Forward Air (FWRD) Financials

$26.32 +1.52 (+6.13%)

Closing price 07/2/2025 04:00 PM Eastern

Extended Trading

$26.92 +0.60 (+2.28%)

As of 04:34 AM 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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	61	56	28	87	92	87	24	106	193	167	-817
Consolidated Net Income / (Loss)	61	56	28	87	92	87	24	106	193	167	-1,131
Net Income / (Loss) Continuing Operations	61	56	28	87	89	82	53	107	179	43	-1,125
Total Pre-Tax Income	96	80	58	108	115	110	69	143	242	57	-1,250
Total Operating Income	96	82	60	109	117	112	74	147	248	88	-1,063
Total Gross Profit	579	703	314	342	328	939	987	1,083	1,653	1,349	1,916
Total Revenue	781	959	1,030	1,169	1,138	1,215	1,270	1,387	1,680	1,371	2,474
Operating Revenue	781	959	1,030	1,169	1,138	1,215	1,270	1,387	1,680	1,371	2,474
Total Cost of Revenue	202	257	716	827	810	276	283	305	27	22	558
Operating Cost of Revenue	202	257	716	827	810	276	283	305	27	22	558
Total Operating Expenses	482	621	254	233	210	827	913	936	1,405	1,261	2,979
Selling, General & Admin Expense	67	87	88	99	87	689	771	793	197	192	1,560
Marketing Expense	16	21	25	30	30	39	35	39	47	50	65
Depreciation Expense	31	37	38	41	36	36	37	35	43	57	144
Other Operating Expenses / (Income)	369	475	60	64	58	63	70	68	1,118	961	182
Impairment Charge	0.00	0.00	42	0.00	0.00	-	-	-	0.00	0.00	1,028
Total Other Income / (Expense), net	-0.32	-2.11	-1.59	-1.22	-1.79	-2.71	-4.56	-4.34	-5.14	-32	-187
Interest Expense	0.61	2.05	1.60	1.21	1.78	2.71	4.56	4.34	5.14	32	189
Other Income / (Expense), net	0.29	-0.06	0.00	-0.01	-0.00	-0.00	-0.00	-	0.00	0.00	2.32
Income Tax Expense	35	24	31	20	27	27	17	36	63	14	-125
Net Income / (Loss) Discontinued Operations	-	-	-	-	3.49	4.78	-29	-1.02	14	125	-6.39
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	-	-	-	0.00	0.00	-314
Basic Earnings per Share	$1.99	$1.80	$0.90	$2.90	$3.14	$3.06	$0.84	$3.87	$7.17	$6.42	($30.63)
Weighted Average Basic Shares Outstanding	30.60M	30.73M	30.28M	29.87M	29.30M	28.50M	27.53M	26.94M	26.34M	26.37M	30.40M
Diluted Earnings per Share	$1.96	$1.78	$0.90	$2.89	$3.12	$3.04	$0.84	$3.85	$7.14	$6.40	($30.63)
Weighted Average Diluted Shares Outstanding	30.60M	30.73M	30.28M	29.87M	29.30M	28.50M	27.53M	26.94M	26.34M	26.37M	30.40M
Weighted Average Basic & Diluted Shares Outstanding	30.60M	30.73M	30.28M	29.87M	29.30M	28.50M	27.53M	26.94M	26.34M	26.37M	30.40M
Cash Dividends to Common per Share	$0.50	$0.50	$0.50	$0.60	$0.63	$0.72	$0.75	$0.84	$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	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	52	43	36	20	9.29	102	-62	-645	-73	-36	-51
Consolidated Net Income / (Loss)	52	43	36	20	9.29	102	-89	-971	-35	-36	-61
Net Income / (Loss) Continuing Operations	52	29	34	17	6.49	-15	-89	-966	-34	-35	-61
Total Pre-Tax Income	70	41	45	24	9.03	-21	-107	-1,141	-33	32	-42
Total Operating Income	72	43	47	26	12	3.00	-66	-1,096	23	76	4.76
Total Gross Profit	412	445	352	254	335	407	537	638	651	220	608
Total Revenue	510	187	358	334	341	338	542	644	656	633	613
Operating Revenue	510	187	358	334	341	338	542	644	656	633	613
Total Cost of Revenue	98	-257	5.69	79	5.85	-69	5.25	5.86	4.86	413	5.65
Operating Cost of Revenue	98	-257	5.69	79	5.85	-69	5.25	5.86	4.86	413	5.65
Total Operating Expenses	341	402	305	228	323	404	602	1,734	628	144	603
Selling, General & Admin Expense	292	-664	43	179	53	-83	113	66	56	1,049	56
Marketing Expense	12	10	13	13	13	11	13	15	17	20	15
Depreciation Expense	12	7.56	12	13	14	18	32	49	26	38	37
Other Operating Expenses / (Income)	25	1,047	236	23	244	459	445	512	515	-883	495
Total Other Income / (Expense), net	-1.54	-1.62	-2.36	-2.59	-2.66	-24	-41	-46	-56	-44	-46
Interest Expense	1.54	1.62	2.36	2.59	2.66	24	41	47	53	48	46
Other Income / (Expense), net	-	-	0.00	0.00	0.00	-	-0.66	1.61	-2.82	4.19	-0.82
Income Tax Expense	18	12	11	6.61	2.54	-6.26	-18	-175	1.30	67	20
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	0.00	0.00	0.00	-	-27	-326	38	0.66	-11
Basic Earnings per Share	$1.94	$1.61	$1.37	$0.76	$0.36	$3.93	($2.81)	($23.47)	($2.66)	($1.69)	($1.68)
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	30.42M
Diluted Earnings per Share	$1.93	$1.60	$1.37	$0.76	$0.36	$3.91	($2.81)	($23.47)	($2.66)	($1.69)	($1.68)
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	30.42M
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	30.42M

