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FORWARD AIR CORP

FWRD

$16.93 ▼ -2.14 (-11.22%) at close

19 Visible periods

34 Metrics

Peer-ranked Benchmarks

Price Chart

Health

Poor

Bearish

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Analytical Summary

FORWARD AIR CORP faces fundamental challenges with weakness in Return on Common Equity (%) and Profit Margin (%). The fundamentals warrant careful consideration of downside risks.

Market Cap $520.1M

Dividend Yield —

Revenue Growth 0.8% ↘

Op. Margin 1.5% ↗

ROIC 1.9% ↗

FCF / Share None

Trailing P/E —

Price / Book 4.7x

FCF Yield —

Debt / Equity 14.89

info Valuation on last close. End-of-day price, Nov 5, 2026.

19-Year Financial Trajectory

Annual

Metric Value Trend Year over Year Percentile

Revenue Total top-line sales

$2.50B

↑ +0.8% —

Net Income Profit after all expenses

$-107.80M

↑ +86.8% —

Operating Margin Operating profit as % of sales

1.5%

↑ +103.4% 32th

FCF / Share Free cash flow per share

$4.64

↑ +22.3% —

Long-Term Debt Long-term obligations

$1.69B

↑ +0.7% —

trending_up

Bullish Indicators

No bullish signals detected.

warning

Bearish Risks

Debt to EquityDebt to Equity is concerning (bottom quartile)
Profit Margin (%)Profit Margin (%) is in the bottom quartile
Return on Common Equity (%)Return on Common Equity (%) is in the bottom quartile

