Forward Air (FWRD) Financials

$14.61 +0.05 (+0.34%)

Closing price 04/15/2025 04:00 PM Eastern

Extended Trading

$14.62 +0.02 (+0.10%)

As of 04/15/2025 07:02 PM Eastern

Annual Income Statements for Forward Air

This table shows Forward Air's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	193	167	-817
Consolidated Net Income / (Loss)	193	167	-1,131
Net Income / (Loss) Continuing Operations	179	43	-1,125
Total Pre-Tax Income	242	57	-1,250
Total Operating Income	248	88	-1,063
Total Gross Profit	1,653	1,349	1,916
Total Revenue	1,680	1,371	2,474
Operating Revenue	1,680	1,371	2,474
Total Cost of Revenue	27	22	558
Operating Cost of Revenue	27	22	558
Total Operating Expenses	1,405	1,261	2,979
Selling, General & Admin Expense	197	192	1,560
Marketing Expense	47	50	65
Depreciation Expense	43	57	144
Other Operating Expenses / (Income)	1,118	961	182
Impairment Charge	0.00	0.00	1,028
Total Other Income / (Expense), net	-5.14	-32	-187
Interest Expense	5.14	32	189
Other Income / (Expense), net	0.00	0.00	2.32
Income Tax Expense	63	14	-125
Net Income / (Loss) Discontinued Operations	14	125	-6.39
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	-314
Basic Earnings per Share	$7.17	$6.42	($30.63)
Weighted Average Basic Shares Outstanding	26.34M	26.37M	30.40M
Diluted Earnings per Share	$7.14	$6.40	($30.63)
Weighted Average Diluted Shares Outstanding	26.34M	26.37M	30.40M
Weighted Average Basic & Diluted Shares Outstanding	26.34M	26.37M	30.40M
Cash Dividends to Common per Share	$0.96	$0.96	$0.00

This table shows Forward Air's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	52	43	36	20	9.29	102	-62	-645	-73	-36
Consolidated Net Income / (Loss)	52	43	36	20	9.29	102	-89	-971	-35	-36
Net Income / (Loss) Continuing Operations	52	29	34	17	6.49	-15	-89	-966	-34	-35
Total Pre-Tax Income	70	41	45	24	9.03	-21	-107	-1,141	-33	32
Total Operating Income	72	43	47	26	12	3.00	-66	-1,096	23	76
Total Gross Profit	412	445	352	254	335	407	408	638	651	220
Total Revenue	510	187	358	334	341	338	542	644	656	633
Operating Revenue	510	187	358	334	341	338	542	644	656	633
Total Cost of Revenue	98	-257	5.69	79	5.85	-69	134	5.86	4.86	413
Operating Cost of Revenue	98	-257	5.69	79	5.85	-69	134	5.86	4.86	413
Total Operating Expenses	341	402	305	228	323	404	473	1,734	628	144
Selling, General & Admin Expense	292	-664	43	179	53	-83	390	66	56	1,049
Marketing Expense	12	10	13	13	13	11	13	15	17	20
Depreciation Expense	12	7.56	12	13	14	18	32	49	26	38
Other Operating Expenses / (Income)	25	1,047	236	23	244	459	39	512	515	-883
Total Other Income / (Expense), net	-1.54	-1.62	-2.36	-2.59	-2.66	-24	-41	-46	-56	-44
Interest Expense	1.54	1.62	2.36	2.59	2.66	24	41	47	53	48
Other Income / (Expense), net	-	-	0.00	0.00	0.00	-	-0.66	1.61	-2.82	4.19
Income Tax Expense	18	12	11	6.61	2.54	-6.26	-18	-175	1.30	67
Net Income / (Loss) Discontinued Operations	-	-	2.46	2.82	2.80	116	0.00	-4.88	-1.14	-0.37
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	0.00	0.00	0.00	-	-27	-326	38	0.66
Basic Earnings per Share	$1.94	$1.61	$1.37	$0.76	$0.36	$3.93	($2.81)	($23.47)	($2.66)	($1.69)
Weighted Average Basic Shares Outstanding	26.59M	26.34M	25.96M	51.39M	25.66M	26.37M	52.88M	27.70M	28.95M	30.40M
Diluted Earnings per Share	$1.93	$1.60	$1.37	$0.76	$0.36	$3.91	($2.81)	($23.47)	($2.66)	($1.69)
Weighted Average Diluted Shares Outstanding	26.59M	26.34M	25.96M	51.39M	25.66M	26.37M	52.88M	27.70M	28.95M	30.40M
Weighted Average Basic & Diluted Shares Outstanding	26.59M	26.34M	25.96M	51.39M	25.66M	26.37M	52.88M	27.70M	28.95M	30.40M