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-86	-8.12	-25	-4.62	22	39	-24	-2.94	8.51	1,906	-1,847
Net Cash From Operating Activities	92	86	130	103	153	159	85	120	259	181	-75
Net Cash From Continuing Operating Activities	92	86	130	137	142	146	96	121	250	199	-69
Net Income / (Loss) Continuing Operations	61	56	28	87	89	82	53	107	179	43	-1,125
Depreciation Expense	31	37	38	41	36	36	37	35	43	57	144
Non-Cash Adjustments To Reconcile Net Income	6.90	6.72	52	2.19	13	15	16	16	17	17	1,042
Changes in Operating Assets and Liabilities, net	-7.54	-14	13	6.33	4.65	12	-9.95	-38	11	82	-130
Net Cash From Discontinued Operating Activities	-	-	-	-	10	13	-11	-0.35	8.93	-18	-6.39
Net Cash From Investing Activities	-128	-101	-52	-59	-55	-64	-83	-88	-104	175	-1,609
Net Cash From Continuing Investing Activities	-128	-101	-52	-59	-52	-58	-82	-96	-103	-84	-1,609
Purchase of Property, Plant & Equipment	-39	-40	-42	-38	-40	-22	-20	-38	-39	-31	-37
Acquisitions	-90	-62	-12	-23	-20	-39	-64	-60	-66	-57	-1,576
Sale of Property, Plant & Equipment	1.95	1.72	1.93	2.44	6.97	2.66	2.41	2.64	2.37	3.74	5.14
Other Investing Activities, net	0.00	-0.27	-0.34	-0.22	0.36	-	-	-	0.00	0.00	-0.44
Net Cash From Discontinued Investing Activities	-	-	-	-	-3.24	-5.55	-1.20	7.29	-1.48	259	0.00
Net Cash From Financing Activities	-50	7.08	-103	-49	-89	-56	-26	-35	-146	1,550	-164
Net Cash From Continuing Financing Activities	-50	7.08	-103	-157	-68	-48	-39	-28	-139	1,791	-164
Repayment of Debt	-9.74	-101	-56	-98	-0.30	-0.95	-21	42	-55	1,603	-226
Repurchase of Common Equity	-40	-20	-40	-49	-66	-56	-45	-49	-63	-94	0.00
Payment of Dividends	-15	-15	-16	-18	-25	-20	-21	-23	-26	-25	0.00
Issuance of Debt	0.00	125	0.00	0.00	7.00	20	65	-	0.00	70	75
Issuance of Common Equity	0.35	0.45	0.44	0.46	0.48	0.61	0.66	0.91	0.78	0.80	0.75
Other Financing Activities, net	14	18	8.08	7.27	2.05	8.94	-17	1.01	4.29	236	-14
Net Cash From Discontinued Financing Activities	-	-	-	-	-6.91	-7.92	13	-6.94	-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	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-0.54	-1.02	-14	-14	0.56	1,933	-1,780	-68	34	-33	11
Net Cash From Operating Activities	84	62	66	64	30	22	-52	-50	50	-24	28
Net Cash From Continuing Operating Activities	84	53	61	57	25	57	-52	-45	51	-23	28
Net Income / (Loss) Continuing Operations	52	29	34	17	6.49	-15	-89	-966	-34	-35	-61
Consolidated Net Income / (Loss)	52	-	-	-	-	-	-89	-	-	-	-61
Depreciation Expense	12	7.56	12	13	14	18	32	49	26	38	37
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	3.61
Changes in Operating Assets and Liabilities, net	13	16	11	22	-0.02	50	2.68	-225	41	51	48
Net Cash From Investing Activities	-6.07	-40	-62	-9.57	-5.74	252	-1,569	-14	-9.47	-16	-11
Net Cash From Continuing Investing Activities	-6.07	-39	-61	-9.10	-5.14	-8.18	-1,569	-14	-9.47	-16	-11
Purchase of Property, Plant & Equipment	-6.73	-14	-6.52	-10	-5.24	-8.65	-4.97	-14	-10	-7.25	-12
Acquisitions	-	-26	-57	-0.14	-	-	-1,565	-	-	-11	0.00
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	0.69
Other Investing Activities, net	-	-	0.00	-	-	-	-0.09	-0.09	-0.15	-0.13	-0.02
Net Cash From Financing Activities	-78	-23	-18	-68	-24	1,660	-159	-4.23	-6.44	5.56	-5.33
Net Cash From Continuing Financing Activities	-78	-16	-13	-61	-19	1,884	-159	-4.23	-6.44	5.56	-5.33
Repayment of Debt	-42	-2.27	-2.09	-33	-3.29	1,640	-145	-9.13	-6.21	-70	-29
Issuance of Debt	-	-	45	-	-	25	0.00	-	-	75	25
Other Financing Activities, net	-	7.47	0.56	6.46	4.55	225	-14	4.53	-0.21	0.13	-0.89
Other Net Changes in Cash	-	-	-	-	-	-	0.09	0.65	-0.61	0.88	0.36