Health Breakdown

Profitability ↓

Returns

Financial Health →

Dividend History

Dividend / share · sourced from SEC filings

$0.00 Latest / share

$0.48

FY 2014

$0.48

FY 2015

$0.51

FY 2016

$0.60

FY 2017

$0.63

FY 2018

$0.72

FY 2019

$0.75

FY 2020

$0.84

FY 2021

$0.96

FY 2022

$0.96

FY 2023

$0.00

FY 2024

$0.00

FY 2025

Financial view

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📈 Is growth accelerating? 7 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗
Revenue Growth YoY (%)	0.8% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-83%)	80.5% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+1510%)	-18.4% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-468%)	1.0% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-79%)	30.9% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+519%)	-10.0% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-300%)	6.8% Fair ↓ Fair Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+36%)	13.0% Good ↓ Good Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+159%)	19.0% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+280%)	2.4% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-51%)	22.8% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+356%)	19.7% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+294%)	11.6% Good → Good Stable Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+133%)	9.0% Fair ↑ Fair Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+79%)	10.8% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+117%)	15.9% Good Good Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+219%)	-12.0% Weak Weak Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-340%)	—	—
EPS Growth YoY (%)	88.5% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	N/M	-10.5% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	85.3% Excellent ↓ Excellent Declining Year-over-year change in earnings per share Optimal: > 10%	360.7% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-72.5% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	-2.5% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	8.3% Fair ↓ Fair Declining Year-over-year change in earnings per share Optimal: > 10%	218.7% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-49.4% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	-9.5% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	9.9% Fair ↓ Fair Declining Year-over-year change in earnings per share Optimal: > 10%	-0.5% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	12.3% Fair ↓ Fair Declining Year-over-year change in earnings per share Optimal: > 10%	45.9% Excellent ↓ Excellent Declining Year-over-year change in earnings per share Optimal: > 10%	226.5% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	-77.0% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	—	—
Net Income Growth YoY (%)	86.8% Excellent ↑ Excellent Improving Year-over-year change in net income	N/M	-13.4% Weak ↓ Weak Declining Year-over-year change in net income	82.5% Excellent ↓ Excellent Declining Year-over-year change in net income	346.0% Excellent ↑ Excellent Improving Year-over-year change in net income	-72.8% Weak ↓ Weak Declining Year-over-year change in net income	-5.4% Weak ↓ Weak Declining Year-over-year change in net income	5.5% Fair ↓ Fair Declining Year-over-year change in net income	215.3% Excellent ↑ Excellent Improving Year-over-year change in net income	-50.2% Weak ↓ Weak Declining Year-over-year change in net income	-9.1% Weak ↓ Weak Declining Year-over-year change in net income	12.3% Fair ↓ Fair Declining Year-over-year change in net income	3.4% Caution ↓ Caution Declining Year-over-year change in net income	11.6% Fair ↓ Fair Declining Year-over-year change in net income	47.3% Excellent ↓ Excellent Declining Year-over-year change in net income	226.8% Excellent Excellent Year-over-year change in net income	-77.0% Weak Weak Year-over-year change in net income	—	—
FCF Growth YoY (%)	—	—	—	—	—	—	22.3% Good ↓ Good Declining Year-over-year change in free cash flow	74.0% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	-25.1% Weak ↓ Weak Declining Year-over-year change in free cash flow	97.8% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	-13.7% Weak ↓ Weak Declining Year-over-year change in free cash flow	-7.3% Weak ↓ Weak Declining Year-over-year change in free cash flow	12.7% Fair ↓ Fair Declining Year-over-year change in free cash flow	-15.0% Weak Weak Year-over-year change in free cash flow	43.2% Excellent Excellent Year-over-year change in free cash flow	—	—	—	—
Revenue CAGR 3Y (%)	14.1% Good ↑ Good Improving Compound annual revenue growth over 3 years	14.2% Good ↑ Good Improving Compound annual revenue growth over 3 years	2.6% Caution ↓ Caution Declining Compound annual revenue growth over 3 years	6.0% Fair ↓ Fair Declining Compound annual revenue growth over 3 years	8.0% Fair ↓ Fair Declining Compound annual revenue growth over 3 years	2.8% Caution ↓ Caution Declining Compound annual revenue growth over 3 years	12.8% Good → Good Stable Compound annual revenue growth over 3 years	11.3% Good ↓ Good Declining Compound annual revenue growth over 3 years	14.4% Good ↓ Good Declining Compound annual revenue growth over 3 years	14.6% Good ↑ Good Improving Compound annual revenue growth over 3 years	18.0% Excellent ↑ Excellent Improving Compound annual revenue growth over 3 years	13.3% Good ↑ Good Improving Compound annual revenue growth over 3 years	10.5% Good ↑ Good Improving Compound annual revenue growth over 3 years	11.9% Good Good Compound annual revenue growth over 3 years	4.2% Caution Caution Compound annual revenue growth over 3 years	—	—	—	—
Revenue CAGR 5Y (%)	14.5% Excellent ↑ Excellent Improving Compound annual revenue growth over 5 years	11.9% Good ↑ Good Improving Compound annual revenue growth over 5 years	0.7% Weak ↓ Weak Declining Compound annual revenue growth over 5 years	7.5% Fair ↓ Fair Declining Compound annual revenue growth over 5 years	11.1% Good → Good Stable Compound annual revenue growth over 5 years	5.8% Fair ↓ Fair Declining Compound annual revenue growth over 5 years	12.5% Excellent ↓ Excellent Declining Compound annual revenue growth over 5 years	15.1% Excellent ↑ Excellent Improving Compound annual revenue growth over 5 years	14.9% Excellent ↑ Excellent Improving Compound annual revenue growth over 5 years	12.9% Excellent ↑ Excellent Improving Compound annual revenue growth over 5 years	14.7% Excellent ↑ Excellent Improving Compound annual revenue growth over 5 years	13.3% Excellent Excellent Compound annual revenue growth over 5 years	6.6% Fair Fair Compound annual revenue growth over 5 years	—	—	—	—	—	—
EPS CAGR 3Y (%)	—	—	97.0% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	32.8% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	7.2% Fair ↓ Fair Declining Compound annual EPS growth over 3 years	-33.8% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	49.8% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	20.4% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	13.4% Good ↑ Good Improving Compound annual EPS growth over 3 years	-20.5% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	-0.4% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	7.1% Fair ↓ Fair Declining Compound annual EPS growth over 3 years	17.7% Excellent ↓ Excellent Declining Compound annual EPS growth over 3 years	74.9% Excellent Excellent Compound annual EPS growth over 3 years	3.1% Caution Caution Compound annual EPS growth over 3 years	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗
Operating Margin (%) (%)	1.5% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-88%)	-43.0% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-458%)	6.4% Caution ↓ Caution Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-46%)	14.7% Fair ↑ Fair Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+23%)	9.6% Caution ↑ Caution Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-20%)	5.8% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-51%)	8.4% Caution → Caution Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-30%)	9.2% Caution ↑ Caution Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-23%)	9.3% Caution → Caution Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-22%)	6.1% Caution ↓ Caution Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-49%)	8.5% Caution ↓ Caution Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-29%)	12.3% Fair ↓ Fair Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	12.9% Fair → Fair Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+8%)	14.3% Fair ↑ Fair Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+19%)	14.4% Fair ↑ Fair Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+20%)	11.1% Caution ↑ Caution Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-7%)	4.4% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-63%)	14.8% Fair Fair Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+23%)	—
Effective Tax Rate (%) (%)	3.7% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	10.0% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	24.4% Fair → Fair Stable Actual taxes paid relative to pre-tax income Optimal: 15-25%	26.0% Caution ↑ Caution Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	25.1% Caution Caution Actual taxes paid relative to pre-tax income Optimal: 15-25%	23.9% Fair Fair Actual taxes paid relative to pre-tax income Optimal: 15-25%	—	—	—	—	—	—	—	—	—	—	—	—	—
Profit Margin (%) (%)	-4.3% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-154%)	-33.0% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-513%)	12.2% Fair ↑ Fair Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+53%)	11.5% Fair ↑ Fair Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+44%)	6.4% Caution ↑ Caution Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-20%)	1.9% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-77%)	6.2% Caution ↑ Caution Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-23%)	7.0% Caution ↑ Caution Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-13%)	7.5% Caution ↑ Caution Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-7%)	2.8% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-65%)	5.8% Caution ↓ Caution Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-28%)	7.8% Caution ↓ Caution Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	8.3% Caution → Caution Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	9.0% Caution ↑ Caution Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+13%)	8.8% Caution ↑ Caution Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+10%)	6.6% Caution ↑ Caution Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-17%)	2.3% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-71%)	9.0% Caution Caution Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+12%)	—
FCF Margin (%) (%)	—	—	—	—	—	—	9.3% Caution ↑ Caution Improving Free cash flow as a percentage of revenue Optimal: > 10%	8.3% Caution ↑ Caution Improving Free cash flow as a percentage of revenue Optimal: > 10%	5.6% Caution ↓ Caution Declining Free cash flow as a percentage of revenue Optimal: > 10%	9.0% Caution ↑ Caution Improving Free cash flow as a percentage of revenue Optimal: > 10%	4.7% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	6.7% Caution ↓ Caution Declining Free cash flow as a percentage of revenue Optimal: > 10%	8.5% Caution → Caution Stable Free cash flow as a percentage of revenue Optimal: > 10%	8.1% Caution → Caution Stable Free cash flow as a percentage of revenue Optimal: > 10%	10.4% Fair ↑ Fair Improving Free cash flow as a percentage of revenue Optimal: > 10%	8.0% Caution ↑ Caution Improving Free cash flow as a percentage of revenue Optimal: > 10%	7.0% Caution Caution Free cash flow as a percentage of revenue Optimal: > 10%	6.8% Caution Caution Free cash flow as a percentage of revenue Optimal: > 10%	—
FCF / Net Income (x)	—	—	—	—	—	—	1.50x Excellent ↓ Excellent Declining Free cash flow relative to reported net income Optimal: > 1x	1.20x Fair ↓ Fair Declining Free cash flow relative to reported net income Optimal: > 1x	0.75x Caution ↓ Caution Declining Free cash flow relative to reported net income Optimal: > 1x	3.19x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	0.81x Caution ↓ Caution Declining Free cash flow relative to reported net income Optimal: > 1x	0.85x Caution ↓ Caution Declining Free cash flow relative to reported net income Optimal: > 1x	1.02x Fair ↓ Fair Declining Free cash flow relative to reported net income Optimal: > 1x	0.90x Caution ↓ Caution Declining Free cash flow relative to reported net income Optimal: > 1x	1.18x Fair ↓ Fair Declining Free cash flow relative to reported net income Optimal: > 1x	1.21x Good ↓ Good Declining Free cash flow relative to reported net income Optimal: > 1x	2.99x Excellent Excellent Free cash flow relative to reported net income Optimal: > 1x	0.76x Caution Caution Free cash flow relative to reported net income Optimal: > 1x	—

