NASDAQ : FWRD
Forward Air Corporation — Financial statements
Industrials · Integrated Freight & Logistics · United States
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Financial statements
Forward Air Corporation (FWRD) reported revenue of 2.52B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.52B | 2.50B | 2.47B | 1.37B | 1.68B | 1.39B |
| Cost of Revenue | 1.98B | 2.00B | 1.99B | 983.18M | 1.15B | 1.04B |
| Gross Profit | 541.14M | 490.81M | 483.63M | 387.56M | 534.22M | 348.92M |
| Selling, General & Admin | 55.60M | 58.97M | 64.68M | 50.13M | 47.48M | 39.41M |
| Other Operating Expenses | 203.77M | 191.54M | 228.04M | 191.81M | 196.60M | 127.52M |
| Operating Expenses | 414.63M | 403.15M | 436.70M | 299.35M | 286.63M | 201.90M |
| Operating Income | 126.51M | 87.66M | 46.93M | 88.21M | 247.59M | 147.03M |
| Interest Expense | -177.18M | -180.75M | -189.22M | -31.57M | -5.14M | -4.34M |
| Currency Exchange Gain (Loss) | 815.00K | -5.89M | 1.09M | |||
| Other Non Operating Income (Expenses) | -9.47M | 3.02M | 1.23M | |||
| EBT Excluding Unusual Items | -59.32M | -95.96M | -139.97M | 56.64M | 242.45M | 142.69M |
| Merger & Restructuring Charges | -31.47M | -31.47M | -81.47M | |||
| Impairment of Goodwill | -244.01M | -1.03B | ||||
| Gain (Loss) on Sale of Assets | 3.65M | |||||
| Asset Writedown | -19.77M | -19.77M | ||||
| Pretax Income | -350.92M | -147.20M | -1.25B | 56.64M | 242.45M | 142.69M |
| Income Tax Expense | -6.69M | -5.47M | -124.99M | 13.84M | 63.04M | 35.81M |
| Earnings From Continuing Operations | -344.22M | -141.72M | -1.12B | 42.80M | 179.41M | 106.88M |
| Earnings From Discontinued Operations | -2.08M | -6.39M | 124.55M | 13.78M | -1.02M | |
| Net Income to Company | -346.30M | -141.72M | -1.13B | 167.35M | 193.19M | 105.86M |
| Minority Interest in Earnings | 60.10M | 33.93M | 314.26M | |||
| Net Income | -286.19M | -107.80M | -816.97M | 167.35M | 193.19M | 105.86M |
| Preferred Dividends & Other Adjustments | 26.55M | 859.00K | 1.07M | 737.00K | ||
| Net Income to Common | -286.19M | -107.80M | -843.52M | 166.49M | 192.12M | 105.12M |
| Shares Outstanding (Basic) | 31.58M | 30.72M | 27.54M | 25.91M | 26.78M | 27.16M |
| Shares Outstanding (Diluted) | 31.58M | 30.72M | 27.54M | 26.00M | 26.93M | 27.29M |
| EPS (Basic) | -9.06 | -3.51 | -30.63 | 6.43 | 7.17 | 3.87 |
| EPS (Diluted) | -9.06 | -3.51 | -30.63 | 6.40 | 7.14 | 3.85 |
| Free Cash Flow | 48.22M | 15.27M | -112.46M | 150.66M | 219.84M | 81.89M |
| Free Cash Flow Per Share | 1.53 | 0.50 | -4.08 | 5.79 | 8.16 | 3.00 |
| Dividend Per Share | 0.96 | 0.96 | 0.84 | |||
| Gross Margin | 21.49% | 19.67% | 19.55% | 28.27% | 31.80% | 25.15% |
| Operating Margin | 5.02% | 3.51% | 1.90% | 6.44% | 14.74% | 10.60% |
| Profit Margin | -11.37% | -4.32% | -34.09% | 12.15% | 11.44% | 7.58% |
| Free Cash Flow Margin | 1.92% | 0.61% | -4.54% | 10.99% | 13.09% | 5.90% |
| EBITDA | 281.77M | 240.30M | 190.91M | 145.62M | 287.58M | 179.60M |
| EBITDA Margin | 11.19% | 9.63% | 7.72% | 10.62% | 17.12% | 12.95% |
