MarketCap
Forward Air Corporation FWRD
$ 14.05
-0.99%
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Forward Air Corporation Financial Ratios 2025-2007 | FWRD
Brief overview of Forward Air Corporation's multiples and efficiency
The comparison uses the five latest available annual observations between 2019 and 2023.
The current valuation set is P/E 4.35x (median 22.11x), EV/EBITDA 2.43x (median 9.46x), P/S 0.23x (median 0.53x). On average, this basket is 57.2% below its own five-year medians. The market values the business at a discount to recent history.
At the current P/E, inverse earnings yield is 23%, a useful bridge between price and business earnings.
Capital efficiency is characterized by ROE -91.8%, ROA -3.8%, ROCE 32.1%. Current return ratios are negative, materially weakening the fundamental profile.
A shorter cycle, from -4.7 days to -28.8 days, indicates faster release of cash from operations.
What the ratios show
Forward Air Corporation's discount may reflect genuine profitability issues rather than market inefficiency alone.
Annual Financial Ratios Forward Air Corporation
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
P/E |
-5.4 | -0.6 | 4.3 | 14.5 | 27.3 | 82.8 | 22.1 | 18.6 | 21.0 | 53.9 | 24.0 | 22.5 | 25.0 | 20.3 | 21.1 | 24.1 | 65.1 | 0.0 | - |
P/S |
0.2 | 0.2 | 0.5 | 1.7 | 2.1 | 1.5 | 1.4 | 1.3 | 1.7 | 1.5 | 1.4 | 1.8 | 2.1 | 1.8 | 1.9 | 1.6 | 1.5 | - | - |
EPS |
-3.5 | -30.6 | 6.4 | 7.2 | 3.9 | 0.8 | 3.1 | 3.1 | 2.9 | 0.9 | 1.8 | 2.0 | 1.8 | 1.8 | 1.6 | 1.1 | 0.3 | 1.5 | - |
EV (Enterprise Value) |
459 M | 402 M | 604 M | 2.75 B | 2.85 B | 1.93 B | 2.28 B | 1.9 B | 1.98 B | 1.63 B | 1.49 B | 1.41 B | 1.3 B | 1 B | 993 M | 696 M | 596 M | -21 M | -4.91 M |
EBITDA per Share |
6.15 | -33.4 | 5.62 | 10.8 | 6.7 | 4.02 | 5.65 | 5.6 | 4.97 | 4.63 | 3.85 | 4.17 | 3.58 | 3.61 | 3.38 | 2.56 | 1.32 | 1.86 K | - |
EV/EBITDA |
2.4 | -0.4 | 4.1 | 9.5 | 14.3 | 18.3 | 12.0 | 10.6 | 12.5 | 10.7 | 11.6 | 10.5 | 11.4 | 9.2 | 9.6 | 9.4 | 15.6 | -0.4 | - |
PEG |
0.04 | 0.0 | 0.42 | 0.64 | 2.32 | 33.76 | -8.68 | 2.25 | 0.1 | -1.09 | -2.51 | 2.26 | -45.44 | 1.64 | 0.46 | - | - | - | - |
P/B |
0.2 | 0.2 | 0.2 | 2.3 | 2.6 | 1.9 | 3.3 | 3.1 | 3.4 | 3.0 | 2.6 | 3.0 | 3.1 | 3.0 | 3.5 | 2.2 | 2.0 | - | - |
P/CF |
- | - | - | - | - | - | 14.7 | 15.6 | 28.1 | 16.9 | 29.5 | 26.3 | 24.5 | 22.6 | 17.9 | 14.3 | 12.7 | 0.0 | - |
ROE % |
-91.76 | -406.49 | 21.85 | 27.29 | 17.83 | 4.34 | 15.09 | 16.64 | 16.37 | 5.54 | 10.90 | 13.20 | 12.50 | 14.98 | 16.45 | 12.51 | 4.37 | 19.66 | - |
