Forward Air's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Forward Air (FWRD) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Forward Air vs Its Competitors
- TTM: Trailing 12-month revenue of 2,518M vs 209,973M combined for tracked competitors (1.2% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+6.9% annualized vs trailing 12 months), vs accelerating (+5.0%) for its tracked peer group.
- Growth: Forward Air generated 8.8% revenue growth year over year in Q2 2026, vs 11.3% for its tracked competitors combined.
- Profitability: Its -36.5% net margin compares with 4.4% for the peer group.
- Scale: Forward Air ranks #28 of 57 companies by market capitalization in the Marine Transportation industry, holding 0.5% of industry market cap.
- Peer revenue share: Forward Air accounted for 1.2% of combined revenue among its tracked peer group, down from 1.2% a year earlier.
- Peer differentiation: Revenue per employee of $1.26M compares with $0.22M for the peer group (5.7x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
FWRD Sales vs. its Competitors, Q2 2026
Forward Air reported revenue growth of 8.76 % year on year in Q2 2026, below its competitors' combined revenue growth of 11.28 %.
With a net margin of -36.54 %, Forward Air reported lower profitability than its competitors (4.37 %).
Forward Air generated 1.21 % of the combined sales of its peer group, down from 1.23 % a year earlier.
Forward Air vs. its Competitors, Q2 2026
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Forward Air and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Forward Air Corporation | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (2) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (3) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (3) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Forward Air's competitor groups requires a Commercial License.
For context: the Marine Transportation industry grew revenue 2.3% year over year, combined, vs 8.8% for Forward Air. Forward Air's share of combined industry revenue moved from 1.42% to 1.51%, a gain of 0.09 percentage points.
Forward Air's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Forward Air Corporation | No | No | No | No |
| Competitors combined (6) | ||||
| High-Confidence Competitors (2) | ||||
| Similar-Size Competitors (9) | ||||
| Similar Growth & Profitability (8) | 62.50 % (5 of 8) | 62.50 % (5 of 8) | 62.50 % (5 of 8) | 50.00 % (4 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
FWRD Stock Performance relative to its Competitors
FWRD Stock Performance relative to High-Confidence Competitors
FWRD Stock Performance relative to Similar-Size Competitors
FWRD Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Fedex Corporation | 282.9% | Outperformed |
| 2 | Pitney Bowes Inc | 282.9% | Outperformed |
| 3 | Rxo Inc | 282.9% | Outperformed |
| 4 | Air T Inc | 282.9% | Outperformed |
| 5 | C h Robinson Worldwide Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Forward Air's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Forward Air's Comment on Competition and Industry Peers
Publicly Traded Peers of Forward Air Corporation
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Forward Air Corporation | 504.75 | 2,518.08 |
| United Parcel Service Inc | 80,393.97 | 89,930.00 |
| Fedex Corporation | 69,130.75 | 94,720.00 |
| C h Robinson Worldwide Inc | 17,889.60 | 16,996.51 |
| Rxo Inc | 3,505.73 | 6,089.00 |
| Pitney Bowes Inc | 2,286.56 | 1,866.21 |
| SUBTOTAL | 173,789.42 | 212,491.48 |
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Sources: Forward Air Corporation's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Forward Air Corporation versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Forward Air's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| FedEx Corporation | Named by the company | 85% |
| United Parcel Service | Named by the company | 85% |
| Rxo Inc | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Forward Air's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Forward Air's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Forward Air Corporation | Omni Logistics 51.96 % |
| United Parcel Service Inc | U.S. Domestic Package 66.62 % |
| Fedex Corporation | Federal Express 86.86 % |
| C h Robinson Worldwide Inc | North American Service Transportation (nast) 72.83 % |
| Rxo Inc | Reportable 100.00 % |
| Pitney Bowes Inc | SendTech Solutions 65.76 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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Forward Air's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Forward Air Corporation | 505 | 1,262,826 | -173,671 |
| United Parcel Service Inc | 80,394 | 195,500 | 9,935 |
| Fedex Corporation | 69,131 | 209,558 | 9,801 |
| C h Robinson Worldwide Inc | 17,890 | 1,433,700 | 53,423 |
| Rxo Inc | 3,506 | 660,555 | -11,391 |
| Pitney Bowes Inc | 2,287 | 282,759 | 28,386 |
| PEERS TOTAL | 173,285 | 223,058 | 10,395 |
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Forward Air's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Fedex Corporation | United States 71.73 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Forward Air's Position in Industry Market Structure
Market-capitalization share and concentration across all 55 companies in Forward Air's industry classification, broader than the peer set above. Market cap in millions of $.Forward Air ranks #28 of 55 companies by market capitalization in its industry, holding 0.46 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 992, indicating a unconcentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Expeditors International Of Washington Inc | 24,793 | 22.50 % |
| 2 | C h Robinson Worldwide Inc | 17,890 | 16.23 % |
| 3 | Frontline Plc | 10,821 | 9.82 % |
| 4 | Cmb tech Nv | 4,382 | 3.98 % |
| 5 | Brink s Co | 1,234 | 5.2% |
| 6 | Scorpio Tankers Inc | 1,234 | 5.2% |
| 7 | Torm Plc | 1,234 | 5.2% |
| 8 | Dht Holdings Inc | 1,234 | 5.2% |
| 9 | Zim Integrated Shipping Services Ltd | 1,234 | 5.2% |
| 10 | Star Bulk Carriers Corp | 1,234 | 5.2% |
| 28 | Forward Air Corporation | 505 | 0.46 % |
Market cap and industry share for the rest of Forward Air's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-29.
