What is Forward Air's net debt / EBITDA?

Forward Air (FWRD) reported net debt / EBITDA of 9.6× in Q1 2026.

What is the long-term trend for Forward Air's net debt / EBITDA?

Over 4 years (2020 to 2025), Forward Air's net debt / EBITDA has grown at a 52.7% compound annual growth rate (CAGR), from 2× to 10.8×.

What does net debt / EBITDA mean?

Net debt (total debt minus cash) divided by trailing-twelve-month EBITDA. Expresses leverage in years — roughly how long it would take to repay net debt out of operating cash earnings.

Forward Air FWRD Net debt / EBITDA

Net debt / EBITDA at other companies

Old Dominion Freight LineODFL

-0.1×-0.2×

C.H. Robinson WorldwideCHRW

1.7×-0.3×

FedExFDX

3.5×0.0×

United Parcel Service, Inc.UPS

-0×-0.1×

XPO

XPOXPO

3.3×-0.2×

RXORXO

21×-2.6×

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

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.

net debt/ebitda=9.6×

Based on the most recent quarter.

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 net debt / EBITDA?: Forward Air (FWRD) reported net debt / EBITDA of 9.6× in Q1 2026.
What is the long-term trend for Forward Air's net debt / EBITDA?: Over 4 years (2020 to 2025), Forward Air's net debt / EBITDA has grown at a 52.7% compound annual growth rate (CAGR), from 2× to 10.8×.
What does net debt / EBITDA mean?: Net debt (total debt minus cash) divided by trailing-twelve-month EBITDA. Expresses leverage in years — roughly how long it would take to repay net debt out of operating cash earnings.