Forward Air Corporation (FWRD) 10-Year Financial Performance & Capital Metrics

FWRD • • Industrial / General

IndustrialsFreight & LogisticsIntermodal & Truckload TransportationIntermodal & LTL Specialists

AboutForward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States and Canada. It operates in two segments, Expedited Freight and Intermodal. The 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 final mile, truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling. This segment also offers expedited truckload brokerage, dedicated fleet, and high security and temperature-controlled logistics services. The Intermodal segment provides intermodal container drayage services; and contract, and container freight station warehouse and handling services. It 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 founded in 1981 and is headquartered in Greeneville, Tennessee.Show more

Revenue $2.47B +80.5%
EBITDA -$919M -731.1%
Net Income -$817M -588.2%
EPS (Diluted) -29.66 -6997.7%
Gross Margin 13.73% -43.0%
EBITDA Margin -37.14% -449.6%
Operating Margin -42.96% -767.6%
Net Margin -33.02% -370.4%
ROE -155.59% -784.1%
ROIC -32.44% -962.1%
Debt/Equity 7.51 +194.8%
Interest Coverage -5.62 -301.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 15.3%

✗Weaknesses

✗High debt to equity ratio of 7.5x
✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Thin 5Y average net margin of 0.0%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.22%

5Y15.28%

3Y21.27%

TTM26.77%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM82.93%

EPS CAGR

10Y-

5Y-

3Y-

TTM87.82%

ROCE

10Y Avg8.98%

5Y Avg2.59%

3Y Avg-3.89%

Latest-41.19%

Peer Comparison

Intermodal & LTL Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
XPOXPO Logistics, Inc.	18.13B	154.42	47.81	4.24%	4.12%	18.27%	0.08%	2.57
JBHTJ.B. Hunt Transport Services, Inc.	19.66B	206.52	37.14	-5.79%	4.75%	16.03%	3.14%	0.45
HUBGHub Group, Inc.	2.87B	47.44	27.91	-6.1%	2.82%	5.98%	5%	0.30
FWRDForward Air Corporation	917.76M	29.37	-0.99	80.51%	-4.64%	-59.17%		7.51