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗
Return on Invested Capital (%)	1.9% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-50.9% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	8.7% Fair ↓ Fair Declining Return earned on debt + equity capital invested Optimal: > 10%	22.5% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	15.9% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	8.5% Fair ↓ Fair Declining Return earned on debt + equity capital invested Optimal: > 10%	14.6% Good ↑ Good Improving Return earned on debt + equity capital invested Optimal: > 10%	16.1% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	15.0% Good ↑ Good Improving Return earned on debt + equity capital invested Optimal: > 10%	9.5% Fair ↓ Fair Declining Return earned on debt + equity capital invested Optimal: > 10%	12.0% Good ↓ Good Declining Return earned on debt + equity capital invested Optimal: > 10%	16.4% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	15.3% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	18.8% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	21.2% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	13.9% Good ↓ Good Declining Return earned on debt + equity capital invested Optimal: > 10%	5.3% Caution Caution Return earned on debt + equity capital invested Optimal: > 10%	25.7% Excellent Excellent Return earned on debt + equity capital invested Optimal: > 10%	—
Return on Capital (%) (%)	1.3% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-37.9% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	3.0% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	20.5% Excellent ↑ Excellent Improving Operating profit relative to total assets Optimal: > 10%	14.3% Good ↑ Good Improving Operating profit relative to total assets Optimal: > 10%	7.1% Fair ↓ Fair Declining Operating profit relative to total assets Optimal: > 10%	12.0% Good ↓ Good Declining Operating profit relative to total assets Optimal: > 10%	16.1% Excellent ↑ Excellent Improving Operating profit relative to total assets Optimal: > 10%	15.7% Excellent ↑ Excellent Improving Operating profit relative to total assets Optimal: > 10%	9.4% Fair ↓ Fair Declining Operating profit relative to total assets Optimal: > 10%	11.7% Good ↓ Good Declining Operating profit relative to total assets Optimal: > 10%	17.9% Excellent ↓ Excellent Declining Operating profit relative to total assets Optimal: > 10%	16.7% Excellent ↓ Excellent Declining Operating profit relative to total assets Optimal: > 10%	20.9% Excellent ↑ Excellent Improving Operating profit relative to total assets Optimal: > 10%	22.6% Excellent ↑ Excellent Improving Operating profit relative to total assets Optimal: > 10%	15.4% Excellent Excellent Operating profit relative to total assets Optimal: > 10%	5.9% Caution Caution Operating profit relative to total assets Optimal: > 10%	—	—
Return on Common Equity (%) (%)	-95.1% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-734%)	—	21.9% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+46%)	27.3% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+82%)	17.8% Good ↑ Good Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+19%)	4.3% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-71%)	15.1% Good ↑ Good Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: At sector avg	16.6% Good ↑ Good Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+11%)	16.4% Good ↑ Good Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+9%)	5.5% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-63%)	10.9% Fair ↓ Fair Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-27%)	13.2% Fair ↓ Fair Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-12%)	12.5% Fair ↓ Fair Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-17%)	15.0% Fair ↑ Fair Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: At sector avg	16.5% Good ↑ Good Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+10%)	12.5% Fair → Fair Stable Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-17%)	4.4% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-71%)	19.7% Good Good Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+31%)	—