This table details how cash moves in and out of Forward Air's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Net Change in Cash & Equivalents	8.51	1,906	-1,847
Net Cash From Operating Activities	259	181	-75
Net Cash From Continuing Operating Activities	250	199	-69
Net Income / (Loss) Continuing Operations	179	43	-1,125
Depreciation Expense	43	57	144
Non-Cash Adjustments To Reconcile Net Income	17	17	1,042
Changes in Operating Assets and Liabilities, net	11	82	-130
Net Cash From Discontinued Operating Activities	8.93	-18	-6.39
Net Cash From Investing Activities	-104	175	-1,609
Net Cash From Continuing Investing Activities	-103	-84	-1,609
Purchase of Property, Plant & Equipment	-39	-31	-37
Acquisitions	-66	-57	-1,576
Sale of Property, Plant & Equipment	2.37	3.74	5.14
Other Investing Activities, net	0.00	0.00	-0.44
Net Cash From Discontinued Investing Activities	-1.48	259	0.00
Net Cash From Financing Activities	-146	1,550	-164
Net Cash From Continuing Financing Activities	-139	1,791	-164
Repayment of Debt	-55	1,603	-226
Repurchase of Common Equity	-63	-94	0.00
Payment of Dividends	-26	-25	0.00
Issuance of Debt	0.00	70	75
Issuance of Common Equity	0.78	0.80	0.75
Other Financing Activities, net	4.29	236	-14
Net Cash From Discontinued Financing Activities	-7.45	-241	0.00
Other Net Changes in Cash	0.00	0.00	1.01

This table details how cash moves in and out of Forward Air's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-0.54	-1.02	-14	-14	0.56	1,933	-1,780	-68	34	-33
Net Cash From Operating Activities	84	62	66	64	30	22	-52	-50	50	-24
Net Cash From Continuing Operating Activities	84	53	61	57	25	57	-52	-45	51	-23
Net Income / (Loss) Continuing Operations	52	29	34	17	6.49	-15	-89	-966	-34	-35
Depreciation Expense	12	7.56	12	13	14	18	32	49	26	38
Non-Cash Adjustments To Reconcile Net Income	7.04	1.04	4.00	4.60	3.99	3.99	2.61	1,097	18	-76
Changes in Operating Assets and Liabilities, net	13	16	11	22	-0.02	50	2.68	-225	41	51
Net Cash From Discontinued Operating Activities	-	-	5.15	6.96	5.20	-35	0.00	-4.88	-1.14	-0.37
Net Cash From Investing Activities	-6.07	-40	-62	-9.57	-5.74	252	-1,569	-14	-9.47	-16
Net Cash From Continuing Investing Activities	-6.07	-39	-61	-9.10	-5.14	-8.18	-1,569	-14	-9.47	-16
Purchase of Property, Plant & Equipment	-6.73	-14	-6.52	-10	-5.24	-8.65	-4.97	-14	-10	-7.25
Acquisitions	-	-26	-57	-0.14	-	-	-1,565	-	-	-11
Sale of Property, Plant & Equipment	0.66	0.95	1.82	1.36	0.10	0.47	0.85	0.56	1.09	2.64
Other Investing Activities, net	-	-	0.00	-	-	-	-0.09	-0.09	-0.15	-0.13
Net Cash From Financing Activities	-78	-23	-18	-68	-24	1,660	-159	-4.23	-6.44	5.56
Net Cash From Continuing Financing Activities	-78	-16	-13	-61	-19	1,884	-159	-4.23	-6.44	5.56
Repayment of Debt	-42	-2.27	-2.09	-33	-3.29	1,640	-141	-9.13	-6.21	-70
Issuance of Debt	-	-	45	-	-	25	0.00	-	-	75
Issuance of Common Equity	-	0.41	-	-	-	0.38	-	-	-0.01	0.40
Other Financing Activities, net	-	7.47	0.56	6.46	4.55	225	-18	4.53	-0.21	0.13
Other Net Changes in Cash	-	-	-	-	-	-	0.09	0.65	-0.61	0.88

This table presents Forward Air's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Total Assets	1,208	2,980	2,803
Total Current Assets	304	347	473
Cash & Equivalents	46	122	105
Accounts Receivable	188	159	322
Prepaid Expenses	25	26	29
Other Current Assets	11	1.10	16
Plant, Property, & Equipment, net	246	0.00	326
Total Noncurrent Assets	657	2,633	2,004
Goodwill	258	279	523
Intangible Assets	116	135	999
Other Noncurrent Operating Assets	183	2,219	482
Total Liabilities & Shareholders' Equity	1,208	2,980	2,803
Total Liabilities	501	2,215	2,517
Total Current Liabilities	169	237	384
Short-Term Debt	9.32	13	17
Accounts Payable	50	45	106
Accrued Expenses	50	63	120
Other Current Liabilities	46	116	142
Total Noncurrent Liabilities	331	1,978	2,133
Long-Term Debt	107	0.00	1,676
Noncurrent Deferred & Payable Income Tax Liabilities	51	42	38
Other Noncurrent Operating Liabilities	168	1,909	405
Total Equity & Noncontrolling Interests	707	764	286
Total Preferred & Common Equity	707	764	202
Preferred Stock	0.00	0.00	0.00
Total Common Equity	707	764	202
Common Stock	271	284	543
Retained Earnings	436	480	-338
Accumulated Other Comprehensive Income / (Loss)	-	0.00	-2.73
Noncontrolling Interest	-	0.00	84