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	959.13M	982.53M	1.1B	1.32B	1.22B	1.27B	1.39B	1.68B	1.37B	2.47B
Revenue Growth %	0.23%	0.02%	0.12%	0.2%	-0.08%	0.04%	0.09%	0.21%	-0.18%	0.81%
Cost of Goods Sold+	768.71M	767.29M	864.3M	1.05B	961.39M	1.04B	1.07B	1.19B	1.04B	2.13B
COGS % of Revenue	0.8%	0.78%	0.79%	0.8%	0.79%	0.82%	0.77%	0.71%	0.76%	0.86%
Gross Profit+	190.42M	215.24M	236.51M	266.04M	253.8M	229.11M	313.95M	491.67M	330.15M	339.65M
Gross Margin %	0.2%	0.22%	0.21%	0.2%	0.21%	0.18%	0.23%	0.29%	0.24%	0.14%
Gross Profit Growth %	0.06%	0.13%	0.1%	0.12%	-0.05%	-0.1%	0.37%	0.57%	-0.33%	0.03%
Operating Expenses+	108.65M	112.82M	127.84M	144.01M	141.38M	155.19M	166.93M	244.07M	241.94M	1.4B
OpEx % of Revenue	0.11%	0.11%	0.12%	0.11%	0.12%	0.12%	0.12%	0.15%	0.18%	0.57%
Selling, General & Admin	21.48M	25.39M	29.58M	35.18M	38.73M	34.91M	39.41M	47.48M	50.13M	64.68M
SG&A % of Revenue	0.02%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.04%	0.03%
Research & Development	1.53M	1.66M	1.82M	1.78M	0	2.05M	0	0	0	0
R&D % of Revenue	0%	0%	0%	0%	-	0%	-	-	-	-
Other Operating Expenses	-58K	4K	-11K	-2K	102.65M	118.22M	127.52M	196.6M	191.81M	1.34B
Operating Income+	81.77M	59.98M	108.67M	122.03M	112.42M	73.92M	147.03M	247.59M	88.21M	-1.06B
Operating Margin %	0.09%	0.06%	0.1%	0.09%	0.09%	0.06%	0.11%	0.15%	0.06%	-0.43%
Operating Income Growth %	-0.15%	-0.27%	0.81%	0.12%	-0.08%	-0.34%	0.99%	0.68%	-0.64%	-13.05%
EBITDA+	118.93M	98.19M	149.73M	164.21M	148.81M	111.05M	181.99M	290.14M	145.62M	-918.96M
EBITDA Margin %	0.12%	0.1%	0.14%	0.12%	0.12%	0.09%	0.13%	0.17%	0.11%	-0.37%
EBITDA Growth %	-0.07%	-0.17%	0.52%	0.1%	-0.09%	-0.25%	0.64%	0.59%	-0.5%	-7.31%
D&A (Non-Cash Add-back)	37.16M	38.21M	41.05M	42.18M	36.39M	37.13M	34.97M	42.55M	57.41M	143.98M
EBIT	81.71M	59.71M	108.75M	122.03M	112.42M	73.92M	147.03M	247.59M	88.21M	-1.06B
Net Interest Income+	-2.05M	-1.6M	-1.21M	-1.78M	-2.71M	-4.56M	-4.34M	-5.14M	-31.57M	-189.22M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	2.05M	1.6M	1.21M	1.78M	2.71M	4.56M	4.34M	5.14M	31.57M	189.22M
Other Income/Expense	-2.1M	-1.32M	-1.22M	-1.78M	-2.71M	-4.56M	-4.34M	-5.14M	-31.57M	-186.9M
Pretax Income+	79.67M	58.39M	107.45M	120.25M	109.7M	69.36M	142.69M	242.45M	56.64M	-1.25B
Pretax Margin %	0.08%	0.06%	0.1%	0.09%	0.09%	0.05%	0.1%	0.14%	0.04%	-0.51%
Income Tax+	24.09M	30.72M	20.13M	28.2M	27.38M	16.59M	35.81M	63.04M	13.84M	-124.99M
Effective Tax Rate %	0.7%	0.47%	0.81%	0.77%	0.79%	0.34%	0.74%	0.8%	2.95%	0.65%
Net Income+	55.58M	27.67M	87.32M	92.05M	87.1M	23.73M	105.86M	193.19M	167.35M	-816.97M
Net Margin %	0.06%	0.03%	0.08%	0.07%	0.07%	0.02%	0.08%	0.12%	0.12%	-0.33%
Net Income Growth %	-0.09%	-0.5%	2.16%	0.05%	-0.05%	-0.73%	3.46%	0.82%	-0.13%	-5.88%
Net Income (Continuing)	55.58M	27.67M	87.25M	92.05M	82.32M	52.77M	106.88M	179.41M	42.8M	-1.12B
Discontinued Operations	0	0	0	0	4.78M	-29.03M	-1.02M	13.78M	124.55M	-6.39M
Minority Interest	0	0	0	0	0	0	0	0	0	84.14M
EPS (Diluted)+	1.78	0.90	2.89	3.15	3.04	0.84	3.85	7.14	0.43	-29.66
EPS Growth %	-0.09%	-0.49%	2.21%	0.09%	-0.03%	-0.72%	3.58%	0.85%	-0.94%	-69.98%
EPS (Basic)	1.80	0.91	2.90	3.17	3.06	0.85	3.87	7.18	0.44	-29.43
Diluted Shares Outstanding	31.22M	30.74M	30.21M	29.19M	28.31M	27.7M	27.29M	26.93M	26M	27.54M
Basic Shares Outstanding	30.88M	30.41M	30.11M	29.08M	28.2M	27.63M	27.16M	26.78M	25.91M	27.54M
Dividend Payout Ratio	0.27%	0.56%	0.21%	0.2%	0.24%	0.88%	0.22%	0.13%	0.15%	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	173.46M	136.27M	162.74M	201.08M	236.32M	245.9M	282.81M	304.31M	347.03M	472.5M
Cash & Short-Term Investments	33.31M	8.51M	3.89M	25.66M	64.75M	40.25M	37.32M	45.82M	121.97M	104.9M
Cash Only	33.31M	8.51M	3.89M	25.66M	64.75M	40.25M	37.32M	45.82M	121.97M	104.9M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	128.04M	116.6M	152.38M	161.42M	136.21M	156.49M	216.18M	188.23M	158.68M	322.5M