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	539	700	641	693	760	991	1,047	1,118	1,208	2,980	2,803
Total Current Assets	147	173	136	168	201	236	246	283	304	347	473
Cash & Equivalents	41	33	8.51	3.89	26	65	40	37	46	122	105
Accounts Receivable	95	109	117	148	156	136	156	216	188	159	322
Prepaid Expenses	9.65	11	9.85	9.95	12	14	21	22	25	26	29
Other Current Assets	-	-	-	-	-	5.95	6.74	7.03	11	1.10	16
Plant, Property, & Equipment, net	172	187	200	206	210	193	190	219	246	0.00	326
Total Noncurrent Assets	219	339	305	319	349	562	612	616	657	2,633	2,004
Goodwill	144	206	185	192	199	216	245	267	258	279	523
Intangible Assets	73	128	107	111	114	125	145	155	116	135	999
Other Noncurrent Operating Assets	2.24	5.78	13	16	36	145	169	194	183	2,219	482
Total Liabilities & Shareholders' Equity	539	700	641	693	760	991	1,047	1,118	1,208	2,980	2,803
Total Liabilities	76	190	142	160	207	414	500	524	501	2,215	2,503
Total Current Liabilities	43	109	78	66	75	137	172	165	169	237	384
Short-Term Debt	0.28	56	28	0.36	0.31	1.42	1.80	6.09	9.32	13	17
Accounts Payable	25	31	24	37	42	39	38	45	50	45	106
Accrued Expenses	8.61	11	14	15	15	14	51	62	50	63	120
Other Current Liabilities	-	-	-	-	0.00	44	54	52	46	116	142
Total Noncurrent Liabilities	32	81	64	94	132	277	328	359	331	1,978	2,119
Long-Term Debt	0.00	28	0.00	40	47	67	112	155	107	0.00	1,676
Noncurrent Deferred & Payable Income Tax Liabilities	23	40	42	29	37	41	42	43	51	42	38
Other Noncurrent Operating Liabilities	8.36	12	22	24	48	126	134	151	168	1,909	405
Total Equity & Noncontrolling Interests	464	510	499	533	553	577	547	594	707	764	286
Total Preferred & Common Equity	464	510	499	533	553	577	547	594	707	764	202
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	464	510	499	533	553	577	547	594	707	764	202
Common Stock	130	161	180	196	211	227	243	259	271	284	543
Retained Earnings	333	349	319	337	343	350	304	335	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	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	1,197	1,186	1,227	1,185	1,191	3,959	3,067	3,056	2,804
Total Current Assets	316	313	258	216	238	569	559	545	493
Cash & Equivalents	47	47	32	-	19	152	85	137	116
Accounts Receivable	246	248	201	176	192	353	370	363	336
Prepaid Expenses	-	-	-	-	-	40	39	31	29
Other Current Assets	22	18	24	22	27	4.30	44	13	11
Plant, Property, & Equipment, net	229	231	253	261	258	0.00	0.00	0.00	331
Total Noncurrent Assets	652	642	716	708	695	3,390	2,509	2,511	1,979
Goodwill	288	288	357	357	357	1,379	545	716	523
Intangible Assets	160	155	156	151	147	1,264	1,231	1,033	976
Other Noncurrent Operating Assets	204	199	203	200	191	746	733	761	480
Total Liabilities & Shareholders' Equity	1,197	1,186	1,227	1,185	1,191	3,959	3,067	3,056	2,804
Total Liabilities	533	503	541	511	525	2,627	2,703	2,719	2,564
Total Current Liabilities	167	180	166	169	190	445	420	449	438
Short-Term Debt	7.51	7.89	12	67	15	28	17	17	17
Accounts Payable	42	51	43	37	46	131	143	157	112
Accrued Expenses	64	68	53	53	57	119	117	136	144
Other Current Liabilities	54	53	58	12	73	167	142	139	166
Total Noncurrent Liabilities	365	324	375	342	334	2,182	2,283	2,271	2,125
Long-Term Debt	147	107	151	120	119	1,664	1,677	1,673	1,679
Noncurrent Deferred & Payable Income Tax Liabilities	45	45	53	53	53	191	284	246	35
Other Noncurrent Operating Liabilities	55	57	153	48	51	292	286	42	411
Total Equity & Noncontrolling Interests	664	683	686	674	666	1,332	364	337	227
Total Preferred & Common Equity	664	683	686	674	666	926	284	226	155
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	664	683	686	674	666	926	284	226	155
Common Stock	265	268	274	278	281	509	513	529	547
Retained Earnings	399	415	411	396	385	417	-228	-302	-390
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-0.15	-1.00	-0.82	-2.47
Noncontrolling Interest	-	-	-	-	-	406	80	110	72