This table presents Forward Air's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	1,186	1,227	1,185	1,191	3,959	3,067	3,056
Total Current Assets	313	258	216	238	569	559	545
Cash & Equivalents	47	32	-	19	152	85	137
Restricted Cash	-	-	18	-	20	20	1.54
Accounts Receivable	248	201	176	192	353	370	363
Prepaid Expenses	-	-	-	-	40	39	31
Other Current Assets	18	24	22	27	4.30	44	13
Plant, Property, & Equipment, net	231	253	261	258	0.00	0.00	0.00
Total Noncurrent Assets	642	716	708	695	3,390	2,509	2,511
Goodwill	288	357	357	357	1,379	545	716
Intangible Assets	155	156	151	147	1,264	1,231	1,033
Other Noncurrent Operating Assets	199	203	200	191	746	733	761
Total Liabilities & Shareholders' Equity	1,186	1,227	1,185	1,191	3,959	3,067	3,056
Total Liabilities	503	541	511	525	2,627	2,703	2,719
Total Current Liabilities	180	166	169	190	445	420	449
Short-Term Debt	7.89	12	67	15	28	17	17
Accounts Payable	51	43	37	46	131	143	157
Accrued Expenses	68	53	53	57	119	117	136
Other Current Liabilities	53	58	12	73	167	142	139
Total Noncurrent Liabilities	324	375	342	334	2,182	2,283	2,271
Long-Term Debt	107	151	120	119	1,664	1,677	1,673
Capital Lease Obligations	114	18	120	111	34	35	309
Noncurrent Deferred & Payable Income Tax Liabilities	45	53	53	53	191	284	246
Other Noncurrent Operating Liabilities	57	153	48	51	292	286	42
Total Equity & Noncontrolling Interests	683	686	674	666	1,332	364	337
Total Preferred & Common Equity	683	686	674	666	926	284	226
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	683	686	674	666	926	284	226
Common Stock	268	274	278	281	509	513	529
Retained Earnings	415	411	396	385	417	-228	-302
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-0.15	-1.00	-0.82
Noncontrolling Interest	-	-	-	-	406	80	110

This table displays calculated financial ratios and metrics derived from Forward Air's official financial filings.