Days Sales Outstanding	48.73	43.32	50.52	44.61	40.91	44.99	56.88	40.9	42.25	47.57
Inventory	1.31M	1.31M	1.43M	2.24M	2.13M	0	0	0	0	0
Days Inventory Outstanding	0.62	0.62	0.6	0.78	0.81	-	-	-	-	-
Other Current Assets	0	0	0	0	18.77M	27.74M	7.03M	45.49M	40.7M	16.05M
Total Non-Current Assets+	526.71M	505.02M	524.97M	559.13M	754.56M	801.5M	835.01M	903.76M	2.63B	2.33B
Property, Plant & Equipment	187.29M	200.21M	206.11M	209.9M	297.93M	313.2M	367.29M	377.43M	369.65M	736.27M
Fixed Asset Turnover	5.12x	4.91x	5.34x	6.29x	4.08x	4.05x	3.78x	4.45x	3.71x	3.36x
Goodwill	205.61M	184.68M	191.67M	199.09M	215.7M	244.98M	266.75M	257.99M	278.71M	522.71M
Intangible Assets	127.8M	106.65M	111.25M	113.66M	124.86M	145.03M	154.72M	115.58M	134.79M	999.22M
Long-Term Investments	-39.88M	-41.87M	-29.4M	-37.17M	0	0	0	0	1.79B	0
Other Non-Current Assets	6.02M	13.49M	15.94M	36.48M	116.08M	98.28M	46.25M	152.77M	58.86M	71.94M
Total Assets+	700.17M	641.29M	687.72M	760.22M	990.88M	1.05B	1.12B	1.21B	2.98B	2.8B
Asset Turnover	1.37x	1.53x	1.60x	1.74x	1.23x	1.21x	1.24x	1.39x	0.46x	0.88x
Asset Growth %	0.29%	-0.08%	0.07%	0.11%	0.3%	0.06%	0.07%	0.08%	1.47%	-0.06%
Total Current Liabilities+	109.04M	77.93M	60.13M	74.72M	137.16M	171.62M	164.69M	169.4M	237.09M	384.05M
Accounts Payable	23.33M	18.01M	30.72M	34.63M	25.41M	38.37M	44.84M	50.09M	45.43M	105.69M
Days Payables Outstanding	11.08	8.57	12.97	11.98	9.65	13.46	15.25	15.39	15.94	18.07
Short-Term Debt	55.89M	28.01M	359K	309K	0	0	6.09M	9.31M	12.64M	0
Deferred Revenue (Current)	0	70K	320K	0	0	0	0	0	0	1000K
Other Current Liabilities	19.44M	5.6M	273K	7.38M	33.29M	36.5M	4.61M	16.51M	88.22M	0
Current Ratio	1.59x	1.75x	2.71x	2.69x	1.72x	1.43x	1.72x	1.80x	1.46x	1.23x
Quick Ratio	1.58x	1.73x	2.68x	2.66x	1.71x	1.43x	1.72x	1.80x	1.46x	1.23x
Cash Conversion Cycle	38.27	35.37	38.15	33.4	32.08	-	-	-	-	-
Total Non-Current Liabilities+	81.07M	64.3M	94.09M	132.25M	276.53M	328.44M	359.48M	331.43M	1.98B	2.13B
Long-Term Debt	27.54M	725K	40.59M	47.34M	67.34M	112.4M	155.47M	106.59M	1.79B	1.68B
Capital Lease Obligations	1.07M	725K	365K	54K	74.59M	85.36M	110.98M	108.61M	98.33M	356.5M
Deferred Tax Liabilities	39.88M	41.87M	29.4M	37.17M	41.21M	41.99M	43.41M	51.09M	42.2M	38.17M
Other Non-Current Liabilities	52.45M	20.97M	23.74M	47.69M	93.39M	88.7M	49.62M	65.14M	47.14M	62.13M
Total Liabilities	190.12M	142.22M	154.23M	206.97M	413.7M	500.06M	524.17M	500.83M	2.22B	2.52B
Total Debt+	84.74M	28.74M	40.95M	47.64M	179.23M	243.24M	320.07M	266.78M	1.95B	2.15B
Net Debt	51.43M	20.23M	37.05M	21.99M	114.48M	202.98M	282.75M	220.96M	1.82B	2.04B
Debt / Equity	0.17x	0.06x	0.08x	0.09x	0.31x	0.44x	0.54x	0.38x	2.55x	7.51x
Debt / EBITDA	0.71x	0.29x	0.27x	0.29x	1.20x	2.19x	1.76x	0.92x	13.36x	-
Net Debt / EBITDA	0.43x	0.21x	0.25x	0.13x	0.77x	1.83x	1.55x	0.76x	12.53x	-
Interest Coverage	39.95x	37.56x	89.89x	68.44x	41.47x	16.21x	33.89x	48.19x	2.79x	-5.62x
Total Equity+	510.06M	499.07M	533.49M	553.24M	577.18M	547.33M	593.65M	707.24M	764.26M	285.87M
Equity Growth %	0.1%	-0.02%	0.07%	0.04%	0.04%	-0.05%	0.08%	0.19%	0.08%	-0.63%
Book Value per Share	16.34	16.23	17.66	18.95	20.39	19.76	21.75	26.27	29.39	10.38
Total Shareholders' Equity	510.06M	499.07M	533.49M	553.24M	577.18M	547.33M	593.65M	707.24M	764.26M	201.73M
Common Stock	305K	301K	295K	285K	279K	273K	270K	265K	257K	298K
Retained Earnings	348.89M	319.26M	337.85M	342.66M	350.03M	304.14M	334.91M	436.12M	480.32M	-338.23M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-155.86M	-178.82M	-193.12M	-204M	0	0	0	0	0	-2.73M
Minority Interest	0	0	0	0	0	0	0	0	0	84.14M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	85.72M	130.35M	103.36M	152.55M	159M	84.67M	120.26M	259.09M	181.39M	-75.4M
Operating CF Margin %	0.09%	0.13%	0.09%	0.12%	0.13%	0.07%	0.09%	0.15%	0.13%	-0.03%
