive Chairman in an SEC filing |
| Jun 11, 2025 | Timothy R Osborne became Executive VP of Operations |
| Jun 11, 2025 | Paul C. Svindland became a director |
| Jun 11, 2025 | Jessica L Herren became Chief Supply Chain Officer |
| Mar 20, 2025 | The company announced the departure of Valerie A Bonebrake from the board in an SEC filing |
| Jan 13, 2025 | Eric Frederick Brandt became Chief Commercial Officer |
| Dec 12, 2024 | Douglas James Smith became Chief People Officer |
| Dec 6, 2024 | The company announced the departure of Chris C Ruble as Chief Operating Officer in an SEC filing |
| Nov 8, 2024 | The company announced the departure of Kyle R Mitchin as Chief People Officer in an SEC filing |
| Oct 17, 2024 | Craig Carlock reported in an SEC filing no longer being a director |
| Oct 1, 2024 | Jerome Jean-Pierre LORRAIN became a director |
| Aug 14, 2024 | Jose Enrique Feliciano became a 10% owner |
| Aug 14, 2024 | Clearlake Capital Group, L.p. became a 10% owner |
| Aug 14, 2024 | Behdad Eghbali became a 10% owner |
| Jul 3, 2024 | James R. Faught became Chief Accounting Officer |
| Jun 3, 2024 | Dale W Boyles became a director |
| Jun 3, 2024 | Christine Marie Gorjanc became a director |
| May 20, 2024 | Jamie G. Pierson became CFO |
| May 15, 2024 | The company announced the departure of Rebecca J Garbrick as CFO in an SEC filing |
| Apr 29, 2024 | Shawn Stewart became a director |
| Apr 29, 2024 | Shawn Stewart became Chief Executive Officer |
| Apr 1, 2024 | Thomas Schmitt reported in an SEC filing no longer being a director |
| Apr 1, 2024 | Thomas Schmitt reported in an SEC filing no longer being President & CEO |
| Feb 5, 2024 | Christopher H. Schmachtenberger became a director |
| Jan 25, 2024 | Robert Leon Edwards Jr became a director |
| Jan 25, 2024 | Ridgemont Equity Partners Affiliates III, L.P. became a director |
| Jan 25, 2024 | Ridgemont Equity Partners Affiliates III, L.P. became a 10% owner |
| Jan 25, 2024 | Ridgemont Equity Management III, LLC became a director |
| Jan 25, 2024 | Ridgemont Equity Management III, LLC became a 10% owner |
| Jan 25, 2024 | Ridgemont Equity Management III, L.P. became a director |
| Jan 25, 2024 | Ridgemont Equity Management III, L.P. became a 10% owner |
| Jan 25, 2024 | Rep Faom Iii-S, L.p. became a director |
| Jan 25, 2024 | Rep Faom Iii-S, L.p. became a 10% owner |
| Jan 25, 2024 | REP Omni Holdings, L.P. became a director |
| Jan 25, 2024 | REP Omni Holdings, L.P. became a 10% owner |
| Jan 25, 2024 | REP Omni Holdings GP, LLC became a director |
| Jan 25, 2024 | REP Omni Holdings GP, LLC became a 10% owner |
| Jan 25, 2024 | REP Coinvest III-B Omni, L.P. became a director |
| Jan 25, 2024 | REP Coinvest III-B Omni, L.P. became a 10% owner |
| Jan 25, 2024 | REP Coinvest III-A Omni, L.P. became a director |
| Jan 25, 2024 | REP Coinvest III-A Omni, L.P. became a 10% owner |
| Jan 25, 2024 | REP Coinvest III Omni GP, LLC became a director |
| Jan 25, 2024 | REP Coinvest III Omni GP, LLC became a 10% owner |
| Jan 25, 2024 | Michael B Hodge became a director |
| Jan 25, 2024 | Charles Leonard Anderson became a director |
| Aug 10, 2023 | The company announced the departure of Scott M Niswonger from the board in an SEC filing |
| Oct 25, 2022 | Nancee L Ronning became Chief Commercial Officer |
| Apr 18, 2022 | The company announced the departure of Scott E Schara as Chief Commercial Officer in an SEC filing |
| Feb 9, 2022 | Rebecca J Garbrick listed as CFO (previously CAO, VP and Controller) in SEC filings |
| Mar 27, 2021 | Rebecca J Garbrick became CAO, VP and Controller |
| Mar 15, 2021 | Scott M Niswonger became a director |
