Saturday 17 October 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. In the quarter to June 2026, revenue grew 8.76%, EPS fell 1,456.1%, free cash flow grew 59.4% and total debt fell 1.01%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
15.04
0.80
−5.05%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
0.00 | 0.00 | 9.68 | 14.60 | 31.29 | 91.48 | 22.86 | 17.47 | 19.85 | 53.22 |
Piotroski F-Score |
5 | 3 | 5 | 9 | 8 | 4 | 5 | 5 | 7 | 6 |
Altman Z-Score |
0.95 | (0.29) | 1.27 | 6.07 | 5.99 | 4.48 | 5.08 | 7.46 | 9.50 | 8.77 |
P/S ratio |
0.31 | 0.36 | 1.18 | 1.67 | 2.37 | 1.67 | 1.62 | 1.40 | 1.48 | 1.42 |
Altman Z″-Score (non-manufacturers) |
(0.16) | (2.62) | 1.33 | 4.77 | 3.74 | 3.04 | 4.04 | 6.40 | 7.10 | 6.53 |
P/FCF ratio |
43.95 | 0.00 | 9.36 | 13.15 | 38.74 | 27.13 | 15.63 | 14.52 | 25.54 | 16.28 |
P/Operating CF |
(33.79) | (38.21) | 28.24 | 52.56 | 86.86 | 136.00 | 52.31 | 55.85 | 67.25 | 41.03 |
Beneish M-Score |
(2.60) | (3.49) | (3.34) | (2.80) | (2.26) | (2.60) | (2.96) | (2.70) | (2.32) | (3.21) |
P/B ratio |
4.75 | 3.11 | 2.11 | 3.96 | 5.54 | 3.88 | 3.42 | 2.88 | 3.24 | 2.94 |
Price to Tangible BV |
0.00 | 0.00 | 4.60 | 8.40 | 19.10 | 13.50 | 8.33 | 6.63 | 7.51 | 7.06 |
EV/Sales |
0.96 | 1.01 | 2.39 | 1.75 | 2.50 | 1.77 | 1.67 | 1.42 | 1.53 | 1.44 |
EV/EBITDA |
12.63 | 22.90 | 22.53 | 10.12 | 19.07 | 20.22 | 13.65 | 10.56 | 11.94 | 10.59 |
EV/Operating CF |
53.81 | (36.32) | 16.47 | 11.74 | 28.77 | 23.36 | 13.96 | 11.35 | 17.31 | 11.40 |
EV/FCF |
136.68 | (24.83) | 19.05 | 13.77 | 40.88 | 28.69 | 16.10 | 14.72 | 26.50 | 16.50 |
Quick Ratio |
1.06 | 1.11 | 1.35 | 1.38 | 1.54 | 1.15 | 1.47 | 2.50 | 2.36 | 1.61 |
Current Ratio |
1.22 | 1.23 | 1.46 | 1.80 | 1.72 | 1.43 | 1.72 | 2.69 | 2.53 | 1.75 |
Net Debt/EBITDA |
8.48 | 14.63 | 11.37 | 0.26 | 0.70 | 0.69 | 0.05 | 0.14 | 0.24 | 0.14 |
Debt/Assets |
62.88% | 60.90% | 60.99% | 10.12% | 14.76% | 11.21% | 7.29% | 6.23% | 5.86% | 4.43% |
Debt/Equity |
10.58 | 5.97 | 2.38 | 0.17 | 0.28 | 0.21 | 0.13 | 0.09 | 0.08 | 0.06 |
Asset Turnover |
0.90 | 0.86 | 0.65 | 1.44 | 1.28 | 1.25 | 1.39 | 1.57 | 1.75 | 1.54 |
Operating CF/Net income |
(0.41) | 0.08 | 1.19 | 1.30 | 1.14 | 4.05 | 1.67 | 1.55 | 1.19 | 4.78 |
Capex/Depreciation |
(0.18) | (0.03) | (0.47) | (0.87) | (1.02) | (0.48) | (0.53) | (0.91) | (0.87) | (0.50) |
Interest Coverage |
0.20 | (5.62) | 2.79 | 48.19 | 33.89 | 16.21 | 41.47 | 65.74 | 89.96 | 37.38 |
| (48.17%) | (155.59%) | 22.75% | 29.54% | 18.56% | 4.22% | 15.41% | 16.95% | 16.78% | 5.41% | |
| (3.90%) | (28.26%) | 7.99% | 16.52% | 9.78% | 2.33% | 9.95% | 12.67% | 12.98% | 4.07% | |
ROIC |
1.29% | (35.20%) | 2.28% | 19.74% | 12.74% | 7.40% | 12.02% | 12.74% | 11.94% | 7.19% |
Return on Tangible Assets |
(27.60%) | (197.03%) | 45.47% | 50.39% | 31.39% | 8.98% | 29.84% | 27.38% | 28.14% | 10.56% |
Average Days of Receivables |
51.16 | 47.57 | 42.25 | 40.90 | 56.88 | 44.99 | 40.91 | 51.79 | 47.56 | 41.31 |
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 |
23.83% | 24.29% | 24.64% | 20.85% | 23.61% | 24.08% | 24.42% | 22.78% | 25.26% | 25.98% |
Intangible Assets out of Total Assets |
0.53 | 0.54 | 0.14 | 0.31 | 0.38 | 0.37 | 0.34 | 0.41 | 0.44 | 0.45 |
Share Based Compensation of Revenue |
