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

	TTM Q1 '26	TTM Q4 '25	TTM Q3 '25	TTM Q2 '25	TTM 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
EBITDA margin	8.5%+44.6pp	7.7%+47.9pp	7.6%+54.0pp	7.3%+62.8pp	-36.1%-39.4pp
Returns
Return on equity	-77.6%+71.5pp	-68.4%+101pp	-63.3%+88.9pp	-79.5%+45.1pp	-149.1%-158pp
Return on assets	-3.3%+20.5pp	-3.9%+24.4pp	-4%+28.0pp	-5.9%+22.1pp	-23.8%-26.5pp
Return on invested capital	2.6%—	1.8%—	——	——	——
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×
Quick ratio	1.2×+0.1×	1.2×0.0×	1.2×0.0×	1.2×-0.1×	1.1×-0.2×
Cash ratio	0.3×+0.1×	0.2×0.0×	0.3×0.0×	0.2×0.0×	0.3×-0.1×
Leverage
Debt-to-equity	26.5×+12.6×	19.2×+8.5×	15.4×+6.2×	14.2×+7.0×	13.9×+11.7×
Debt-to-assets	0.8×0.0×	0.8×0.0×	0.8×+0.1×	0.8×+0.1×	0.8×+0.3×
Net debt / EBITDA	9.6×—	——	——	——	——
Interest coverage	0.3×+5.8×	0.2×+6.2×	0.2×+7.1×	0.2×+10.2×	-5.5×-5.2×
Valuation
Market capitalization	$451.92M-33.0%	$781.21M-16.3%	$789.5M-19.5%	$680.57M+35.2%	$610.79M-25.5%
Enterprise value	$2.46B-9.2%	$2.85B-4.7%	$2.81B-4.3%	$2.75B+11.7%	$2.65B-1.9%
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×—	——	——	——	——
EV / sales	1×-0.1×	1.1×-0.1×	1.1×-0.2×	1.1×-0.2×	1×-0.7×
Earnings yield	-20.2%+99.2pp	-13.8%+73.7pp	-14.7%+54.5pp	-25.4%+93.0pp	-131.9%-140pp

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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.