⚖️ Is the balance sheet risky? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗
Debt to Equity (x)	14.89x Weak ↑ Weak Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+2027%)	8.31x Weak ↑ Weak Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+1087%)	0.00x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-100%)	0.15x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-78%)	0.26x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-62%)	0.21x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-71%)	0.12x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-83%)	0.09x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-88%)	0.08x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-89%)	0.00x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-100%)	0.05x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-92%)	0.00x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-100%)	—	—	0.00x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-100%)	0.20x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-72%)	0.22x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-68%)	—	—
Interest Coverage (x)	0.22x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	-6.48x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	7.40x Good ↓ Good Declining Operating income divided by interest expense Optimal: > 5x	48.19x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	37.95x Excellent ↓ Excellent Declining Operating income divided by interest expense Optimal: > 5x	16.14x Excellent ↓ Excellent Declining Operating income divided by interest expense Optimal: > 5x	43.83x Excellent ↓ Excellent Declining Operating income divided by interest expense Optimal: > 5x	68.44x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	89.96x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	37.56x Excellent ↓ Excellent Declining Operating income divided by interest expense Optimal: > 5x	39.95x Excellent ↓ Excellent Declining Operating income divided by interest expense Optimal: > 5x	158.04x Excellent → Excellent Stable Operating income divided by interest expense Optimal: > 5x	158.56x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	213.64x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	124.57x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	73.62x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	27.69x Excellent Excellent Operating income divided by interest expense Optimal: > 5x	56.86x Excellent Excellent Operating income divided by interest expense Optimal: > 5x	—
Net Debt (USD)	$1.58B	$1.57B	$-121.97M	$62.26M	$119.65M	$72.14M	$2.59M	$21.62M	$36.33M	$-8.51M	$-5.77M	$-41.43M	$-127.37M	$-112.18M	$-58.80M	$-24.50M	$7.96M	$-22.09M	$-4.91M
Debt / EBITDA (x)	8.92x Weak ↑ Weak Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-1.82x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.00x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.37x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.79x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	1.01x Good ↑ Good Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.42x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.29x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.27x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.00x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.23x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.00x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—	—	0.00x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.67x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-42.66x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—	—