Operating CF Growth %	-0.06%	0.52%	-0.21%	0.48%	0.04%	-0.47%	0.42%	1.15%	-0.3%	-1.42%
Net Income	55.58M	27.67M	87.32M	92.05M	82.32M	52.77M	116.09M	193.19M	42.8M	-1.12B
Depreciation & Amortization	37.16M	38.21M	41.05M	42.18M	36.39M	37.13M	39.55M	47.39M	57.41M	143.98M
Stock-Based Compensation	7.49M	8.33M	8.1M	10.55M	11.71M	11.03M	10.5M	10.66M	11.49M	10.19M
Deferred Taxes	14.53M	3.52M	-12.47M	8.09M	7.09M	772K	1.42M	7.69M	-8.89M	-133.51M
Other Non-Cash Items	-768K	43.28M	6.15M	3.14M	18.27M	-5.72M	4.3M	11.57M	-13.91M	1.04B
Working Capital Changes	-28.26M	9.33M	-26.8M	-3.46M	3.2M	-11.31M	-51.6M	-11.4M	92.49M	-11.78M
Change in Receivables	5.4M	-9.71M	-31.31M	-12.18M	653K	-25.74M	-52.68M	-19.13M	25.15M	19.22M
Change in Inventory	-1.38M	283K	-1.2M	-2.56M	0	0	0	0	0	0
Change in Payables	-17.51M	-1.41M	8.95M	12.54M	7.21M	23.85M	17.18M	12.57M	36.66M	-15.92M
Cash from Investing+	-100.92M	-52.39M	-59.19M	-55.46M	-63.89M	-82.71M	-88.31M	-104.46M	174.84M	-1.61B
Capital Expenditures	-40.49M	-42.19M	-38.27M	-42.29M	-22.01M	-20.27M	-39.11M	-40.73M	-30.73M	-37.06M
CapEx % of Revenue	0.04%	0.04%	0.03%	0.03%	0.02%	0.02%	0.03%	0.02%	0.02%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.46M	1.59M	2.22M	6.82M	-2.89M	1.21M	10.66M	2.37M	258.52M	4.69M
Cash from Financing+	7.08M	-102.76M	-48.79M	-75.33M	-56.01M	-26.45M	-34.89M	-146.12M	1.55B	-163.83M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-14.82M	-15.53M	-18.05M	-18.43M	-20.49M	-20.87M	-22.98M	-25.86M	-25M	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	18.24M	8.52M	6.03M	2.53M	1.63M	-3.89M	-5.5M	-2.38M	-3.67M	-66.16M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	45.23M	88.16M	65.1M	110.26M	136.99M	64.4M	81.15M	218.36M	150.66M	-112.46M
FCF Margin %	0.05%	0.09%	0.06%	0.08%	0.11%	0.05%	0.06%	0.13%	0.11%	-0.05%
FCF Growth %	-0.13%	0.95%	-0.26%	0.69%	0.24%	-0.53%	0.26%	1.69%	-0.31%	-1.75%
FCF per Share	1.45	2.87	2.15	3.78	4.84	2.33	2.97	8.11	5.79	-4.08
FCF Conversion (FCF/Net Income)	1.54x	4.71x	1.18x	1.66x	1.83x	3.57x	1.14x	1.34x	1.08x	0.09x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.42%	5.48%	16.91%	16.94%	15.41%	4.22%	18.56%	29.7%	22.75%	-155.59%
Return on Invested Capital (ROIC)	12.45%	8.32%	14.96%	15.98%	13.31%	7.69%	13.56%	20.58%	3.76%	-32.44%
Gross Margin	19.85%	21.91%	21.49%	20.14%	20.89%	18.05%	22.63%	29.27%	24.09%	13.73%
Net Margin	5.79%	2.82%	7.93%	6.97%	7.17%	1.87%	7.63%	11.5%	12.21%	-33.02%
Debt / Equity	0.17x	0.06x	0.08x	0.09x	0.31x	0.44x	0.54x	0.38x	2.55x	7.51x
Interest Coverage	39.95x	37.56x	89.89x	68.44x	41.47x	16.21x	33.89x	48.19x	2.79x	-5.62x
FCF Conversion	1.54x	4.71x	1.18x	1.66x	1.83x	3.57x	1.14x	1.34x	1.08x	0.09x
Revenue Growth	22.81%	2.44%	12.04%	19.99%	-8%	4.48%	9.27%	21.08%	-18.39%	80.51%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Expedited Freight	-	-	-	-	-	-	1.37B	1.55B	1.1B	1.12B
Expedited Freight Growth	-	-	-	-	-	-	-	13.07%	-29.41%	1.66%
Intermodal	-	-	-	-	-	-	289.17M	419.7M	273.93M	232.83M
Intermodal Growth	-	-	-	-	-	-	-	45.14%	-34.73%	-15.00%
Expedited Freight	-	-	-	-	985.7M	1.07B	-	-	-	-
Expedited Freight Growth	-	-	-	-	-	8.56%	-	-	-	-
Intermodal	-	-	-	200.75M	217.61M	199.57M	-	-	-	-
Intermodal Growth	-	-	-	-	8.40%	-8.29%	-	-	-	-
Intersegment Eliminations	-6.11M	-4.85M	-11.41M	-14.38M	-3.46M	-2.33M	-	-	-	-
Intersegment Eliminations Growth	-	20.64%	-135.18%	-26.03%	75.93%	32.67%	-	-	-	-
Pool Distribution	-	-	-	193.69M	207.09M	-	-	-	-	-
Pool Distribution Growth	-	-	-	-	6.92%	-	-	-	-	-
Expedited LTL	-	-	-	740.33M	-	-	-	-	-	-
Expedited LTL Growth	-	-	-	-	-	-	-	-	-	-
Truckload Premium Services	-	-	-	186.11M	-	-	-	-	-	-
Truckload Premium Services Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Forward Air Corporation (FWRD) reported $2.50B in revenue for fiscal year 2024. This represents a 365% increase from $536.4M in 2011.