| D&A For EBITDA | 155.25M | 152.64M | 143.98M | 57.41M | 39.99M | 32.57M |
| EBIT | 126.51M | 87.66M | 46.93M | 88.21M | 247.59M | 147.03M |
| EBIT Margin | 5.02% | 3.51% | 1.90% | 6.44% | 14.74% | 10.60% |
| Effective Tax Rate | 24.43% | 26.00% | 25.09% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 139.45M | 106.00M | 104.90M | 121.97M | 45.82M | 37.32M |
| Cash & Short-Term Investments | 139.45M | 106.00M | 104.90M | 121.97M | 45.82M | 37.32M |
| Accounts Receivable | 369.47M | 343.56M | 322.29M | 153.27M | 188.23M | 208.09M |
| Other Receivables | 6.10M | 6.15M | 205.00K | 5.41M | 8.10M | |
| Receivables | 375.57M | 349.71M | 322.50M | 158.68M | 188.23M | 216.18M |
| Prepaid Expenses | 26.46M | 28.05M | 29.05M | 25.68M | 24.77M | 22.28M |
| Restricted Cash | 363.00K | 39.60M | ||||
| Other Current Assets | 41.63M | 37.25M | 15.69M | 1.10M | 45.49M | 7.03M |
| Total Current Assets | 583.12M | 521.00M | 472.50M | 347.03M | 304.31M | 282.81M |
| Property, Plant & Equipment | 636.10M | 710.42M | 736.27M | 362.29M | 377.43M | 367.29M |
| Goodwill | 278.71M | 522.71M | 522.71M | 278.71M | 257.99M | 266.75M |
| Other Intangible Assets | 860.91M | 906.79M | 999.22M | 142.15M | 115.58M | 154.72M |
| Other Long-Term Assets | 52.01M | 58.02M | 71.94M | 1.85B | 152.77M | 46.25M |
| Total Assets | 2.41B | 2.72B | 2.80B | 2.98B | 1.21B | 1.12B |
| Accounts Payable | 118.65M | 121.75M | 105.69M | 45.43M | 50.09M | 44.84M |
| Accrued Expenses | 118.55M | 109.12M | 119.38M | 87.01M | 42.38M | 50.54M |
| Current Portion of Long-Term Debt | 1.50M | 1.50M | ||||
| Current Portion of Leases | 122.46M | 123.02M | 113.37M | 56.99M | 50.09M | 52.12M |
| Current Income Taxes Payable | 4.38M | 5.95M | 31.19M | |||
| Current Unearned Revenue | 13.18M | 9.90M | ||||
| Other Current Liabilities | 81.91M | 56.87M | 29.75M | 16.48M | 25.34M | 15.70M |
| Total Current Liabilities | 441.57M | 428.32M | 384.05M | 237.09M | 169.40M | 164.69M |
| Long-Term Debt | 1.69B | 1.69B | 1.68B | 1.79B | 106.59M | 155.47M |
| Long-Term Leases | 294.18M | 349.40M | 356.50M | 98.33M | 108.61M | 110.98M |
| Long-Term Deferred Tax Liabilities | 24.36M | 27.22M | 38.17M | 42.20M | 51.09M | 43.41M |
| Other Long-Term Liabilities | 80.06M | 65.09M | 62.13M | 47.14M | 65.14M | 49.62M |
| Total Liabilities | 2.53B | 2.56B | 2.52B | 2.22B | 500.83M | 524.17M |
| Common Stock | 337.00K | 313.00K | 298.00K | 257.00K | 265.00K | 270.00K |
| Additional Paid-In Capital | 575.82M | 559.55M | 542.39M | 283.68M | 270.86M | 258.47M |
| Retained Earnings | -690.32M | -447.10M | -338.23M | 480.32M | 436.12M | 334.91M |
| Comprehensive Income & Other | -1.26M | 580.00K | -2.73M | |||
| Total Common Equity | -115.43M | 113.34M | 201.73M | 764.26M | 707.24M | 593.65M |
| Minority Interest | -7.24M | 48.32M | 84.14M | |||
| Shareholders' Equity | -122.67M | 161.66M | 285.87M | 764.26M | 707.24M | 593.65M |
| Total Liabilities & Equity | 2.41B | 2.72B | 2.80B | 2.98B | 1.21B | 1.12B |