| Mar 15, 2021 | Richard H Roberts became a director |
| Mar 15, 2021 | Javier Polit became a director |
| Mar 15, 2021 | George S Mayes JR became a director |
| Mar 15, 2021 | Chitra Nayak became a director |
| Aug 31, 2020 | Scott E Schara became Chief Commercial Officer |
| Aug 6, 2020 | Matthew J Jewell reported in an SEC filing no longer being Chief Commercial Officer |
| Mar 17, 2020 | Matthew J Jewell listed as Chief Commercial Officer (previously President - Intermodal Serv.) in SEC filings |
| Feb 6, 2020 | Michael L Hance listed as CLO and Secretary (previously Senior VP, CLO and Secretary) in SEC filings |
| Oct 22, 2019 | Laurie Anne Tucker became a director |
| Sep 4, 2019 | Thomas Schmitt first listed as a director in an SEC filing |
| Jul 26, 2019 | Kyle R Mitchin listed as Chief People Officer (previously Senior VP, Human Resources) in SEC filings |
| Jul 3, 2019 | Glenn A Adelaar no longer listed as Senior VP, Systems Technology in SEC filings |
| Jul 2, 2019 | Michael Joseph Morris listed as CFO and Treasurer (previously CFO, Senior VP and Treasurer) in SEC filings |
| Jun 17, 2019 | Joseph Michael Tomasello became Chief Information Officer |
| May 7, 2019 | Christina Bottomley became CAO, VP & Controller |
| Oct 2, 2018 | W Gilbert West became a director |
| Sep 6, 2018 | Bruce A Campbell listed as Chairman (previously Chairman, President & CEO) in SEC filings |
| Sep 1, 2018 | Thomas Schmitt became President & CEO |
| Jun 14, 2018 | Matthew J Jewell listed as President - Intermodal Serv. (previously President - Logistics Services) in SEC filings |
| Jun 14, 2018 | Chris C Ruble listed as Chief Operating Officer (previously President - Expedited Services) in SEC filings |
| Jan 12, 2018 | Valerie A Bonebrake became a director |
| Sep 25, 2017 | Michael P McLean reported in an SEC filing no longer being VP & CAO |
| Jul 24, 2017 | Thomas S Albrecht became a director |
| Jul 24, 2017 | Javier Alberto Palomarez became a director |
| Jul 24, 2017 | Ana B Amicarella became a director |
| May 9, 2017 | Kyle R Mitchin became Senior VP, Human Resources |
| May 9, 2017 | Glenn A Adelaar became Senior VP, Systems Technology |
| Mar 8, 2017 | Craig A Drum reported in an SEC filing no longer being Senior Vice President, Sales |
Not reported recently (32)
- Behdad Eghbali · Last reported as a 10% owner in an SEC filing dated Aug 14, 2024
- Clearlake Capital Group, L.p. · Last reported as a 10% owner in an SEC filing dated Aug 14, 2024
- Jose Enrique Feliciano · Last reported as a 10% owner in an SEC filing dated Aug 14, 2024
- Ridgemont Equity Management III, L.P. · Last reported as a director in an SEC filing dated Aug 12, 2024
- REP Coinvest III-B Omni, L.P. · Last reported as a director in an SEC filing dated Aug 12, 2024
- Ridgemont Equity Management III, LLC · Last reported as a director in an SEC filing dated Aug 12, 2024
- Rep Faom Iii-S, L.p. · Last reported as a director in an SEC filing dated Aug 12, 2024
- REP Coinvest III-A Omni, L.P. · Last reported as a director in an SEC filing dated Aug 12, 2024
- REP Coinvest III Omni GP, LLC · Last reported as a director in an SEC filing dated Aug 12, 2024
- Ridgemont Equity Partners Affiliates III, L.P. · Last reported as a director in an SEC filing dated Aug 12, 2024
- REP Omni Holdings, L.P. · Last reported as a director in an SEC filing dated Aug 12, 2024
- REP Omni Holdings GP, LLC · Last reported as a director in an SEC filing dated Aug 12, 2024
- Ana B Amicarella · Last reported as a director in an SEC filing dated Jun 3, 2024
- Laurie Anne Tucker · Last reported as a director in an SEC filing dated Jun 3, 2024
- George S Mayes JR · Last reported as a director in an SEC filing dated Jun 3, 2024
