Latest Ratios: P/E Ratio -3.8x · EV/EBITDA 13.1x · ROE -48.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $414M | $774M | $888M | $1.6B | $2.8B | $3.3B | $2.1B | $2.0B | $1.6B | $1.7B | $1.5B |
| Enterprise Value | $2.5B | $2.8B | $2.9B | $3.5B | $3.0B | $3.6B | $2.3B | $2.1B | $1.6B | $1.8B | $1.5B |
| P/E Ratio → | -3.76 | — | — | 146.21 | 14.69 | 31.45 | 91.48 | 23.01 | 17.41 | 19.88 | 52.64 |
| P/S Ratio | 0.17 | 0.31 | 0.36 | 1.19 | 1.68 | 2.38 | 1.68 | 1.63 | 1.21 | 1.58 | 1.48 |
| P/B Ratio | 2.51 | 4.79 | 3.11 | 2.14 | 3.99 | 5.57 | 3.89 | 3.43 | 2.89 | 3.25 | 2.92 |
| P/FCF | 27.13 | 50.71 | — | 10.85 | 12.93 | 40.72 | 33.05 | 14.45 | 14.52 | 26.66 | 16.52 |
| P/OCF | 9.33 | 17.45 | — | 9.01 | 10.90 | 27.48 | 25.14 | 12.45 | 10.50 | 16.79 | 11.18 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.13 | 1.18 | 2.52 | 1.81 | 2.59 | 1.84 | 1.72 | 1.23 | 1.61 | 1.50 |
| EV / EBITDA | 13.05 | 14.96 | — | 23.75 | 10.50 | 19.71 | 20.99 | 14.08 | 9.88 | 11.84 | 15.04 |
| EV / EBIT | 67.76 | 84.29 | — | 39.21 | 12.30 | 24.40 | 31.54 | 18.63 | 13.30 | 16.30 | 24.74 |
| EV / FCF | — | 185.22 | — | 22.96 | 13.95 | 44.21 | 36.20 | 15.29 | 14.72 | 27.23 | 16.75 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.5% | 20.5% | 13.7% | 24.1% | 29.3% | 22.6% | 18.0% | 20.9% | 20.1% | 21.5% | 21.9% |
| Operating Margin | 1.5% | 1.5% | -43.0% | 6.4% | 14.7% | 10.6% | 5.8% | 9.3% | 9.2% | 9.9% | 6.1% |
| Net Profit Margin | -4.3% | -4.3% | -33.0% | 12.2% | 11.5% | 7.6% | 1.9% | 7.2% | 7.0% | 7.9% | 2.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -48.2% | -48.2% | -155.6% | 22.7% | 29.7% | 18.6% | 4.2% | 15.4% | 16.9% | 16.9% | 5.5% |
| ROA | -3.9% | -3.9% | -28.3% | 8.0% | 16.6% | 9.8% | 2.3% | 9.9% | 12.7% | 13.1% | 4.1% |
| ROIC | 1.2% | 1.2% | -32.4% | 3.8% | 20.6% | 13.6% | 7.7% | 13.3% | 16.0% | 15.0% | 8.3% |
| ROCE | 1.5% | 1.5% | -41.2% | 4.7% | 24.9% | 16.1% | 8.5% | 14.6% | 18.6% | 18.2% | 10.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 13.36 | 13.36 | 7.51 | 2.55 | 0.38 | 0.54 | 0.44 | 0.31 | 0.09 | 0.08 | 0.06 |
| Debt / EBITDA | 11.42 | 11.42 | — | 13.36 | 0.92 | 1.76 | 2.19 | 1.20 | 0.29 | 0.27 | 0.29 |
| Net Debt / Equity | — | 12.70 | 7.14 | 2.39 | 0.31 | 0.48 | 0.37 | 0.20 | 0.04 | 0.07 | 0.04 |
| Net Debt / EBITDA | 10.86 | 10.86 | — | 12.53 | 0.76 | 1.55 | 1.83 | 0.77 | 0.13 | 0.25 | 0.21 |
| Debt / FCF | — | 134.51 | — | 12.11 | 1.01 | 3.48 | 3.15 | 0.84 | 0.20 | 0.57 | 0.23 |
| Interest Coverage | 0.19 | 0.19 | -5.61 | 2.79 | 48.19 | 33.89 | 16.21 | 41.47 | 68.44 | 89.95 | 37.39 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.22 | 1.22 | 1.23 | 1.46 | 1.80 | 1.72 | 1.43 | 1.72 | 2.69 | 2.71 | 1.75 |
| Quick Ratio | 1.22 | 1.22 | 1.23 | 1.46 | 1.80 | 1.72 | 1.43 | 1.71 | 2.66 | 2.68 | 1.73 |
| Cash Ratio | 0.25 | 0.25 | 0.27 | 0.51 | 0.27 | 0.23 | 0.23 | 0.47 | 0.34 | 0.06 | 0.11 |
| Asset Turnover | — | 0.91 | 0.88 | 0.46 | 1.39 | 1.24 | 1.21 | 1.23 | 1.74 | 1.60 | 1.53 |
| Inventory Turnover | — | — | — | — | — | — | — | 450.93 | 470.91 | 606.53 | 587.51 |
| Days Sales Outstanding | — | 51.16 | 47.57 | 42.25 | 40.90 | 56.88 | 44.99 | 40.91 | 44.61 | 50.52 | 43.32 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | 1.5% | 0.9% | 0.7% | 1.0% | 1.0% | 1.2% | 1.0% | 1.1% |
| Payout Ratio | — | — | — | 14.9% | 13.4% | 21.7% | 87.9% | 23.5% | 20.0% | 20.7% | 56.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 0.7% | 6.8% | 3.2% | 1.1% | 4.3% | 5.7% | 5.0% | 1.9% |
| FCF Yield | 3.7% | 2.0% | — | 9.2% | 7.7% | 2.5% | 3.0% | 6.9% | 6.9% | 3.8% | 6.1% |
| Buyback Yield | 0.2% | 0.1% | 0.1% | 5.7% | 2.2% | 1.5% | 2.1% | 2.8% | 4.1% | 2.8% | 2.7% |
| Total Shareholder Yield | 0.2% | 0.1% | 0.1% | 7.3% | 3.1% | 2.2% | 3.1% | 3.9% | 5.3% | 3.9% | 3.8% |
| Shares Outstanding | — | $31M | $28M | $26M | $27M | $27M | $28M | $28M | $29M | $30M | $31M |
Excessive leverage and integration