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	19.69%	22.81%	7.41%	13.51%	-2.71%	6.82%	4.48%	9.27%	21.08%	-18.39%	80.51%
EBITDA Growth	18.32%	-7.01%	-17.63%	52.99%	2.17%	-2.77%	-25.38%	63.89%	59.43%	-49.81%	-729.49%
EBIT Growth	14.49%	-15.49%	-26.93%	82.13%	7.79%	-4.09%	-34.24%	98.89%	68.40%	-64.37%	-1,302.38%
NOPAT Growth	12.10%	-7.06%	-50.46%	212.27%	1.91%	-6.20%	-33.33%	95.82%	66.37%	-63.62%	-1,216.17%
Net Income Growth	12.30%	-9.15%	-50.51%	217.23%	5.50%	-5.38%	-72.75%	346.04%	82.50%	-13.38%	-775.96%
EPS Growth	10.73%	-9.18%	-49.44%	221.11%	7.96%	-2.56%	-72.37%	358.33%	85.45%	-10.36%	-578.59%
Operating Cash Flow Growth	0.90%	-6.48%	52.06%	-20.70%	47.59%	4.22%	-46.75%	42.04%	115.44%	-29.99%	-141.57%
Free Cash Flow Firm Growth	-283.90%	-49.83%	187.20%	-46.18%	123.50%	22.22%	-100.08%	-5,652.46%	5,461.99%	-65.55%	-2,415.06%
Invested Capital Growth	37.31%	32.47%	-7.47%	9.72%	0.96%	-3.28%	10.12%	18.73%	-9.09%	-2.91%	193.86%
Revenue Q/Q Growth	4.41%	4.62%	5.75%	1.09%	-11.78%	9.35%	6.12%	-10.67%	0.16%	12.38%	13.51%
EBITDA Q/Q Growth	3.74%	4.03%	-0.75%	0.28%	-2.30%	2.46%	-7.00%	10.08%	1.39%	-17.09%	9.41%
EBIT Q/Q Growth	2.71%	4.21%	-1.62%	-0.24%	2.08%	-0.71%	-10.53%	14.82%	1.36%	-31.21%	6.62%
NOPAT Q/Q Growth	2.44%	12.95%	-28.28%	34.24%	-10.57%	-2.72%	-9.85%	14.06%	0.38%	-28.63%	6.41%
Net Income Q/Q Growth	2.45%	12.52%	-27.98%	34.00%	-7.06%	-3.88%	-54.66%	73.68%	1.30%	54.17%	-13.84%
EPS Q/Q Growth	2.08%	12.66%	-26.83%	34.42%	-6.31%	-3.18%	-54.59%	75.00%	1.71%	56.48%	-22.37%
Operating Cash Flow Q/Q Growth	-3.97%	2.19%	5.96%	-8.89%	9.36%	1.64%	-25.52%	26.57%	10.57%	-18.19%	-152.81%
Free Cash Flow Firm Q/Q Growth	-22.88%	-15.85%	25.75%	-35.54%	13.10%	191.03%	-100.07%	-1,124.05%	95.17%	30.15%	5.30%
Invested Capital Q/Q Growth	0.01%	3.24%	-1.50%	6.63%	2.68%	-26.83%	-14.17%	-10.18%	-23.52%	-28.03%	-14.12%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	74.10%	73.26%	30.47%	29.24%	28.79%	77.31%	77.71%	78.04%	98.40%	98.39%	77.45%
EBITDA Margin	16.37%	12.39%	9.50%	12.81%	13.45%	12.25%	8.75%	13.12%	17.27%	10.62%	-37.05%
Operating Margin	12.34%	8.53%	5.80%	9.30%	10.30%	9.25%	5.82%	10.60%	14.74%	6.44%	-42.96%
EBIT Margin	12.38%	8.52%	5.80%	9.30%	10.30%	9.25%	5.82%	10.60%	14.74%	6.44%	-42.87%
Profit (Net Income) Margin	7.83%	5.79%	2.67%	7.46%	8.09%	7.17%	1.87%	7.63%	11.50%	12.21%	-45.72%
Tax Burden Percent	63.66%	69.76%	47.33%	81.14%	79.75%	79.39%	34.22%	74.19%	79.68%	295.47%	90.51%
Interest Burden Percent	99.37%	97.49%	97.33%	98.89%	98.48%	97.59%	93.83%	97.05%	97.92%	64.21%	117.84%
Effective Tax Rate	36.34%	30.24%	52.67%	18.86%	23.28%	24.96%	23.92%	25.10%	26.00%	24.43%	0.00%
Return on Invested Capital (ROIC)	16.76%	11.58%	5.23%	16.21%	15.71%	14.91%	9.62%	16.44%	26.39%	10.23%	-58.85%
ROIC Less NNEP Spread (ROIC-NNEP)	17.01%	-14.37%	3.12%	12.75%	22.89%	484.01%	-136.35%	12.15%	49.09%	-109.55%	-111.21%
Return on Net Nonoperating Assets (RNNOA)	-3.16%	-0.17%	0.22%	0.71%	1.24%	0.50%	-5.40%	2.12%	3.32%	12.52%	-156.60%
Return on Equity (ROE)	13.60%	11.42%	5.45%	16.91%	16.95%	15.41%	4.22%	18.56%	29.70%	22.75%	-215.45%
Cash Return on Invested Capital (CROIC)	-14.68%	-16.35%	13.00%	6.94%	14.75%	18.24%	-0.01%	-0.69%	35.91%	13.18%	-157.29%
Operating Return on Assets (OROA)	18.50%	13.19%	8.90%	16.30%	16.14%	12.84%	7.25%	13.58%	21.29%	4.21%	-36.69%
Return on Assets (ROA)	11.70%	8.97%	4.10%	13.08%	12.67%	9.95%	2.33%	9.78%	16.61%	7.99%	-39.13%
Return on Common Equity (ROCE)	13.60%	11.42%	5.45%	16.91%	16.95%	15.41%	4.22%	18.56%	29.70%	22.75%	-198.18%
Return on Equity Simple (ROE_SIMPLE)	13.20%	10.90%	5.51%	16.38%	16.64%	15.09%	4.34%	17.83%	27.32%	21.90%	-560.77%
Net Operating Profit after Tax (NOPAT)	61	57	28	88	90	84	56	110	183	67	-744
NOPAT Margin	7.86%	5.95%	2.74%	7.55%	7.91%	6.94%	4.43%	7.94%	10.91%	4.86%	-30.07%
Net Nonoperating Expense Percent (NNEP)	-0.24%	25.96%	2.11%	3.46%	-7.18%	-469.10%	145.97%	4.29%	-22.70%	119.78%	52.37%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	22.26%	8.30%	-37.60%
Cost of Revenue to Revenue	25.90%	26.74%	69.53%	70.76%	71.21%	22.69%	22.29%	21.96%	1.60%	1.61%	22.55%
SG&A Expenses to Revenue	8.56%	9.09%	8.51%	8.44%	7.62%	56.68%	60.72%	57.16%	11.70%	13.99%	63.05%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	61.76%	64.73%	24.68%	19.94%	18.49%	68.06%	71.89%	67.44%	83.65%	91.96%	120.41%
Earnings before Interest and Taxes (EBIT)	97	82	60	109	117	112	74	147	248	88	-1,061
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	128	119	98	150	153	149	111	182	290	146	-917
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.00	2.38	2.68	3.01	2.74	3.27	3.75	5.38	3.90	2.11	4.63
Price to Tangible Book Value (P/TBV)	5.64	6.87	6.44	6.97	6.31	7.98	13.03	18.56	8.26	4.60	0.00
Price to Revenue (P/Rev)	1.78	1.27	1.30	1.37	1.33	1.55	1.62	2.30	1.64	1.18	0.38
Price to Earnings (P/E)	22.73	21.84	48.67	18.36	16.47	21.67	86.39	30.19	14.26	9.64	0.00
Dividend Yield	1.05%	1.22%	1.16%	1.12%	1.21%	1.07%	1.01%	0.71%	0.93%	1.53%	0.00%
Earnings Yield	4.40%	4.58%	2.05%	5.45%	6.07%	4.62%	1.16%	3.31%	7.01%	10.37%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.19	2.25	2.62	2.88	2.67	3.41	3.48	4.58	4.27	2.32	1.38
Enterprise Value to Revenue (EV/Rev)	1.73	1.32	1.32	1.40	1.35	1.56	1.68	2.40	1.68	1.09	1.05
Enterprise Value to EBITDA (EV/EBITDA)	10.57	10.64	13.88	10.94	10.05	12.74	19.17	18.29	9.74	10.24	0.00
Enterprise Value to EBIT (EV/EBIT)	13.97	15.48	22.76	15.07	13.12	16.87	28.80	22.64	11.41	16.90	0.00
