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Forward Air Corp. (FWRD)
NASDAQ:FWRD
US Market
FWRD
Forward Air
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Forward Air (FWRD) Ratios

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Forward Air Ratios

FWRD's free cash flow for Q1 2026 was $0.04. For the 2026 fiscal year, FWRD's free cash flow was decreased by $ and operating cash flow was $0.04. See a summary of the company’s cash flow.
Ratios
TTM
Dec 25Dec 24Dec 23Dec 22
Liquidity Ratios
Current Ratio
 1.23 1.22 1.23 1.46 1.80
Quick Ratio
 1.23 1.22 1.23 1.46 1.80
Cash Ratio
 0.32 0.25 0.27 0.51 0.27
Solvency Ratio
 0.02 0.02 -0.27 0.10 0.47
Operating Cash Flow Ratio
 0.14 0.10 -0.20 0.77 1.53
Short-Term Operating Cash Flow Coverage
 0.49 0.00 0.00 14.34 27.81
Net Current Asset Value
$ -2.03B$ -2.06B$ -2.04B$ -1.87B$ -196.52M
Leverage Ratios
Debt-to-Assets Ratio
 0.80 0.79 0.77 0.65 0.22
Debt-to-Equity Ratio
 26.55 19.05 10.64 2.55 0.38
Debt-to-Capital Ratio
 0.96 0.95 0.91 0.72 0.27
Long-Term Debt-to-Capital Ratio
 0.95 0.94 0.89 0.70 0.13
Financial Leverage Ratio
 33.28 24.22 13.89 3.90 1.71
Debt Service Coverage Ratio
 1.03 1.06 -4.18 2.98 15.71
Interest Coverage Ratio
 0.57 0.20 -5.62 2.79 48.19
Debt to Market Cap
 6.82 2.18 1.89 1.11 0.04
Interest Debt Per Share
 72.39 75.57 84.79 76.31 10.15
Net Debt to EBITDA
 9.86 11.03 -2.23 12.53 0.76
Profitability Margins
Gross Profit Margin
10.01%20.48%13.73%24.09%29.27%
EBIT Margin
2.03%1.34%-42.87%6.44%14.74%
EBITDA Margin
8.27%7.46%-37.05%10.62%17.27%
Operating Profit Margin
2.11%1.46%-42.96%6.44%14.74%
Pretax Profit Margin
-5.84%-5.90%-50.51%4.13%14.43%
Net Profit Margin
-3.71%-4.32%-33.02%12.21%11.50%
Continuous Operations Profit Margin
-4.90%-5.68%-45.46%3.12%10.68%
Net Income Per EBT
63.53%73.23%65.37%295.47%79.68%
EBT Per EBIT
-276.38%-404.12%117.58%64.21%97.92%
Return on Assets (ROA)
-3.39%-3.93%-29.15%5.62%15.99%
Return on Equity (ROE)
-75.30%-95.11%-404.99%21.90%27.32%
Return on Capital Employed (ROCE)
2.31%1.57%-43.95%3.22%23.84%
Return on Invested Capital (ROIC)
1.83%1.44%-37.78%2.38%16.80%
Return on Tangible Assets
-7.10%-8.20%-63.79%6.52%23.15%
Earnings Yield
-35.04%-13.92%-91.98%10.27%6.88%
Efficiency Ratios
Receivables Turnover
 7.38 7.13 7.67 8.64 8.92
Payables Turnover
 21.38 16.30 20.20 22.91 23.71
Inventory Turnover
 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover
 3.57 3.51 3.36 3.71 4.45
Asset Turnover
 0.91 0.91 0.88 0.46 1.39
Working Capital Turnover Ratio
 25.51 27.55 24.94 11.20 13.28
Cash Conversion Cycle
 32.38 28.76 29.50 26.32 25.51
Days of Sales Outstanding
 49.45 51.16 47.57 42.25 40.90
Days of Inventory Outstanding
 0.00 0.00 0.00 0.00 0.00
Days of Payables Outstanding
 17.07 22.40 18.07 15.94 15.39
Operating Cycle
 49.45 51.16 47.57 42.25 40.90
Cash Flow Ratios
Operating Cash Flow Per Share
 2.02 1.43 -2.74 7.00 9.67
Free Cash Flow Per Share
 1.24 0.49 -4.08 5.81 8.15
CapEx Per Share
 0.78 0.94 1.35 1.19 1.52
Free Cash Flow to Operating Cash Flow
 0.61 0.34 1.49 0.83 0.84
Dividend Paid and CapEx Coverage Ratio
 2.59 1.52 -2.03 3.26 3.89
Capital Expenditure Coverage Ratio
 2.59 1.52 -2.03 5.90 6.36
Operating Cash Flow Coverage Ratio
 0.03 0.02 -0.04 0.09 0.97
Operating Cash Flow to Sales Ratio
 0.03 0.02 -0.03 0.13 0.15
Free Cash Flow Yield
14.39%1.97%-12.66%9.25%7.77%
Valuation Ratios
Price-to-Earnings (P/E) Ratio
 -2.85 -7.18 -1.09 9.73 14.54
Price-to-Sales (P/S) Ratio
 0.11 0.31 0.36 1.19 1.67
Price-to-Book (P/B) Ratio
 3.22 6.83 4.40 2.13 3.97
Price-to-Free Cash Flow (P/FCF) Ratio
 6.95 50.71 -7.90 10.81 12.87
Price-to-Operating Cash Flow Ratio
 4.18 17.45 -11.78 8.98 10.84
Price-to-Earnings Growth (PEG) Ratio
 -0.01 0.08 <0.01 -0.10 0.17
Price-to-Fair Value
 3.22 6.83 4.40 2.13 3.97
Enterprise Value Multiple
 11.17 15.19 -3.20 23.71 10.44
Enterprise Value
 2.28B 2.83B 2.93B 3.45B 3.03B
EV to EBITDA
 11.17 15.19 -3.20 23.71 10.44
EV to Sales
 0.92 1.13 1.18 2.52 1.80
EV to Free Cash Flow
 59.35 185.22 -26.04 22.92 13.88
EV to Operating Cash Flow
 36.41 63.72 -38.85 19.04 11.70
Tangible Book Value Per Share
 -41.47 -40.94 -44.88 13.54 12.46
Shareholders’ Equity Per Share
 2.62 3.66 7.32 29.49 26.41
Tax and Other Ratios
Effective Tax Rate
 0.16 0.04 0.10 0.24 0.26
Revenue Per Share
 79.55 80.56 89.84 52.90 62.71
Net Income Per Share
 -2.95 -3.48 -29.66 6.46 7.21
Tax Burden
 0.64 0.73 0.65 2.95 0.80
Interest Burden
 -2.88 -4.39 1.18 0.64 0.98
Research & Development to Revenue
 0.00 0.00 0.00 0.00 0.00
SG&A to Revenue
 0.01 0.00 0.03 0.04 0.03
Stock-Based Compensation to Revenue
 <0.01 <0.01 <0.01 <0.01 <0.01
Income Quality
 -0.33 -0.41 0.07 4.24 1.34
Currency in USD