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

Simplified Detailed

	FY'25	FY'24	FY'23	FY'22
Profitability
Operating margin	1.6%+47.6pp	-46%-52.5pp	6.4%-8.3pp	14.7%+4.1pp
Net margin	-4.3%+28.7pp	-33%-45.2pp	12.2%+0.7pp	11.5%+3.9pp
EBITDA margin	7.7%+47.9pp	-40.2%-50.8pp	10.6%-6.7pp	17.3%+4.2pp
Returns
Return on equity	-68.4%+101pp	-169.1%-192pp	22.7%-7.0pp	29.7%+11.1pp
Return on assets	-3.9%+24.4pp	-28.3%-36.3pp	8%-8.6pp	16.6%+6.8pp
Return on invested capital	1.8%—	——	——	20.2%+6.8pp
Efficiency
Asset turnover	0.9×0.0×	0.9×+0.2×	0.7×-0.8×	1.4×+0.2×
Liquidity
Current ratio	1.2×0.0×	1.2×-0.2×	1.5×-0.3×	1.8×+0.1×
Quick ratio	1.2×0.0×	1.2×-0.2×	1.5×-0.3×	1.8×+0.1×
Cash ratio	0.2×0.0×	0.3×-8.0×	8.2×+8.0×	0.3×0.0×
Leverage
Debt-to-equity	19.2×+8.5×	10.7×+10.5×	0.2×-0.2×	0.4×-0.1×
Debt-to-assets	0.8×0.0×	0.8×+0.7×	0.1×-0.2×	0.2×-0.1×
Net debt / EBITDA	10.8×—	——	-12.3×-13.1×	0.8×-0.8×
Interest coverage	0.2×+6.2×	-6×-8.8×	2.8×-45.4×	48.2×+14.3×
Valuation
Market capitalization	$451.92M-33.0%	$933.78M-42.1%	$1.61B-42.2%	$2.79B-14.6%
Enterprise value	$2.46B-9.2%	$2.99B+1,731%	-$183.38M-106%	$3.02B-14.8%
Price / sales	0.2×-0.1×	0.4×-0.8×	1.2×-0.5×	1.7×-0.7×
Price / book	5.6×+1.2×	4.6×+2.5×	2.1×-1.8×	3.9×-1.6×
EV / EBITDA	11.8×—	——	-1.3×-11.7×	10.4×-9.1×
EV / sales	1×-0.1×	1.2×+1.3×	-0.1×-1.9×	1.8×-0.8×
Earnings yield	-20.2%+99.2pp	-87.5%-97.9pp	10.4%+3.4pp	6.9%+3.7pp
Dividend yield	0%—	0%-1.5pp	1.5%+0.6pp	0.9%+0.2pp

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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.