Enterprise Value to NOPAT (EV/NOPAT)	22.01	22.18	48.09	18.57	17.11	22.48	37.86	30.23	15.42	22.37	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	14.74	14.76	10.43	15.86	10.08	11.93	25.15	27.68	10.91	8.22	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	19.36	43.37	18.21	18.37	0.00	0.00	11.33	17.36	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.17	0.06	0.08	0.09	0.13	0.22	0.29	0.16	0.05	5.92
Long-Term Debt to Equity	0.00	0.06	0.00	0.08	0.09	0.13	0.21	0.28	0.15	0.04	5.86
Financial Leverage	-0.19	0.01	0.07	0.06	0.05	0.00	0.04	0.17	0.07	-0.11	1.41
Leverage Ratio	1.16	1.27	1.33	1.29	1.34	1.55	1.81	1.90	1.79	2.85	5.51
Compound Leverage Factor	1.16	1.24	1.29	1.28	1.32	1.51	1.70	1.84	1.75	1.83	6.49
Debt to Total Capital	0.33%	14.21%	5.44%	7.14%	7.93%	11.32%	17.88%	22.38%	14.08%	4.90%	85.55%
Short-Term Debt to Total Capital	0.06%	9.40%	5.31%	0.06%	0.05%	0.22%	0.27%	0.80%	1.13%	1.57%	0.86%
Long-Term Debt to Total Capital	0.27%	4.81%	0.14%	7.08%	7.88%	11.10%	17.61%	21.58%	12.95%	3.33%	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%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.25%
Common Equity to Total Capital	99.67%	85.79%	94.56%	92.86%	92.07%	88.68%	82.12%	77.62%	85.92%	95.10%	10.19%
Debt to EBITDA	0.01	0.71	0.29	0.27	0.31	0.50	1.07	0.94	0.40	0.27	-1.85
Net Debt to EBITDA	-0.31	0.43	0.21	0.25	0.14	0.06	0.71	0.74	0.24	-0.84	-1.73
Long-Term Debt to EBITDA	0.01	0.24	0.01	0.27	0.31	0.49	1.06	0.91	0.37	0.18	-1.83
Debt to NOPAT	0.03	1.48	1.02	0.46	0.53	0.87	2.12	1.55	0.63	0.59	-2.28
Net Debt to NOPAT	-0.65	0.90	0.72	0.42	0.24	0.11	1.40	1.22	0.38	-1.83	-2.13
Long-Term Debt to NOPAT	0.02	0.50	0.03	0.46	0.53	0.86	2.09	1.50	0.58	0.40	-2.25
Altman Z-Score	14.15	6.40	8.37	9.07	7.23	4.95	4.40	5.88	6.01	1.26	-0.27
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.40	1.59	1.75	2.53	2.69	1.72	1.43	1.72	1.80	1.46	1.23
Quick Ratio	3.15	1.31	1.61	2.30	2.44	1.47	1.15	1.54	1.38	1.18	1.11
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-54	-81	70	38	84	103	-0.08	-4.65	249	86	-1,989
Operating Cash Flow to CapEx	244.17%	221.08%	323.80%	288.52%	468.03%	821.87%	474.19%	336.56%	702.48%	672.21%	-236.20%
Free Cash Flow to Firm to Interest Expense	-88.10	-39.33	43.96	31.25	47.37	38.08	-0.02	-1.07	48.53	2.72	-10.51
Operating Cash Flow to Interest Expense	150.26	41.88	81.62	85.50	85.56	58.65	18.56	27.72	50.43	5.75	-0.40
Operating Cash Flow Less CapEx to Interest Expense	88.72	22.93	56.41	55.86	67.28	51.51	14.65	19.49	43.25	4.89	-0.57
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.49	1.55	1.54	1.75	1.57	1.39	1.25	1.28	1.44	0.65	0.86
Accounts Receivable Turnover	9.09	9.38	9.13	8.84	7.48	8.31	8.67	7.44	8.31	7.90	10.28
Inventory Turnover	191.89	216.83	547.63	605.99	442.08	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	4.77	5.33	5.32	5.76	5.47	6.04	6.64	6.78	7.22	0.00	0.00
Accounts Payable Turnover	8.85	9.16	26.12	27.29	20.48	6.80	7.31	7.32	0.57	0.46	7.38
Days Sales Outstanding (DSO)	40.15	38.91	39.99	41.29	48.82	43.94	42.08	49.03	43.94	46.19	35.49
Days Inventory Outstanding (DIO)	1.90	1.68	0.67	0.60	0.83	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	41.26	39.84	13.97	13.38	17.82	53.68	49.94	49.85	642.71	792.27	49.44
Cash Conversion Cycle (CCC)	0.79	0.76	26.69	28.51	31.82	-9.74	-7.87	-0.82	-598.77	-746.08	-13.95
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	424	561	519	570	575	556	613	727	661	642	1,887
Invested Capital Turnover	2.13	1.95	1.91	2.15	1.99	2.15	2.17	2.07	2.42	2.10	1.96
Increase / (Decrease) in Invested Capital	115	138	-42	50	5.48	-19	56	115	-66	-19	1,245
Enterprise Value (EV)	1,351	1,265	1,359	1,639	1,538	1,896	2,129	3,329	2,826	1,491	2,606
Market Capitalization	1,391	1,214	1,339	1,602	1,516	1,887	2,050	3,195	2,756	1,613	934
Book Value per Share	$15.22	$16.54	$16.35	$17.89	$18.95	$20.49	$19.90	$22.02	$26.60	$29.78	$6.97
Tangible Book Value per Share	$8.09	$5.73	$6.81	$7.72	$8.24	$8.40	$5.72	$6.39	$12.55	$13.67	($45.60)
Total Capital	465	595	528	574	601	651	667	765	823	804	1,979
Total Debt	1.55	85	29	41	48	74	119	171	116	39	1,693
Total Long-Term Debt	1.28	29	0.73	41	47	72	117	165	107	27	1,676
Net Debt	-40	51	20	37	22	8.92	79	134	70	-122	1,588
Capital Expenditures (CapEx)	38	39	40	36	33	19	18	36	37	27	32
Debt-free, Cash-free Net Working Capital (DFCFNWC)	63	87	78	98	101	36	36	87	98	-39	0.48
Debt-free Net Working Capital (DFNWC)	104	120	86	102	127	101	76	124	144	123	105
Net Working Capital (NWC)	104	64	58	101	126	99	74	118	135	110	88
Net Nonoperating Expense (NNE)	0.20	1.47	0.75	0.99	-2.12	-2.74	33	4.27	-9.97	-101	387
Net Nonoperating Obligations (NNO)	-40	51	20	37	22	-21	65	134	-46	-122	1,601
Total Depreciation and Amortization (D&A)	31	37	38	41	36	36	37	35	43	57	144
Debt-free, Cash-free Net Working Capital to Revenue	8.05%	9.07%	7.56%	8.38%	8.88%	2.95%	2.82%	6.26%	5.86%	-2.84%	0.02%
Debt-free Net Working Capital to Revenue	13.36%	12.54%	8.38%	8.71%	11.13%	8.28%	5.99%	8.95%	8.59%	8.94%	4.26%
Net Working Capital to Revenue	13.32%	6.72%	5.66%	8.68%	11.11%	8.16%	5.85%	8.51%	8.03%	8.02%	3.58%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.99	$1.80	$0.91	$2.90	$3.14	$3.06	$0.84	$3.87	$7.17	$6.42	($30.63)
Adjusted Weighted Average Basic Shares Outstanding	30.48M	30.54M	30.23M	29.58M	28.79M	28.14M	27.53M	26.94M	26.34M	26.37M	30.40M
Adjusted Diluted Earnings per Share	$1.96	$1.78	$0.90	$2.89	$3.12	$3.04	$0.84	$3.85	$7.14	$6.40	($30.63)
