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Forward Air FWRD Debt-to-equity

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Other financials

Income statement

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Revenue$673.0M+8.8%
Operating income-$201.3M-1,131%
Net income-$207.3M-1,547%
EPS (diluted)-$6.38-1,456%

Balance sheet

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Cash & equivalents$139.4M+46.3%
Total debt$2.1B-2.4%
Total equity-$115.4M-176%
Total assets$2.4B-12.7%

Cash flow

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Operating cash flow$45.7M+65.6%
CapEx$3.2M-32.3%
Free cash flow$38.8M+147%

Valuation

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Market cap$653.66M-24.8%
Enterprise value$2.62B-10.6%
P/S0.3×-0.1×

Profitability

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Gross margin48.7%
Operating margin-6.6%-8.5pp
Net margin-11.4%+21.6pp
FCF margin0.6%+0.3pp

Returns & leverage

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Return on equity-77.6%-25.2pp
Current ratio1.3×+0.1×

Where this comes from

Calculated from Forward Air’s reported figures.

Based on the most recent quarter.

The source filing: Forward Air’s 10-Q, filed May 11, 2026. Open the filing →

Filed
May 11, 2026, 4:15 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001628280-26-033501

FAQ

What is Forward Air's debt-to-equity?
Forward Air (FWRD) reported debt-to-equity of 26.5× in Q1 2026.
How has Forward Air's debt-to-equity changed year-over-year?
Forward Air's debt-to-equity increased by 90.7% year-over-year, from 13.9× to 26.5×.
What is the long-term trend for Forward Air's debt-to-equity?
Over 5 years (2020 to 2025), Forward Air's debt-to-equity has grown at a 112.0% compound annual growth rate (CAGR), from 0.4× to 19.2×.
What does debt-to-equity mean?
Total debt (including capitalized leases and financing obligations) divided by shareholders' equity at the quarter end. Measures how much the company is financed by debt relative to equity.

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