FWRDNasdaqArrangement of Transportation of Freight & CargoFiscal year ends December 31
FORWARD AIR CORP
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$15.32+0.28 (+1.86%)
Close on Oct 19, 2026
- Market cap
- $497.61M
- P/E (TTM)
- –
- Dividend yield
- 0.00%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
–
Operating margin
1.5%−4.4 pts over 5 years
Net margin
-4.3%−6.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +0.8% | +14.1% | +14.5% | +10.0% | |
| Operating income | – | -47.2% | -13.2% | -7.8% | |
| Free cash flow | – | -58.3% | -27.4% | -10.3% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 5.5% | 4.2% | -68.4% | |
| Return on assets | 4.1% | 2.3% | -3.9% | |
| Current ratio | 1.75 | 1.43 | 1.22 | |
| Debt to equity | 0.06 | 0.21 | 14.89 | |
| Net debt to EBITDA | 0.20× | 0.65× | 8.36× | |
| Interest coverage | 37.4× | 16.2× | 0.2× | |
| Inventory turnover | 352.3× | – | – | |
| Capex to revenue | 4.1% | 1.6% | 1.2% | |
| Diluted shares | 30M | 28M | 31M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Forward Air generated $683.38M from operations and spent $453.94M on capital expenditure, dividends and share buybacks. 38% of that went back into the business.
Generated
$683.38M
Used
$453.94M
Capital expenditure$174.53M38%Dividends$73.84M16%Share buybacks$205.57M45%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-4.3%
×Asset turnover0.90×
×Equity multiplier17.52×
=Return on equity, FY2025-68.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -4.3% | 0.90× | 17.52× | -68.4% |
| FY2024 | -33.0% | 0.86× | 5.99× | -169.1% |
| FY2023 | 12.2% | 0.65× | 2.85× | 22.7% |
| FY2022 | 11.5% | 1.44× | 1.79× | 29.7% |
| FY2021 | 7.6% | 1.28× | 1.90× | 18.6% |
| FY2020 | 1.9% | 1.25× | 1.81× | 4.2% |
| FY2019 | 7.2% | 1.39× | 1.55× | 15.4% |
| FY2018 | 8.1% | 1.57× | 1.34× | 17.0% |
| FY2017 | 7.5% | 1.75× | 1.30× | 16.9% |
| FY2016 | 2.7% | 1.53× | 1.33× | 5.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$107.80M
- Cash generatingOperating cash flow above zero$44.38M
- Return on assets improvedROA up on the prior year-27.4% → -3.8%
- Earnings backed by cashOperating cash flow above net income$44.38M vs -$107.80M
- Less leverageLong-term debt to assets fell59.8% → 62.1%
- Better liquidityCurrent ratio rose1.23 → 1.22
- No dilutionShare count did not rise28M → 31M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.83 → 0.89