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Forward Air FWRD Return on invested capital

Return on invested capital at other companies

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C.H. Robinson WorldwideCHRW
19.9%+2.6pp
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8.2%+1.6pp
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United Parcel Service, Inc.UPS
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XPO
XPOXPO
8.8%-1.2pp
RXO logo
RXORXO
-3.4%-0.6pp

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.

Based on trailing twelve months.

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 return on invested capital?
Forward Air (FWRD) reported return on invested capital of 2.6% in Q1 2026.
How has Forward Air's return on invested capital changed year-over-year?
Forward Air's return on invested capital increased by 106.0% year-over-year, from -42.8% to 2.6%.
What is the long-term trend for Forward Air's return on invested capital?
Over 3 years (2020 to 2025), Forward Air's return on invested capital has grown at a -38.1% compound annual growth rate (CAGR), from 7.4% to 1.8%.
What does return on invested capital mean?
Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.