Forward Air Corporation (FWRD) Seen as Attractive Value at 8.5x 2026 EBITDA, Says Susquehanna

Forward Air Corporation (NASDAQ:FWRD) is among the 12 Most Promising Small-Cap Stocks According to Wall Street Analysts.

Forward Air Corporation (NASDAQ:FWRD) is among the most promising stocks.

TheFly reported on February 24 that Susquehanna lowered FWRD price target to $42 from $45 and maintained a Positive rating on the shares. With shares trading at about 8.5 times estimated 2026 EBITDA, the stock continues to provide great value, according to the firm, which also observed that the company's strategic review appears to be nearing conclusion.

Forward Air Corporation (NASDAQ:FWRD) reported its fourth-quarter and full-year 2025 results on February 23. The company recorded consolidated revenue of $631 million for Q4, which is slightly below last year’s $633 million, while Consolidated EBITDA rose to $77 million from $72 million a year ago. For the full year, the company said its consolidated EBITDA totaled $307 million, which is near 2024’s $311 million.

Additionally, the company noted that its Q4 performance differed by segment: Expedited Freight saw an increase in EBITDA to $25 million with a 10.1% margin, Omni achieved record revenue and EBITDA with a 10% margin, and Intermodal, under pressure from trade softness, reported $7 million in EBITDA with a 14.2% margin. All things considered, cash from operations increased to $44 million in 2025 from a $69 million outflow in 2024, and liquidity was $367 million, which included $261 million available under the credit facility and $106 million in cash.

Forward Air Corporation (NASDAQ:FWRD) is a leading North American freight and logistics provider offering expedited less‑than‑truckload (LTL), pickup and delivery, truckload brokerage, intermodal drayage, warehousing, and customs brokerage services through a national terminal network.

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