Metric	2022	2023	2024
Growth Metrics	-	-	-
Revenue Growth	21.08%	-18.39%	80.51%
EBITDA Growth	59.43%	-49.81%	-729.49%
EBIT Growth	68.40%	-64.37%	-1,302.38%
NOPAT Growth	66.37%	-63.62%	-1,216.17%
Net Income Growth	82.50%	-13.38%	-775.96%
EPS Growth	85.45%	-10.36%	-578.59%
Operating Cash Flow Growth	115.44%	-29.99%	-141.57%
Free Cash Flow Firm Growth	5,461.99%	-65.55%	-2,415.06%
Invested Capital Growth	-9.09%	-2.91%	193.86%
Revenue Q/Q Growth	0.16%	12.38%	13.51%
EBITDA Q/Q Growth	1.39%	-17.09%	9.41%
EBIT Q/Q Growth	1.36%	-31.21%	6.62%
NOPAT Q/Q Growth	0.38%	-28.63%	6.41%
Net Income Q/Q Growth	1.30%	54.17%	-13.84%
EPS Q/Q Growth	1.71%	56.48%	-22.37%
Operating Cash Flow Q/Q Growth	10.57%	-18.19%	-152.81%
Free Cash Flow Firm Q/Q Growth	95.17%	30.15%	5.30%
Invested Capital Q/Q Growth	-23.52%	-28.03%	-14.12%
Profitability Metrics	-	-	-
Gross Margin	98.40%	98.39%	77.45%
EBITDA Margin	17.27%	10.62%	-37.05%
Operating Margin	14.74%	6.44%	-42.96%
EBIT Margin	14.74%	6.44%	-42.87%
Profit (Net Income) Margin	11.50%	12.21%	-45.72%
Tax Burden Percent	79.68%	295.47%	90.51%
Interest Burden Percent	97.92%	64.21%	117.84%
Effective Tax Rate	26.00%	24.43%	0.00%
Return on Invested Capital (ROIC)	26.39%	10.23%	-58.85%
ROIC Less NNEP Spread (ROIC-NNEP)	49.09%	-109.55%	-111.21%
Return on Net Nonoperating Assets (RNNOA)	3.32%	12.52%	-156.60%
Return on Equity (ROE)	29.70%	22.75%	-215.45%
Cash Return on Invested Capital (CROIC)	35.91%	13.18%	-157.29%
Operating Return on Assets (OROA)	21.29%	4.21%	-36.69%
Return on Assets (ROA)	16.61%	7.99%	-39.13%
Return on Common Equity (ROCE)	29.70%	22.75%	-198.18%
Return on Equity Simple (ROE_SIMPLE)	27.32%	21.90%	-560.77%
Net Operating Profit after Tax (NOPAT)	183	67	-744
NOPAT Margin	10.91%	4.86%	-30.07%
Net Nonoperating Expense Percent (NNEP)	-22.70%	119.78%	52.37%
Return On Investment Capital (ROIC_SIMPLE)	22.26%	8.30%	-37.60%
Cost of Revenue to Revenue	1.60%	1.61%	22.55%
SG&A Expenses to Revenue	11.70%	13.99%	63.05%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	83.65%	91.96%	120.41%
Earnings before Interest and Taxes (EBIT)	248	88	-1,061
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	290	146	-917
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	3.90	2.11	4.63
Price to Tangible Book Value (P/TBV)	8.26	4.60	0.00
Price to Revenue (P/Rev)	1.64	1.18	0.38
Price to Earnings (P/E)	14.26	9.64	0.00
Dividend Yield	0.93%	1.53%	0.00%
Earnings Yield	7.01%	10.37%	0.00%
Enterprise Value to Invested Capital (EV/IC)	4.27	2.32	1.38
Enterprise Value to Revenue (EV/Rev)	1.68	1.09	1.05
Enterprise Value to EBITDA (EV/EBITDA)	9.74	10.24	0.00
Enterprise Value to EBIT (EV/EBIT)	11.41	16.90	0.00
Enterprise Value to NOPAT (EV/NOPAT)	15.42	22.37	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	10.91	8.22	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	11.33	17.36	0.00
Leverage & Solvency	-	-	-
Debt to Equity	0.16	0.05	5.92
Long-Term Debt to Equity	0.15	0.04	5.86
Financial Leverage	0.07	-0.11	1.41
Leverage Ratio	1.79	2.85	5.51
Compound Leverage Factor	1.75	1.83	6.49
Debt to Total Capital	14.08%	4.90%	85.55%
Short-Term Debt to Total Capital	1.13%	1.57%	0.86%
Long-Term Debt to Total Capital	12.95%	3.33%	84.70%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	4.25%
Common Equity to Total Capital	85.92%	95.10%	10.19%
Debt to EBITDA	0.40	0.27	-1.85
Net Debt to EBITDA	0.24	-0.84	-1.73
Long-Term Debt to EBITDA	0.37	0.18	-1.83
Debt to NOPAT	0.63	0.59	-2.28
Net Debt to NOPAT	0.38	-1.83	-2.13
Long-Term Debt to NOPAT	0.58	0.40	-2.25
Altman Z-Score	6.01	1.26	-0.27
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	8.01%
Liquidity Ratios	-	-	-
Current Ratio	1.80	1.46	1.23
Quick Ratio	1.38	1.18	1.11
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	249	86	-1,989
Operating Cash Flow to CapEx	702.48%	672.21%	-236.20%
Free Cash Flow to Firm to Interest Expense	48.53	2.72	-10.51
Operating Cash Flow to Interest Expense	50.43	5.75	-0.40
Operating Cash Flow Less CapEx to Interest Expense	43.25	4.89	-0.57
Efficiency Ratios	-	-	-
Asset Turnover	1.44	0.65	0.86
Accounts Receivable Turnover	8.31	7.90	10.28
Inventory Turnover	0.00	0.00	0.00
Fixed Asset Turnover	7.22	0.00	0.00
Accounts Payable Turnover	0.57	0.46	7.38
Days Sales Outstanding (DSO)	43.94	46.19	35.49
Days Inventory Outstanding (DIO)	0.00	0.00	0.00
Days Payable Outstanding (DPO)	642.71	792.27	49.44
Cash Conversion Cycle (CCC)	-598.77	-746.08	-13.95
Capital & Investment Metrics	-	-	-
Invested Capital	661	642	1,887
Invested Capital Turnover	2.42	2.10	1.96
Increase / (Decrease) in Invested Capital	-66	-19	1,245
Enterprise Value (EV)	2,826	1,491	2,606
Market Capitalization	2,756	1,613	934
Book Value per Share	$26.60	$29.78	$6.97
Tangible Book Value per Share	$12.55	$13.67	($45.60)
Total Capital	823	804	1,979
Total Debt	116	39	1,693
Total Long-Term Debt	107	27	1,676
Net Debt	70	-122	1,588
Capital Expenditures (CapEx)	37	27	32
Debt-free, Cash-free Net Working Capital (DFCFNWC)	98	-39	0.48
Debt-free Net Working Capital (DFNWC)	144	123	105
Net Working Capital (NWC)	135	110	88
Net Nonoperating Expense (NNE)	-9.97	-101	387
Net Nonoperating Obligations (NNO)	-46	-122	1,601
Total Depreciation and Amortization (D&A)	43	57	144
Debt-free, Cash-free Net Working Capital to Revenue	5.86%	-2.84%	0.02%
Debt-free Net Working Capital to Revenue	8.59%	8.94%	4.26%
Net Working Capital to Revenue	8.03%	8.02%	3.58%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$7.17	$6.42	($30.63)
Adjusted Weighted Average Basic Shares Outstanding	26.34M	26.37M	30.40M
Adjusted Diluted Earnings per Share	$7.14	$6.40	($30.63)
Adjusted Weighted Average Diluted Shares Outstanding	26.34M	26.37M	30.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	26.34M	26.37M	30.40M
Normalized Net Operating Profit after Tax (NOPAT)	183	67	-24
Normalized NOPAT Margin	10.91%	4.86%	-0.98%
Pre Tax Income Margin	14.43%	4.13%	-50.51%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	48.19	2.79	-5.61
NOPAT to Interest Expense	35.66	2.11	-3.93
EBIT Less CapEx to Interest Expense	41.01	1.94	-5.77
NOPAT Less CapEx to Interest Expense	28.48	1.26	-4.10
Payout Ratios	-	-	-
Dividend Payout Ratio	13.39%	14.94%	0.00%
Augmented Payout Ratio	45.88%	70.99%	0.00%

