Latest Ratios: P/E Ratio -1.9x · EV/EBITDA N/A · ROE -48.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $526M | $774M | $888M | $1.6B | $2.8B | $3.3B | $2.1B | $2.0B | $1.6B | $1.7B | $1.5B |
| Enterprise Value | $2.6B | $2.8B | $2.9B | $3.5B | $3.0B | $3.6B | $2.3B | $2.1B | $1.6B | $1.8B | $1.5B |
| P/E Ratio → | -1.89 | — | — | 146.21 | 14.69 | 31.45 | 91.48 | 23.01 | 17.41 | 19.88 | 52.64 |
| P/S Ratio | 0.21 | 0.31 | 0.36 | 1.19 | 1.68 | 2.38 | 1.68 | 1.63 | 1.21 | 1.58 | 1.48 |
| P/B Ratio | 3.19 | 4.79 | 3.11 | 2.14 | 3.99 | 5.57 | 3.89 | 3.43 | 2.89 | 3.25 | 2.92 |
| P/FCF | 10.91 | 50.71 | — | 10.85 | 12.93 | 40.72 | 33.05 | 14.45 | 14.52 | 26.66 | 16.52 |
| P/OCF | 11.86 | 17.45 | — | 9.01 | 10.90 | 27.48 | 25.14 | 12.45 | 10.50 | 16.79 | 11.18 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.13 | 1.18 | 2.52 | 1.81 | 2.59 | 1.84 | 1.72 | 1.23 | 1.61 | 1.50 |
| EV / EBITDA | — | 14.96 | — | 23.75 | 10.50 | 19.71 | 20.99 | 14.08 | 9.88 | 11.84 | 15.04 |
| EV / EBIT | 70.83 | 84.29 | — | 39.21 | 12.30 | 24.40 | 31.54 | 18.63 | 13.30 | 16.30 | 24.74 |
| EV / FCF | — | 185.22 | — | 22.96 | 13.95 | 44.21 | 36.20 | 15.29 | 14.72 | 27.23 | 16.75 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.5% | 20.5% | 13.7% | 24.1% | 29.3% | 22.6% | 18.0% | 20.9% | 20.1% | 21.5% | 21.9% |
| Operating Margin | 1.5% | 1.5% | -43.0% | 6.4% | 14.7% | 10.6% | 5.8% | 9.3% | 9.2% | 9.9% | 6.1% |
| Net Profit Margin | -4.3% | -4.3% | -33.0% | 12.2% | 11.5% | 7.6% | 1.9% | 7.2% | 7.0% | 7.9% | 2.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -48.2% | -48.2% | -155.6% | 22.7% | 29.7% | 18.6% | 4.2% | 15.4% | 16.9% | 16.9% | 5.5% |
| ROA | -3.9% | -3.9% | -28.3% | 8.0% | 16.6% | 9.8% | 2.3% | 9.9% | 12.7% | 13.1% | 4.1% |
| ROIC | 1.2% | 1.2% | -32.4% | 3.8% | 20.6% | 13.6% | 7.7% | 13.3% | 16.0% | 15.0% | 8.3% |
| ROCE | 1.5% | 1.5% | -41.2% | 4.7% | 24.9% | 16.1% | 8.5% | 14.6% | 18.6% | 18.2% | 10.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 13.36 | 13.36 | 7.51 | 2.55 | 0.38 | 0.54 | 0.44 | 0.31 | 0.09 | 0.08 | 0.06 |
| Debt / EBITDA | 11.42 | 11.42 | — | 13.36 | 0.92 | 1.76 | 2.19 | 1.20 | 0.29 | 0.28 | 0.29 |
| Net Debt / Equity | — | 12.70 | 7.14 | 2.39 | 0.31 | 0.48 | 0.37 | 0.20 | 0.04 | 0.07 | 0.04 |
| Net Debt / EBITDA | 10.86 | 10.86 | — | 12.53 | 0.76 | 1.55 | 1.83 | 0.77 | 0.13 | 0.25 | 0.21 |
| Debt / FCF | — | 134.51 | — | 12.11 | 1.01 | 3.48 | 3.15 | 0.84 | 0.20 | 0.57 | 0.23 |
| Interest Coverage | 0.19 | 0.19 | -5.61 | 2.79 | 48.19 | 33.89 | 16.21 | 41.47 | 68.44 | 89.95 | 37.39 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.22 | 1.22 | 1.23 | 1.46 | 1.80 | 1.72 | 1.43 | 1.72 | 2.69 | 2.71 | 1.75 |
| Quick Ratio | 1.22 | 1.22 | 1.23 | 1.46 | 1.80 | 1.72 | 1.43 | 1.71 | 2.66 | 2.68 | 1.73 |
| Cash Ratio | 0.25 | 0.25 | 0.27 | 0.51 | 0.27 | 0.23 | 0.23 | 0.47 | 0.34 | 0.06 | 0.11 |
| Asset Turnover | — | 0.91 | 0.88 | 0.46 | 1.39 | 1.24 | 1.21 | 1.23 | 1.74 | 1.60 | 1.53 |
| Inventory Turnover | — | — | — | — | — | — | — | 450.93 | 470.91 | 606.53 | 587.51 |
| Days Sales Outstanding | — | 51.16 | 47.57 | 42.25 | 40.90 | 56.88 | 44.99 | 40.91 | 44.61 | 50.52 | 43.32 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | 1.5% | 0.9% | 0.7% | 1.0% | 1.0% | 1.2% | 1.0% | 1.1% |
| Payout Ratio | — | — | — | 14.9% | 13.4% | 21.7% | 87.9% | 23.5% | 20.0% | 20.7% | 56.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 0.7% | 6.8% | 3.2% | 1.1% | 4.3% | 5.7% | 5.0% | 1.9% |
| FCF Yield | 9.2% | 2.0% | — | 9.2% | 7.7% | 2.5% | 3.0% | 6.9% | 6.9% | 3.8% | 6.1% |
| Buyback Yield | 0.0% | 0.0% | 0.1% | 5.7% | 2.2% | 1.5% | 2.1% | 2.8% | 4.1% | 2.8% | 2.7% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.1% | 7.3% | 3.1% | 2.2% | 3.1% | 3.9% | 5.3% | 3.9% | 3.8% |
| Shares Outstanding | — | $31M | $28M | $26M | $27M | $27M | $28M | $28M | $29M | $30M | $31M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying FWRD stock.
