FWRD Forward Air Corporation - Common Stock
NASDAQ · Logistics & Transportation · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 5, 2026
$15.91
· of 52w range
· above low
· to high
$7.8652w low
$30.7752w high
Market Cap (MRQ)
$537M
P/E (TTM)
-1.8
EPS (TTM)
$-8.89
Revenue (TTM)
$2.52B
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52W Range
$8–$31
Analyst Rating
BUY
Price Target
$28
P/E
-1.8
ROE
-1574.1%
Net Profit Margin
-11.4%
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FWRD Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$15.91
Market Cap (MRQ)
$537M
P/E (TTM)
-1.8
EPS (TTM)
$-8.89
Revenue (TTM)
$2.52B
Div Yield
0.00%
ROE (TTM)
-1574.1%
Debt/Equity (MRQ)
-14.7
52W Range
$8–$31
FWRD Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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Stock splits
| Ex-date | Split | Type |
|---|---|---|
| April 4, 2005 | 3-for-2 | Forward |
| Jan. 31, 2000 | 3-for-2 | Forward |
| March 22, 1999 | 2-for-1 | Forward |
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$2.50B2018-12-31 → 2025-12-31
EPS$-3.512018-12-31 → 2025-12-31
Free Cash Flow$15M2018-12-31 → 2025-12-31
Net margin-11.4%2018-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | FWRD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -1.85Y avg ≈9.6 | ≈9.6 | · | · | |
| P/S (TTM) | 0.25Y avg ≈1.4 | ≈1.4 | 0.7 | Undervalued | |
| P/B (MRQ) | -4.65Y avg ≈5.4 | ≈5.4 | · | · | |
| EV / EBITDA | 11.05Y avg ≈12.9 | ≈12.9 | · | · | |
| Price / FCF (TTM) | 11.15Y avg ≈34.0 | ≈34.0 | · | · | |
| Price / Cash Flow (TTM) | 7.65Y avg ≈18.2 | ≈18.2 | 17.6 | Fair value | |
| EV / Revenue | 0.85Y avg ≈1.7 | ≈1.7 | · | · | |
| EV / FCF | 136.55Y avg ≈69.1 | ≈69.1 | · | · | |
| Price / Tangible Book (MRQ) | -0.55Y avg ≈9.2 | ≈9.2 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | FWRD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | -6.7%5Y avg ≈8.2% | ≈8.2% | 2.2% | Weak | |
| EBITDA Margin (TTM) | -0.54%5Y avg ≈11.8% | ≈11.8% | 4.1% | Weak | |
| Pretax Margin (TTM) | -13.9%5Y avg ≈5.5% | ≈5.5% | -0.63% | Weak | |
| Net Profit Margin (TTM) | -11.4%5Y avg ≈3.9% | ≈3.9% | -1.4% | Weak | |
| ROA (TTM) | -11.1%5Y avg ≈7.5% | ≈7.5% | 1.9% | Weak | |
| ROE (TTM) | -1574.1%5Y avg ≈-7.4% | ≈-7.4% | 3.7% | Weak | |
| ROIC | 1.9%5Y avg ≈14.0% | ≈14.0% | 2.8% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | FWRD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | -14.75Y avg ≈5.1 | ≈5.1 | 0.0 | Low debt | |
| Current Ratio (MRQ) | 1.35Y avg ≈1.6 | ≈1.6 | 1.3 | In line | |
| Quick Ratio | 1.05Y avg ≈1.4 | ≈1.4 | 0.8 | Strong liquidity | |
| Long-Term Debt / Equity (MRQ) | -14.75Y avg ≈5.1 | ≈5.1 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | FWRD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 0.84%5Y avg ≈18.7% | ≈18.7% | · | · | |
| Revenue CAGR 3Y | 14.1%5Y avg ≈12.7% | ≈12.7% | · | · | |
| Revenue CAGR 5Y | 14.5% | · | · | · | |
| EPS YoY | -10.4%5Y avg ≈144.5% | ≈144.5% | · | · | |
| Net Income YoY | -13.4%5Y avg ≈138.4% | ≈138.4% | · | · | |
| EPS CAGR 3Y | 96.8% | · | · | · | |
| Net Income CAGR 3Y | 91.8% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | FWRD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.95Y avg ≈1.4 | ≈1.4 | 1.2 | Weak | |
| Receivables Turnover | 7.55Y avg ≈8.6 | ≈8.6 | 8.0 | Weak | |
| Revenue / Employee | ≈$411.6K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield0.00%
Payout Ratio0.00%
Annualized Payout≈$0.96
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Nov 21, 2023 | $0.24 | USD | ≈1.5% |
| Aug 16, 2023 | $0.24 | USD | ≈1.5% |
| May 24, 2023 | $0.24 | USD | ≈1.0% |
| Mar 1, 2023 | $0.24 | USD | ≈0.92% |
| Nov 22, 2022 | $0.24 | USD | ≈0.88% |
| Aug 17, 2022 | $0.24 | USD | ≈0.87% |
| May 25, 2022 | $0.24 | USD | ≈0.97% |
| Mar 2, 2022 | $0.24 | USD | ≈0.84% |
| Nov 23, 2021 | $0.21 | USD | ≈0.80% |
| Aug 19, 2021 | $0.21 | USD | ≈0.98% |
| May 26, 2021 | $0.21 | USD | ≈0.85% |
| Mar 3, 2021 | $0.21 | USD | ≈0.88% |
| Nov 24, 2020 | $0.21 | USD | ≈0.97% |
| Aug 19, 2020 | $0.18 | USD | ≈1.2% |
| May 21, 2020 | $0.18 | USD | ≈1.6% |
| Mar 4, 2020 | $0.18 | USD | ≈1.2% |
| Nov 20, 2019 | $0.18 | USD | ≈1.0% |
| Aug 21, 2019 | $0.18 | USD | ≈1.2% |
| May 23, 2019 | $0.18 | USD | ≈1.2% |
| Mar 6, 2019 | $0.18 | USD | ≈1.1% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
95.4%
Next Report
Nov 03, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 10, 2026 | $1.27 | $-0.16 | 912.0% |
| March 31, 2026 | $-0.45 | $-0.38 | -18.0% | |
| Dec. 31, 2025 | $-0.79 | $-0.26 | -203.7% | |
| Sept. 30, 2025 | $-0.41 | $-0.17 | -143.0% | |
| June 30, 2025 | $0.06 | $-0.28 | 121.8% | |
| March 31, 2025 | $-1.12 | $-0.57 | -96.9% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.50B | $2.47B | $1.37B | $1.68B | $1.39B | $1.27B | $1.22B | $1.14B | $1.17B | $1.03B | $959M | $781M | |
| Cost of Revenue | · | · | · | · | · | $651M | $586M | $564M | $545M | $461M | · | · | |
| Operating Expenses | $2.46B | $3.54B | $1.28B | $1.43B | $1.24B | $1.20B | $1.10B | $1.02B | $1.06B | $971M | $877M | $685M | |