📊 What does each share earn? 8 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗
Revenue per Share (USD)	$81.23	$89.84	$52.90	$62.71	$61.22	$45.95	$50.02	$45.43	$39.15	$32.44	$31.21	$25.52	$21.65	$20.18	$18.46	$16.70	—	—	—
Basic EPS, GAAP (USD)	$-3.51	$-30.63	$6.42	$7.17	$3.87	$0.84	$3.06	$3.14	$2.90	$0.91	$1.80	$1.99	$1.81	$1.82	$1.62	$1.11	$0.34	$1.48	—
Free Cash Flow per Share (USD)	—	—	—	—	—	—	$4.64	$3.79	$2.18	$2.91	$1.47	$1.71	$1.84	$1.63	$1.92	$1.34	—	—	—
Dividend per Share (USD)	$0.00	$0.00	$0.96	$0.96	$0.84	$0.75	$0.72	$0.63	$0.60	$0.51	$0.48	$0.48	$0.40	$0.34	$0.28	$0.28	$0.28	$0.28	—
Book Value per Share (USD)	$3.62	$6.78	$29.77	$26.73	$22.01	$20.04	$20.72	$19.39	$18.09	$16.59	$16.70	$15.32	$14.28	$12.05	$10.05	$8.82	—	—	—
Tangible Book Value per Share (USD)	$-42.01	$-44.36	$13.66	$12.61	$6.38	$5.76	$8.20	$8.43	$7.80	$6.90	$5.78	$8.15	$10.07	$9.80	$7.60	$6.25	—	—	—
Basic Weighted Avg Shares (shares)	30.72M	27.54M	25.91M	26.78M	27.16M	27.63M	28.20M	29.08M	29.87M	30.28M	30.73M	30.60M	30.14M	28.97M	29.05M	28.98M	28,928	28,808	—
Dividend Payout Ratio (%)	0.0% Excellent ↓ Excellent Declining Dividends paid as a percentage of earnings Optimal: 30-60%	0.0% Excellent ↓ Excellent Declining Dividends paid as a percentage of earnings Optimal: 30-60%	15.0% Excellent ↓ Excellent Declining Dividends paid as a percentage of earnings Optimal: 30-60%	13.4% Excellent ↓ Excellent Declining Dividends paid as a percentage of earnings Optimal: 30-60%	21.7% Excellent ↓ Excellent Declining Dividends paid as a percentage of earnings Optimal: 30-60%	89.3% Caution ↑ Caution Improving Dividends paid as a percentage of earnings Optimal: 30-60%	23.5% Excellent ↓ Excellent Declining Dividends paid as a percentage of earnings Optimal: 30-60%	20.1% Excellent ↓ Excellent Declining Dividends paid as a percentage of earnings Optimal: 30-60%	20.7% Excellent ↓ Excellent Declining Dividends paid as a percentage of earnings Optimal: 30-60%	56.0% Fair ↑ Fair Improving Dividends paid as a percentage of earnings Optimal: 30-60%	26.7% Excellent ↑ Excellent Improving Dividends paid as a percentage of earnings Optimal: 30-60%	24.1% Excellent ↑ Excellent Improving Dividends paid as a percentage of earnings Optimal: 30-60%	22.1% Excellent ↑ Excellent Improving Dividends paid as a percentage of earnings Optimal: 30-60%	18.7% Excellent ↓ Excellent Declining Dividends paid as a percentage of earnings Optimal: 30-60%	17.3% Excellent ↓ Excellent Declining Dividends paid as a percentage of earnings Optimal: 30-60%	25.2% Excellent ↓ Excellent Declining Dividends paid as a percentage of earnings Optimal: 30-60%	82.4% Caution Caution Dividends paid as a percentage of earnings Optimal: 30-60%	18.9% Excellent Excellent Dividends paid as a percentage of earnings Optimal: 30-60%	—