- Javier Polit · Last reported as a director in an SEC filing dated Jun 3, 2024
- Christopher H. Schmachtenberger · Last reported as a director in an SEC filing dated Apr 1, 2024
- Nancee L Ronning · Last reported as Chief Commercial Officer in an SEC filing dated Mar 29, 2024
- W Gilbert West · Last reported as a director in an SEC filing dated Mar 5, 2024
- C Robert Campbell · Last reported as a director in an SEC filing dated Jan 16, 2024
- Ronald W Allen · Last reported as a director in an SEC filing dated Jan 16, 2024
- George M Lynch · Last reported as a director in an SEC filing dated Aug 18, 2023
- Chitra Nayak · Last reported as a director in an SEC filing dated Aug 18, 2023
- Richard H Roberts · Last reported as a director in an SEC filing dated May 13, 2022
- Michael Joseph Morris · Last reported as CFO and Treasurer in an SEC filing dated Mar 17, 2021
- Christina Bottomley · Last reported as CAO, VP & Controller in an SEC filing dated Sep 11, 2020
- C John Langley Jr · Last reported as a director in an SEC filing dated May 14, 2020
- Bruce A Campbell · Last reported as a director in an SEC filing dated Mar 19, 2019
- Thomas S Albrecht · Last reported as a director in an SEC filing dated Jul 26, 2017
- Javier Alberto Palomarez · Last reported as a director in an SEC filing dated Jul 26, 2017
- Doug Madden · Last reported as a director in an SEC filing dated May 15, 2017
- Tracy A Leinbach · Last reported as a director in an SEC filing dated Mar 28, 2017
Compiled from SEC filings by the company and its directors and officers. Dates are as stated in those filings. Where no filing says when someone left, we show the last filing that listed them.
Recent SEC Filings
Latest: 2026-10-28
Current reports — material events the company must disclose within 4 business days (earnings releases, M&A, executive changes, etc.).
Annual report — audited financial statements, MD&A, risk factors. Filed 60–90 days after fiscal year-end.
| Filing Date | Accession | Link |
|---|
Quarterly report — unaudited financials and MD&A. Filed 40–45 days after each of the first three fiscal quarters.
| Filing Date | Accession | Link |
|---|---|---|
| 2026-08-05 | 0001628280-26-053329 | EDGAR |
ETF Holders
33 ETFs hold FWRD
25 shown · $47.70M total exposure · 0.01% AUM-weighted avg weight
| # | ETF | Provider | Weight | $ Exposure | ETF AUM | As Of |
|---|---|---|---|---|---|---|
| 1 | VTI Vanguard Morningstar Total Stock Market ETF | Vanguard | 0.00% | $13.5M | — | 2026-09-30 |
| 2 | IWM iShares Russell 2000 ETF | iShares (BlackRock) | 0.01% | $9.5M | $76.6B | 2026-11-06 |
| 3 | VXF Vanguard Extended Market ETF | Vanguard | 0.01% | $4.7M | — | 2026-09-30 |
| 4 | IWO iShares Russell 2000 Growth ETF | iShares (BlackRock) | 0.03% | $3.5M | $13.7B | 2026-11-06 |
| 5 | FNDA Schwab Fundamental U.S. Small Company ETF | Nport | 0.04% | $3.5M | — | 2026-08-31 |
| 6 | VTWO Vanguard Russell 2000 ETF | Vanguard | 0.01% | $2.0M | — | 2026-09-30 |
| 7 | SCHA Schwab U.S. Small-Cap ETF | Nport | 0.01% | $1.8M | — | 2026-08-31 |
| 8 | JSML Janus Henderson Small Cap Growth Alpha ETF | Janus | 0.42% | $1.5M | $366.3M | 2026-11-06 |
| 9 | IYT iShares U.S. Transportation ETF | iShares (BlackRock) | 0.06% | $1.3M | $2.1B | 2026-11-06 |
| 10 | PRFZ Invesco RAFI US 1500 Small-Mid ETF | Nport | 0.05% | $1.2M | — | 2026-07-31 |
| 11 | XTN State Street® SPDR® S&P® Transportation ETF | SPDR (State Street) | 0.55% | $1.2M | $218.6M | 2026-11-05 |
| 12 | ISMD Inspire Small/Mid Cap ETF | Nport | 0.26% | $874,718 | — | 2026-08-31 |
| 13 | VIS Vanguard Industrials ETF | Vanguard | 0.01% | $450,866 | — | 2026-09-30 |