Forward Air Corporation (FWRD) grew revenue by 80.5% over the past year. This is strong growth.

Forward Air Corporation (FWRD) reported a net loss of $115.9M for fiscal year 2024.

Dividend & Returns

Forward Air Corporation (FWRD) has a return on equity (ROE) of -155.6%. Negative ROE indicates the company is unprofitable.

Forward Air Corporation (FWRD) generated $15.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Forward Air Corporation (FWRD) 10-Year Financial Performance & Capital Metrics

FWRD • • Industrial / General

IndustrialsFreight & LogisticsIntermodal & Truckload TransportationIntermodal & LTL Specialists

Revenue $2.47B +80.5%
EBITDA -$919M -731.1%
Net Income -$817M -588.2%
EPS (Diluted) -29.66 -6997.7%
Gross Margin 13.73% -43.0%
EBITDA Margin -37.14% -449.6%
Operating Margin -42.96% -767.6%
Net Margin -33.02% -370.4%
ROE -155.59% -784.1%
ROIC -32.44% -962.1%
Debt/Equity 7.51 +194.8%
Interest Coverage -5.62 -301.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 15.3%

✗Weaknesses

✗High debt to equity ratio of 7.5x
✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Thin 5Y average net margin of 0.0%

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y12.22%

5Y15.28%

3Y21.27%

TTM26.77%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM82.93%

EPS CAGR

10Y-

5Y-

3Y-

TTM87.82%

ROCE

10Y Avg8.98%

5Y Avg2.59%

3Y Avg-3.89%

Latest-41.19%

Peer Comparison

Intermodal & LTL Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
XPOXPO Logistics, Inc.	18.13B	154.42	47.81	4.24%	4.12%	18.27%	0.08%	2.57
JBHTJ.B. Hunt Transport Services, Inc.	19.66B	206.52	37.14	-5.79%	4.75%	16.03%	3.14%	0.45
HUBGHub Group, Inc.	2.87B	47.44	27.91	-6.1%	2.82%	5.98%	5%	0.30
FWRDForward Air Corporation	917.76M	29.37	-0.99	80.51%	-4.64%	-59.17%		7.51