🏦 How resilient is the balance sheet? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗
Working Capital (USD)	$92.68M	$88.45M	$109.93M	$134.92M	$118.11M	$74.28M	$99.15M	$126.36M	$101.50M	$58.34M	$64.41M	$104.03M	$185.75M	$170.48M	$105.79M	$118.36M	$77.44M	—	—
LT Debt (USD)	$1.69B	$1.68B	$0.00	$108.08M	$156.97M	$112.40M	$67.34M	$47.28M	$40.22M	$0.00	$27.54M	$0.00	—	—	$0.00	$50.00M	$50.00M	—	—
Total Equity (USD)	$113.34M	$201.73M	$764.26M	$707.24M	$593.65M	$547.33M	$577.18M	$553.24M	$532.70M	$499.07M	$510.06M	$463.56M	$435.87M	$351.67M	$286.90M	$256.09M	$224.51M	$216.43M	$171.73M

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗
Sales/Revenue/Turnover (USD)	$2.50B	$2.47B	$1.37B	$1.68B	$1.66B	$1.27B	$1.41B	$1.32B	$1.17B	$982.53M	$959.12M	$780.96M	$652.48M	$584.45M	$536.40M	$483.94M	$417.41M	$474.44M	—
Depreciation Expense (USD)	$152.64M	$143.98M	$57.41M	$42.55M	$39.55M	$37.12M	$42.11M	$42.18M	$41.05M	$38.21M	$37.16M	$31.13M	$23.58M	$21.02M	$20.99M	$20.45M	$-19.72M	$-16.61M	—
Net Income, GAAP (USD)	$-107.80M	$-816.97M	$167.35M	$193.19M	$105.86M	$23.73M	$87.10M	$92.05M	$87.25M	$27.67M	$55.58M	$61.17M	$54.47M	$52.67M	$47.20M	$32.04M	$9.80M	$42.54M	—
Operating Cash Flow (USD)	—	—	—	—	—	—	$159.02M	$152.55M	$103.36M	$130.35M	$85.72M	$91.66M	$90.84M	$68.59M	$76.96M	$53.99M	$50.18M	$59.08M	—

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bar_chart Data from SEC EDGAR XBRL filings

Synced 4 days ago 19 years · 71 quarters

FORWARD AIR CORP

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