Forward Air Corporation's current P/E ratio is -1.9x. The historical average is 32.9x.
Forward Air Corporation's return on equity (ROE) is -48.2%. The historical average is 11.1%.
Based on historical data, Forward Air Corporation is trading at a P/E of -1.9x. Compare with industry peers and growth rates for a complete picture.
Forward Air Corporation has 20.5% gross margin and 1.5% operating margin.
Forward Air Corporation's Debt/EBITDA ratio is 11.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Negative equity and persistent losses
Metrics are mathematically derived from official filings.
Erratic Margins Mask Underlying Weakness
Forward Air's gross margin has swung wildly from 2.4% to 20.3% over the past year, yet the company has reported a net loss in every single quarter, indicating that volatile pricing and cost structures are not the sole drivers of its persistent unprofitability.
The extreme volatility in gross margin, from 2.4% in 2025Q3 to 20.3% in 2026Q2, suggests the company lacks consistent pricing power and is highly exposed to freight market fluctuations. More critically, the persistent net losses, even in quarters with positive gross margins, point to severe operating deleveraging and significant non-operating charges that overwhelm any operational earnings. This pattern indicates that the core business model has not yet demonstrated sustainable, positive earnings power.
Capital Base Eroded by Persistent Losses
Return on Invested Capital has been negative or negligible for most of the past two years, with ROIC at -7.6% in 2026Q2, indicating the company is destroying value and its capital base is being consumed by ongoing losses rather than generating returns.
The trend in ROIC, which has been negative in six of the last ten quarters, confirms that Forward Air is not generating adequate returns on the capital invested in the business. This is compounded by the erosion of equity, which has turned negative, meaning the company is now operating with a capital structure that is fundamentally impaired. The inability to generate positive ROIC, even as revenue grows, suggests deep-seated operational inefficiencies or an unsustainable cost structure.
Extreme Leverage on a Diminished Base
With a Debt-to-EBITDA ratio of 36.47 in 2026Q1 and negative equity, Forward Air's leverage is extreme and appears necessity-driven, as the company has relied on debt to fund operations while generating persistent net losses.
The D/EBITDA ratio has spiked to levels that are typically associated with severe financial distress, especially when viewed against the backdrop of negative equity. This indicates that the company's debt load is now massive relative to its diminished and volatile earnings power. The interest coverage ratio has been negative for most periods, suggesting that operating earnings are insufficient to service interest expenses, which heightens refinancing risk and covenant pressure.
Fragile Liquidity Buffer Amidst Solvency Concerns
A current ratio of 1.32 in 2026Q2 provides a near-term liquidity buffer, but this position appears fragile given the negative equity, persistent cash burn, and the company's reliance on debt to fund operations.
While the current ratio suggests adequate short-term liquidity, the quick ratio being identical indicates no inventory cushion, which is typical for a service-oriented logistics firm. However, this liquidity is underpinned by a balance sheet with negative equity and a history of negative free cash flow. The company's ability to maintain this buffer is contingent on continued access to debt markets, which may become more challenging given its deteriorating credit profile.
The Misleading Promise of Low P/S
The Price-to-Sales ratio of 0.21 appears to signal deep value, but it is the most commonly misapplied metric for Forward Air, as it obscures the company's inability to convert revenue into profit or positive cash flow.
Investors often use P/S as a quick valuation tool for capital-intensive businesses, but for Forward Air, it is dangerously misleading. The ratio suggests the market is pricing the company at a steep discount to its revenue, yet this discount is warranted given the persistent net losses, negative ROIC, and a balance sheet with negative equity. A more appropriate metric would be EV/EBITDA, but even that is distorted by volatile and often negative EBITDA. The core issue is that revenue growth, even if present, is not translating into shareholder value, making P/S a poor indicator of intrinsic worth.