Forward Air Corporation (FWRD) Financial Ratios
30 years of historical data (1996–2025) · Industrials · Integrated Freight & Logistics
EV/EBITDA
↓
13.89
↓-19% vs avg
5yr avg: 17.23
30Y Low4.8·High23.8
P/FCF
↑
37.52
↑+30% vs avg
5yr avg: 28.81
30Y Low10.9·High60.8
P/B Ratio
↓
3.52
↓-10% vs avg
5yr avg: 3.92
30Y Low1.4·High11.1
ROE
↓
-48.2%
↑-81% vs avg
5yr avg: -26.6%
30Y Low-156%·High43%
Debt/EBITDA
↑
11.42
↑+66% vs avg
5yr avg: 6.87
30Y Low0.0·High13.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
FWRD Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Forward Air Corporation currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 37.5x P/FCF, 30% above the 5-year average of 28.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $573M | $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 → | -5.28 | — | — | 146.21 | 14.69 | 31.45 | 91.48 | 23.01 | 17.41 | 19.88 | 52.64 |
| P/S Ratio | 0.23 | 0.31 | 0.36 | 1.19 | 1.68 | 2.38 | 1.68 | 1.63 | 1.21 | 1.58 | 1.48 |
| P/B Ratio | 3.52 | 4.79 | 3.11 | 2.14 | 3.99 | 5.57 | 3.89 | 3.43 | 2.89 | 3.25 | 2.92 |
| P/FCF | 37.52 | 50.71 | — | 10.85 | 12.93 | 40.72 | 33.05 | 14.45 | 14.52 | 26.66 | 16.52 |
| P/OCF | 12.91 | 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
FWRD EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Forward Air Corporation's enterprise value stands at 13.9x EBITDA, 19% below its 5-year average of 17.2x. This is roughly in line with the Industrials sector median of 13.7x.
| 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 | 13.89 | 14.96 | — | 23.75 | 10.50 | 19.71 | 20.99 | 14.08 | 9.88 | 11.84 | 15.04 |
| EV / EBIT | 72.11 | 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 |
FWRD Profitability
Margins and return-on-capital ratios measuring operating efficiency
Forward Air Corporation earns an operating margin of 1.5%, below the Industrials sector average of 4.7%. Operating margins have compressed from 6.4% to 1.5% over the past 3 years, signaling potential cost pressures or competitive headwinds. A negative ROE of -48.2% indicates the company is currently destroying shareholder equity. ROIC of 1.2% represents below-average returns on invested capital versus a sector median of 6.4%.
Margins
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% |
Return on Capital
| 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% |
FWRD Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Forward Air Corporation carries a Debt/EBITDA ratio of 11.4x, which is highly leveraged (269% above the sector average of 3.1x). Net debt stands at $2.1B ($2.2B total debt minus $106M cash). Interest coverage of just 0.2x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| 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 | 0.27 | 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 | 0.20 | 0.20 | -5.62 | 2.79 | 48.19 | 33.89 | 16.21 | 41.47 | 68.44 | 89.89 | 37.56 |
FWRD Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.22x means Forward Air Corporation can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.46x to 1.22x over the past 3 years.
| 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 | — | 0.92 | 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 |
FWRD Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Forward Air Corporation returns 0.1% to shareholders annually primarily through share buybacks.
Dividends
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% |
Total Shareholder Return Metrics
| 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 | 2.7% | 2.0% | — | 9.2% | 7.7% | 2.5% | 3.0% | 6.9% | 6.9% | 3.8% | 6.1% |
| Buyback Yield | 0.1% | 0.1% | 0.1% | 5.7% | 2.2% | 1.5% | 2.1% | 2.8% | 4.1% | 2.8% | 2.7% |
| Total Shareholder Yield | 0.1% | 0.1% | 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 |
Peer Comparison
Compare FWRD with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 FWRDYou | $573M | -5.3 | 13.9 | 37.5 | 20.5% | 1.5% | -48.2% | 1.2% | 11.4 |
 ARCB | $3B | 46.5 | 12.6 | 23.8 | 2.3% | 2.3% | 4.6% | 3.9% | 2.6 |
 SAIA | $12B | 47.2 | 20.6 | 438.5 | 23.7% | 10.9% | 10.4% | 9.4% | 0.7 |
 ODFL | $42B | 41.5 | 24.2 | 43.8 | 32.2% | 24.8% | 23.9% | 23.6% | 0.1 |
 XPO | $25B | 80.1 | 23.4 | 75.5 | 12.0% | 8.9% | 18.3% | 9.3% | 3.8 |
 TFII | $11B | 26.8 | 9.2 | 11.6 | 12.2% | 6.9% | 16.2% | 9.7% | 2.3 |
 CHRW | $20B | 34.9 | 23.9 | 22.3 | 8.4% | 4.9% | 32.9% | 18.0% | 1.8 |
 EXPD | $20B | 25.4 | 17.9 | 21.1 | 15.3% | 9.5% | 35.5% | 42.4% | 0.9 |
 GXO | $6B | 178.3 | 14.5 | 9999.0 | 11.6% | 3.2% | 1.1% | 3.6% | 9.0 |
 HUBG | $3B | 25.4 | 9.2 | 18.4 | 85.4% | 3.6% | 6.3% | 5.1% | 1.5 |
 LSTR | $6B | 54.8 | 27.2 | 28.6 | 13.1% | 3.6% | 13.0% | 22.1% | 0.6 |
| Industrials Median | — | 25.9 | 13.7 | 21.0 | 33.0% | 4.7% | 8.2% | 6.4% | 3.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonFWRD — Frequently Asked Questions
Quick answers to the most common questions about buying FWRD stock.
What is Forward Air Corporation's P/E ratio?
Forward Air Corporation's current P/E ratio is -5.3x. The historical average is 32.9x.
What is Forward Air Corporation's EV/EBITDA?
Forward Air Corporation's current EV/EBITDA is 13.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.2x.
What is Forward Air Corporation's ROE?
Forward Air Corporation's return on equity (ROE) is -48.2%. The historical average is 11.1%.
Is FWRD stock overvalued?
Based on historical data, Forward Air Corporation is trading at a P/E of -5.3x. Compare with industry peers and growth rates for a complete picture.
What are Forward Air Corporation's profit margins?
Forward Air Corporation has 20.5% gross margin and 1.5% operating margin.
How much debt does Forward Air Corporation have?
Forward Air Corporation's Debt/EBITDA ratio is 11.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.