| Operating Income | $36M | $-1.06B | $88M | $248M | $147M | $74M | $112M | $117M | $109M | $60M | $82M | $96M | |
| Interest Expense | · | · | $32M | $5M | $4M | $5M | $3M | $2M | $1M | $2M | $2M | $610.0K | |
| Interest Income | · | · | · | · | · | · | · | · | · | · | $25.0K | $8.0K | |
| Other Non-op | $3M | $1M | $0 | $0 | $-4M | $-3.0K | $-1.0K | $-2.0K | $-11.0K | $4.0K | $-58.0K | $289.0K | |
| Pretax Income | $-147M | $-1.25B | $57M | $242M | $143M | $69M | $110M | $115M | $108M | $58M | $80M | $96M | |
| Income Tax | $-5M | $-125M | $14M | $63M | $36M | $17M | $27M | $27M | $20M | $31M | $24M | $35M | |
| Net Income | $-108M | $-817M | $167M | $193M | $106M | $24M | $87M | $92M | $87M | $28M | $56M | $61M | |
| EPS (Basic) | $-3.51 | $-30.63 | $6.42 | $7.17 | $3.87 | $0.84 | $3.06 | $3.14 | $2.90 | $0.90 | $1.80 | $1.99 | |
| EPS (Diluted) | $-3.51 | $-30.63 | $6.40 | $7.14 | $3.85 | $0.84 | $3.04 | $3.12 | $2.89 | $0.90 | $1.78 | $1.96 | |
| Shares (Basic) | 30,718,000 | 27,540,000 | 25,913,000 | 26,783,000 | 27,155,000 | 27,631,000 | 28,195,000 | 29,076,000 | 29,867,000 | 30,283,000 | 30,728,000 | 30,599,000 | |
| Shares (Diluted) | 30,718,000 | 27,540,000 | 26,003,000 | 26,926,000 | 27,292,000 | 27,697,000 | 28,308,000 | 29,190,000 | 29,964,000 | 30,444,000 | 31,040,000 | 31,072,000 | |
| EBITDA | $189M | · | · | $313M | $199M | $111M | $161M | $164M | $150M | $98M | $119M | $128M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $106M | $105M | $122M | $46M | $37M | $40M | $65M | $26M | $4M | $9M | $33M | $41M | |
| Receivables | $344M | $322M | $153M | $188M | $208M | $156M | $136M | $156M | $148M | $117M | $109M | $95M | |
| Inventory | · | · | · | · | · | · | $2M | $2M | $1M | $1M | $1M | $1M | |
| Prepaid Expense | $28M | $29M | $26M | $25M | $22M | $21M | $14M | $12M | $10M | $10M | $11M | $10M | |
| Other Current Assets | $37M | $16M | $1M | $11M | $7M | $7M | $6M | $19M | $16M | $11M | $31M | $13M | |
| Current Assets | $521M | $472M | $347M | $304M | $283M | $246M | $236M | $201M | $168M | $136M | $173M | $147M | |
| PP&E (Net) | · | · | · | $249M | $219M | $190M | $193M | $210M | $206M | $200M | $187M | $172M | |
| PP&E (Gross) | · | · | · | $470M | $420M | $381M | $374M | $414M | $399M | $379M | $343M | $305M | |
| Accum. Depreciation | · | · | · | $221M | $201M | $191M | $181M | $204M | $193M | $179M | $156M | $133M | |
| Goodwill | $523M | $523M | $279M | $258M | $219M | $245M | $216M | $194M | $192M | $185M | $206M | $144M | |
| Intangibles | $907M | $999M | $135M | $116M | $155M | $145M | $125M | $114M | $111M | $107M | $128M | $73M | |
| Other Non-current Assets | $58M | $72M | · | · | · | · | · | · | · | · | · | · | |
| Total Assets | $2.72B | $2.80B | $2.98B | $1.21B | $1.12B | $1.05B | $991M | $760M | $693M | $644M | $700M | $539M | |
| Accounts Payable | $122M | $106M | $45M | $50M | $45M | $38M | $25M | $35M | $31M | $18M | $23M | $21M | |
| Accrued Liabilities | $114M | $120M | $63M | $50M | $62M | $51M | $44M | $40M | $35M | $32M | $30M | $23M | |
| Current Liabilities | $428M | $384M | $237M | $169M | $165M | $172M | $137M | $75M | $66M | $78M | $109M | $43M | |
| Capital Leases | $327M | $326M | $72M | $93M | $101M | $80M | $5M | $54.0K | $365.0K | $725.0K | $1M | $1M | |
| Deferred Tax | $27M | $38M | $42M | $51M | $43M | $42M | $41M | $37M | $29M | $42M | $40M | $23M | |
| Other Non-current Liabilities | $54M | $49M | $47M | $59M | $50M | $54M | $56M | $48M | $24M | $22M | $12M | $8M | |
| Total Liabilities | $2.56B | · | · | · | · | · | · | · | · | · | · | · | |
| Long-term Debt | $1.69B | · | $0 | $108M | $157M | $112M | $73M | $47M | $40M | $28M | $83M | $0 | |
| Total Debt | $1.69B | · | · | $108M | $157M | $112M | $73M | $47M | $40M | $28M | $83M | · | |
| Common Stock | $313.0K | $298.0K | $257.0K | $265.0K | $270.0K | $273.0K | $279.0K | $285.0K | $295.0K | $301.0K | $305.0K | $303.0K | |
| Paid-in Capital | $560M | $542M | $284M | $271M | $258M | $243M | $227M | $210M | $195M | $180M | $161M | $130M | |
| Retained Earnings | $-447M | $-338M | $480M | $436M | $335M | $304M | $350M | $343M | $337M | $319M | $349M | $333M | |
| AOCI | $580.0K | $-3M | $0 | · | · | · | · | · | · | · | · | · | |
| Stockholders' Equity | $113M | $202M | $764M | $707M | $594M | $547M | $577M | $553M | $533M | $498M | $509M | $464M | |
| Liabilities + Equity | $2.72B | $2.80B | $2.98B | $1.21B | $1.12B | $1.05B | $991M | $760M | $693M | $641M | $700M | $539M | |
| Shares Outstanding | 31,327,000 | 29,761,000 | 25,671,000 | 26,462,000 | 26,969,000 | 27,316,000 | 27,850,000 | 28,535,000 | 29,454,000 | 30,090,000 | 30,544,000 | 30,255,000 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $153M | $144M | $57M | $43M | $35M | $37M | $36M | $36M | $41M | $38M | $37M | $31M | |
| Stock-based Comp | $13M | $10M | $11M | $11M | $10M | $11M | $12M | $10M | $8M | $8M | $7M | $7M | |
| Deferred Tax | $-11M | $-134M | $-9M | $8M | $1M | $772.0K | $7M | $8M | $-12M | $3M | $15M | $-3M | |