ROA % |
-3.83 | -29.26 | 5.60 | 15.98 | 9.47 | 2.27 | 8.79 | 12.11 | 12.70 | 4.31 | 7.94 | 11.29 | 10.76 | 13.19 | 13.84 | 9.18 | 3.09 | - | - |
ROCE % |
32.14 | -45.53 | 3.22 | 35.01 | 24.77 | 13.51 | 13.92 | 17.80 | 17.32 | 18.18 | 13.83 | 19.34 | 17.88 | 22.50 | 25.10 | 20.98 | 8.26 | 32.47 | - |
Current Ratio |
- | - | - | - | - | - | 1.7 | 2.7 | 2.7 | 1.7 | 1.6 | 3.5 | 6.4 | 7.1 | 4.1 | - | - | - | - |
DSO |
48.7 | 35.1 | 45.5 | 43.1 | 48.0 | 44.1 | 39.9 | 44.6 | 48.9 | 43.3 | 48.7 | 44.6 | 42.8 | 47.0 | 48.3 | 44.7 | 24.4 | - | - |
DIO |
- | - | - | - | - | - | 0.7 | 0.8 | 0.6 | 0.6 | 0.6 | 0.6 | 0.8 | 0.7 | 1.2 | 2.5 | 1.4 | - | - |
DPO |
77.5 | 51.4 | 60.6 | 57.2 | 52.7 | 46.1 | 9.8 | 12.0 | 10.4 | 8.6 | 11.1 | 12.5 | 11.8 | 9.1 | 16.8 | 29.7 | 15.9 | - | - |
Operating Cycle |
48.7 | 35.1 | 45.5 | 43.1 | 48.0 | 44.1 | 40.6 | 45.4 | 49.5 | 43.9 | 49.3 | 45.2 | 43.6 | 47.7 | 49.5 | 47.2 | 25.8 | - | - |
Cash Conversion Cycle |
-28.8 | -16.3 | -15.2 | -14.2 | -4.7 | -2.0 | 30.8 | 33.4 | 39.1 | 35.4 | 38.3 | 32.7 | 31.8 | 38.6 | 32.6 | 17.5 | 9.9 | - | - |
All numbers in USD currency
Quarterly Financial Ratios Forward Air Corporation
| 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q3 | 2010-Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
EPS |
-1.09 | -0.52 | -0.41 | -1.68 | - | -2.66 | -23.47 | -2.81 | - | 0.36 | 0.76 | 1.37 | - | 1.94 | 2.05 | 1.57 | - | 0.86 | 1.12 | 0.4 | -0.17 | 0.6 | 0.11 | 0.3 | 0.86 | 0.78 | 0.78 | 0.64 | 0.95 | 0.76 | 0.83 | 0.6 | 1.17 | 0.61 | 0.65 | 0.48 | 0.42 | 0.39 | -0.33 | 0.43 | 0.75 | 0.51 | 0.38 | 0.16 | 0.56 | 0.55 | 0.56 | 0.33 | 0.51 | 0.47 | 0.46 | 0.37 | 0.55 | 0.42 | 0.49 | 0.36 | 0.51 | 0.44 | 0.41 | 0.27 | 0.31 | 0.27 |
EBITDA per Share |
1.87 | 1.7 | 1.85 | 1.4 | - | 1.74 | -39.1 | -1.29 | - | 1.01 | 1.53 | 2.26 | - | 3.14 | 3.24 | 2.54 | - | 1.92 | 1.89 | 1.17 | - | 1.19 | 0.84 | 0.9 | 1.18 | 1.37 | 1.35 | 1.25 | 1.23 | 1.39 | 1.48 | 1.19 | 0.95 | 1.26 | 1.34 | 1.13 | 0.94 | 1.13 | -0.17 | 1.02 | 0.95 | 1.11 | 0.96 | 0.55 | 0.85 | 1.15 | 1.14 | 0.76 | 0.76 | 0.96 | 0.94 | 0.71 | 0.82 | 0.86 | 0.99 | 0.76 | 0.83 | 0.88 | 0.86 | 0.63 | 354 | 290 |
ROE % |
-95.03 | -74.47 | -241.04 | -237.38 | -204.63 | -203.24 | -178.46 | 5.03 | 9.66 | 17.30 | 24.25 | 28.26 | 22.96 | 27.19 | 25.13 | 18.84 | 11.86 | 11.05 | 9.86 | 4.86 | 4.34 | 9.34 | 10.14 | 13.43 | 15.09 | 15.91 | 16.10 | 16.62 | 16.64 | 18.15 | 17.55 | 16.85 | 16.38 | 12.42 | 11.37 | 5.66 | 5.55 | 7.56 | 8.24 | 12.58 | 10.90 | 10.02 | 10.56 | 11.94 | 13.20 | 13.09 | 12.74 | 12.21 | 12.50 | 13.46 | 13.69 | 14.55 | 14.98 | 15.47 | 16.49 | 16.63 | 16.45 | 15.06 | 13.92 | 2.74 | 3.64 | 3.36 |