Adjusted Weighted Average Diluted Shares Outstanding	30.48M	30.54M	30.23M	29.58M	28.79M	28.14M	27.53M	26.94M	26.34M	26.37M	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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	30.48M	30.54M	30.23M	29.58M	28.79M	28.14M	27.53M	26.94M	26.34M	26.37M	30.40M
Normalized Net Operating Profit after Tax (NOPAT)	61	57	72	88	90	84	56	110	183	67	-24
Normalized NOPAT Margin	7.86%	5.95%	6.94%	7.55%	7.91%	6.94%	4.43%	7.94%	10.91%	4.86%	-0.98%
Pre Tax Income Margin	12.30%	8.31%	5.64%	9.20%	10.15%	9.03%	5.46%	10.29%	14.43%	4.13%	-50.51%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	158.52	39.92	37.39	89.95	65.74	41.47	16.21	33.89	48.19	2.79	-5.61
NOPAT to Interest Expense	100.61	27.87	17.70	72.99	50.44	31.12	12.33	25.39	35.66	2.11	-3.93
EBIT Less CapEx to Interest Expense	96.98	20.98	12.18	60.32	47.46	34.33	12.29	25.66	41.01	1.94	-5.77
NOPAT Less CapEx to Interest Expense	39.07	8.92	-7.51	43.36	32.16	23.98	8.42	17.15	28.48	1.26	-4.10
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	24.19%	26.67%	56.46%	20.69%	27.53%	23.53%	87.93%	21.70%	13.39%	14.94%	0.00%
Augmented Payout Ratio	89.53%	62.64%	201.83%	76.83%	99.37%	88.06%	278.59%	67.98%	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	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	21.54%	1.46%	-23.40%	-35.25%	-33.15%	80.56%	51.47%	92.93%	92.37%	87.00%	13.19%
EBITDA Growth	61.75%	8.56%	-13.02%	-54.59%	-69.14%	-59.32%	-158.09%	-2,742.18%	76.73%	471.97%	219.36%
EBIT Growth	68.72%	8.39%	-17.71%	-65.15%	-83.69%	-93.03%	-240.67%	-4,256.31%	70.02%	2,568.27%	105.94%
NOPAT Growth	70.67%	2.24%	-17.54%	-66.28%	-84.23%	-93.07%	-228.94%	-4,138.71%	89.11%	-4,141.26%	107.25%
Net Income Growth	121.50%	6.12%	-14.80%	-64.01%	-82.18%	136.93%	-344.15%	-4,968.66%	-480.44%	-135.14%	31.09%
EPS Growth	124.42%	8.11%	-12.74%	-62.75%	-81.35%	144.38%	-305.11%	-3,188.16%	-838.89%	-143.22%	40.21%
Operating Cash Flow Growth	68.01%	66.03%	5.61%	26.30%	-64.44%	-64.74%	-178.37%	-178.78%	67.48%	-207.57%	153.39%
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%	151.00%
Invested Capital Growth	6.76%	-9.09%	15.85%	8.22%	3.17%	-2.91%	246.03%	106.70%	146.27%	193.86%	-36.96%
Revenue Q/Q Growth	-1.01%	-63.25%	90.85%	-6.73%	2.20%	-0.75%	103.72%	18.80%	1.91%	-3.52%	-3.09%
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%	-64.91%
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%	-95.07%
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%	103.93%
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%	-71.15%
EPS Q/Q Growth	-5.39%	-17.10%	-14.38%	-44.53%	-52.63%	986.11%	-171.87%	-735.23%	88.67%	36.47%	0.59%
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%	216.92%
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%	180.50%
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%	-3.55%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	80.88%	237.22%	98.41%	76.27%	98.29%	120.30%	75.25%	99.09%	99.26%	34.73%	99.08%
EBITDA Margin	16.46%	26.99%	16.65%	11.86%	7.60%	6.08%	-6.39%	-162.43%	6.98%	18.60%	6.74%
Operating Margin	14.05%	22.96%	13.19%	7.89%	3.43%	0.89%	-12.13%	-170.24%	3.46%	11.99%	0.78%
EBIT Margin	14.05%	22.96%	13.19%	7.89%	3.43%	0.89%	-12.25%	-169.99%	3.03%	12.65%	0.64%
Profit (Net Income) Margin	10.22%	22.91%	10.17%	5.98%	2.72%	30.06%	-16.39%	-150.91%	-5.39%	-5.65%	-9.98%
Tax Burden Percent	74.35%	103.69%	81.10%	84.04%	102.81%	-485.05%	82.87%	85.10%	107.41%	-113.06%	147.09%
Interest Burden Percent	97.85%	96.24%	95.01%	90.18%	77.29%	-699.20%	161.38%	104.32%	-165.52%	39.50%	-1,054.55%
Effective Tax Rate	25.65%	29.58%	24.39%	27.86%	28.13%	0.00%	0.00%	0.00%	0.00%	211.88%	0.00%
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%	0.59%
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%	-3.51%
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%	-7.09%
Return on Equity (ROE)	28.11%	43.69%	24.26%	11.96%	4.59%	14.70%	-17.33%	-467.63%	0.31%	-53.84%	-6.50%
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%	15.82%
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%	0.48%
Return on Assets (ROA)	15.19%	33.09%	13.34%	6.97%	2.80%	19.68%	-9.83%	-132.38%	-5.53%	-4.83%	-7.51%
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%	-4.50%
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%	-713.70%
Net Operating Profit after Tax (NOPAT)	53	30	36	19	8.40	2.10	-46	-767	16	-85	3.33
NOPAT Margin	10.45%	16.17%	9.98%	5.69%	2.46%	0.62%	-8.49%	-119.17%	2.42%	-13.41%	0.54%
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%	4.10%
Return On Investment Capital (ROIC_SIMPLE)	-	3.68%	-	-	-	0.26%	-	-	-	-4.29%	0.17%
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%	0.92%
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%	9.06%
R&D to Revenue	0.00%	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%	98.30%
Earnings before Interest and Taxes (EBIT)	72	43	47	26	12	3.00	-66	-1,094	20	80	3.95
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	84	51	60	40	26	21	-35	-1,046	46	118	41
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	3.95
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	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	0.24
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	0.00
Dividend Yield	1.05%	0.93%	0.90%	0.91%	1.40%	1.53%	3.09%	5.04%	2.71%	0.00%	0.00%
Earnings Yield	7.98%	7.01%	6.65%	5.54%	6.17%	10.37%	8.44%	0.00%	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	1.24
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	0.89