| Amort. of Intangibles | $92M | $86M | $16M | $12M | $11M | $13M | $10M | $8M | $10M | $10M | $11M | $9M | |
| Other Non-cash | $-3M | · | · | $-549.0K | $-33M | $23M | $11M | $-293.0K | $-21M | $53M | $-29M | $-4M | |
| Operating Cash Flow | $44M | $-69M | $199M | $250M | $121M | $96M | $146M | $142M | $103M | $130M | $86M | $92M | |
| CapEx | $29M | $37M | $31M | $39M | $38M | $20M | $22M | $40M | $38M | $42M | $40M | $39M | |
| Investing Cash Flow | · | · | · | · | · | · | $-64M | $-55M | $-59M | $-52M | $-101M | $-128M | |
| Debt Issued | · | · | · | · | · | · | · | · | $0 | $0 | $125M | $0 | |
| Net Debt Issued | · | · | · | · | · | · | · | · | $0 | $0 | $125M | · | |
| Stock Issued | $846.0K | $753.0K | $800.0K | $783.0K | $911.0K | $664.0K | $614.0K | · | · | · | · | · | |
| Stock Repurchased | $0 | $0 | $94M | $63M | $49M | $45M | $56M | $66M | $49M | $40M | $20M | $40M | |
| Net Stock Activity | $846.0K | · | · | $-62M | $-48M | $-45M | $-56M | $-66M | $-49M | $-40M | $-20M | $-40M | |
| Dividends Paid | $0 | $0 | $25M | $26M | $23M | $21M | $20M | $18M | $18M | $16M | $15M | $15M | |
| Financing Cash Flow | · | · | · | · | · | · | $-56M | $-75M | $-49M | $-103M | $7M | $-50M | |
| Net Change in Cash | $730.0K | $-1.85B | $1.91B | $9M | $-3M | $-24M | $39M | $22M | $-5M | $-25M | $-8M | $-86M | |
| Taxes Paid | $872.0K | · | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $15M | · | · | $218M | $86M | $76M | $131M | $110M | $65M | $88M | $45M | $52M | |
| Levered FCF | · | · | · | · | · | $72M | $129M | $109M | $64M | $87M | $44M | $52M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 1.5% | · | · | 13.5% | 9.6% | 5.8% | 8.4% | 9.2% | 9.9% | 6.1% | 8.5% | 12.3% | |
| Net Margin | -4.3% | · | · | 9.8% | 6.4% | 1.9% | 6.2% | 7.0% | 7.9% | 2.8% | 5.8% | 7.8% | |
| Pretax Margin | -5.9% | · | · | 13.2% | 9.3% | 5.5% | 8.2% | 9.1% | 9.8% | 5.9% | 8.3% | 12.3% | |
| EBITDA Margin | 7.6% | · | · | 15.9% | 12.0% | 8.8% | 11.4% | 12.4% | 13.6% | 10.0% | 12.4% | 16.3% | |
| ROA | -3.9% | · | · | 16.6% | 9.8% | 2.3% | 9.3% | 12.2% | 12.8% | 4.3% | 8.0% | 11.4% | |
| ROE | -68.4% | · | · | 27.8% | 18.4% | 4.3% | 15.3% | 16.7% | 16.9% | 5.5% | 11.4% | 13.6% | |
| ROIC | 1.9% | · | · | 24.2% | 15.9% | 8.5% | 13.7% | 15.6% | 15.4% | 5.4% | 9.6% | 13.2% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.2 | · | · | 1.8 | 1.7 | 1.4 | 1.7 | 2.7 | 2.7 | 1.7 | 1.6 | 3.5 | |
| Quick Ratio | 1.0 | · | · | 1.6 | 1.5 | 1.1 | 1.6 | 2.4 | 2.4 | 1.6 | 1.3 | 3.1 | |
| Debt / Equity | 14.9 | · | · | 0.2 | 0.3 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | · | |
| LT Debt / Equity | 14.9 | · | · | 0.2 | 0.3 | 0.2 | 0.1 | 0.1 | 0.1 | 0.0 | 0.1 | · | |
| Interest Coverage | · | · | · | · | · | 16.2 | 43.8 | 68.4 | 89.9 | 37.6 | 39.9 | 158.0 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.9 | · | · | 1.7 | 1.5 | 1.2 | 1.5 | 1.8 | 1.6 | 1.5 | 1.4 | 1.5 | |
| Inventory Turnover | · | · | · | · | · | · | 292.3 | 334.9 | · | · | · | · | |
| Receivables Turnover | 7.5 | · | · | 9.2 | 9.1 | 8.7 | 9.2 | 8.7 | 8.5 | 8.7 | 9.4 | 9.1 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $3.62 | · | · | $26.73 | $22.01 | $20.04 | $20.72 | $19.39 | $18.11 | $16.59 | $16.70 | $15.32 | |
| Revenue / Share | $81.23 | · | · | $73.29 | $60.91 | $45.84 | $49.82 | $45.25 | $36.74 | $32.27 | $30.90 | $25.13 | |
| Cash Flow / Share | $1.44 | · | · | $9.62 | $4.58 | $3.47 | $5.62 | $5.23 | $3.45 | $4.28 | $2.76 | $2.95 | |
| Cash / Share | $3.38 | · | · | $1.73 | $1.38 | $1.47 | $2.32 | $0.90 | $0.13 | $0.28 | $1.09 | $1.37 | |
| Dividend / Share | $0.00 | $0.00 | $0.96 | $0.96 | $0.84 | $0.75 | $0.72 | $0.63 | $0.60 | $0.51 | $0.48 | $0.48 | |
| EPS (TTM) | $-3.51 | $-30.63 | $6.40 | $7.14 | $3.85 | $0.84 | $3.04 | $3.12 | $2.89 | $0.90 | $1.78 | $1.96 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 0.84% | 80.5% | -18.4% | 21.1% | 9.3% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 14.1% | 21.3% | 2.6% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 14.5% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | · | · | -10.4% | 85.5% | 358.3% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | · | · | 96.8% | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | · | · | -13.4% | 82.5% | 346.0% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | · | · | 91.8% | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.50B | $2.47B | $1.37B | $1.68B | $1.39B | $1.27B | $1.22B | $1.14B | $1.17B | $1.03B | $959M | $781M | |
| Net Income TTM | $-108M | $-817M | $167M | $193M | $106M | $24M | $87M | $92M | $87M | $28M | $56M | $61M | |
| Market Cap | $783M | · | · | $2.78B | $3.27B | $2.10B | $1.95B | $1.57B | $1.69B | $1.43B | $1.31B | $1.52B | |
| Enterprise Value | $2.36B | · | · | $2.84B | $3.39B | $2.17B | $1.96B | $1.59B | $1.73B | $1.44B | $1.36B | · | |
| P/E | -7.1 | -1.1 | 9.8 | 14.7 | 31.5 | 91.5 | 23.0 | 17.6 | 19.9 | 52.6 | 24.2 | 25.7 | |
| P/S | 0.3 | · | · | 1.7 | 2.4 | 1.7 | 1.6 | 1.4 | 1.4 | 1.4 | 1.4 | 2.0 | |
| P/B | 6.9 | · | · | 3.9 | 5.5 | 3.8 | 3.4 | 2.8 | 3.2 | 2.9 | 2.6 | 3.3 | |