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	959.13M	982.53M	1.1B	1.32B	1.22B	1.27B	1.39B	1.68B	1.37B	2.47B
Revenue Growth %	0.23%	0.02%	0.12%	0.2%	-0.08%	0.04%	0.09%	0.21%	-0.18%	0.81%
Cost of Goods Sold+	768.71M	767.29M	864.3M	1.05B	961.39M	1.04B	1.07B	1.19B	1.04B	2.13B
COGS % of Revenue	0.8%	0.78%	0.79%	0.8%	0.79%	0.82%	0.77%	0.71%	0.76%	0.86%
Gross Profit+	190.42M	215.24M	236.51M	266.04M	253.8M	229.11M	313.95M	491.67M	330.15M	339.65M
Gross Margin %	0.2%	0.22%	0.21%	0.2%	0.21%	0.18%	0.23%	0.29%	0.24%	0.14%
Gross Profit Growth %	0.06%	0.13%	0.1%	0.12%	-0.05%	-0.1%	0.37%	0.57%	-0.33%	0.03%
Operating Expenses+	108.65M	112.82M	127.84M	144.01M	141.38M	155.19M	166.93M	244.07M	241.94M	1.4B
OpEx % of Revenue	0.11%	0.11%	0.12%	0.11%	0.12%	0.12%	0.12%	0.15%	0.18%	0.57%
Selling, General & Admin	21.48M	25.39M	29.58M	35.18M	38.73M	34.91M	39.41M	47.48M	50.13M	64.68M
SG&A % of Revenue	0.02%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.04%	0.03%
Research & Development	1.53M	1.66M	1.82M	1.78M	0	2.05M	0	0	0	0
R&D % of Revenue	0%	0%	0%	0%	-	0%	-	-	-	-
Other Operating Expenses	-58K	4K	-11K	-2K	102.65M	118.22M	127.52M	196.6M	191.81M	1.34B
Operating Income+	81.77M	59.98M	108.67M	122.03M	112.42M	73.92M	147.03M	247.59M	88.21M	-1.06B
Operating Margin %	0.09%	0.06%	0.1%	0.09%	0.09%	0.06%	0.11%	0.15%	0.06%	-0.43%
Operating Income Growth %	-0.15%	-0.27%	0.81%	0.12%	-0.08%	-0.34%	0.99%	0.68%	-0.64%	-13.05%
EBITDA+	118.93M	98.19M	149.73M	164.21M	148.81M	111.05M	181.99M	290.14M	145.62M	-918.96M
EBITDA Margin %	0.12%	0.1%	0.14%	0.12%	0.12%	0.09%	0.13%	0.17%	0.11%	-0.37%
EBITDA Growth %	-0.07%	-0.17%	0.52%	0.1%	-0.09%	-0.25%	0.64%	0.59%	-0.5%	-7.31%
D&A (Non-Cash Add-back)	37.16M	38.21M	41.05M	42.18M	36.39M	37.13M	34.97M	42.55M	57.41M	143.98M
EBIT	81.71M	59.71M	108.75M	122.03M	112.42M	73.92M	147.03M	247.59M	88.21M	-1.06B
Net Interest Income+	-2.05M	-1.6M	-1.21M	-1.78M	-2.71M	-4.56M	-4.34M	-5.14M	-31.57M	-189.22M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	2.05M	1.6M	1.21M	1.78M	2.71M	4.56M	4.34M	5.14M	31.57M	189.22M
Other Income/Expense	-2.1M	-1.32M	-1.22M	-1.78M	-2.71M	-4.56M	-4.34M	-5.14M	-31.57M	-186.9M
Pretax Income+	79.67M	58.39M	107.45M	120.25M	109.7M	69.36M	142.69M	242.45M	56.64M	-1.25B
Pretax Margin %	0.08%	0.06%	0.1%	0.09%	0.09%	0.05%	0.1%	0.14%	0.04%	-0.51%
Income Tax+	24.09M	30.72M	20.13M	28.2M	27.38M	16.59M	35.81M	63.04M	13.84M	-124.99M
Effective Tax Rate %	0.7%	0.47%	0.81%	0.77%	0.79%	0.34%	0.74%	0.8%	2.95%	0.65%
Net Income+	55.58M	27.67M	87.32M	92.05M	87.1M	23.73M	105.86M	193.19M	167.35M	-816.97M
Net Margin %	0.06%	0.03%	0.08%	0.07%	0.07%	0.02%	0.08%	0.12%	0.12%	-0.33%
Net Income Growth %	-0.09%	-0.5%	2.16%	0.05%	-0.05%	-0.73%	3.46%	0.82%	-0.13%	-5.88%
Net Income (Continuing)	55.58M	27.67M	87.25M	92.05M	82.32M	52.77M	106.88M	179.41M	42.8M	-1.12B
Discontinued Operations	0	0	0	0	4.78M	-29.03M	-1.02M	13.78M	124.55M	-6.39M
Minority Interest	0	0	0	0	0	0	0	0	0	84.14M
EPS (Diluted)+	1.78	0.90	2.89	3.15	3.04	0.84	3.85	7.14	0.43	-29.66
EPS Growth %	-0.09%	-0.49%	2.21%	0.09%	-0.03%	-0.72%	3.58%	0.85%	-0.94%	-69.98%
EPS (Basic)	1.80	0.91	2.90	3.17	3.06	0.85	3.87	7.18	0.44	-29.43
Diluted Shares Outstanding	31.22M	30.74M	30.21M	29.19M	28.31M	27.7M	27.29M	26.93M	26M	27.54M
Basic Shares Outstanding	30.88M	30.41M	30.11M	29.08M	28.2M	27.63M	27.16M	26.78M	25.91M	27.54M
Dividend Payout Ratio	0.27%	0.56%	0.21%	0.2%	0.24%	0.88%	0.22%	0.13%	0.15%	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	173.46M	136.27M	162.74M	201.08M	236.32M	245.9M	282.81M	304.31M	347.03M	472.5M
Cash & Short-Term Investments	33.31M	8.51M	3.89M	25.66M	64.75M	40.25M	37.32M	45.82M	121.97M	104.9M
Cash Only	33.31M	8.51M	3.89M	25.66M	64.75M	40.25M	37.32M	45.82M	121.97M	104.9M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	128.04M	116.6M	152.38M	161.42M	136.21M	156.49M	216.18M	188.23M	158.68M	322.5M
Days Sales Outstanding	48.73	43.32	50.52	44.61	40.91	44.99	56.88	40.9	42.25	47.57
