What is Forward Air's price / book?

Forward Air (FWRD) reported price / book of 6.5× in Q1 2026.

How has Forward Air's price / book changed year-over-year?

Forward Air's price / book increased by 64.8% year-over-year, from 3.9× to 6.5×.

What is the long-term trend for Forward Air's price / book?

Over 5 years (2020 to 2025), Forward Air's price / book has grown at a 12.7% compound annual growth rate (CAGR), from 3.8× to 6.9×.

What does price / book mean?

Market capitalization at the quarter end divided by shareholders' equity. The premium (or discount) the market assigns to the company's book equity.

Forward Air FWRD Price / book

Price / book at other companies

Old Dominion Freight LineODFL

9.3×+1.0×

C.H. Robinson WorldwideCHRW

11.5×+4.5×

FedExFDX

3.1×+1.2×

United Parcel Service, Inc.UPS

5.3×-0.6×

XPO

XPOXPO

12.3×+4.6×

RXORXO

1.6×-0.4×

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

FCF margin0.6%+0.3pp

Returns & leverage

See full

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.

market cap/total stockholders equity=6.5×

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 price / book?: Forward Air (FWRD) reported price / book of 6.5× in Q1 2026.
How has Forward Air's price / book changed year-over-year?: Forward Air's price / book increased by 64.8% year-over-year, from 3.9× to 6.5×.
What is the long-term trend for Forward Air's price / book?: Over 5 years (2020 to 2025), Forward Air's price / book has grown at a 12.7% compound annual growth rate (CAGR), from 3.8× to 6.9×.
What does price / book mean?: Market capitalization at the quarter end divided by shareholders' equity. The premium (or discount) the market assigns to the company's book equity.