| P / Tangible Book | · | · | 4.6 | 8.3 | 14.8 | 13.3 | · | · | · | · | · | · | |
| P / Cash Flow | 17.6 | · | · | 10.7 | 26.1 | 21.8 | 12.3 | 10.3 | 16.4 | 10.9 | 15.3 | 16.6 | |
| P / FCF | 51.3 | · | · | 12.7 | 38.1 | 27.7 | 14.9 | 14.2 | 26.0 | 16.2 | 29.0 | 29.2 | |
| EV / EBITDA | 12.5 | · | · | 9.1 | 17.0 | 19.6 | 12.2 | 9.7 | 11.5 | 14.7 | 11.5 | · | |
| EV / FCF | 154.9 | · | · | 13.0 | 39.5 | 28.6 | 15.0 | 14.4 | 26.5 | 16.4 | 30.2 | · | |
| EV / Revenue | 0.9 | · | · | 1.7 | 2.4 | 1.7 | 1.6 | 1.4 | 1.5 | 1.4 | 1.4 | · | |
| Dividend Yield | 0.00% | · | · | 0.93% | 0.70% | 0.99% | 1.1% | 1.2% | 1.1% | 1.1% | 1.1% | 0.97% | |
| Earnings Yield | -14.0% | -95.0% | 10.2% | 6.8% | 3.2% | 1.1% | 4.3% | 5.7% | 5.0% | 1.9% | 4.1% | 3.9% | |
| Payout Ratio | 0.00% | · | · | 13.4% | 21.7% | 87.9% | 23.5% | 20.0% | 20.7% | 56.1% | 26.7% | 24.2% | |
| Annual Payout | $0 | $0 | $25M | $26M | $23M | $21M | $20M | $18M | $18M | $16M | $15M | $15M |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $673M | $582M | $631M | $632M | $619M | $613M | $633M | $656M | $644M | $542M | $338M | $341M | $334M | $358M | $187M | $433M | |
| Operating Expenses | $874M | $562M | $634M | $617M | $599M | $609M | $557M | $633M | $1.74B | $608M | $335M | $329M | $307M | $311M | $144M | $438M | |
| Operating Income | $-201M | $20M | $-3M | $15M | $20M | $5M | $76M | $23M | $-1.10B | $-66M | $3M | $12M | $26M | $47M | $43M | $72M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $41M | · | $3M | $3M | $2M | · | $2M | |
| Other Non-op | $2M | $-17M | $3M | $7M | $-7M | $104.0K | $1M | $-11.0K | $40.0K | $9.0K | $0 | $0 | $0 | $0 | $4M | $-2M | |
| Pretax Income | $-244M | $-38M | $-45M | $-23M | $-37M | $-42M | $32M | $-33M | $-1.14B | $-107M | $-21M | $9M | $24M | $45M | $41M | $70M | |
| Income Tax | $-174.0K | $2M | $-9M | $385.0K | $-17M | $20M | $67M | $1M | $-175M | $-18M | $-6M | $3M | $7M | $11M | $12M | $18M | |
| Net Income | $-207M | $-34M | $-28M | $-16M | $-13M | $-51M | $-36M | $-73M | $-645M | $-62M | $102M | $9M | $20M | $36M | $43M | $52M | |
| EPS (Basic) | $-6.38 | $-1.09 | $-0.90 | $-0.52 | $-0.41 | $-1.68 | $-1.69 | $-2.66 | $-23.47 | $-2.81 | $3.93 | $0.36 | $0.76 | $1.37 | $1.61 | $1.94 | |
| EPS (Diluted) | $-6.38 | $-1.09 | $-0.90 | $-0.52 | $-0.41 | $-1.68 | $-1.69 | $-2.66 | $-23.47 | $-2.81 | $3.91 | $0.36 | $0.76 | $1.37 | $1.60 | $1.93 | |
| Shares (Basic) | 32,481,000 | 31,476,000 | · | 30,972,000 | 30,429,000 | 30,193,000 | · | 27,941,000 | 26,803,000 | 26,217,000 | · | 25,697,000 | 25,935,000 | 26,350,000 | · | 26,769,000 | |
| Shares (Diluted) | 32,481,000 | 31,476,000 | · | 30,972,000 | 30,429,000 | 30,193,000 | · | 27,941,000 | 26,803,000 | 26,217,000 | · | 25,771,000 | 26,035,000 | 26,479,000 | · | 26,902,000 | |
| EBITDA | $-163M | $59M | · | $53M | $56M | $42M | · | $49M | $-1.05B | $-34M | · | $31M | $45M | $64M | · | $84M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $139M | $141M | $106M | $140M | $95M | $116M | $105M | $137M | $85M | $152M | $122M | · | · | · | $46M | · | |
| Receivables | $369M | $331M | $344M | $341M | $336M | $336M | $322M | $361M | $369M | $352M | · | $192M | $176M | $201M | · | $248M | |
| Prepaid Expense | $26M | $29M | $28M | $31M | $33M | $29M | $29M | $31M | $39M | $40M | · | · | · | · | · | · | |
| Other Current Assets | $42M | $38M | $37M | $40M | $10M | $11M | $16M | $13M | $44M | $4M | · | $27M | $22M | $24M | · | $18M | |
| Current Assets | $583M | $542M | $521M | $552M | $475M | $493M | $472M | $545M | $559M | $569M | · | $238M | $216M | $258M | · | $313M | |
| PP&E (Net) | · | · | · | · | · | · | · | · | · | · | · | $258M | $261M | $253M | · | $231M | |
| Accum. Depreciation | · | · | · | · | · | · | · | · | · | · | · | $243M | $233M | $226M | · | $214M | |
| Goodwill | $279M | $523M | $523M | $523M | $523M | $523M | $523M | $716M | $545M | $1.38B | $279M | $357M | $357M | $357M | $258M | $288M | |
| Intangibles | $861M | $884M | $907M | $930M | $953M | $976M | $999M | $1.03B | $1.23B | $1.26B | · | $147M | $151M | $156M | · | $155M | |
| Other Non-current Assets | $52M | $57M | $58M | $68M | $70M | $72M | $72M | · | · | · | · | · | · | · | · | · | |
| Total Assets | $2.41B | $2.70B | $2.72B | $2.79B | $2.76B | $2.80B | $2.80B | $3.06B | $3.07B | $3.96B | · | $1.19B | $1.18B | $1.23B | · | $1.19B | |
| Accounts Payable | $119M | $104M | $122M | $125M | $115M | $112M | $106M | $157M | $143M | $131M | · | $46M | $37M | $43M | · | $51M | |
| Accrued Liabilities | $119M | $133M | $114M | $147M | $116M | $144M | $120M | $136M | $117M | $119M | · | $57M | $53M | $53M | · | $68M | |
| Current Liabilities | $442M | $442M | $428M | $460M | $397M | $438M | $384M | $449M | $420M | $445M | · | $190M | $169M | $166M | · | $180M | |
| Capital Leases | $277M | $313M | $327M | $328M | $334M | $325M | $326M | $276M | $243M | $247M | · | $88M | $97M | $103M | · | $103M | |
| Deferred Tax | $24M | $25M | $27M | $37M | $33M | $35M | $38M | $210M | $271M | $178M | · | $53M | $53M | $53M | · | $45M | |
