Forward Air Corporation (FWRD) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-630.4%

-$97.16

vs $18.32 price

Levered DCF

$101.59

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.5

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-7.18×	-1.1×	142.89×	14.61×	31.29×	90.4×	22.86×	17.3×
P/B	6.83×	4.4×	2.13×	3.97×	5.54×	3.88×	3.42×	2.88×
P/S	0.31×	0.36×	1.19×	1.67×	2.37×	1.67×	1.62×	1.21×
EV / EBITDA	15.19×	-3.2×	23.71×	10.44×	19.62×	20.95×	14.02×	9.85×
Gross margin	20.5%	13.7%	24.1%	29.3%	22.6%	18.0%	20.9%	20.1%
Operating margin	1.5%	-43.0%	6.4%	14.7%	10.6%	5.8%	9.3%	9.2%
Net margin	-4.3%	-33.0%	12.2%	11.5%	7.6%	1.9%	7.2%	7.0%
Current ratio	1.22×	1.23×	1.46×	1.8×	1.72×	1.43×	1.72×	2.69×
Debt / equity	19.05×	10.64×	2.55×	0.38×	0.54×	0.44×	0.31×	0.09×
Interest coverage	0.2×	-5.62×	2.79×	48.19×	33.89×	16.21×	41.47×	68.44×
Dividend yield	0.0%	0.0%	1.5%	0.9%	0.7%	1.0%	1.0%	1.2%
Payout ratio	0.0%	0.0%	14.9%	13.4%	21.7%	87.9%	23.5%	20.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-95.1%	-405.0%	21.9%	27.3%	17.8%	4.3%	15.1%	16.6%
Return on invested capital	1.4%	-37.8%	2.4%	16.8%	10.9%	6.1%	9.5%	13.6%
Return on assets	-3.9%	-29.1%	5.6%	16.0%	9.5%	2.3%	8.8%	12.1%
Free cash flow yield	2.0%	-12.7%	9.2%	7.8%	2.5%	3.0%	6.9%	6.9%
Earnings yield	-13.9%	-92.0%	10.3%	6.9%	3.2%	1.1%	4.4%	5.8%
Enterprise value	$2.8B	$2.9B	$3.5B	$3B	$3.6B	$2.3B	$2.1B	$1.6B
Net debt / EBITDA	11.03×	-2.23×	12.53×	0.76×	1.55×	1.83×	0.77×	0.13×
Cash conversion cycle (days)	29	30	26	26	42	32	32	33