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Friday 6 November 2026
Export FWRD’s income statement to Excel — free account
Forward Air Corporation
FWRD Industrials Integrated Freight & Logistics
Forward Air Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.5 billion, up 0.84% from fiscal 2024.
- Revenue
- +8.76%
- EPS
- −1,456.1%
- Free cash flow
- +59.4%
- Total debt
- −1.01%
Quarter to June 2026, against a year earlier
17.02
0.09
+0.53%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
53.22 | 19.85 | 17.47 | 22.86 | 91.48 | 31.29 | 14.60 | 9.68 | 0.00 | 0.00 |
Piotroski F-Score |
6 | 7 | 5 | 5 | 4 | 8 | 9 | 5 | 3 | 5 |
Altman Z-Score |
8.77 | 9.50 | 7.46 | 5.08 | 4.48 | 5.99 | 6.07 | 1.27 | (0.29) | 0.95 |
P/S ratio |
1.42 | 1.48 | 1.40 | 1.62 | 1.67 | 2.37 | 1.67 | 1.18 | 0.36 | 0.31 |
Altman Z″-Score (non-manufacturers) |
6.53 | 7.10 | 6.40 | 4.04 | 3.04 | 3.74 | 4.77 | 1.33 | (2.62) | (0.16) |
P/FCF ratio |
16.28 | 25.54 | 14.52 | 15.63 | 27.13 | 38.74 | 13.15 | 9.36 | 0.00 | 43.95 |
P/Operating CF |
41.03 | 67.25 | 55.85 | 52.31 | 136.00 | 86.86 | 52.56 | 28.24 | (38.21) | (33.79) |
Beneish M-Score |
(3.21) | (2.32) | (2.70) | (2.96) | (2.60) | (2.26) | (2.80) | (3.34) | (3.49) | (2.60) |
P/B ratio |
2.94 | 3.24 | 2.88 | 3.42 | 3.88 | 5.54 | 3.96 | 2.11 | 3.11 | 4.75 |
Price to Tangible BV |
7.06 | 7.51 | 6.63 | 8.33 | 13.50 | 19.10 | 8.40 | 4.60 | 0.00 | 0.00 |
EV/Sales |
1.44 | 1.53 | 1.42 | 1.67 | 1.77 | 2.50 | 1.75 | 2.39 | 1.01 | 0.96 |
EV/EBITDA |
10.59 | 11.94 | 10.56 | 13.65 | 20.22 | 19.07 | 10.12 | 22.53 | 22.90 | 12.63 |
EV/Operating CF |
11.40 | 17.31 | 11.35 | 13.96 | 23.36 | 28.77 | 11.74 | 16.47 | (36.32) | 53.81 |
EV/FCF |
16.50 | 26.50 | 14.72 | 16.10 | 28.69 | 40.88 | 13.77 | 19.05 | (24.83) | 136.68 |
Quick Ratio |
1.61 | 2.36 | 2.50 | 1.47 | 1.15 | 1.54 | 1.38 | 1.35 | 1.11 | 1.06 |
Current Ratio |
1.75 | 2.53 | 2.69 | 1.72 | 1.43 | 1.72 | 1.80 | 1.46 | 1.23 | 1.22 |
Net Debt/EBITDA |
0.14 | 0.24 | 0.14 | 0.05 | 0.69 | 0.70 | 0.26 | 11.37 | 14.63 | 8.48 |
Debt/Assets |
4.43% | 5.86% | 6.23% | 7.29% | 11.21% | 14.76% | 10.12% | 60.99% | 60.90% | 62.88% |
Debt/Equity |
0.06 | 0.08 | 0.09 | 0.13 | 0.21 | 0.28 | 0.17 | 2.38 | 5.97 | 10.58 |
Asset Turnover |
1.54 | 1.75 | 1.57 | 1.39 | 1.25 | 1.28 | 1.44 | 0.65 | 0.86 | 0.90 |
Operating CF/Net income |
4.78 | 1.19 | 1.55 | 1.67 | 4.05 | 1.14 | 1.30 | 1.19 | 0.08 | (0.41) |
Capex/Depreciation |
(0.50) | (0.87) | (0.91) | (0.53) | (0.48) | (1.02) | (0.87) | (0.47) | (0.03) | (0.18) |
Interest Coverage |
37.38 | 89.96 | 65.74 | 41.47 | 16.21 | 33.89 | 48.19 | 2.79 | (5.62) | 0.20 |
| 5.41% | 16.78% | 16.95% | 15.41% | 4.22% | 18.56% | 29.54% | 22.75% | (155.59%) | (48.17%) | |
| 4.07% | 12.98% | 12.67% | 9.95% | 2.33% | 9.78% | 16.52% | 7.99% | (28.26%) | (3.90%) | |
ROIC |
7.19% | 11.94% | 12.74% | 12.02% | 7.40% | 12.74% | 19.74% | 2.28% | (35.20%) | 1.29% |
Return on Tangible Assets |
10.56% | 28.14% | 27.38% | 29.84% | 8.98% | 31.39% | 50.39% | 45.47% | (197.03%) | (27.60%) |
Average Days of Receivables |
41.31 | 47.56 | 51.79 | 40.91 | 44.99 | 56.88 | 40.90 | 42.25 | 47.57 | 51.16 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
25.98% | 25.26% | 22.78% | 24.42% | 24.08% | 23.61% | 20.85% | 24.64% | 24.29% | 23.83% |
Intangible Assets out of Total Assets |