| Other Non-current Liabilities | $53M | $56M | $54M | $48M | $50M | $52M | $49M | $42M | $43M | $46M | · | $51M | $48M | $51M | · | $57M | |
| Total Liabilities | $2.53B | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Long-term Debt | $1.69B | $1.69B | $1.69B | $1.68B | · | · | · | · | · | $1.68B | · | $122M | $122M | $153M | · | $108M | |
| Total Debt | $1.69B | $1.69B | · | $1.68B | $1.68B | $1.68B | · | $1.67B | $1.68B | $1.68B | · | $122M | $122M | $153M | · | $108M | |
| Common Stock | $337.0K | $316.0K | $313.0K | $312.0K | $306.0K | $304.0K | $298.0K | $287.0K | $277.0K | $265.0K | · | $257.0K | $258.0K | $261.0K | · | $266.0K | |
| Paid-in Capital | $576M | $565M | $560M | $556M | $552M | $547M | $542M | $528M | $513M | $509M | · | $281M | $278M | $274M | · | $268M | |
| Retained Earnings | $-690M | $-483M | $-447M | $-419M | $-402M | $-390M | $-338M | $-302M | $-228M | $417M | · | $385M | $396M | $411M | · | $415M | |
| AOCI | $-1M | $-1M | $580.0K | $2M | $2M | $-2M | $-3M | $-824.0K | $-1M | $-151.0K | · | · | · | · | · | · | |
| Stockholders' Equity | $-115M | $81M | $113M | $140M | $152M | $155M | $202M | $226M | $284M | $926M | · | $666M | $674M | $686M | · | $683M | |
| Liabilities + Equity | $2.41B | $2.70B | $2.72B | $2.79B | $2.76B | $2.80B | $2.80B | $3.06B | $3.07B | $3.96B | · | $1.19B | $1.18B | $1.23B | · | $1.19B | |
| Shares Outstanding | 33,736,000 | 31,598,268 | 31,326,561 | 31,204,897 | 30,606,895 | 30,413,067 | 29,761,197 | 28,689,172 | 27,698,891 | 26,438,420 | 25,671,000 | 25,662,063 | 25,785,593 | 26,052,877 | 26,462,000 | 26,589,697 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $38M | $39M | $41M | $38M | $37M | $37M | $38M | $26M | $49M | $32M | $18M | $14M | $13M | $12M | $8M | $12M | |
| Stock-based Comp | $491.0K | $4M | $2M | $3M | $5M | $3M | $2M | $3M | $4M | $2M | $3M | $2M | $3M | $3M | $2M | $3M | |
| Deferred Tax | $-604.0K | $-2M | $-10M | $4M | $-2M | $-3M | $64M | $-34M | $-167M | $3M | $-11M | $17.0K | $325.0K | $2M | $6M | $0 | |
| Amort. of Intangibles | $23M | · | · | · | $23M | · | $23M | $11M | $34M | $18M | $3M | $5M | $5M | $4M | $97.0K | $4M | |
| Other Non-cash | · | $40M | · | · | · | $41M | · | · | · | $-26M | · | · | · | $11M | · | · | |
| Operating Cash Flow | $-5M | $46M | $-23M | $53M | $-13M | $28M | $-23M | $51M | $-45M | $-52M | $57M | $13M | $51M | $61M | $53M | $84M | |
| CapEx | $3M | $7M | $8M | $4M | $5M | $12M | $7M | $10M | $14M | $5M | $8M | $6M | $11M | $7M | $14M | $7M | |
| Investing Cash Flow | $7M | $-6M | · | $-4M | $-4M | $-11M | · | $-9M | $-14M | $-1.57B | · | $-6M | $-10M | $-62M | · | $-6M | |
| Stock Issued | · | · | · | · | · | · | $398.0K | $-14.0K | · | · | $379.0K | $0 | · | · | $409.0K | $0 | |
| Stock Repurchased | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $0 | $14M | $29M | $50M | $15M | $30M | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $0 | · | · | · | $-50M | · | · | |
| Dividends Paid | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $6M | $6M | $6M | $6M | $6M | $6M | |
| Financing Cash Flow | $-4M | $-5M | · | $-4M | $-5M | $-5M | · | $-6M | $-4M | $-159M | · | $-24M | $-68M | $-18M | · | $-78M | |
| Net Change in Cash | · | · | $-34M | $45M | $-21M | $11M | $-33M | $34M | $-68M | $-1.78B | $1.93B | $562.0K | $-14M | $-14M | $-1M | $-540.0K | |
| Free Cash Flow | · | $39M | · | · | · | $16M | · | · | · | $-57M | · | · | · | $59M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-90M | · | · | · | $57M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -29.9% | 3.5% | · | 2.4% | 3.1% | 0.78% | · | 3.5% | -170.2% | -12.1% | · | 3.8% | 7.5% | 11.8% | · | 14.1% | |
| Net Margin | -30.8% | -5.9% | · | -2.6% | -2.0% | -8.3% | · | -11.2% | -100.3% | -11.4% | · | 2.2% | 5.0% | 8.5% | · | 10.2% | |
| Pretax Margin | -36.3% | -6.6% | · | -3.7% | -6.0% | -6.8% | · | -5.0% | -177.3% | -19.8% | · | 3.1% | 6.9% | 11.3% | · | 13.8% | |
| EBITDA Margin | -24.2% | 10.1% | · | 8.3% | 9.1% | 6.9% | · | 7.4% | -162.7% | -6.3% | · | 7.5% | 11.1% | 15.0% | · | 16.5% | |
| ROA | -8.0% | -1.2% | · | -0.56% | -0.43% | -1.5% | · | -3.5% | -30.4% | -2.4% | · | 0.78% | 1.7% | 3.0% | · | 4.6% | |
| ROE | -1140.1% | -29.1% | · | -8.9% | -5.8% | -9.4% | · | -16.5% | -134.8% | -7.7% | · | 1.4% | 3.0% | 5.6% | · | 8.4% | |
| ROIC | -12.8% | 1.2% | · | 0.84% | 0.58% | 0.38% | · | 1.2% | -47.3% | -2.1% | · | 1.4% | 2.7% | 4.5% | · | 6.7% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.3 | 1.2 | · | 1.2 | 1.2 | 1.1 | · | 1.2 | 1.3 | 1.3 | · | 1.2 | 1.3 | 1.6 | · | 1.7 | |
| Quick Ratio | 1.2 | 1.1 | · | 1.0 | 1.1 | 1.0 | · | 1.1 | 1.1 | 1.1 | · | 1.0 | 1.0 | 1.2 | · | 1.4 | |
| Debt / Equity | -14.7 | 20.9 | · | 12.0 | 11.1 | 10.9 | · | 7.4 | 5.9 | 1.8 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| LT Debt / Equity | -14.7 | 20.9 | · | 12.0 | 11.1 | 10.9 | · | 7.4 | 5.9 | 1.8 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -1.6 | · | 5.8 | 11.7 | 21.4 | · | 46.4 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.3 | 0.3 | 0.2 | · | 0.3 | 0.3 | 0.4 | · | 0.5 | |
