Forward Air (FWRD) Financial Ratios: P/E, ROE & More

Forward Air (FWRD) Financial Ratios

For fiscal 2025 (fiscal year ended Dec 31, 2025), Forward Air had return on equity of -63.3% (up from -214.2%), debt-to-equity of 13.36 (up from 7.51), a current ratio of 1.22 (down from 1.23) and return on assets of 2.0% (up from 1.0%). A current ratio of 1.22 means current assets exceed current liabilities.

Forward Air Financial Ratios Analysis

Valuation, profitability, leverage, and liquidity ratios

Income Statement Balance Sheet Cash Flow Ratios

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Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Valuation Ratios
P/E Ratio	-	-	9.69	14.52	31.05	90.53
Forward P/E	108.80	88.18	14.52	14.06	23.85	26.93
P/S Ratio	0.31	0.38	1.18	1.66	2.35	1.67
P/B Ratio	4.83	3.27	2.11	3.94	5.50	3.86
Price/Tangible Book	-	-	4.70	8.36	18.96	13.44
Price/FCF	51.17	-	10.71	12.69	39.87	32.82
Price/OCF	17.60	-	8.89	10.77	27.14	24.96
PEG Ratio	32.65	32.65	0.73	1.65	1.56	1.56
Enterprise Value Ratios
EV/Revenue	1.14	1.21	1.38	1.80	2.54	1.82
EV/EBITDA	11.87	15.69	12.99	10.50	19.59	21.15
EV/EBIT	32.55	63.84	21.44	12.20	23.93	31.18
EV/FCF	186.87	-	12.55	13.74	42.97	35.80
Profitability & Returns
Return on Equity (ROE)	-63.34%	-214.23%	5.82%	27.58%	18.74%	9.39%
Return on Assets (ROA)	1.98%	1.01%	2.63%	13.31%	8.49%	4.53%
Return on Invested Capital (ROIC)	3.86%	1.91%	3.79%	20.31%	13.54%	7.80%
Return on Capital Employed (ROCE)	3.80%	1.90%	3.20%	23.80%	15.40%	8.40%
Leverage & Solvency Ratios
Debt/Equity	13.36	7.51	2.55	0.38	0.54	0.44
Debt/EBITDA	2.67	2.83	3.04	0.37	0.53	0.48
Debt/FCF	141.45	-	12.91	1.21	3.91	3.78
Liquidity Ratios
Current Ratio	1.22	1.23	1.46	1.80	1.72	1.43
Quick Ratio	1.06	1.11	1.18	1.38	1.54	1.15
Efficiency Ratios
Asset Turnover	0.90	0.86	0.66	1.44	1.28	1.25
Yield & Distribution Ratios
Earnings Yield	-13.80%	-87.49%	10.37%	6.93%	3.24%	1.12%
FCF Yield	1.95%	-12.04%	9.34%	7.88%	2.51%	3.05%
Dividend Yield	-	-	1.53%	0.91%	0.69%	1.01%
Payout Ratio	-	-	14.94%	13.39%	21.70%	87.93%
Buyback Yield	-11.54%	-5.91%	3.43%	1.34%	1.46%	2.16%
Total Return	-11.54%	-5.91%	4.95%	2.25%	2.16%	3.16%

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Forward Air Financial Ratios

What is Forward Air's return on equity?

Forward Air's return on equity (ROE) was -63.3% for fiscal 2025 (period ended Dec 31, 2025). It was -214.2% a year earlier.

What is Forward Air's debt-to-equity ratio?

Forward Air's debt-to-equity ratio was 13.36 for fiscal 2025 (period ended Dec 31, 2025). It was 7.51 a year earlier.

What is return on equity (ROE)?

Return on equity is net income divided by shareholders' equity. It measures how much profit a company generates from the capital its shareholders have invested. Full definition