ROA % |
-4.12 | -5.25 | -25.71 | -26.81 | -25.00 | -24.22 | -18.86 | 6.58 | 8.14 | 12.77 | 11.99 | 15.65 | 12.68 | 14.88 | 13.32 | 9.79 | 6.13 | 5.71 | 5.10 | 2.57 | 2.27 | 5.13 | 5.78 | 7.73 | 8.79 | 9.99 | 10.69 | 11.63 | 12.11 | 13.47 | 13.18 | 12.83 | 12.60 | 9.56 | 8.78 | 4.37 | 4.31 | 5.65 | 6.03 | 9.29 | 7.94 | 7.78 | 8.63 | 10.11 | 11.30 | 11.22 | 10.94 | 10.50 | 10.76 | 11.68 | 11.95 | 12.76 | 13.19 | 13.43 | 14.14 | 14.10 | 13.84 | 12.20 | 10.81 | 2.31 | 2.60 | 2.39 |
ROCE % |
51.91 | 33.42 | -279.83 | -297.62 | -300.70 | -298.95 | -301.78 | 7.61 | 12.55 | 23.04 | 32.66 | 38.13 | 31.24 | 38.89 | 36.05 | 28.85 | 19.47 | 23.77 | 18.66 | 13.89 | 9.72 | 15.41 | 16.17 | 18.67 | 20.07 | 20.71 | 21.06 | 21.96 | 22.06 | 20.95 | 20.65 | 20.34 | 20.42 | 20.85 | 20.70 | 12.19 | 12.03 | 12.06 | 11.93 | 18.71 | 16.04 | 15.87 | 16.85 | 18.90 | 20.80 | 20.59 | 20.03 | 19.24 | 19.35 | 20.86 | 21.20 | 22.60 | 23.75 | 25.15 | 26.66 | 27.02 | 26.88 | 24.99 | 23.65 | 4.63 | 6.35 | 5.74 |
DSO |
52.7 | 48.9 | 49.5 | 49.0 | - | 50.8 | 51.1 | 42.5 | - | 25.7 | 27.5 | 53.9 | - | 44.2 | 42.7 | 43.5 | - | 45.0 | 42.9 | 43.2 | 40.8 | 43.0 | 50.7 | 43.7 | 38.9 | 39.6 | 43.1 | 43.5 | 40.0 | 43.1 | 43.2 | 45.9 | 41.5 | 45.3 | 47.6 | 46.1 | 40.2 | 42.6 | 44.6 | 44.9 | 38.9 | 40.3 | 39.9 | 45.3 | 40.6 | 43.2 | 44.9 | 45.7 | 38.5 | 41.0 | 43.7 | 48.9 | 44.2 | 47.9 | 46.3 | 48.6 | 43.6 | 47.7 | 49.0 | 50.6 | - | - |
DIO |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.4 | - | - | - | 0.7 | - | - | - | 0.5 | - | - | - | 1.0 | - | - | - | 1.0 | - | - | - | 0.9 | - | - | - | 1.2 | - | - | - | 1.2 | - | - | - | 1.2 | - | - | - | - | - | - |
DPO |
90.2 | 83.0 | 71.1 | 69.8 | - | 102.8 | 86.8 | 62.3 | - | 27.7 | 26.5 | 66.8 | - | 46.6 | 51.0 | 52.6 | - | 46.8 | 45.5 | 48.1 | - | 52.3 | 54.9 | 41.8 | - | 14.2 | 16.3 | 20.5 | - | 20.3 | 20.3 | 21.4 | - | 42.9 | 43.1 | 35.9 | - | 27.3 | 28.8 | 32.1 | - | 36.1 | 34.4 | 37.2 | - | 41.1 | 42.3 | 40.6 | - | 37.9 | 41.2 | 36.9 | - | 32.1 | 31.3 | 32.4 | - | 33.9 | 36.0 | 35.6 | -30.2 | - |
Operating Cycle |