| Receivables Turnover | 1.9 | 1.7 | · | 1.8 | 1.8 | 1.8 | · | 2.4 | 2.4 | 2.0 | · | 1.9 | 1.9 | 1.9 | · | 2.3 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $-3.42 | $2.56 | · | $4.48 | $4.96 | $5.08 | · | $7.88 | $10.24 | $35.03 | · | $25.94 | $26.12 | $26.32 | · | $25.68 | |
| Revenue / Share | $20.72 | $18.49 | · | $20.40 | $20.34 | $20.31 | · | $23.48 | $24.01 | $20.67 | · | $16.04 | $15.45 | $16.13 | · | $18.96 | |
| Cash Flow / Share | · | $1.45 | · | · | · | $0.91 | · | · | · | $-1.97 | · | · | · | $2.49 | · | · | |
| Cash / Share | $4.13 | $4.46 | · | $4.50 | $3.11 | $3.82 | · | $4.76 | $3.06 | $5.75 | · | · | · | · | · | · | |
| Dividend / Share | · | · | · | · | · | · | $0.00 | $0.00 | $0.00 | $0.00 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | |
| EPS (TTM) | $-8.89 | $-2.92 | · | $-4.30 | $-6.44 | $-29.50 | · | $-25.03 | $-22.01 | $2.22 | · | $4.09 | $5.66 | $6.94 | · | $7.02 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.52B | $2.46B | · | $2.50B | $2.52B | $2.55B | · | $2.18B | $1.86B | $1.55B | · | $1.22B | $1.31B | $1.42B | · | $1.46B | |
| Net Income TTM | $-286M | $-91M | · | $-116M | $-173M | $-806M | · | $-679M | $-596M | $69M | · | $109M | $151M | $187M | · | $191M | |
| Market Cap | $456M | $528M | · | $800M | $751M | $611M | · | $1.02B | $527M | $822M | · | $1.76B | $2.74B | $2.81B | · | $2.40B | |
| Enterprise Value | $2.01B | $2.08B | · | $2.34B | $2.34B | $2.17B | · | $2.55B | $2.12B | $2.35B | · | · | · | · | · | · | |
| P/E | -1.5 | -5.7 | · | -6.0 | -3.8 | -0.7 | · | -1.4 | -0.9 | 14.0 | · | 16.8 | 18.7 | 15.5 | · | 12.9 | |
| P/S | 0.2 | 0.2 | · | 0.3 | 0.3 | 0.2 | · | 0.5 | 0.3 | 0.5 | · | 1.4 | 2.1 | 2.0 | · | 1.6 | |
| P/B | -3.9 | 6.5 | · | 5.7 | 4.9 | 4.0 | · | 4.5 | 1.9 | 0.9 | · | 2.6 | 4.1 | 4.1 | · | 3.5 | |
| P / Tangible Book | · | · | · | · | · | · | · | · | · | · | · | 10.9 | 16.5 | 16.2 | · | 10.0 | |
| P / Cash Flow | · | 11.5 | · | · | · | 22.1 | · | · | · | -15.9 | · | · | · | 42.5 | · | · | |
| EV / Revenue | 0.8 | 0.8 | · | 0.9 | 0.9 | 0.9 | · | 1.2 | 1.1 | 1.5 | · | · | · | · | · | · | |
| Dividend Yield | 0.00% | 0.00% | · | 0.00% | 0.00% | 0.00% | · | 0.61% | 2.4% | 2.3% | · | 1.4% | 0.93% | 0.92% | · | 1.1% | |
| Earnings Yield | -65.8% | -17.5% | · | -16.8% | -26.2% | -146.8% | · | -70.7% | -115.6% | 7.1% | · | 5.9% | 5.3% | 6.4% | · | 7.8% | |
| Payout Ratio | · | · | · | · | · | · | · | · | · | 0.00% | · | · | · | 17.4% | · | · | |
| Annual Payout | $0 | $0 | · | $0 | $0 | $0 | · | $6M | $12M | $19M | · | $25M | $25M | $26M | · | $25M |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $2.50B | $2.47B | $1.37B | $1.68B | $1.39B |
| Operating Margin % | 1.5% | · | · | 13.5% | 9.6% |
| Net Income | $-108M | $-817M | $167M | $193M | $106M |
| Diluted EPS | $-3.51 | $-30.63 | $6.40 | $7.14 | $3.85 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 14.9 | · | · | 0.2 | 0.3 |
| Current Ratio | 1.2 | · | · | 1.8 | 1.7 |
| Quick Ratio | 1.0 | · | · | 1.6 | 1.5 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $15M | · | · | $218M | $86M |
Institutional owners (13F) 218 filers · $538.9M total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
218
Value held
$538.9M
New positions
50
Exited positions
45
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 50 (+14 vs prior Q) | 45 (+12 vs prior Q) | 70 (-1 vs prior Q) | 50 (-10 vs prior Q) | +1.5M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $58,560,625 | 2,342,425 | 10.87% | Shares |
| CLEARLAKE CAPITAL GROUP, L.P. | $51,675,750 | 3,825,000 | 9.59% | Shares |
| Ridgemont Partners Management, LLC | $49,675,064 | 1,937,405 | 9.22% | Shares |
| BlackRock, Inc. | $37,484,847 | 2,774,600 | 6.96% | Shares |
| FMR LLC | $27,131,652 | 2,008,264 | 5.03% | Shares |
| Bracebridge Capital, LLC | $18,980,375 | 1,404,913 | 3.52% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $15,797,459 | 1,169,316 | 2.93% | Shares |
| PRIVATE MANAGEMENT GROUP INC | $15,479,218 | 1,145,760 | 2.87% | Shares |
| CIBC WORLD MARKET INC. | $14,484,584 | 1,072,138 | 2.69% | Shares |
| D. E. Shaw & Co., Inc. | $13,511,419 | 1,000,105 | 2.51% | Shares |
| BARCLAYS PLC | $9,546,437 | 706,620 | 1.77% | Shares |
| DEUTSCHE BANK AG\ | $8,292,992 | 613,841 | 1.54% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $8,063,633 | 596,864 | 1.50% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $7,856,372 | 581,416 | 1.46% | Shares |
| STATE STREET CORP | $7,833,476 | 579,828 | 1.45% | Shares |
| Qube Research & Technologies Ltd | $7,633,812 | 565,049 | 1.42% | Shares |
| JANE STREET GROUP, LLC | $6,653,108 | 492,458 | 1.23% | Shares |
| MORGAN STANLEY | $6,275,256 | 464,489 | 1.16% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $5,745,627 | 425,287 | 1.07% | Shares |
| MILLENNIUM MANAGEMENT LLC | $5,703,827 | 422,193 | 1.06% | Shares |
| TIMUCUAN ASSET MANAGEMENT INC/FL | $5,384,424 | 398,551 | 1.00% | Shares |
| GOLDMAN SACHS GROUP INC | $4,900,077 | 362,700 | 0.91% | Call option |
