Is FORWARD AIR CORP (FWRD) Halal?
Shariah Screening — 5 Standards
Based on financial data from December 2025
| Standard | Debt Ratio | Cash Ratio | Receivables | Income | Status |
|---|---|---|---|---|---|
| AAOIFI | 313.0% / 30% | 15.3% / 30% | 47.0% / 30% | 41.47% / 5% | ✗ NOT HALAL |
| DJIM | 313.0% / 33% | 15.3% / 33% | 47.0% / 33% | 41.47% / 5% | ✗ NOT HALAL |
| MSCI | 76.6% / 33% | 3.7% / 33% | 11.5% / 33% | 41.47% / 5% | ✗ NOT HALAL |
| S&P | 313.0% / 33% | 15.3% / 33% | 47.0% / 33% | 41.47% / 5% | ✗ NOT HALAL |
| FTSE | 76.6% / 33% | 3.7% / 33% | 11.5% / 50% | 41.47% / 5% | ✗ NOT HALAL |
Financial Highlights
Profitability
| Gross Margin | 19.7% | |
| Operating Margin | 3.6% | |
| Net Margin | -4.3% | |
| Return on Equity (ROE) | -63.3% | |
| Return on Assets (ROA) | 2.0% |
Cash Flow & Balance Sheet
| Operating Cash Flow | $44M |
| Free Cash Flow | $15M |
| Total Debt | $2.2B |
| Debt-to-Equity | 1335.9 |
| Current Ratio | 1.2 |
| Total Assets | $2.7B |
Price & Trading
| Last Close | $17.06 |
| 50-Day MA | $24.26 |
| 200-Day MA | $25.13 |
| Avg Volume | 665K |
| Beta | 1.3 |
|
52-Week Range
$9.79
| |
About FORWARD AIR CORP (FWRD)
Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States, Mexico, Europe, Asia, and Canada. The company operates through three segments: Expedited Freight, Omni Logistics, and Intermodal. Its Expedited Freight segment provides expedited regional, inter-regional, and national less-than-truckload services; local pick-up and delivery services; and other services, which include shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling. This segment offers expedited truckload brokerage, dedicated fleet, and high security and temperature-controlled logistics services. The Omni Logistics segment offers full suite of global logistics services, such as air and ocean freight consolidation and forwarding, customs brokerage, warehousing and distribution, value-added services, time-definite transportation services, and other supply chain solutions. Its Intermodal segment provides intermodal container drayage services; and contract and container freight station warehouse and handling services. The company serves freight forwarders, third-party logistics companies, integrated air cargo carriers and passenger, passenger and cargo airlines, steamship lines, and retailers. Forward Air Corporation was incorporated in 1981 and is headquartered in Dallas, Texas.
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Frequently Asked Questions
Is FORWARD AIR CORP (FWRD) halal to invest in?
Based on our screening using AAOIFI Standard 21 (the strictest methodology), FORWARD AIR CORP is Not Halal. The company fails one or more screening criteria. We screen against all 5 major standards: AAOIFI, DJIM, MSCI, S&P, and FTSE.
What is FORWARD AIR CORP's debt ratio?
FORWARD AIR CORP's debt ratio is 313.0% under the AAOIFI standard (which uses market capitalization as the denominator). The AAOIFI threshold is 30%. Under MSCI and FTSE (which use total assets as the denominator), the debt ratio is 76.6%.
What are FORWARD AIR CORP's key financial metrics?
FORWARD AIR CORP has a market capitalization of $512M, and revenue of $2.5B. The company maintains a gross margin of 19.7% and a net margin of -4.3%. Return on equity stands at -63.3%.
How often is the screening data updated?
Our screening data is updated regularly using the latest available financial statements and market data. Stock prices and market caps are refreshed frequently, while financial statements are updated quarterly when companies report earnings.
Disclaimer: HalalStockGuide.com provides Shariah compliance screening for educational and informational purposes only. This is not a fatwa, financial advice, or a recommendation to buy or sell any security. Screening results are based on publicly available financial data and established methodologies. Always consult a qualified Islamic scholar and a licensed financial advisor before making investment decisions.