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.
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Forward Air Corporation (FWRD) P/E ratio
Forward Air Corporation has no meaningful P/E ratio: its trailing twelve-month earnings is negative. Over the past ten years it has ranged from 0.0× (October 2026) to 111× (March 2021) — the current reading is the lowest in ten years.
P/E ratio, daily
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Annual newest first
| Period | P/E ratio | Change |
|---|---|---|
| FY2025 | 0.0× | — |
| FY2024 | 0.0× | — |
| FY2023 | 9.7× | (33.73%) |
| FY2022 | 14.6× | (53.33%) |
| FY2021 | 31.3× | (65.80%) |
| FY2020 | 91.5× | 300.17% |
| FY2019 | 22.9× | 30.86% |
| FY2018 | 17.5× | (11.99%) |
| FY2017 | 19.8× | (62.70%) |
| FY2016 | 53.2× | 122.73% |
Quarterly newest first
| Period | P/E ratio | Change |
|---|---|---|
| Jun 2026 | 0.0× | — |
| Mar 2026 | 0.0× | — |
| Dec 2025 | 0.0× | — |
| Sep 2025 | 0.0× | — |
| 42 more quarters | Free account |
Against its own ten years
P/E ratio against peers
| Company | P/E ratio |
|---|---|
| CYRX CryoPort, Inc. compare | n/m |
| FWRD Forward Air Corporation | n/m |
| FLX BingEx Limited compare | n/m |
| PAL Proficient Auto Logistics, Inc. compare | n/m |
| PSIG PS International Group Ltd. compare | n/m |
| PBI Pitney Bowes Inc. compare | 13.6× |
| HUBG Hub Group, Inc. compare | 15.1× |
| RLGT Radiant Logistics, Inc. compare | 22.5× |
| NCEW New Century Logistics (BVI) Limited compare | — |
| Integrated Freight & Logistics industry median | 22.5× |
| Industrials sector median | 24.7× |
| Market median | 18.1× |
What P/E ratio is
Price to Earnings Ratio shows how much investors pay for each dollar of a company’s annual profit per share.
Stock Price ÷ EPS (Basic) (TTM)