A company still losing money with steady sales. Institutions are adding.
Watch out for
Losing money
High debt: 14.89x equity
Money moves
No insider buying or selling in the last 30 days
Institutions added 3.5% to their holdings in the quarter ending June 2026 (113 bought, 96 sold)
Facts from SEC filings, not a recommendation.
What the price means
Price as of Oct 26
$15.09-1.6% that day
Company value
$510M
Share price times all shares
Price vs sales
0.20x
No profit over the last year, so this compares value with sales instead
Cash vs value
27%
Cash as a share of company value
Debt vs value
331%
Owes more than the whole company is worth
From FWRD's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.
The business over time
Last 12 quarters, from SEC filings
Sales, Jun '26
$673.0M+8.8% vs a year earlier
Sep '23Tap a barJun '26
Last 12 months: $2.5B, down 0.1% from the 12 months before. Over 5 years, sales grew about 15% a year.
What the price assumes
Your guesses, our math
Move the sliders to your own view of FWRD. Starting points are the company's recent numbers (it isn't profitable yet, so the margin starts at a 10% guess).
Sales in 5 years$2.5B
Profit in 5 years$252M
Price these guesses point to$87.61+481% vs $15.09 todayAbout +42% a year, before dividends
What today's price needs: with a 10% margin and a 15x P/E, sales could shrink about 30% a year for 5 years and still match today's price.
Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.
The checklist Warren Buffett-style investors use. Annual numbers for 2025.
0/5Weak
MissReturn on equity 15%+Earns a lot on the money owners have in the business.-66.0%
MissDebt under half of equityNot relying on borrowed money.14.89x equity
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-4.2%
MissProfitable every yearSteady profits, not one good year.8 of 10 years
MissShare count not growingNot diluting owners. Falling means buybacks.+14.1% in 3 years
Revenue
$2.5B
+0.8% vs prior year
5-year growth
+14.5%/yr
revenue, per year
Total debt
$1.7B
14.89x equity
Current ratio
1.22x
short-term assets / bills due
From annual reports filed with the SEC. Not in this company's SEC data, so not scored: free cash flow positive, gross margin 40%+. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Aug 5
Revenue
$673.0M
+8.8% YoY
EPS
-$6.38
vs -$0.41
Op. margin
-29.9%
-33.1 pts
Free cash flow
-$8.1M
Share count
+6.7%
vs a year ago
Insider rating
Last 90 days
No open-market insider buys or sells in the last 90 days.
Weekly insider trend
No trades to chart yet.
Filing buzz
Last 7 days vs normal
0/ 100
This week
1
Normal week
0.4
vs normal
2.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+3.5%
Institutions added 3.5% to their holdings. 113 bought, 96 sold.
Shares held by institutions30.5M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+9.6%
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
Owes more than it owns
Shares outstandingLatest reported
34M
Why elevated risk
Losing money
Share count growing 9.6% a year
Owes more than it owns (negative equity)
Earnings reports
Last 12
Next reportAround Nov 4 (est.)Estimated from the same quarter last year
Results filedAug 5
Results filedMay 7
Results filedFeb 23
Results filedNov 5, 2025
Results filedAug 11, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days