| 14 | ITOT iShares Core S&P Total U.S. Stock Market ETF | iShares (BlackRock) | 0.00% | $442,191 | $93.2B | 2026-11-06 |
| 15 | BSJV Invesco BulletShares 2031 High Yield Corporate Bond ETF | Invesco | 0.31% | $427,470 | — | 2026-11-05 |
| 16 | VTWG Vanguard Russell 2000 Growth ETF | Vanguard | 0.02% | $372,680 | — | 2026-09-30 |
| 17 | NUSC Nuveen ESG Small-Cap ETF | Nport | 0.03% | $322,560 | — | 2026-07-31 |
| 18 | GSSC Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF | Goldman | 0.03% | $308,160 | $1.0B | 2026-11-05 |
| 19 | RSSL Global X Russell 2000 ETF | Global X | 0.01% | $184,954 | — | 2026-11-06 |
| 20 | IWV iShares Russell 3000 ETF | iShares (BlackRock) | 0.00% | $127,745 | $19.7B | 2026-11-06 |
| 21 | DFAC Dimensional US Core Equity 2 ETF | Dimensional | 0.00% | $99,836 | — | 2026-11-05 |
| 22 | IHYF Invesco High Yield Bond Factor ETF | Invesco | 0.05% | $88,099 | — | 2026-04-30 |
| 23 | FNDB Schwab Fundamental U.S. Broad Market ETF | Nport | 0.00% | $50,966 | — | 2026-08-31 |
| 24 | DFSU Dimensional US Sustainability Core 1 ETF | Dimensional | 0.00% | $44,001 | $2.3B | 2026-11-05 |
| 25 | VTHR Vanguard Russell 3000 ETF | Vanguard | 0.00% | $31,842 | — | 2026-09-30 |
Fundamentals
Quarterly filings sourced from SEC 10-Q / 10-K reports. TTM tiles aggregate the most recent four quarters; bars show the last ~12 quarters oldest → newest.
Metrics
- Revenue — top-line sales. Look for consistent YoY growth; seasonal businesses need same-quarter comparisons (Q4 '24 vs Q4 '23).
- Net Income — bottom-line profit after all expenses. Can be volatile from one-time items; red bars = net loss.
- Diluted EPS — net income per share assuming options/converts are exercised. Direct input to the P/E ratio.
- Operating Cash Flow — cash generated from core operations, before capex and financing. Harder to manipulate than net income; growing OCF is a quality signal.
How to read the bars
- Sequential growth — quarter-over-quarter trend. Accelerating bars are a momentum signal.
- YoY growth — compare to the same quarter a year earlier to remove seasonality.
- Quality — OCF should roughly track Net Income over time. Large divergence (net income ≫ OCF) flags accruals risk.
- Margins — scan the bar ratios: Net Income / Revenue tells you margin trend without needing a separate chart.
TTM (trailing-twelve-month) smooths seasonality and is used for the P/E calculation. Filings appear 30–90 days after the period closes.
Trailing P/E
—
TTM Diluted EPS
$-8.90
TTM Revenue
$2.52B
TTM Net Income
$-286.19M
TTM Op. Cash Flow
$70.84M
Quarterly figures (12 quarters)
| Quarter | Period End | Revenue | Net Income | Diluted EPS | Op. Cash Flow |
|---|---|---|---|---|---|
| Q2 '26 | 2026-06-30 | $673.04M | $-207.30M | $-6.38 | $-4.88M |
| Q1 '26 | 2026-03-31 | $582.05M | $-34.32M | $-1.09 | $45.74M |
| Q4 '25 | 2025-12-31 | $631.23M | $-28.33M | $-0.91 | $-22.73M |
| Q3 '25 | 2025-09-30 | $631.76M | $-16.25M | $-0.52 | $52.71M |
| Q2 '25 | 2025-06-30 | $618.84M | $-12.58M | $-0.41 | $-13.22M |
| Q1 '25 | 2025-03-31 | $613.28M | $-50.64M | $-1.68 | $27.61M |
| Q4 '24 | 2024-12-31 | $632.85M | $-56.58M | $-1.45 | $-23.62M |
| Q3 '24 | 2024-09-30 | $655.94M | $-73.41M | $-2.66 | $50.02M |
| Q2 '24 | 2024-06-30 | $643.67M | $-629.08M | $-23.47 | $-50.08M |
| Q1 '24 | 2024-03-31 | $541.81M | $-73.58M | $-2.81 | $-51.72M |
| Q4 '23 | 2023-12-31 | $338.43M | $100.89M | $3.90 | $21.96M |
| Q3 '23 | 2023-09-30 | $340.98M | $9.29M | $0.36 | $29.86M |
Q2 2026 • period ending 2026-06-30 • filed 2026-08-05
Valuation
Ratios derived from TTM financials and the current market price, sampled daily. History chart shows how expensive the stock is today relative to its own recent past.