Forward Air's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 23 | Safe Bulkers Inc | 863 | 82.17 % |
| 24 | Himalaya Shipping Ltd | 809 | 98.57 % |
| 25 | Ardmore Shipping Corp | 752 | 47.79 % |
| 26 | Grindrod Shipping Holdings Ltd | 637 | 20.99 % |
| 27 | Pangaea Logistics Solutions Ltd | 1,234 | 12.3% |
| 28 | Forward Air Corporation | 505 | -41.86 % |
| 29 | Euroseas Ltd | 1,234 | 12.3% |
| 30 | Eagle Bulk Shipping Inc | 1,234 | 12.3% |
| 31 | Radiant Logistics Inc | 1,234 | 12.3% |
| 32 | Seanergy Maritime Holdings Corp | 1,234 | 12.3% |
| 33 | Stealthgas Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Forward Air's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-29. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Forward Air's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Marine Transportation industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (65 companies). See the full Marine Transportation industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | - | 47.92 % (avg) | - |
| Operating Margin | -6.70 % | industry median | -14.6 pp |
| EBITDA Margin | -7.42 % | 22.53 % (avg) | -29.9 pp |
| Capital Intensity (Capex / Revenue) | 0.90 % | 15.33 % (avg) | -14.4 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Forward Air's Valuation vs Competitive Position
Valuation multiples vs the Marine Transportation industry average (65 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Marine Transportation industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 11.0x | - |
| EV / EBITDA | - | 7.1x | - |
| P/B | 4.6x | 1.2x | +3.4x |
| Return on Equity | -387.88 % | industry aggregate | -411.87 % |
| Return on Invested Capital | -7.25 % | 4.43 % (avg) | -11.68 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Forward Air's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2017 | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 10.05 % | 19.99 % | 6.78 % | 24.28 % | 18.71 % | -30.54 % | 80.51 % | 0.84 % |
| Operating Margin | 9.87 % | 9.24 % | 8.42 % | 9.58 % | 13.48 % | 6.44 % | -42.96 % | 1.46 % |
| Return on Invested Capital | 9.70 % | 10.19 % | 8.63 % | 10.18 % | 15.90 % | 5.58 % | -32.45 % | 1.47 % |
| P/E | 20.0x | 18.8x | 22.8x | 28.4x | 14.9x | 9.5x | - | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Forward Air's Strategic Group Map
Every company in Forward Air's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Forward Air is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Forward Air's BCG Growth-Share Matrix
Relative market share (vs Forward Air's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Forward Air falls in the Dog quadrant: relative market share of 0.02x vs its largest competitor, in an industry growing revenue -0.1% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Forward Air's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 992 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 0.90 % vs industry average 15.33 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Forward Air's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Forward Air's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Forward Air's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Forward Air falls in the Medium attractiveness / Low strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Forward Air's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+6.9% annualized vs trailing 12 months).
Weaknesses
- Operating margin 14.6 points below the industry median.
- Return on equity 411.9 points below the industry aggregate.
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.02x).
Opportunities
No rule matched.
Threats
No rule matched.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Forward Air's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Forward Air Corporation | 0.30 | 1.24 | 18.96 |
| United Parcel Service Inc | 0.39 | 1.23 | 1.94 |
| Fedex Corporation | 0.49 | 1.36 | 1.00 |
| C h Robinson Worldwide Inc | 0.08 | 1.57 | 0.75 |
| Rxo Inc | 0.02 | 1.28 | 0.37 |
| Pitney Bowes Inc | 0.19 | 0.71 | - |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Forward Air's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Forward Air Corporation | Q2 2026 | +8.8 % | - |
| United Parcel Service Inc | Q2 2026 | +7.6 % | -52.9 % |
| Fedex Corporation | Q2 2026 | +12.5 % | -3.3 % |
| C h Robinson Worldwide Inc | Q2 2026 | +19.3 % | +22.5 % |
| Rxo Inc | Q2 2026 | +25.0 % | - |
| Pitney Bowes Inc | Q2 2026 | -2.3 % | +66.5 % |
| PEERS TOTAL | +11.2 % | -29.8 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Forward Air's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Forward Air Corporation | Q2 2026 | +30.8 % | -32.3 % |
| United Parcel Service Inc | Q2 2026 | +113.0 % | -38.3 % |
| Fedex Corporation | Q2 2026 | +264.6 % | +0.1 % |
| C h Robinson Worldwide Inc | Q2 2026 | - | -9.5 % |
| Rxo Inc | Q2 2026 | +31.7 % | -14.3 % |
| Pitney Bowes Inc | Q2 2026 | +2,435.7 % | +38.5 % |
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Forward Air's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Forward Air Corporation | - | - | - |
| United Parcel Service Inc | 6.36% | 7.71% | 29.02% |
| Fedex Corporation | 4.79% | 6.76% | 15.11% |
| C h Robinson Worldwide Inc | 11.86% | 17.42% | 36.01% |
| Rxo Inc | - | - | - |
| Pitney Bowes Inc | 5.95% | 11.74% | - |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Forward Air's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Forward Air Corporation | - | 0.20 |
| United Parcel Service Inc | 17.57 | 0.89 |
| Fedex Corporation | 17.78 | 0.73 |
| C h Robinson Worldwide Inc | 28.52 | 1.05 |
| Rxo Inc | - | 0.58 |
| Pitney Bowes Inc | 13.59 | 1.23 |
| PEERS AVERAGE | 18.41 | 0.82 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.