This table displays calculated financial ratios and metrics derived from Forward Air's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	21.54%	1.46%	-23.40%	-35.25%	-33.15%	80.56%	51.47%	92.93%	92.37%	87.00%
EBITDA Growth	61.75%	8.56%	-13.02%	-54.59%	-69.14%	-59.32%	-158.09%	-2,742.18%	76.73%	471.97%
EBIT Growth	68.72%	8.39%	-17.71%	-65.15%	-83.69%	-93.03%	-240.67%	-4,256.31%	70.02%	2,568.27%
NOPAT Growth	70.67%	2.24%	-17.54%	-66.28%	-84.23%	-93.07%	-228.94%	-4,138.71%	89.11%	-4,141.26%
Net Income Growth	121.50%	6.12%	-14.80%	-64.01%	-82.18%	136.93%	-344.15%	-4,968.66%	-480.44%	-135.14%
EPS Growth	124.42%	8.11%	-12.74%	-62.75%	-81.35%	144.38%	-305.11%	-3,188.16%	-838.89%	-143.22%
Operating Cash Flow Growth	68.01%	66.03%	5.61%	26.30%	-64.44%	-64.74%	-178.37%	-178.78%	67.48%	-207.57%
Free Cash Flow Firm Growth	97.73%	213.29%	-183.55%	-166.12%	-1,190.94%	-77.87%	-2,575.07%	-3,217.40%	-6,687.53%	-6,329.46%
Invested Capital Growth	6.76%	-9.09%	15.85%	8.22%	3.17%	-2.91%	246.03%	106.70%	146.27%	193.86%
Revenue Q/Q Growth	-1.01%	-63.25%	90.85%	-6.73%	2.20%	-0.75%	103.72%	18.80%	1.91%	-3.52%
EBITDA Q/Q Growth	-3.68%	-39.73%	17.75%	-33.57%	-34.55%	-20.54%	-367.28%	-2,921.27%	104.38%	157.17%
EBIT Q/Q Growth	-5.14%	-39.96%	9.68%	-44.22%	-55.60%	-74.33%	-8,157.59%	-1,548.04%	101.82%	302.78%
NOPAT Q/Q Growth	-5.40%	-43.12%	17.76%	-46.78%	-55.76%	-75.00%	-8,075.62%	-1,567.00%	102.07%	-634.16%
Net Income Q/Q Growth	-5.95%	-17.63%	-15.31%	-45.14%	-53.45%	995.44%	-187.27%	-993.93%	96.36%	-1.18%
EPS Q/Q Growth	-5.39%	-17.10%	-14.38%	-44.53%	-52.63%	986.11%	-171.87%	-735.23%	88.67%	36.47%
Operating Cash Flow Q/Q Growth	66.87%	-25.86%	5.97%	-3.67%	-53.02%	-26.48%	-335.55%	3.17%	199.87%	-147.22%
Free Cash Flow Firm Q/Q Growth	92.76%	6,656.74%	-181.33%	31.08%	64.88%	212.39%	-11,333.79%	14.53%	28.13%	-3.15%
Invested Capital Q/Q Growth	-2.74%	-23.52%	26.15%	15.33%	-7.28%	-28.03%	349.60%	-31.11%	10.47%	-14.12%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	80.88%	237.22%	98.41%	76.27%	98.29%	120.30%	75.25%	99.09%	99.26%	34.73%
EBITDA Margin	16.46%	26.99%	16.65%	11.86%	7.60%	6.08%	-6.39%	-162.43%	6.98%	18.60%
Operating Margin	14.05%	22.96%	13.19%	7.89%	3.43%	0.89%	-12.13%	-170.24%	3.46%	11.99%
EBIT Margin	14.05%	22.96%	13.19%	7.89%	3.43%	0.89%	-12.25%	-169.99%	3.03%	12.65%
Profit (Net Income) Margin	10.22%	22.91%	10.17%	5.98%	2.72%	30.06%	-16.39%	-150.91%	-5.39%	-5.65%
Tax Burden Percent	74.35%	103.69%	81.10%	84.04%	102.81%	-485.05%	82.87%	85.10%	107.41%	-113.06%
Interest Burden Percent	97.85%	96.24%	95.01%	90.18%	77.29%	-699.20%	161.38%	104.32%	-165.52%	39.50%
Effective Tax Rate	25.65%	29.58%	24.39%	27.86%	28.13%	0.00%	0.00%	0.00%	0.00%	211.88%
Return on Invested Capital (ROIC)	20.92%	39.11%	20.16%	8.54%	3.42%	1.31%	-7.10%	-150.62%	3.42%	-26.24%
ROIC Less NNEP Spread (ROIC-NNEP)	20.40%	67.87%	20.69%	8.92%	3.86%	-117.23%	-12.12%	-171.98%	-1.49%	-19.60%
Return on Net Nonoperating Assets (RNNOA)	7.19%	4.58%	4.10%	3.42%	1.17%	13.39%	-10.23%	-317.01%	-3.10%	-27.60%
Return on Equity (ROE)	28.11%	43.69%	24.26%	11.96%	4.59%	14.70%	-17.33%	-467.63%	0.31%	-53.84%
Cash Return on Invested Capital (CROIC)	15.26%	35.91%	7.91%	7.05%	7.51%	13.18%	-111.25%	-123.99%	-135.96%	-157.29%
Operating Return on Assets (OROA)	20.88%	33.16%	17.31%	9.20%	3.52%	0.58%	-7.35%	-149.11%	3.11%	10.83%
Return on Assets (ROA)	15.19%	33.09%	13.34%	6.97%	2.80%	19.68%	-9.83%	-132.38%	-5.53%	-4.83%
Return on Common Equity (ROCE)	28.11%	43.69%	24.26%	11.96%	4.59%	14.70%	-13.84%	-431.38%	0.28%	-49.53%
Return on Equity Simple (ROE_SIMPLE)	27.94%	0.00%	27.26%	22.48%	16.31%	0.00%	4.56%	-334.47%	-439.54%	0.00%
Net Operating Profit after Tax (NOPAT)	53	30	36	19	8.40	2.10	-46	-767	16	-85
NOPAT Margin	10.45%	16.17%	9.98%	5.69%	2.46%	0.62%	-8.49%	-119.17%	2.42%	-13.41%
Net Nonoperating Expense Percent (NNEP)	0.53%	-28.76%	-0.53%	-0.37%	-0.43%	118.54%	5.02%	21.36%	4.91%	-6.64%