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	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	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	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	575.52
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	6.08
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	7.47
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	7.39
Financial Leverage	0.35	0.07	0.20	0.38	0.30	-0.11	0.84	1.84	2.08	1.41	2.02
Leverage Ratio	1.82	1.79	1.84	1.78	1.76	2.85	2.57	4.10	4.24	5.51	4.34
Compound Leverage Factor	1.78	1.72	1.75	1.61	1.36	-19.90	4.15	4.27	-7.01	2.18	-45.73
Debt to Total Capital	25.11%	14.08%	20.85%	31.29%	26.92%	4.90%	56.44%	82.60%	85.59%	85.55%	88.20%
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%	0.91%
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%	87.29%
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%	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%	3.76%
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%	8.04%
Debt to EBITDA	0.80	0.40	0.64	1.31	1.40	0.27	33.14	-1.67	-1.98	-1.85	-2.02
Net Debt to EBITDA	0.64	0.24	0.53	1.23	1.29	-0.84	29.83	-1.57	-1.84	-1.73	-1.88
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	-2.00
Debt to NOPAT	1.25	0.63	1.03	2.22	2.63	0.59	-99.79	-2.15	-2.51	-2.28	-2.44
Net Debt to NOPAT	1.00	0.38	0.85	2.09	2.42	-1.83	-89.83	-2.02	-2.34	-2.13	-2.27
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	-2.42
Altman Z-Score	5.09	5.45	5.08	4.97	3.57	1.17	0.71	-0.51	0.85	1.07	0.88
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	20.14%	7.75%	11.02%	8.01%	30.70%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.74	1.80	1.56	1.28	1.25	1.46	1.28	1.33	1.21	1.23	1.13
Quick Ratio	1.64	1.38	1.41	1.04	1.11	1.18	1.14	1.08	1.11	1.11	1.03
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1.47	96	-78	-54	-19	21	-2,098	-1,794	-1,289	-1,330	1,070
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%	246.23%
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	23.50
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	0.61
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	0.36
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.49	1.44	1.31	1.17	1.03	0.65	0.60	0.88	1.03	0.86	0.75
Accounts Receivable Turnover	7.18	8.31	7.10	6.58	5.55	7.90	5.61	6.83	7.86	10.28	7.38
Inventory Turnover	0.00	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	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	4.61
Days Sales Outstanding (DSO)	50.84	43.94	51.43	55.47	65.76	46.19	65.11	53.47	46.42	35.49	49.45
Days Inventory Outstanding (DIO)	0.00	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	79.16
Cash Conversion Cycle (CCC)	-0.49	-598.77	-21.60	-7.90	-63.31	-746.08	-7.24	-36.88	-55.41	-13.95	-29.71
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	865	661	834	962	892	642	2,887	1,989	2,197	1,887	1,820
Invested Capital Turnover	2.00	2.42	2.02	1.50	1.39	2.10	0.84	1.26	1.41	1.96	1.08
Increase / (Decrease) in Invested Capital	55	-66	114	73	27	-19	2,052	1,027	1,305	1,245	-1,067
Enterprise Value (EV)	2,571	2,826	2,960	3,023	1,986	1,491	2,781	2,208	2,951	2,606	2,263
Market Capitalization	2,389	2,756	2,811	2,735	1,760	1,613	820	503	981	934	611
Book Value per Share	$25.43	$26.60	$26.03	$25.95	$25.91	$29.78	$35.12	$10.24	$8.16	$6.97	$5.09
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)	($44.21)
Total Capital	912	823	866	980	911	804	3,059	2,093	2,335	1,979	1,923
Total Debt	229	116	181	307	245	39	1,727	1,729	1,999	1,693	1,696
Total Long-Term Debt	221	107	169	240	230	27	1,698	1,712	1,982	1,676	1,679
Net Debt	182	70	149	289	226	-122	1,554	1,624	1,860	1,588	1,580
Capital Expenditures (CapEx)	6.07	13	4.70	8.96	5.14	8.18	4.12	14	9.33	4.61	11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	94	98	72	95	43	-39	-20	51	-25	0.48	-44
Debt-free Net Working Capital (DFNWC)	141	144	104	113	62	123	153	155	113	105	73
Net Working Capital (NWC)	133	135	92	47	47	110	125	139	96	88	55
Net Nonoperating Expense (NNE)	1.15	-13	-0.68	-0.96	-0.89	-100	43	204	51	-49	65
Net Nonoperating Obligations (NNO)	182	-46	149	289	226	-122	1,554	1,624	1,860	1,601	1,593
Total Depreciation and Amortization (D&A)	12	7.56	12	13	14	18	32	49	26	38	37
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%	-1.72%
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%	2.85%
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%	2.16%
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)	($1.68)
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	30.42M
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)	($1.68)
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	30.42M
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	$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	30.42M
Normalized Net Operating Profit after Tax (NOPAT)	53	30	36	19	8.40	2.10	-46	-2.13	26	53	3.33
Normalized NOPAT Margin	10.45%	16.17%	9.98%	5.69%	2.46%	0.62%	-8.49%	-0.33%	4.00%	8.39%	0.54%
Pre Tax Income Margin	13.75%	22.10%	12.54%	7.12%	2.65%	-6.20%	-19.78%	-177.33%	-5.02%	5.00%	-6.78%
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	0.09
NOPAT to Interest Expense	34.51	18.74	15.15	7.35	3.16	0.09	-1.13	-16.23	0.30	-1.75	0.07
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	-0.16
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	-0.17
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%	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%	0.00%