| Total Debt | 2.11B | 2.16B | 2.15B | 1.95B | 266.78M | 320.07M |
| Net Cash (Debt) | -1.97B | -2.05B | -2.04B | -1.82B | -220.96M | -282.75M |
| Net Cash Per Share | -62.40 | -66.86 | -74.11 | -70.14 | -8.21 | -10.36 |
| Filing Date Shares Outstanding | 33.78M | 31.55M | 30.40M | 26.37M | 26.34M | 26.94M |
| Total Common Shares Outstanding | 33.74M | 31.33M | 29.76M | 25.67M | 26.46M | 26.97M |
| Working Capital | 141.54M | 92.68M | 88.45M | 109.93M | 134.92M | 118.11M |
| Book Value Per Share | -3.42 | 3.62 | 6.78 | 29.77 | 26.73 | 22.01 |
| Tangible Book Value | -1.26B | -1.32B | -1.32B | 343.40M | 333.68M | 172.19M |
| Tangible Book Value Per Share | -37.20 | -42.01 | -44.36 | 13.38 | 12.61 | 6.38 |
| Land | 26.52M | 26.52M | 26.48M | 26.48M | 26.48M | |
| Buildings | 95.86M | 95.80M | 94.28M | 94.28M | 67.27M | |
| Machinery | 370.04M | 364.41M | 320.56M | 283.53M | 259.03M | |
| Construction In Progress | 4.05M | 16.40M | 11.52M | 13.90M | 27.07M | |
| Leasehold Improvements | 86.77M | 68.46M | 24.39M | 16.78M | 13.78M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -286.19M | -107.80M | -816.97M | 167.35M | 193.19M | 105.86M |
| Depreciation & Amortization | 155.25M | 152.64M | 143.98M | 57.41M | 39.99M | 32.57M |
| Other Amortization | 2.56M | 2.39M | ||||
| Loss (Gain) From Sale of Assets | -3.65M | |||||
| Asset Writedown & Restructuring Costs | 263.77M | 19.77M | 1.03B | |||
| Stock-Based Compensation | 9.79M | 13.43M | 10.19M | 11.49M | 10.66M | 10.50M |
| Other Operating Activities | -43.55M | -30.12M | -422.83M | -129.53M | -1.24M | 8.49M |
| Change in Accounts Receivable | -37.08M | -18.00M | 9.55M | 30.55M | -2.59M | -42.46M |
| Change in Accounts Payable | 53.88M | 46.26M | -15.92M | 36.66M | 12.77M | 18.25M |
| Change in Other Net Operating Assets | -41.38M | -31.79M | -5.41M | 25.27M | -5.18M | -15.00M |
| Operating Cash Flow | 70.84M | 44.38M | -75.40M | 181.39M | 259.09M | 120.26M |
| Capital Expenditures | -22.62M | -29.12M | -37.06M | -30.73M | -39.25M | -38.38M |
| Sale of Property, Plant & Equipment | 3.26M | 2.20M | 5.14M | 3.74M | 2.37M | 2.64M |
| Cash Acquisitions | -1.58B | -56.70M | -66.11M | -59.87M | ||
| Other Investing Activities | -31.00K | -444.00K | 258.52M | -1.48M | 7.29M | |
| Investing Cash Flow | -10.65M | -26.91M | -1.61B | 174.84M | -104.46M | -88.31M |
| Long-Term Debt Issued | 110.00M | 75.00M | 1.86B | 195.00M | ||
| Long-Term Debt Repaid | -127.31M | -173.43M | -188.00M | -55.11M | -152.42M | |
| Net Debt Issued (Repaid) | -16.30M | -17.30M | -98.42M | 1.67B | -55.11M | 42.58M |
| Issuance of Common Stock | 1.15M | 846.00K | 753.00K | 800.00K | 989.00K | 4.62M |
| Repurchase of Common Stock | -878.00K | -1.07M | -1.44M | -98.15M | -66.10M | -52.10M |
| Common Dividends Paid | -25.00M | -25.86M | -22.98M | |||
| Other Financing Activities | -64.72M | -129.00K | -37.00K | -7.00M | ||
| Financing Cash Flow | -16.04M | -17.53M | -163.83M | 1.55B | -146.12M | -34.89M |