| Diameter Capital Partners LP | $4,728,500 | 350,000 | 0.88% | Shares |
| TUDOR INVESTMENT CORP ET AL | $4,635,686 | 343,130 | 0.86% | Shares |
| JANE STREET GROUP, LLC | $4,254,299 | 314,900 | 0.79% | Call option |
| Jump Financial, LLC | $4,215,741 | 312,046 | 0.78% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $4,060,096 | 300,403 | 0.75% | Shares |
| JPMORGAN CHASE & CO | $3,961,280 | 274,517 | 0.74% | Shares |
| Mill Road Capital Management LLC | $3,948,298 | 292,250 | 0.73% | Shares |
| GOLDMAN SACHS GROUP INC | $3,421,516 | 253,258 | 0.63% | Shares |
| MARSHALL WACE, LLP | $3,355,708 | 248,387 | 0.62% | Shares |
| CITADEL ADVISORS LLC | $3,170,797 | 234,700 | 0.59% | Call option |
| NORTHERN TRUST CORP | $2,987,548 | 221,136 | 0.55% | Shares |
| LANDSCAPE CAPITAL MANAGEMENT, L.L.C. | $2,987,386 | 221,124 | 0.55% | Shares |
| UBS Group AG | $2,839,072 | 210,146 | 0.53% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,808,729 | 207,900 | 0.52% | Call option |
| XTX Topco Ltd | $2,645,488 | 195,817 | 0.49% | Shares |
| Squarepoint Ops LLC | $2,631,289 | 194,766 | 0.49% | Shares |
| LMR Partners LLP | $2,602,877 | 192,663 | 0.48% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $2,576,884 | 190,739 | 0.48% | Shares |
| Diametric Capital, LP | $2,559,847 | 189,478 | 0.48% | Shares |
| Monarch Alternative Capital LP | $2,553,390 | 189,000 | 0.47% | Shares |
| CITADEL ADVISORS LLC | $2,520,615 | 186,574 | 0.47% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,509,564 | 185,756 | 0.47% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,502,376 | 185,224 | 0.46% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $2,392,202 | 177,069 | 0.44% | Shares |
| Allianz Asset Management GmbH | $2,380,800 | 176,225 | 0.44% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $2,231,906 | 165,204 | 0.41% | Shares |
| WOLVERINE TRADING, LLC | $2,128,875 | 81,100 | 0.40% | Call option |
| Balyasny Asset Management L.P. | $2,113,923 | 156,471 | 0.39% | Shares |
Activists & 5%+ owners 4 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Clearlake Capital Group, L.P., Jose Enrique Feliciano, Behdad Eghbali ×2 filings | July 3, 2025 | 12.60% | Amendment | · | SEC |
| REP Omni Holdings, L.P., REP Coinvest III-A Omni, L.P., REP Coinvest III-B Omni, L.P., REP FAOM III-S, LP, Ridgemont Equity Partners Affiliates III, L.P., REP Omni Holdings GP, LLC, REP Coinvest III Omni GP, LLC, Ridgemont Equity Management III, L.P., Ridgemont Equity Management III, LLC, Charles Leonard Anderson, Robert Leon Edwards, Jr. ×2 filings | Aug. 12, 2024 | · | Initial filing | · | SEC |
| Ancora Merlin, LP, Ancora Merlin Institutional, LP, Ancora Catalyst, LP, Ancora Catalyst Institutional, LP, Ancora Catalyst SPV I LP – Series I*, Ancora Catalyst SPV I LP – Series J*, Ancora Catalyst SPV I LP – Series K*, Ancora Catalyst SPV I LP – Series L*, Ancora Catalyst SPV I SPC Ltd. – Segregated Portfolio E, Ancora Advisors, LLC, Ancora Alternatives LLC, Ancora Family Wealth Advisors, LLC, The Ancora Group LLC, Inverness Holdings, LLC, Ancora Holdings Group, LLC, Frederick DiSanto ×5 filings | Feb. 16, 2022 | · | Initial filing | · | SEC |
| Scott M. Niswonger (2) ×2 filings | Nov. 19, 2003 | · | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 58 insiders · 20 officers · 35 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Shawn Stewart | Chief Executive Officer | April 29, 2026 F | 144,030 | 0 | 0 | $0 |
| Thomas Schmitt | President & CEO | Feb. 9, 2024 F | 84,532 | 0 | 0 | $0 |
| Jamie G. Pierson | CFO | March 16, 2026 A | 91,884 | 0 | 0 | $0 |
| Rebecca J Garbrick | CFO | March 15, 2024 A | 14,424 | 0 | 0 | $0 |
| Michael Joseph Morris | CFO and Treasurer | March 15, 2021 F | 27,245 | 0 | 0 | $0 |
| Andrew C Clarke | CFO & Senior VP | Feb. 27, 2006 M | 15,167 | 0 | 0 | $0 |
| Chris C Ruble | Chief Operating Officer | March 15, 2024 F | 60,064 | 0 | 0 | $0 |
| Timothy R Osborne | Executive VP of Operations | March 15, 2026 F | 23,831 | 0 | 0 | $0 |
| Michael L Hance | CLO and Secretary | March 15, 2026 F | 90,486 | 0 | 0 | $0 |
| Jessica L Herren | Chief Supply Chain Officer | Feb. 19, 2026 F | 10,599 | 0 | 0 | $0 |
| Eric Frederick Brandt | Chief Commercial Officer | Feb. 19, 2026 F | 15,970 | 0 | 0 | $0 |
| Jerome Jean-Pierre Lorrain | Executive Chairman | Feb. 19, 2026 A | 22,167 | 0 | 0 | $0 |
| James R. Faught | Chief Accounting Officer | Feb. 19, 2026 F | 7,952 | 0 | 0 | $0 |
| Douglas James Smith | Chief People Officer | Feb. 19, 2026 F | 13,294 | 0 | 0 | $0 |
| Joseph Michael Tomasello | Chief Information Officer | March 15, 2025 F | 30,131 | 0 | 0 | $0 |
| Nancee L Ronning | Chief Commercial Officer | March 15, 2024 A | 21,010 | 0 | 0 | $0 |
| Kyle R Mitchin | Chief People Officer | March 15, 2024 F | 37,108 | 0 | 0 | $0 |
| Scott E Schara | Chief Commercial Officer | Feb. 8, 2022 A | 6,919 | 0 | 0 | $0 |
| Christina Bottomley | CAO, VP & Controller | Aug. 1, 2020 F | 3,033 | 0 | 0 | $0 |
| Bruce A Campbell | Chairman | March 15, 2019 F | 83,212 | 0 | 0 | $0 |