- | 48.9 | 49.5 | 49.0 | - | 50.8 | 51.1 | 42.5 | - | - | - | 53.9 | - | 44.2 | 42.7 | 43.5 | - | 45.0 | 42.9 | 43.2 | 40.8 | 43.0 | 50.7 | 45.1 | 38.9 | 39.6 | 43.1 | 44.2 | 40.0 | 43.1 | 43.2 | 46.4 | 41.5 | 45.3 | 47.6 | 47.0 | 40.2 | 42.6 | 44.6 | 45.9 | 38.9 | 40.3 | 39.9 | 46.2 | 40.6 | 43.2 | 44.9 | 46.9 | 38.5 | 41.0 | 43.7 | 50.1 | 44.2 | 47.9 | 46.3 | 49.9 | 43.6 | 47.7 | 49.0 | - | - | - |
Cash Conversion Cycle |
- | -34.1 | -21.5 | -20.8 | - | -52.0 | -35.8 | -19.8 | - | - | - | -12.9 | - | -2.4 | -8.2 | -9.2 | - | -1.7 | -2.5 | -4.9 | 40.8 | -9.3 | -4.2 | 3.3 | 38.9 | 25.4 | 26.9 | 23.8 | 40.0 | 22.7 | 22.9 | 25.0 | 41.5 | 2.4 | 4.4 | 11.1 | 40.2 | 15.3 | 15.8 | 13.7 | 38.9 | 4.2 | 5.5 | 9.0 | 40.6 | 2.0 | 2.6 | 6.3 | 38.5 | 3.1 | 2.5 | 13.2 | 44.2 | 15.7 | 15.0 | 17.5 | 43.6 | 13.8 | 13.0 | - | - | - |
All numbers in USD currency
Multiples are an important financial analysis tool for the company Forward Air Corporation, allowing investors and analysts to quickly assess the company’s value and investment attractiveness based on the ratio of market indicators to the company’s financial performance. Essentially, multiples express how the market values the company relative to its earnings, revenue, equity, or other key metrics.
Advantages of Using Financial Ratios- Simplified Data Analysis
Financial ratios transform large volumes of accounting data into compact and easily interpretable indicators, significantly simplifying the assessment of the company’s condition. - Comparability Between Companies
Multiples standardize financial metrics, enabling objective comparison of companies of different sizes, industries, and market capitalizations. - Identification of Trends and Issues
Regular analysis of ratios helps track the dynamics of financial health, identify strengths and weaknesses of the business, as well as potential risks. - Decision Support
Financial multiples serve as an important tool for investors, creditors, and company management in making investment, credit, and managerial decisions. - Accelerated Assessment of Investment Attractiveness
Ratios allow quick determination of key performance, liquidity, and financial stability indicators, facilitating prompt evaluation of companies’ attractiveness for investments.
Using multiples enables comparison between companies, even if they differ in size or industry, as they standardize financial data into ratios convenient for analysis. This is especially useful for evaluating companies where direct analysis of financial statements may be complex or require in-depth knowledge.
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