Return On Investment Capital (ROIC_SIMPLE)	-	3.68%	-	-	-	0.26%	-	-	-	-4.29%
Cost of Revenue to Revenue	19.12%	-137.22%	1.59%	23.73%	1.71%	-20.30%	24.75%	0.91%	0.74%	65.27%
SG&A Expenses to Revenue	57.16%	-354.03%	12.11%	53.72%	15.44%	-24.64%	71.97%	10.20%	8.47%	165.74%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	66.83%	214.26%	85.22%	68.38%	94.86%	119.41%	87.38%	269.33%	95.80%	22.75%
Earnings before Interest and Taxes (EBIT)	72	43	47	26	12	3.00	-66	-1,094	20	80
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	84	51	60	40	26	21	-35	-1,046	46	118
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.50	3.90	4.10	4.06	2.64	2.11	0.89	1.77	4.34	4.63
Price to Tangible Book Value (P/TBV)	10.00	8.26	16.22	16.51	10.85	4.60	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.42	1.64	1.79	1.97	1.44	1.18	0.53	0.27	0.45	0.38
Price to Earnings (P/E)	12.53	14.26	15.04	18.06	16.21	9.64	11.84	0.00	0.00	0.00
Dividend Yield	1.05%	0.93%	0.90%	0.91%	1.40%	1.53%	3.09%	5.04%	2.71%	0.00%
Earnings Yield	7.98%	7.01%	6.65%	5.54%	6.17%	10.37%	8.44%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.97	4.27	3.55	3.14	2.23	2.32	0.96	1.11	1.34	1.38
Enterprise Value to Revenue (EV/Rev)	1.53	1.68	1.88	2.18	1.63	1.09	1.79	1.18	1.35	1.05
Enterprise Value to EBITDA (EV/EBITDA)	8.99	9.74	10.52	12.94	11.31	10.24	53.38	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	10.53	11.41	12.46	16.06	15.49	16.90	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	14.09	15.42	16.85	21.86	21.27	22.37	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	10.97	10.91	11.27	10.96	8.96	8.22	43.67	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	20.13	11.33	48.15	46.35	30.09	17.36	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.34	0.16	0.26	0.46	0.37	0.05	1.30	4.75	5.94	5.92
Long-Term Debt to Equity	0.32	0.15	0.25	0.36	0.35	0.04	1.27	4.70	5.89	5.86
Financial Leverage	0.35	0.07	0.20	0.38	0.30	-0.11	0.84	1.84	2.08	1.41
Leverage Ratio	1.82	1.79	1.84	1.78	1.76	2.85	2.57	4.10	4.24	5.51
Compound Leverage Factor	1.78	1.72	1.75	1.61	1.36	-19.90	4.15	4.27	-7.01	2.18
Debt to Total Capital	25.11%	14.08%	20.85%	31.29%	26.92%	4.90%	56.44%	82.60%	85.59%	85.55%
Short-Term Debt to Total Capital	0.87%	1.13%	1.34%	6.81%	1.65%	1.57%	0.92%	0.81%	0.72%	0.86%
Long-Term Debt to Total Capital	24.24%	12.95%	19.51%	24.48%	25.27%	3.33%	55.52%	81.80%	84.87%	84.70%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	13.28%	3.84%	4.73%	4.25%
Common Equity to Total Capital	74.89%	85.92%	79.15%	68.71%	73.08%	95.10%	30.27%	13.56%	9.68%	10.19%
Debt to EBITDA	0.80	0.40	0.64	1.31	1.40	0.27	33.14	-1.67	-1.98	-1.85
Net Debt to EBITDA	0.64	0.24	0.53	1.23	1.29	-0.84	29.83	-1.57	-1.84	-1.73
Long-Term Debt to EBITDA	0.77	0.37	0.60	1.03	1.31	0.18	32.60	-1.66	-1.96	-1.83
Debt to NOPAT	1.25	0.63	1.03	2.22	2.63	0.59	-99.79	-2.15	-2.51	-2.28
Net Debt to NOPAT	1.00	0.38	0.85	2.09	2.42	-1.83	-89.83	-2.02	-2.34	-2.13
Long-Term Debt to NOPAT	1.21	0.58	0.96	1.74	2.46	0.40	-98.16	-2.13	-2.49	-2.25
Altman Z-Score	5.09	5.45	5.08	4.97	3.57	1.17	0.71	-0.51	0.85	1.07
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	20.14%	7.75%	11.02%	8.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.74	1.80	1.56	1.28	1.25	1.46	1.28	1.33	1.21	1.23
Quick Ratio	1.64	1.38	1.41	1.04	1.11	1.18	1.14	1.08	1.11	1.11
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1.47	96	-78	-54	-19	21	-2,098	-1,794	-1,289	-1,330
Operating Cash Flow to CapEx	1,383.30%	482.61%	1,402.91%	709.44%	581.03%	268.46%	-1,255.01%	-361.10%	536.26%	-512.79%
Free Cash Flow to Firm to Interest Expense	-0.95	59.65	-33.31	-20.92	-7.15	0.89	-51.49	-37.95	-24.43	-27.45
Operating Cash Flow to Interest Expense	54.40	38.51	28.02	24.59	11.25	0.92	-1.27	-1.06	0.95	-0.49
Operating Cash Flow Less CapEx to Interest Expense	50.47	30.53	26.03	21.13	9.31	0.57	-1.37	-1.35	0.77	-0.58
