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Forward Air FWRD Enterprise value

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Other financials

Income statement

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Revenue$582.0M-5.1%
Operating income$20.4M+329%
Net income-$34.3M+32.2%
EPS (diluted)-$1.09+35.1%

Balance sheet

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Cash & equivalents$141.0M+20.9%
Total debt$2.2B-0.1%
Total equity$81.0M-47.6%
Total assets$2.7B-3.9%

Cash flow

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Operating cash flow$45.7M+65.6%
CapEx$6.9M-41.7%
Free cash flow$38.8M+147%

Valuation

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Market cap$451.92M-33.0%
P/S0.2×-0.1×

Profitability

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Gross margin48.7%—
Operating margin2.2%+1.1pp
Net margin-3.7%-1.7pp
FCF margin0.6%+0.3pp

Returns & leverage

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Return on equity-77.6%-25.2pp
Debt / equity26.5×+12.6×
Current ratio1.2×+0.1×

Where this comes from

Calculated from Forward Air’s reported figures.

$527.3Mmarket cap+$2.2Btotal debt−$141.0Mcash and equivalents=$2.54B

The official record: Forward Air’s 10-Q, filed May 11, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Forward Air's enterprise value?
Forward Air (FWRD) reported enterprise value of $2.54B in Q1 2026.
How has Forward Air's enterprise value changed year-over-year?
Forward Air's enterprise value decreased by 4.2% year-over-year, from $2.65B to $2.54B.
What is the long-term trend for Forward Air's enterprise value?
Over 5 years (2020 to 2025), Forward Air's enterprise value has grown at a 4.5% compound annual growth rate (CAGR), from $2.29B to $2.85B.
What does enterprise value mean?
Market capitalization plus total debt minus cash, at the quarter end. The cost to acquire the whole business — what an buyer pays for equity and debt, net of the cash they'd inherit.