Key Financial Trends

Forward Air’s Q1 2025 results show solid top-line growth and very strong cash generation, though profitability and leverage remain headwinds. Revenue rose double-digits year-over-year, and free cash flow to the firm exceeded $1 billion, helping fund operations and debt service. However, net losses persist, driven in part by significant interest expense, and leverage remains elevated.

Revenue grew 13.2% year-over-year in Q1 2025, outpacing the 5.1% growth in Q1 2024.
Free cash flow to firm (FCFF) surged to $1.07 billion in Q1 2025, up from negative FCFF in prior years.
Operating cash flow of $27.6 million in Q1 2025 marked the first positive quarter since Q1 2023.
Gross margin remains extremely high at 99.1%, reflecting Forward Air’s asset-light business model.
Modest capital expenditures of $11.2 million keep CapEx well below operating and free cash flow.
Debt levels are elevated, with net debt of $1.58 billion and debt to equity near 7.5×.
Net loss widened to $61.2 million in Q1 2025, despite improvement from the $88.8 million loss in Q1 2024.
Interest expense of $45.5 million in Q1 2025 continues to weigh on profitability.
EBIT margin remained negative at 0.64% and NOPAT margin at just 0.54%, indicating very thin operating returns.
Return on equity was -6.5% in Q1 2025, underscoring ongoing unprofitability despite strong cash flows.

07/03/25 04:08 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Forward Air's Financials

When does Forward Air's financial year end?

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

How has Forward Air's net income changed over the last 10 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 $61.17 million in 2014. The previous period was $167.35 million in 2023. Check out Forward Air's forecast to explore projected trends and price targets.

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's revenue changed over the last 10 years?

Over the last 10 years, Forward Air's total revenue changed from $780.96 million in 2014 to $2.47 billion in 2024, a change of 216.8%.

How much debt does Forward Air have?

Forward Air's total liabilities were at $2.50 billion at the end of 2024, a 13.0% increase from 2023, and a 3,205.1% increase since 2014.

How much cash does Forward Air have?

In the past 10 years, Forward Air's cash and equivalents has ranged from $3.89 million in 2017 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 10 years?

Over the last 10 years, Forward Air's book value per share changed from 15.22 in 2014 to 6.97 in 2024, a change of -54.2%.

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This page (NASDAQ:FWRD) was last updated on 7/3/2025 by MarketBeat.com Staff

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Forward Air (FWRD) Financials

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Forward Air (FWRD) Financials

Annual Income Statements for Forward Air

Quarterly Income Statements for Forward Air

Annual Cash Flow Statements for Forward Air

Quarterly Cash Flow Statements for Forward Air

Annual Balance Sheets for Forward Air

Quarterly Balance Sheets for Forward Air

Annual Metrics And Ratios for Forward Air

Quarterly Metrics And Ratios for Forward Air

Key Financial Trends

Frequently Asked Questions About Forward Air's Financials

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Best-in-Class Portfolio Monitoring

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