Forward Air Corporation | Small-cap | Industrials
$22.59
-3.99%
| Forward Air Stock Comparison:
Forward Air vs United ParcelForward Air vs FedExForward Air vs Pitney BowesForward Air vs CryoportForward Air vs Radiant LogisticsForward Air vs S&P 500 | Market
TL;DR Income Statement Balance Sheet Cash Flow Key Ratios Peer Comparison

TL;DR: Financial Overview - Revenue, Profits & Key Metrics

Latest Quarterly: Jun 2025

Income Metrics

Revenue 618.8M
Gross Profit 78.5M 12.68%
Operating Income 19.5M 3.15%
Net Income -20.4M -3.29%
EPS (Diluted) $-0.41

Balance Sheet Metrics

Total Assets 2.8B
Total Liabilities 2.5B
Shareholders Equity 216.2M
Debt to Equity 11.77

Cash Flow Metrics

Operating Cash Flow -40.7M
Free Cash Flow 15.7M

Revenue & Profitability Trend

Forward Air Income Statement From 2020 to 2024

Metric 2024 2023 2022 2021 2020
Revenue i 2.5B 1.4B 1.7B 1.4B 1.3B
Cost of Goods Sold i 2.1B 1.0B 1.2B 1.1B 1.0B
Gross Profit i 339.7M 330.2M 491.7M 314.0M 229.1M
Gross Margin % i 13.7% 24.1% 29.3% 22.6% 18.0%
Operating Expenses
Research & Development i - - - - -
Selling, General & Administrative i 64.7M 50.1M 47.5M 39.4M 34.9M
Other Operating Expenses i 309.5M 191.8M 196.6M 127.5M 120.3M
Total Operating Expenses i 374.2M 241.9M 244.1M 166.9M 155.2M
Operating Income i -34.5M 88.2M 247.6M 147.0M 73.9M
Operating Margin % i -1.4% 6.4% 14.7% 10.6% 5.8%
Non-Operating Items
Interest Income i - - - - -
Interest Expense i 189.2M 31.6M 5.1M 4.3M 4.6M
Other Non-Operating Income -1.0B - - - -3.0K
Pre-tax Income i -1.2B 56.6M 242.5M 142.7M 69.4M
Income Tax i -125.0M 13.8M 63.0M 35.8M 16.6M
Effective Tax Rate % i 0.0% 24.4% 26.0% 25.1% 23.9%
Net Income i -1.1B 167.4M 193.2M 105.9M 23.7M
Net Margin % i -45.7% 12.2% 11.5% 7.6% 1.9%
Key Metrics
EBITDA i 110.7M 145.6M 290.1M 182.0M 111.0M
EPS (Basic) i $-29.66 $6.42 $7.17 $3.87 $0.84
EPS (Diluted) i $-29.66 $6.40 $7.14 $3.85 $0.84
Basic Shares Outstanding i 27544471 25913000 26944351 27353747 28253571
Diluted Shares Outstanding i 27544471 25913000 26944351 27353747 28253571