Inventory	1.31M	1.31M	1.43M	2.24M	2.13M	0	0	0	0	0
Days Inventory Outstanding	0.62	0.62	0.6	0.78	0.81	-	-	-	-	-
Other Current Assets	0	0	0	0	18.77M	27.74M	7.03M	45.49M	40.7M	16.05M
Total Non-Current Assets+	526.71M	505.02M	524.97M	559.13M	754.56M	801.5M	835.01M	903.76M	2.63B	2.33B
Property, Plant & Equipment	187.29M	200.21M	206.11M	209.9M	297.93M	313.2M	367.29M	377.43M	369.65M	736.27M
Fixed Asset Turnover	5.12x	4.91x	5.34x	6.29x	4.08x	4.05x	3.78x	4.45x	3.71x	3.36x
Goodwill	205.61M	184.68M	191.67M	199.09M	215.7M	244.98M	266.75M	257.99M	278.71M	522.71M
Intangible Assets	127.8M	106.65M	111.25M	113.66M	124.86M	145.03M	154.72M	115.58M	134.79M	999.22M
Long-Term Investments	-39.88M	-41.87M	-29.4M	-37.17M	0	0	0	0	1.79B	0
Other Non-Current Assets	6.02M	13.49M	15.94M	36.48M	116.08M	98.28M	46.25M	152.77M	58.86M	71.94M
Total Assets+	700.17M	641.29M	687.72M	760.22M	990.88M	1.05B	1.12B	1.21B	2.98B	2.8B
Asset Turnover	1.37x	1.53x	1.60x	1.74x	1.23x	1.21x	1.24x	1.39x	0.46x	0.88x
Asset Growth %	0.29%	-0.08%	0.07%	0.11%	0.3%	0.06%	0.07%	0.08%	1.47%	-0.06%
Total Current Liabilities+	109.04M	77.93M	60.13M	74.72M	137.16M	171.62M	164.69M	169.4M	237.09M	384.05M
Accounts Payable	23.33M	18.01M	30.72M	34.63M	25.41M	38.37M	44.84M	50.09M	45.43M	105.69M
Days Payables Outstanding	11.08	8.57	12.97	11.98	9.65	13.46	15.25	15.39	15.94	18.07
Short-Term Debt	55.89M	28.01M	359K	309K	0	0	6.09M	9.31M	12.64M	0
Deferred Revenue (Current)	0	70K	320K	0	0	0	0	0	0	1000K
Other Current Liabilities	19.44M	5.6M	273K	7.38M	33.29M	36.5M	4.61M	16.51M	88.22M	0
Current Ratio	1.59x	1.75x	2.71x	2.69x	1.72x	1.43x	1.72x	1.80x	1.46x	1.23x
Quick Ratio	1.58x	1.73x	2.68x	2.66x	1.71x	1.43x	1.72x	1.80x	1.46x	1.23x
Cash Conversion Cycle	38.27	35.37	38.15	33.4	32.08	-	-	-	-	-
Total Non-Current Liabilities+	81.07M	64.3M	94.09M	132.25M	276.53M	328.44M	359.48M	331.43M	1.98B	2.13B
Long-Term Debt	27.54M	725K	40.59M	47.34M	67.34M	112.4M	155.47M	106.59M	1.79B	1.68B
Capital Lease Obligations	1.07M	725K	365K	54K	74.59M	85.36M	110.98M	108.61M	98.33M	356.5M
Deferred Tax Liabilities	39.88M	41.87M	29.4M	37.17M	41.21M	41.99M	43.41M	51.09M	42.2M	38.17M
Other Non-Current Liabilities	52.45M	20.97M	23.74M	47.69M	93.39M	88.7M	49.62M	65.14M	47.14M	62.13M
Total Liabilities	190.12M	142.22M	154.23M	206.97M	413.7M	500.06M	524.17M	500.83M	2.22B	2.52B
Total Debt+	84.74M	28.74M	40.95M	47.64M	179.23M	243.24M	320.07M	266.78M	1.95B	2.15B
Net Debt	51.43M	20.23M	37.05M	21.99M	114.48M	202.98M	282.75M	220.96M	1.82B	2.04B
Debt / Equity	0.17x	0.06x	0.08x	0.09x	0.31x	0.44x	0.54x	0.38x	2.55x	7.51x
Debt / EBITDA	0.71x	0.29x	0.27x	0.29x	1.20x	2.19x	1.76x	0.92x	13.36x	-
Net Debt / EBITDA	0.43x	0.21x	0.25x	0.13x	0.77x	1.83x	1.55x	0.76x	12.53x	-
Interest Coverage	39.95x	37.56x	89.89x	68.44x	41.47x	16.21x	33.89x	48.19x	2.79x	-5.62x
Total Equity+	510.06M	499.07M	533.49M	553.24M	577.18M	547.33M	593.65M	707.24M	764.26M	285.87M
Equity Growth %	0.1%	-0.02%	0.07%	0.04%	0.04%	-0.05%	0.08%	0.19%	0.08%	-0.63%
Book Value per Share	16.34	16.23	17.66	18.95	20.39	19.76	21.75	26.27	29.39	10.38
Total Shareholders' Equity	510.06M	499.07M	533.49M	553.24M	577.18M	547.33M	593.65M	707.24M	764.26M	201.73M
Common Stock	305K	301K	295K	285K	279K	273K	270K	265K	257K	298K
Retained Earnings	348.89M	319.26M	337.85M	342.66M	350.03M	304.14M	334.91M	436.12M	480.32M	-338.23M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-155.86M	-178.82M	-193.12M	-204M	0	0	0	0	0	-2.73M
Minority Interest	0	0	0	0	0	0	0	0	0	84.14M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	85.72M	130.35M	103.36M	152.55M	159M	84.67M	120.26M	259.09M	181.39M	-75.4M
Operating CF Margin %	0.09%	0.13%	0.09%	0.12%	0.13%	0.07%	0.09%	0.15%	0.13%	-0.03%
Operating CF Growth %	-0.06%	0.52%	-0.21%	0.48%	0.04%	-0.47%	0.42%	1.15%	-0.3%	-1.42%
Net Income	55.58M	27.67M	87.32M	92.05M	82.32M	52.77M	116.09M	193.19M	42.8M	-1.12B
Depreciation & Amortization	37.16M	38.21M	41.05M	42.18M	36.39M	37.13M	39.55M	47.39M	57.41M	143.98M
