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FORWARD AIR CORP FWRD

Nasdaq · stock · Arrangement of Transportation of Freight & Cargo · website · IPO 2020-09-09

FORWARD AIR CORP statistics & valuation

Market cap$470.3M
P / S0.2×
P / B2.9×
P / FCF30.8×
Net margin-4.3%
Return on equity-66.7%
FCF margin0.6%
Net debt$1.6B
Net debt / EBITDA8.4×
Enterprise value USD$2.1B
EV / EBITDA10.9×
Earnings yield EBIT/EV1.8%
Return on capital1.6%

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports.

Profitability & efficiency

Net margin (%)
2.70% 7.50% 8.10% 7.20% 1.90% 7.60% 11.50% 12.20% -33.00% -4.30% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
5.80% 9.30% 10.30% 9.30% 5.80% 10.60% 14.70% 6.40% -43.00% 1.50% 2016201720182019202020212022202320242025
Return on equity (%)
5.50% 16.40% 16.60% 15.10% 4.30% 17.80% 27.30% 21.90% -285.80% -66.70% 2016201720182019202020212022202320242025
Shares outstanding
30.4M 30.0M 29.2M 28.3M 27.7M 27.3M 26.9M 26.0M 29.8M 31.3M 2016201720182019202020212022202320242025
Net debt ($)
-$8.5M $36.3M $21.6M $2.6M $72.1M $119.7M $62.3M -$122.0M $1.57B $1.58B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
4.30% 12.60% 12.10% 8.80% 2.30% 9.50% 16.00% 5.60% -29.10% -4.00% 2016201720182019202020212022202320242025
Free cash flow margin (%)
8.60% 5.60% 9.90% 11.30% 6.00% 5.90% 12.60% 12.30% -4.30% 0.60% 2016201720182019202020212022202320242025
Debt / equity (×)
0.00× 0.08× 0.09× 0.12× 0.21× 0.26× 0.15× 0.00× 5.86× 10.44× 2016201720182019202020212022202320242025
EPS ($)
$0.90 $2.89 $3.12 $3.04 $0.84 $3.85 $7.14 $6.40 -$30.63 -$3.51 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

FORWARD AIR CORP trades at about 3× earnings — below its 10-year norm (10-year range 6.9×–85.3×, median 22.9×).

3× 85.3×

Shaded band = 10-year range (6.9×–85.3×); dot = today's 3×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating margin1.5%-43.0%6.4%14.7%10.6%5.8%9.3%10.3%9.3%5.8%
Net margin-4.3%-33.0%12.2%11.5%7.6%1.9%7.2%8.1%7.5%2.7%
FCF margin0.6%-4.3%12.3%12.6%5.9%6.0%11.3%9.9%5.6%8.6%
Return on assets-4.0%-29.1%5.6%16.0%9.5%2.3%8.8%12.1%12.6%4.3%
Return on equity-66.7%-285.8%21.9%27.3%17.8%4.3%15.1%16.6%16.4%5.5%
Debt / equity10.44×5.86×0.00×0.15×0.26×0.21×0.12×0.09×0.08×0.00×
Current ratio1.221.231.461.801.721.431.722.692.531.75

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.