Income Statement Trend

Forward Air Balance Sheet From 2020 to 2024

Metric 2024 2023 2022 2021 2020
Assets
Current Assets
Cash & Equivalents i 104.9M 122.0M 45.8M 37.3M 40.3M
Short-term Investments i - - - - -
Accounts Receivable i 322.3M 153.3M 188.2M 208.1M 156.5M
Inventory i - - - - -
Other Current Assets 15.7M 1.1M 10.6M 7.0M 6.7M
Total Current Assets i 472.5M 347.0M 304.3M 282.8M 245.9M
Non-Current Assets
Property, Plant & Equipment i 774.5M 432.1M 377.4M 407.2M 370.3M
Goodwill i 2.0B 692.2M 631.6M 688.2M 635.0M
Intangible Assets i 999.2M 134.8M 115.6M 154.7M 145.0M
Long-term Investments - - - - -
Other Non-Current Assets 71.9M 1.8B 152.8M 46.3M 98.3M
Total Non-Current Assets i 2.3B 2.6B 903.8M 835.0M 801.5M
Total Assets i 2.8B 3.0B 1.2B 1.1B 1.0B
Liabilities
Current Liabilities
Accounts Payable i 105.7M 45.4M 50.1M 44.8M 38.4M
Short-term Debt i 113.4M 57.0M 51.6M 53.6M 45.5M
Current Portion of Long-term Debt - - - - -
Other Current Liabilities - 5.8M 16.5M 4.6M 36.5M
Total Current Liabilities i 384.0M 237.1M 169.4M 164.7M 171.6M
Non-Current Liabilities
Long-term Debt i 2.0B 1.9B 215.2M 266.4M 197.8M
Deferred Tax Liabilities i 38.2M 42.2M 51.1M 43.4M 42.0M
Other Non-Current Liabilities 48.8M 47.1M 59.0M 49.6M 54.1M
Total Non-Current Liabilities i 2.1B 2.0B 331.4M 359.5M 328.4M
Total Liabilities i 2.5B 2.2B 500.8M 524.2M 500.1M
Equity
Common Stock i 298.0K 257.0K 265.0K 270.0K 273.0K
Retained Earnings i -338.2M 480.3M 436.1M 334.9M 304.1M
Treasury Stock i - - - - -
Other Equity - - - - -
Total Shareholders Equity i 285.9M 764.3M 707.2M 593.7M 547.3M
Key Metrics
Total Debt i 2.1B 1.9B 266.8M 320.1M 243.2M
Working Capital i 88.5M 109.9M 134.9M 118.1M 74.3M

Balance Sheet Composition

Forward Air Cash Flow Statement From 2020 to 2024

Metric 2024 2023 2022 2021 2020
Operating Activities
Net Income i -1.1B 42.8M 179.4M 106.9M 52.8M
Depreciation & Amortization i 144.0M 57.4M 42.6M 35.0M 37.1M
Stock-Based Compensation i 10.2M 11.5M 10.7M 10.5M 11.0M
Working Capital Changes i 4.1M 92.5M 5.0M -39.2M -11.3M
Operating Cash Flow i -1.1B 194.1M 243.7M 114.3M 91.4M
Investing Activities
Capital Expenditures i -31.9M -27.0M -36.9M -35.7M -17.9M
Acquisitions i -1.6B -56.7M -66.1M -59.9M -63.7M
Investment Purchases i - - - - -
Investment Sales i - - - - -
Investing Cash Flow i -1.6B -83.7M -103.0M -95.6M -81.5M
Financing Activities
Share Repurchases i 0 -93.8M -62.8M -49.0M -45.2M
Dividends Paid i 0 -25.0M -25.9M -23.0M -20.9M
Debt Issuance i 75.0M 70.0M 0 195.0M 65.0M
Debt Repayment i -173.4M -188.0M -55.1M -152.4M -21.4M
Financing Cash Flow i -164.6M 1.8B -139.7M 162.4M 21.0M
Free Cash Flow i -112.5M 150.7M 219.8M 81.9M 64.4M
Net Change in Cash i -2.9B 1.9B 1.1M 181.1M 30.9M

Cash Flow Trend

Forward Air Key Financial Ratios

Valuation Ratios

P/E Ratio (TTM) 10.22
Forward P/E 87.74
Price to Book 4.78
Price to Sales 0.29
PEG Ratio -0.10

Profitability Ratios

Profit Margin -6.86%
Operating Margin 3.16%
Return on Equity -52.07%
Return on Assets 1.89%

Financial Health

Current Ratio 1.20
Debt to Equity 1,000.21
Beta 1.39

Per Share Data

EPS (TTM) $-4.96
Book Value per Share $4.96
Revenue per Share $85.62

Peer Financial Comparison

Company Market Cap P/E Ratio P/B Ratio ROE Profit Margin Debt/Equity
fwrd 750.7M 10.22 4.78 -52.07% -6.86% 1,000.21
United Parcel 73.1B 12.79 4.63 34.91% 6.35% 183.24
FedEx 56.6B 14.49 2.10 15.00% 4.65% 1.36
Pitney Bowes 1.9B 13.76 -3.73 35.20% -5.60% -3.77
Cryoport 490.7M -4.02 1.03 -9.19% 31.67% 44.34
Radiant Logistics 288.0M 17.14 1.21 8.01% 1.92% 36.82

Financial data is updated regularly. All figures are in the company's reporting currency.