What are Forward Air's profit margins?

Forward Air (FWRD) runs a 48.7% gross margin and a 2.2% operating margin, with a -3.7% net margin.

Where do Forward Air's ratios come from?

Every ratio is computed from Forward Air's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.

Forward Air FWRD Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	Q1 '26	Q4 '25	Q3 '25	Q2 '25	Q1 '25
Profitability
Operating margin	2.2%+44.2pp	1.6%+47.6pp	1.6%+53.7pp	1.9%+63.4pp	-42%-40.4pp
Net margin	-3.7%+27.9pp	-4.3%+28.7pp	-4.6%+26.5pp	-6.9%+25.1pp	-31.7%-36.1pp
Returns
Return on equity	-77.6%+71.5pp	-68.4%+101pp	-63.3%+88.9pp	-79.5%+45.1pp	-149.1%-158pp
Return on invested capital	2.6%+45.3pp	1.8%—	1.8%+74.9pp	2.1%+74.0pp	-42.8%-41.5pp
Efficiency
Asset turnover	0.9×+0.1×	0.9×0.0×	0.9×-0.2×	0.9×0.0×	0.8×+0.2×
Liquidity
Current ratio	1.2×+0.1×	1.2×0.0×	1.2×0.0×	1.2×-0.1×	1.1×-0.2×
Leverage
Debt-to-equity	26.5×+12.6×	19.2×+8.5×	15.4×+6.2×	14.2×+7.0×	13.9×+11.7×
Net debt / EBITDA	9.6×—	10.8×—	10.7×—	11.2×—	——
Valuation
Market capitalization	$451.92M-33.0%	$781.21M-16.3%	$789.5M-19.5%	$680.57M+35.2%	$610.79M-25.5%
Price / sales	0.2×-0.1×	0.3×-0.1×	0.3×-0.1×	0.3×0.0×	0.2×-0.3×
Price / book	5.6×+1.2×	6.9×+2.3×	5.6×+1.3×	4.5×+2.7×	3.9×+3.1×
EV / EBITDA	11.8×—	14.9×—	14.9×—	14.9×—	——

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Questions, answered.

What are Forward Air's profit margins?: Forward Air (FWRD) runs a 48.7% gross margin and a 2.2% operating margin, with a -3.7% net margin.
Where do Forward Air's ratios come from?: Every ratio is computed from Forward Air's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.