0.45 | 0.44 | 0.41 | 0.34 | 0.37 | 0.38 | 0.31 | 0.14 | 0.54 | 0.53 |
Share Based Compensation of Revenue |
0.81% | 0.69% | 0.90% | 0.96% | 0.87% | 0.76% | 0.63% | 0.84% | 0.41% | 0.54% |
Graham Net Nets |
0.00 | 0.00 | 0.00 | (0.09) | (0.12) | (0.07) | (0.07) | (1.16) | (2.30) | (2.65) |
Graham Number |
18.37 | 34.17 | 36.66 | 37.54 | 19.35 | 43.63 | 65.27 | 65.32 | 0.00 | 0.00 |
Earnings Yield |
1.88% | 5.04% | 5.72% | 4.37% | 1.09% | 3.20% | 6.85% | 10.33% | (95.37%) | (14.08%) |
Free Cash Flow Yield |
6.14% | 3.92% | 6.89% | 6.40% | 3.69% | 2.58% | 7.61% | 10.68% | (11.36%) | 2.28% |
Revenue per Share |
34.02 | 39.15 | 39.13 | 43.10 | 45.95 | 51.09 | 62.71 | 52.90 | 89.84 | 81.23 |
Operating CF per Share |
4.30 | 3.46 | 4.90 | 5.16 | 3.48 | 4.44 | 9.34 | 7.69 | (2.51) | 1.44 |
Capex per Share |
(1.33) | (1.20) | (1.12) | (0.69) | (0.65) | (1.32) | (1.38) | (1.04) | (1.16) | (0.88) |
Free Cash Flow per Share |
2.98 | 2.26 | 3.78 | 4.48 | 2.83 | 3.13 | 7.96 | 6.65 | (3.67) | 0.57 |
Cash per Share |
0.28 | 0.13 | 0.88 | 2.30 | 1.46 | 1.37 | 1.71 | 6.24 | 3.82 | 3.45 |
Shareholders Equity per Share |
16.48 | 17.84 | 19.03 | 20.47 | 19.81 | 21.86 | 26.41 | 29.49 | 10.38 | 5.26 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
16.48 | 17.84 | 19.03 | 20.47 | 19.81 | 21.86 | 26.41 | 29.49 | 10.38 | 5.26 |
Free Cash Flow |
90.09 | 67.54 | 109.81 | 126.18 | 78.25 | 84.88 | 213.28 | 172.23 | (100.94) | 17.47 |
Working Capital |
58.34 | 101.50 | 126.36 | 99.15 | 74.28 | 118.12 | 134.92 | 109.93 | 88.45 | 92.68 |
Capital Expenditures |
(40.26) | (35.82) | (32.59) | (19.35) | (17.85) | (35.73) | (36.88) | (26.98) | (31.92) | (26.91) |
Net Current Asset Value |
(5.95) | 7.73 | (5.89) | (177.38) | (254.17) | (241.36) | (196.52) | (1,868.24) | (2,044.27) | (2,036.28) |
EV/EBIT |
24.90 | 16.45 | 13.79 | 18.07 | 30.37 | 23.60 | 11.87 | 37.19 | 0.00 | 65.56 |
Capex to Sales |
0.04 | 0.03 | 0.03 | 0.02 | 0.01 | 0.03 | 0.02 | 0.02 | 0.01 | 0.01 |
Price to Operating Income |
24.57 | 15.86 | 13.61 | 17.54 | 28.72 | 22.36 | 11.33 | 18.28 | 0.00 | 21.08 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.40 | 0.20 | 0.17 | 0.19 | 0.20 | 0.16 | 0.17 | 0.22 | 3.59 | 0.51 |
Cash ROIC |
16.81% | 11.70% | 17.53% | 17.67% | 11.10% | 10.66% | 24.36% | 6.28% | (4.81%) | 0.88% |
Accounts Receivable Turnover |
8.42 | 8.69 | 7.25 | 8.17 | 8.67 | 7.44 | 8.31 | 7.90 | 10.28 | 7.42 |
Accounts Payable Turnover |
22.93 | 23.05 | 17.76 | 20.12 | 20.78 | 16.39 | 15.96 | 12.73 | 16.83 | 11.12 |
Inventory Turnover |
362.41 | 411.30 | 316.77 | 276.26 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
13.87 | 19.97 | 21.78 | 15.36 | 21.13 | 24.00 | 24.14 | 27.26 | 30.33 | 35.14 |
Days of Inventory on Hand |
1.01 | 0.93 | 1.41 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
122.32 | 134.49 | 156.90 | 148.82 | 146.35 | 186.34 | 202.21 | 173.45 | 240.59 | 336.10 |
Average Payables |
20.67 | 24.37 | 32.68 | 30.02 | 31.89 | 41.60 | 47.47 | 47.76 | 75.56 | 113.72 |
Average Inventory |
1.31 | 1.37 | 1.83 | 2.19 | — | — | — | — | — | — |
Average Assets |
670.61 | 666.96 | 726.42 | 875.55 | 1,019.14 | 1,082.61 | 1,162.95 | 2,093.80 | 2,891.09 | 2,760.79 |
Average Common Equity |
504.56 | 515.88 | 542.97 | 565.21 | 562.26 | 570.49 | 650.45 | 735.75 | 525.06 | 223.77 |
Columns are period end dates