0.54% | 0.41% | 0.84% | 0.63% | 0.76% | 0.87% | 0.96% | 0.90% | 0.69% | 0.81% |
Graham Net Nets |
(2.65) | (2.30) | (1.16) | (0.07) | (0.07) | (0.12) | (0.09) | 0.00 | 0.00 | 0.00 |
Graham Number |
0.00 | 0.00 | 65.32 | 65.27 | 43.63 | 19.35 | 37.54 | 36.66 | 34.17 | 18.37 |
Earnings Yield |
(14.08%) | (95.37%) | 10.33% | 6.85% | 3.20% | 1.09% | 4.37% | 5.72% | 5.04% | 1.88% |
Free Cash Flow Yield |
2.28% | (11.36%) | 10.68% | 7.61% | 2.58% | 3.69% | 6.40% | 6.89% | 3.92% | 6.14% |
Revenue per Share |
81.23 | 89.84 | 52.90 | 62.71 | 51.09 | 45.95 | 43.10 | 39.13 | 39.15 | 34.02 |
Operating CF per Share |
1.44 | (2.51) | 7.69 | 9.34 | 4.44 | 3.48 | 5.16 | 4.90 | 3.46 | 4.30 |
Capex per Share |
(0.88) | (1.16) | (1.04) | (1.38) | (1.32) | (0.65) | (0.69) | (1.12) | (1.20) | (1.33) |
Free Cash Flow per Share |
0.57 | (3.67) | 6.65 | 7.96 | 3.13 | 2.83 | 4.48 | 3.78 | 2.26 | 2.98 |
Cash per Share |
3.45 | 3.82 | 6.24 | 1.71 | 1.37 | 1.46 | 2.30 | 0.88 | 0.13 | 0.28 |
Shareholders Equity per Share |
5.26 | 10.38 | 29.49 | 26.41 | 21.86 | 19.81 | 20.47 | 19.03 | 17.84 | 16.48 |
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 |
5.26 | 10.38 | 29.49 | 26.41 | 21.86 | 19.81 | 20.47 | 19.03 | 17.84 | 16.48 |
Free Cash Flow |
17.47 | (100.94) | 172.23 | 213.28 | 84.88 | 78.25 | 126.18 | 109.81 | 67.54 | 90.09 |
Working Capital |
92.68 | 88.45 | 109.93 | 134.92 | 118.12 | 74.28 | 99.15 | 126.36 | 101.50 | 58.34 |
Capital Expenditures |
(26.91) | (31.92) | (26.98) | (36.88) | (35.73) | (17.85) | (19.35) | (32.59) | (35.82) | (40.26) |
Net Current Asset Value |
(2,036.28) | (2,044.27) | (1,868.24) | (196.52) | (241.36) | (254.17) | (177.38) | (5.89) | 7.73 | (5.95) |
EV/EBIT |
65.56 | 0.00 | 37.19 | 11.87 | 23.60 | 30.37 | 18.07 | 13.79 | 16.45 | 24.90 |
Capex to Sales |
0.01 | 0.01 | 0.02 | 0.02 | 0.03 | 0.01 | 0.02 | 0.03 | 0.03 | 0.04 |
Price to Operating Income |
21.08 | 0.00 | 18.28 | 11.33 | 22.36 | 28.72 | 17.54 | 13.61 | 15.86 | 24.57 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.51 | 3.59 | 0.22 | 0.17 | 0.16 | 0.20 | 0.19 | 0.17 | 0.20 | 0.40 |
Cash ROIC |
0.88% | (4.81%) | 6.28% | 24.36% | 10.66% | 11.10% | 17.67% | 17.53% | 11.70% | 16.81% |
Accounts Receivable Turnover |
7.42 | 10.28 | 7.90 | 8.31 | 7.44 | 8.67 | 8.17 | 7.25 | 8.69 | 8.42 |
Accounts Payable Turnover |
11.12 | 16.83 | 12.73 | 15.96 | 16.39 | 20.78 | 20.12 | 17.76 | 23.05 | 22.93 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 276.26 | 316.77 | 411.30 | 362.41 |
Average Days of Payables |
35.14 | 30.33 | 27.26 | 24.14 | 24.00 | 21.13 | 15.36 | 21.78 | 19.97 | 13.87 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.41 | 0.93 | 1.01 |
Average Receivables |
336.10 | 240.59 | 173.45 | 202.21 | 186.34 | 146.35 | 148.82 | 156.90 | 134.49 | 122.32 |
Average Payables |
113.72 | 75.56 | 47.76 | 47.47 | 41.60 | 31.89 | 30.02 | 32.68 | 24.37 | 20.67 |
Average Inventory |
— | — | — | — | — | — | 2.19 | 1.83 | 1.37 | 1.31 |
Average Assets |
2,760.79 | 2,891.09 | 2,093.80 | 1,162.95 | 1,082.61 | 1,019.14 | 875.55 | 726.42 | 666.96 | 670.61 |
Average Common Equity |
223.77 | 525.06 | 735.75 | 650.45 | 570.49 | 562.26 | 565.21 | 542.97 | 515.88 | 504.56 |
Columns are period end dates