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.49	1.44	1.31	1.17	1.03	0.65	0.60	0.88	1.03	0.86
Accounts Receivable Turnover	7.18	8.31	7.10	6.58	5.55	7.90	5.61	6.83	7.86	10.28
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	7.85	7.22	6.58	5.67	4.99	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	7.11	0.57	5.00	5.76	2.83	0.46	5.04	4.04	3.58	7.38
Days Sales Outstanding (DSO)	50.84	43.94	51.43	55.47	65.76	46.19	65.11	53.47	46.42	35.49
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	51.33	642.71	73.03	63.36	129.06	792.27	72.35	90.35	101.83	49.44
Cash Conversion Cycle (CCC)	-0.49	-598.77	-21.60	-7.90	-63.31	-746.08	-7.24	-36.88	-55.41	-13.95
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	865	661	834	962	892	642	2,887	1,989	2,197	1,887
Invested Capital Turnover	2.00	2.42	2.02	1.50	1.39	2.10	0.84	1.26	1.41	1.96
Increase / (Decrease) in Invested Capital	55	-66	114	73	27	-19	2,052	1,027	1,305	1,245
Enterprise Value (EV)	2,571	2,826	2,960	3,023	1,986	1,491	2,781	2,208	2,951	2,606
Market Capitalization	2,389	2,756	2,811	2,735	1,760	1,613	820	503	981	934
Book Value per Share	$25.43	$26.60	$26.03	$25.95	$25.91	$29.78	$35.12	$10.24	$8.16	$6.97
Tangible Book Value per Share	$8.90	$12.55	$6.58	$6.38	$6.31	$13.67	($65.13)	($53.87)	($54.99)	($45.60)
Total Capital	912	823	866	980	911	804	3,059	2,093	2,335	1,979
Total Debt	229	116	181	307	245	39	1,727	1,729	1,999	1,693
Total Long-Term Debt	221	107	169	240	230	27	1,698	1,712	1,982	1,676
Net Debt	182	70	149	289	226	-122	1,554	1,624	1,860	1,588
Capital Expenditures (CapEx)	6.07	13	4.70	8.96	5.14	8.18	4.12	14	9.33	4.61
Debt-free, Cash-free Net Working Capital (DFCFNWC)	94	98	72	95	43	-39	-20	51	-25	0.48
Debt-free Net Working Capital (DFNWC)	141	144	104	113	62	123	153	155	113	105
Net Working Capital (NWC)	133	135	92	47	47	110	125	139	96	88
Net Nonoperating Expense (NNE)	1.15	-13	-0.68	-0.96	-0.89	-100	43	204	51	-49
Net Nonoperating Obligations (NNO)	182	-46	149	289	226	-122	1,554	1,624	1,860	1,601
Total Depreciation and Amortization (D&A)	12	7.56	12	13	14	18	32	49	26	38
Debt-free, Cash-free Net Working Capital to Revenue	5.63%	5.86%	4.56%	6.84%	3.57%	-2.84%	-1.26%	2.73%	-1.15%	0.02%
Debt-free Net Working Capital to Revenue	8.43%	8.59%	6.60%	8.16%	5.11%	8.94%	9.82%	8.34%	5.19%	4.26%
Net Working Capital to Revenue	7.96%	8.03%	5.86%	3.35%	3.88%	8.02%	8.01%	7.43%	4.42%	3.58%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.94	$1.61	$1.37	$0.76	$0.36	$3.93	($2.81)	($23.47)	($2.66)	($1.69)
Adjusted Weighted Average Basic Shares Outstanding	26.59M	26.34M	25.96M	51.39M	25.66M	26.37M	52.88M	27.70M	28.95M	30.40M
Adjusted Diluted Earnings per Share	$1.93	$1.60	$1.37	$0.76	$0.36	$3.91	($2.81)	($23.47)	($2.66)	($1.69)
Adjusted Weighted Average Diluted Shares Outstanding	26.59M	26.34M	25.96M	51.39M	25.66M	26.37M	52.88M	27.70M	28.95M	30.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	26.59M	26.34M	25.96M	51.39M	25.66M	26.37M	52.88M	27.70M	28.95M	30.40M
Normalized Net Operating Profit after Tax (NOPAT)	53	30	36	19	8.40	2.10	-46	-2.13	26	53
Normalized NOPAT Margin	10.45%	16.17%	9.98%	5.69%	2.46%	0.62%	-8.49%	-0.33%	4.00%	8.39%
Pre Tax Income Margin	13.75%	22.10%	12.54%	7.12%	2.65%	-6.20%	-19.78%	-177.33%	-5.02%	5.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	46.42	26.61	20.04	10.18	4.40	0.13	-1.63	-23.15	0.38	1.65
NOPAT to Interest Expense	34.51	18.74	15.15	7.35	3.16	0.09	-1.13	-16.23	0.30	-1.75
EBIT Less CapEx to Interest Expense	42.48	18.63	18.04	6.72	2.47	-0.22	-1.73	-23.44	0.20	1.56
NOPAT Less CapEx to Interest Expense	30.58	10.76	13.16	3.88	1.23	-0.25	-1.23	-16.52	0.12	-1.85
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	13.20%	13.39%	13.76%	16.82%	23.22%	14.94%	44.21%	-1.31%	-0.62%	0.00%
Augmented Payout Ratio	38.25%	45.88%	64.85%	99.25%	123.46%	70.99%	146.89%	-2.78%	-0.62%	0.00%