| Foreign Exchange Rate Adjustments | -10.00K | 791.00K | 1.01M | |||
| Net Cash Flow | 44.14M | 730.00K | -1.85B | 1.91B | 8.51M | -2.94M |
| Free Cash Flow | 48.22M | 15.27M | -112.46M | 150.66M | 219.84M | 81.89M |
| Free Cash Flow Margin | 1.92% | 0.61% | -4.54% | 10.99% | 13.09% | 5.90% |
| Free Cash Flow Per Share | 1.53 | 0.50 | -4.08 | 5.79 | 8.16 | 3.00 |
| Levered Free Cash Flow | 86.97M | 66.08M | -23.79M | 169.30M | 159.24M | 41.35M |
| Unlevered Free Cash Flow | 197.71M | 179.05M | 94.47M | 189.03M | 162.45M | 44.07M |
| Cash Interest Paid | 166.66M | 166.66M | 164.00M | 11.92M | 5.36M | 4.20M |
| Cash Income Tax Paid | 872.00K | 872.00K | 38.76M | 20.84M | 65.39M | 35.77M |
| Change in Working Capital | -24.58M | -3.53M | -11.78M | 92.49M | 5.00M | -39.21M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 618.87M | 781.21M | 933.78M | 1.61B | 2.79B | 3.26B |
| Enterprise Value | 2.59B | 2.85B | 3.00B | 1.89B | 3.02B | 3.52B |
| Last Close Price | 18.32 | 25.00 | 32.25 | 62.87 | 103.64 | 118.53 |
| PE Ratio | 9.69 | 14.52 | 31.05 | |||
| Forward PE | 118.19 | 108.80 | 88.18 | 14.52 | 14.06 | 23.85 |
| PS Ratio | 0.25 | 0.31 | 0.38 | 1.18 | 1.66 | 2.35 |
| PB Ratio | 4.83 | 3.27 | 2.11 | 3.94 | 5.50 | |
| P/TBV Ratio | 4.70 | 8.36 | 18.96 | |||
| P/FCF Ratio | 12.84 | 51.17 | 10.71 | 12.69 | 39.87 | |
| P/OCF Ratio | 8.74 | 17.60 | 8.89 | 10.77 | 27.14 | |
| PEG Ratio | 32.65 | 32.65 | 0.73 | 1.65 | 1.56 | |
| EV/Sales Ratio | 1.03 | 1.14 | 1.21 | 1.38 | 1.80 | 2.54 |
| EV/EBITDA Ratio | 9.19 | 11.87 | 15.69 | 12.99 | 10.50 | 19.59 |
| EV/EBIT Ratio | 20.47 | 32.55 | 63.84 | 21.44 | 12.20 | 23.93 |
| EV/FCF Ratio | 53.70 | 186.87 | 12.55 | 13.74 | 42.97 | |
| Debt / Equity Ratio | -17.20 | 13.36 | 7.51 | 2.55 | 0.38 | 0.54 |
| Debt / EBITDA Ratio | 2.48 | 2.67 | 2.83 | 3.04 | 0.37 | 0.53 |
| Debt / FCF Ratio | 43.76 | 141.45 | 12.91 | 1.21 | 3.91 | |
| Net Debt / Equity Ratio | -16.06 | 12.70 | 7.14 | 2.39 | 0.31 | 0.48 |
| Net Debt / EBITDA Ratio | 6.99 | 8.55 | 10.69 | 12.53 | 0.77 | 1.57 |
| Net Debt / FCF Ratio | 40.87 | 134.51 | -18.15 | 12.11 | 1.00 | 3.45 |
| Asset Turnover | 0.97 | 0.90 | 0.86 | 0.66 | 1.44 | 1.28 |
| Quick Ratio | 1.17 | 1.06 | 1.11 | 1.18 | 1.38 | 1.54 |
| Current Ratio | 1.32 | 1.22 | 1.23 | 1.46 | 1.80 | 1.72 |
| Return on Equity (ROE) | -735.72% | -63.34% | -214.23% | 5.82% | 27.58% | 18.73% |
| Return on Assets (ROA) | 3.06% | 1.98% | 1.01% | 2.63% | 13.31% | 8.49% |
| Return on Invested Capital (ROIC) | 6.17% | 3.86% | 1.91% | 3.79% | 20.30% | 13.54% |
| Return on Capital Employed (ROCE) | 6.40% | 3.80% | 1.90% | 3.20% | 23.80% | 15.40% |
| Earnings Yield | -49.47% | -13.80% | -87.49% | 10.37% | 6.93% | 3.24% |
| FCF Yield | 7.79% | 1.95% | -12.04% | 9.34% | 7.88% | 2.51% |
| Dividend Yield | 1.53% | 0.91% | 0.69% | |||
| Payout Ratio | 14.94% | 13.39% | 21.70% | |||
| Buyback Yield / Dilution | -7.26% | -11.54% | -5.91% | 3.43% | 1.34% | 1.46% |
| Total Shareholder Return | -7.26% | -11.54% | -5.91% | 4.96% | 2.25% | 2.16% |