Based on reported figures, Forward Air's negative P/E of -4.27 and P/S of 0.19 suggest that the market is pricing the company as a distressed turnaround candidate rather than a traditional logistics provider, reflecting deep skepticism regarding the long-term earnings power of the newly integrated business model.
The current valuation multiples appear to reflect a significant risk premium due to the company's recent shift toward a more complex, integrated service offering. Investors should note that the lack of a forward P/E ratio implies that consensus estimates remain too volatile or uncertain to provide a reliable anchor for future earnings expectations.
As reported in financial statements, Forward Air's ROIC has collapsed to 0.7% in 2026Q1 from historical levels, indicating that the company is currently failing to generate returns on invested capital that exceed its cost of capital, a trend that warrants further investigation by long-term shareholders.
The sharp decline in ROIC suggests that the capital deployed for recent acquisitions has yet to yield operational synergies, effectively destroying shareholder value in the near term. This decay in capital efficiency appears structural rather than cyclical, as the company struggles to integrate high-cost assets into its previously lean, asset-light network.
According to recent SEC filings, Forward Air's asset turnover has remained stagnant at 0.21 in 2026Q1, suggesting that the company's expanded asset base is not yet contributing to improved revenue density compared to its historical performance as a specialized, wholesale-focused logistics provider.
The persistent DSO levels around 50 days indicate that the company's ability to collect on receivables has not improved despite the shift in business mix. This lack of efficiency in working capital management may further exacerbate the company's liquidity constraints during this period of negative net margins.
Based on reported quarterly figures, Forward Air's debt-to-equity ratio has surged to 17.59 in 2026Q1, a dramatic increase from the 1.55 level observed in 2024Q1, which highlights the aggressive use of debt to finance the company's recent expansion and the resulting strain on its capital structure.
The current interest coverage ratio of 0.47 suggests that the company's ability to service its debt obligations from operating income is severely compromised. Investors should monitor whether the company can achieve sufficient cash flow to avoid further balance sheet dilution or the need for costly refinancing in a high-rate environment.
The most commonly misapplied metric for Forward Air is the standard P/E ratio, which obscures the company's current transition from a high-margin, asset-light wholesale niche player to a capital-intensive, integrated 3PL provider, rendering historical earnings comparisons largely irrelevant for assessing the firm's current fundamental health.
Analysts should instead focus on Net Revenue and EBITDA-based metrics that normalize for the significant purchased transportation costs and integration-related amortization. Relying on traditional P/E multiples fails to account for the fundamental change in the company's cost structure and the ongoing volatility associated with its recent strategic pivot.
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Quick answers to the most common questions about buying FWRD stock.
Forward Air Corporation's current P/E ratio is -3.8x. The historical average is 32.9x.
Forward Air Corporation's current EV/EBITDA is 13.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.2x.
Forward Air Corporation's return on equity (ROE) is -48.2%. The historical average is 11.1%.
Based on historical data, Forward Air Corporation is trading at a P/E of -3.8x. Compare with industry peers and growth rates for a complete picture.
Forward Air Corporation has 20.5% gross margin and 1.5% operating margin.
Forward Air Corporation's Debt/EBITDA ratio is 11.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.