Frequently Asked Questions About Forward Air's Financials

When does Forward Air's fiscal year end?

According to the most recent income statement we have on file, Forward Air's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Forward Air's net income changed over the last 2 years?

Forward Air's net income appears to be on an upward trend, with a most recent value of -$1.13 billion in 2024, falling from $193.19 million in 2022. The previous period was $167.35 million in 2023.

What is Forward Air's operating income?

Forward Air's total operating income in 2024 was -$1.06 billion, based on the following breakdown:

Total Gross Profit: $1.92 billion
Total Operating Expenses: $2.98 billion

How has Forward Air revenue changed over the last 2 years?

Over the last 2 years, Forward Air's total revenue changed from $1.68 billion in 2022 to $2.47 billion in 2024, a change of 47.3%.

How much debt does Forward Air have?

Forward Air's total liabilities were at $2.52 billion at the end of 2024, a 13.6% increase from 2023, and a 402.5% increase since 2022.

How much cash does Forward Air have?

In the past 2 years, Forward Air's cash and equivalents has ranged from $45.82 million in 2022 to $121.97 million in 2023, and is currently $104.90 million as of their latest financial filing in 2024.

How has Forward Air's book value per share changed over the last 2 years?

Over the last 2 years, Forward Air's book value per share changed from 26.60 in 2022 to 6.97 in 2024, a change of -73.8%.

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This page (NASDAQ:FWRD) was last updated on 4/16/2025 by MarketBeat.com Staff

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Forward Air (FWRD) Financials

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Forward Air (FWRD) Financials

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