Stock-Based Compensation	7.49M	8.33M	8.1M	10.55M	11.71M	11.03M	10.5M	10.66M	11.49M	10.19M
Deferred Taxes	14.53M	3.52M	-12.47M	8.09M	7.09M	772K	1.42M	7.69M	-8.89M	-133.51M
Other Non-Cash Items	-768K	43.28M	6.15M	3.14M	18.27M	-5.72M	4.3M	11.57M	-13.91M	1.04B
Working Capital Changes	-28.26M	9.33M	-26.8M	-3.46M	3.2M	-11.31M	-51.6M	-11.4M	92.49M	-11.78M
Change in Receivables	5.4M	-9.71M	-31.31M	-12.18M	653K	-25.74M	-52.68M	-19.13M	25.15M	19.22M
Change in Inventory	-1.38M	283K	-1.2M	-2.56M	0	0	0	0	0	0
Change in Payables	-17.51M	-1.41M	8.95M	12.54M	7.21M	23.85M	17.18M	12.57M	36.66M	-15.92M
Cash from Investing+	-100.92M	-52.39M	-59.19M	-55.46M	-63.89M	-82.71M	-88.31M	-104.46M	174.84M	-1.61B
Capital Expenditures	-40.49M	-42.19M	-38.27M	-42.29M	-22.01M	-20.27M	-39.11M	-40.73M	-30.73M	-37.06M
CapEx % of Revenue	0.04%	0.04%	0.03%	0.03%	0.02%	0.02%	0.03%	0.02%	0.02%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.46M	1.59M	2.22M	6.82M	-2.89M	1.21M	10.66M	2.37M	258.52M	4.69M
Cash from Financing+	7.08M	-102.76M	-48.79M	-75.33M	-56.01M	-26.45M	-34.89M	-146.12M	1.55B	-163.83M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-14.82M	-15.53M	-18.05M	-18.43M	-20.49M	-20.87M	-22.98M	-25.86M	-25M	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	18.24M	8.52M	6.03M	2.53M	1.63M	-3.89M	-5.5M	-2.38M	-3.67M	-66.16M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	45.23M	88.16M	65.1M	110.26M	136.99M	64.4M	81.15M	218.36M	150.66M	-112.46M
FCF Margin %	0.05%	0.09%	0.06%	0.08%	0.11%	0.05%	0.06%	0.13%	0.11%	-0.05%
FCF Growth %	-0.13%	0.95%	-0.26%	0.69%	0.24%	-0.53%	0.26%	1.69%	-0.31%	-1.75%
FCF per Share	1.45	2.87	2.15	3.78	4.84	2.33	2.97	8.11	5.79	-4.08
FCF Conversion (FCF/Net Income)	1.54x	4.71x	1.18x	1.66x	1.83x	3.57x	1.14x	1.34x	1.08x	0.09x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.42%	5.48%	16.91%	16.94%	15.41%	4.22%	18.56%	29.7%	22.75%	-155.59%
Return on Invested Capital (ROIC)	12.45%	8.32%	14.96%	15.98%	13.31%	7.69%	13.56%	20.58%	3.76%	-32.44%
Gross Margin	19.85%	21.91%	21.49%	20.14%	20.89%	18.05%	22.63%	29.27%	24.09%	13.73%
Net Margin	5.79%	2.82%	7.93%	6.97%	7.17%	1.87%	7.63%	11.5%	12.21%	-33.02%
Debt / Equity	0.17x	0.06x	0.08x	0.09x	0.31x	0.44x	0.54x	0.38x	2.55x	7.51x
Interest Coverage	39.95x	37.56x	89.89x	68.44x	41.47x	16.21x	33.89x	48.19x	2.79x	-5.62x
FCF Conversion	1.54x	4.71x	1.18x	1.66x	1.83x	3.57x	1.14x	1.34x	1.08x	0.09x
Revenue Growth	22.81%	2.44%	12.04%	19.99%	-8%	4.48%	9.27%	21.08%	-18.39%	80.51%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Expedited Freight	-	-	-	-	-	-	1.37B	1.55B	1.1B	1.12B
Expedited Freight Growth	-	-	-	-	-	-	-	13.07%	-29.41%	1.66%
Intermodal	-	-	-	-	-	-	289.17M	419.7M	273.93M	232.83M
Intermodal Growth	-	-	-	-	-	-	-	45.14%	-34.73%	-15.00%
Expedited Freight	-	-	-	-	985.7M	1.07B	-	-	-	-
Expedited Freight Growth	-	-	-	-	-	8.56%	-	-	-	-
Intermodal	-	-	-	200.75M	217.61M	199.57M	-	-	-	-
Intermodal Growth	-	-	-	-	8.40%	-8.29%	-	-	-	-
Intersegment Eliminations	-6.11M	-4.85M	-11.41M	-14.38M	-3.46M	-2.33M	-	-	-	-
Intersegment Eliminations Growth	-	20.64%	-135.18%	-26.03%	75.93%	32.67%	-	-	-	-
Pool Distribution	-	-	-	193.69M	207.09M	-	-	-	-	-
Pool Distribution Growth	-	-	-	-	6.92%	-	-	-	-	-
Expedited LTL	-	-	-	740.33M	-	-	-	-	-	-
Expedited LTL Growth	-	-	-	-	-	-	-	-	-	-
Truckload Premium Services	-	-	-	186.11M	-	-	-	-	-	-
Truckload Premium Services Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Forward Air Corporation (FWRD) reported $2.50B in revenue for fiscal year 2024. This represents a 365% increase from $536.4M in 2011.

Forward Air Corporation (FWRD) grew revenue by 80.5% over the past year. This is strong growth.

Forward Air Corporation (FWRD) reported a net loss of $115.9M for fiscal year 2024.

Dividend & Returns

Forward Air Corporation (FWRD) has a return on equity (ROE) of -155.6%. Negative ROE indicates the company is unprofitable.

Forward Air Corporation (FWRD) generated $15.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.