| Paul C. Svindland | Director | June 18, 2026 A | 15,977 | 0 | 0 | $0 |
| Dale W Boyles | Director | June 18, 2026 A | 22,940 | 0 | 0 | $0 |
| Christine Marie Gorjanc | Director | June 18, 2026 A | 22,940 | 0 | 0 | $0 |
| Charles Leonard Anderson | Director | June 13, 2025 A | 13,846 | 0 | 0 | $0 |
| Michael B Hodge | Director | June 13, 2025 A | 93,846 | 0 | 0 | $0 |
| Robert Leon Edwards Jr | Director | June 13, 2025 A | 13,846 | 0 | 0 | $0 |
| Craig Carlock | Director | Oct. 15, 2024 A | 23,513 | 0 | 0 | $0 |
| Christopher H. Schmachtenberger | Director | March 14, 2024 J | 338 | 0 | 0 | $0 |
| Gilbert W West | Director | March 1, 2024 A | 338 | 0 | 0 | $0 |
| Robert C Campbell | Director | Dec. 7, 2023 A | 28,994 | 0 | 0 | $0 |
| Ronald W Allen | Director | Dec. 7, 2023 A | 24,463 | 0 | 0 | $0 |
| Javier Polit | Director | Aug. 18, 2023 P | 6,343 | 0 | 0 | $0 |
| George S Mayes JR | Director | Aug. 18, 2023 P | 5,256 | 0 | 0 | $0 |
| George M Lynch | Director | Aug. 18, 2023 P | 11,083 | 0 | 0 | $0 |
| Chitra Nayak | Director | Aug. 17, 2023 P | 5,856 | 0 | 0 | $0 |
| Laurie Anne Tucker | Director | Aug. 17, 2023 P | 15,573 | 0 | 0 | $0 |
| Ana B Amicarella | Director | May 10, 2023 A | 11,747 | 0 | 0 | $0 |
| Scott M Niswonger | Director | May 10, 2023 A | 24,256 | 0 | 0 | $0 |
| Richard H Roberts | Director | May 11, 2022 A | 3,004 | 0 | 0 | $0 |
| Valerie A Bonebrake | Director | May 5, 2021 S | 10,154 | 0 | 0 | $0 |
| John C Langley JR | Director | May 13, 2020 A | 31,078 | 0 | 0 | $0 |
| Javier Alberto Palomarez | Director | July 24, 2017 A | 1,405 | 0 | 0 | $0 |
| Doug Madden | Director | May 10, 2017 A | 4,745 | 0 | 0 | $0 |
| Tracy A Leinbach | Director | March 24, 2017 A | 24,809 | 0 | 0 | $0 |
| Larry D Leinweber | Director | May 11, 2016 A | 13,518 | 0 | 0 | $0 |
| Gary L Paxton | Director | May 13, 2015 A | 18,024 | 0 | 0 | $0 |
| Ray A Mundy | Director | March 27, 2015 A | 44,444 | 0 | 0 | $0 |
| Richard W Hanselman | Director | April 24, 2012 S | 4,821 | 0 | 0 | $0 |
| Clyde B Preslar | Director | May 13, 2008 A | 7,309 | 0 | 0 | $0 |
| James A Cronin III | Director | Nov. 5, 2003 S | 18,700 | 0 | 0 | $0 |
| Cetus Capital VI, L.P. | 10% owner | Nov. 12, 2025 S | 3,116,546 | 2 | 7 | $-2,547,763 |
| Matthew J Jewell | · | Sept. 1, 2020 M | 49,461 | 0 | 0 | $0 |
| Glenn A Adelaar | · | Aug. 29, 2019 M | 39,093 | 0 | 0 | $0 |
| McLean Michael P | · | Sept. 22, 2017 S | 13,401 | 0 | 0 | $0 |
| Thomas S Albrecht | · | July 24, 2017 A | 1,405 | 0 | 0 | $0 |
| Craig A Drum | · | May 2, 2017 S | 1,601 | 0 | 0 | $0 |
| Rodney L Bell | · | Dec. 15, 2016 M | 47,885 | 0 | 0 | $0 |
| GRAY ROBERT/TN | · | Aug. 31, 2005 S | 54,825 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 19 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.05% | 97,140 SH | Oct. 1, 2026 | Daily |
| NUSC · Nushares ETF Trust | 0.03% | 22,958 NS | July 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.02% | 216,956 SH | Sept. 11, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.02% | 24,665 SH | Aug. 19, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 589,196 SH | Sept. 11, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 11,014 NS | July 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 132,673 SH | Aug. 19, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.01% | 62,017 NS | July 31, 2026 | N-PORT |
| FIDU · FIDELITY COVINGTON TRUST | 0.00% | 6,851 NS | July 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.00% | 2,599 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 49,461 NS | July 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 7,533 SH | Sept. 9, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.00% | 4,223 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 26,400 SH | Sept. 11, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.00% | 1,737 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 254,307 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 888,368 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 1,571 SH | Aug. 19, 2026 | Daily |
| VIS · VANGUARD WORLD FUND | 0.00% | 26,847 SH | Aug. 19, 2026 | Daily |
FWRD Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 11 analysts
BUY
Median target
$28.00
+76.0%
3 27.3%
Strong Buy
4 36.4%
Buy
4 36.4%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
2 analysts · 2026-09-27Mean target $28.00 +76.0%
← Below all targets
Current price $15.91
Low$27.00
Mean$28.00
High$29.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| FWRD | $783M | -7.1 | 0.84% | -4.3% | -68.4% | · |
| EXPD | $19.95B | 25.0 | 4.4% | 7.3% | 35.4% | · |
| CHRW | $19.04B | 33.3 | -8.4% | 3.6% | 32.4% | · |
| GXO | $6.03B | 188.0 | 12.6% | 0.24% | 1.1% | · |
| HUBG | · | 26.2 | -6.1% | 2.6% | 6.3% | · |
| AIRT | $46M | -7.6 | 1.8% | -2.1% | -790.2% | · |
| AIRTP | $52M | 0.7 | 12.1% | 23.8% | 203.6% | · |
| CJMB | $5M | -0.6 | -12.8% | -139.2% | -195.4% | 36.8% |
| ARAI | $90M | -6.6 | · | -11325.7% | -368.3% | · |
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Source: SEC 10-Q filed Aug 5, 2026