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$FWRD
$15.14 +$0.06 (0.4%) Close

Ownership

13F as of Q2 2026 · 33.8M shares outstanding

Who owns FWRD?

By type of holder
Institutions 89.5% Insiders 10.5% Everyone else 0.0%
Concentration Top 10 holders own 53.6%
Clearlake Capital Group, L.P. 11.3% · BlackRock, Inc. 8.2%
Institutional ownership
89.5%
+2.3 pts vs last qtr
Institutional holders
184
-9 vs last qtr
Net shares bought
+769.2K
by institutions in Q2 2026
New / sold out
46 / 55
positions opened vs closed

How is ownership changing?

Institutions, last 8 quarters

Biggest buyers in Q2 2026
  • Bracebridge Capital, LLC NEW +1.4M
  • D. E. Shaw & Co., Inc. NEW +1.0M

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Biggest sellers in Q2 2026
  • Irenic Capital Management LP SOLD OUT −1.2M
  • Paralel Advisors LLC SOLD OUT −975.0K

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Who is planning to sell?

No insider has filed a notice of proposed sale (Form 144) for Forward Air Corporation in the last 12 months.

Is your stake being diluted?

Diluted share count, FY2016–FY2025
+0.9%
+0.10% a year
Each share's claim on the business
−0.9%
shrank without buying or selling a share
Spent on buybacks vs paid in stock
$462M vs $106M
over 10 fiscal years
Diluted shares, split-adjusted
25.2M28.1M31.0M2016: 30.4M shares'162017: 30.0M shares'172018: 29.2M shares'182019: 28.3M shares'192020: 27.7M shares'202021: 27.3M shares'212022: 26.9M shares'222023: 26.0M shares'232024: 27.5M shares'242025: 30.7M shares'25
Buybacks Stock-based comp
$0$46.9M$93.8M2016 buybacks: $40.0M2016 stock comp: $8.3M'162017 buybacks: $49.0M2017 stock comp: $8.1M'172018 buybacks: $66.1M2018 stock comp: $10.2M'182019 buybacks: $56.2M2019 stock comp: $11.7M'192020 buybacks: $45.2M2020 stock comp: $11.0M'202021 buybacks: $49.0M2021 stock comp: $10.5M'212022 buybacks: $62.8M2022 stock comp: $10.7M'222023 buybacks: $93.8M2023 stock comp: $11.5M'232024 buybacks: $02024 stock comp: $10.2M'242025 buybacks: $02025 stock comp: $13.4M'25

How patient are the owners?

Institutional shares by how long they've been held
5+ years39% 3–5 years2% 1–3 years31% Under 1 year29%
Quarterly turnover
35.3%
of institutional shares changed hands
Top 10 managers, median time held
2.3 years

Super Investors

Investment managers reporting FWRD on Form 13F
CC
Clearlake Capital Group, L.P.
13D · 12.6%
Shares
3.8M
% of company
11.32%
Change vs last qtr
Unchanged
Held since
2024
B
BlackRock, Inc.
Shares
2.8M
% of company
8.21%
Change vs last qtr
−925.5K (−25.0%)
Held since
≤2021

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Institutional Funds

Mutual funds and ETFs reporting FWRD on Form N-PORT; together they hold 34.0% of the company
ST
SRH Total Return Fund, Inc.
SRH Total Return Fund, Inc.
Position value
$24.7M
% of company
2.89%
% of the fund
1.11%
As of
February 28, 2026
IC
iShares Core S&P Small-Cap ETF
iShares Trust
Position value
$22.3M
% of company
3.94%
% of the fund
0.02%
As of
March 31, 2026

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Insiders and 5%+ holders

From Forms 3/4/5 and Schedules 13D/G
CC
Cetus Capital VI, L.P.
Insider
Shares
3.1M
% of company
9.23%
Change vs last qtr
—
Held since
—
ER
Edwards Robert Leon Jr
Insider
Shares
368.8K
% of company
1.09%
Change vs last qtr
—
Held since
—

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