Price Multiples
- P/E — price / TTM earnings. Rough market rule: 10–15 value, 15–25 market, >30 growth/premium. Negative when earnings are negative.
- P/B — price / book value. Useful for financials and asset-heavy names; meaningless for asset-light software.
- P/S — price / TTM revenue. Useful when earnings are negative or noisy (early-stage growth).
- EV/EBITDA — capital-structure-neutral. <10 cheap, 10–15 reasonable, >20 rich. Good for comparing across leverage profiles.
- EV/Sales — like P/S but accounts for debt + cash. Compare within sector.
Profitability & Yields
- ROE — return on equity. >15% strong, >25% exceptional. Caution: high leverage inflates ROE.
- ROA — return on assets. Leverage-neutral; >5% solid, >10% exceptional.
- Div Yield — annual dividend / price. Compare to 10Y Treasury; sustained yield >6% often signals distress.
- FCF Yield — free cash flow / market cap. >5% is attractive; negative means burning cash.
Balance Sheet
- Debt/Equity — leverage. <1 conservative, >2 aggressive. Sector-dependent (utilities naturally high, tech low).
- Current Ratio — short-term liquidity. >1.5 comfortable, <1 raises short-term solvency flags.
Reading the history chart
- Compare current level to the 3-year band: near the high end = relatively expensive; near the low = relatively cheap.
- Multiples expanding while earnings are flat = sentiment-driven rally.
- Multiples compressing while earnings grow = value coming from fundamentals.
P/E
—
P/B
—
P/S
0.22
EV/EBITDA
9.23
EV/Sales
0.85
ROE
—
ROA
-11.9%
Div Yield
0.00%
FCF Yield
12.69%
Debt/Equity
—
Current Ratio
—
Market Cap
$558.19M
as of 2026-11-09
FWRD vs Peers
Related companies, largest first| Company | Market cap | P/E | Revenue growth | YTD | IV rank |
|---|---|---|---|---|---|
| UNP Union Pacific Corp. | $172.4B | 23.1 | +7.4% | +27.8% | 28 |
| UPS United Parcel Service, Inc. Class B | $92.2B | 21.5 | +2.1% | +10.5% | 12 |
| CSX CSX Corporation | $91.0B | 26.1 | +5.8% | +38.6% | 39 |
| FDX FedEx Corporation | $72.2B | 20.3 | +5.6% | +9.2% | 17 |
| NSC Norfolk Southern Corp. | $71.9B | 27.3 | +6.0% | +13.2% | 39 |
| ODFL Old Dominion Freight Line | $34.0B | 33.0 | −0.6% | +8.0% | 10 |
| EXPD Expeditors International of Washington, | $23.8B | 27.5 | +6.8% | +24.3% | 46 |
| RXO RXO, Inc. | $4.6B | — | +10.1% | +117.8% | 27 |
| FWRD Forward Air Corp | $562M | — | −0.1% | −29.2% | 62 |
| Peer median | $72.0B | 26.1 | +5.9% | +18.7% | 28 |
P/E uses the latest reported trailing-12-month diluted EPS; "—" means no positive earnings or no data.
Short Interest & Float
Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.
Metric definitions
- Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
- SI % of Float — short interest / free float. The key crowding metric.
- Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
- Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
- Free Float — shares available for public trading (total shares minus insider / restricted).
- Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.
How to read the signals
- SI % of Float < 5% — typical, no particular signal.
- 5–15% — elevated; watch for catalysts (earnings, guidance, macro).
- 15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
- >30% — extreme; borrow is likely expensive and squeeze risk is material.
- Days to Cover > 5 combined with high SI% amplifies squeeze potential.
History chart
- Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
- A sudden drop in SI after a rally may indicate a squeeze in progress.
Short interest is reported mid-month and end-of-month; short volume is daily.
Short Interest
1.80M
SI % of Float
7.08%
Days to Cover
4.65
Short Vol Ratio
44.6%
Free Float
25.47M
Float %
80.5%
Short interest 2026-10-15 • Short volume 2026-11-06 • Float 2026-05-18