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Forward Air FWRD Free cash flow margin

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-1.4%

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%
Enterprise value$2.46B-9.2%
P/S0.2×-0.1×

Profitability

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Gross margin48.7%
Operating margin2.2%+1.1pp
Net margin-3.7%-1.7pp

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.

Based on trailing twelve months.

The official record: Forward Air’s 10-Q, filed November 5, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is Forward Air's free cash flow margin?
Forward Air (FWRD) reported free cash flow margin of 0.6% in Q3 2025.
How has Forward Air's free cash flow margin changed year-over-year?
Forward Air's free cash flow margin increased by 112.4% year-over-year, from -5.1% to 0.6%.
What is the long-term trend for Forward Air's free cash flow margin?
Over 4 years (2020 to 2024), Forward Air's free cash flow margin has grown at a 4.1% compound annual growth rate (CAGR), from 6% to -7%.
What does free cash flow margin mean?
Free cash flow (operating cash flow minus capital expenditures) as a percentage of revenue, trailing twelve months. Measures how efficiently revenue converts into discretionary cash.