Forward Air (FWRD) Debt Ratio (2009 - 2026)
Forward Air's (FWRD) Debt Ratio was 0.70 for Q2 2026, up 14.2% from 0.62 a year earlier and up 12.0% from the prior quarter.
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Analysis
Forward Air (FWRD) Debt Ratio (2009 - 2026) Analysis & Trends
For FY2025, Debt Ratio at Forward Air was 0.62, up 2.7% from FY2024.
- By year, Debt Ratio came in at 0.60 in FY2024, 0.00 in FY2023 (-95.6%), 0.10 in FY2022 (-33.6%) and 0.14 in FY2021 (+32.6%).
- The Q2 2026 figure ranks as the highest quarterly Debt Ratio in data going back to Q4 2009.
- Year over year, Debt Ratio has now increased in each of the last six quarters, with growth averaging 67.9% over the last seven quarters.
- The high point for year-over-year Debt Ratio in five years was Q3 2024 (growth of 391.7%); the low point was Q4 2023 (a decline of 95.6%).
- Per Business Quant data, the three quarters before Q2 2026 came in at 0.63 (Q1 2026), 0.62 (Q4 2025) and 0.61 (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Debt Ratio (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 162.83 Bn | 157.35 Bn | - | 0.43 |
| 2 | Csx | 86.94 Bn | 83.15 Bn | - | 0.42 |
| 3 | Canadian Pacific Kansas City | 76.07 Bn | 75.78 Bn | - | 0.28 |
| 4 | United Parcel Service | 70.39 Bn | 47.31 Bn | - | 0.34 |
| 5 | Norfolk Southern | 70.35 Bn | 64.99 Bn | - | 0.37 |
| 6 | Fedex | 68.01 Bn | 33.95 Bn | - | 0.26 |
| 7 | Delta Air Lines | 55.83 Bn | 38.01 Bn | - | 0.17 |
| 8 | Old Dominion Freight Line | 36.82 Bn | 36.08 Bn | - | 0.00 |
| 9 | Ryanair Holdings | 28.96 Bn | 12.97 Bn | 3.13 Bn | 0.00 |
| 10 | Forward Air | 506.38 Mn | -27.68 Mn | - | 0.70 |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 0.70 |
| Mar 31, 2026 | 0.63 |
| Dec 31, 2025 | 0.62 |
| Sep 30, 2025 | 0.61 |
| Jun 30, 2025 | 0.62 |
| Mar 31, 2025 | 0.60 |
| Dec 31, 2024 | 0.60 |
| Sep 30, 2024 | 0.55 |
| Jun 30, 2024 | 0.55 |
| Mar 31, 2024 | 0.43 |
| Dec 31, 2023 | 0.00 |
| Sep 30, 2023 | 0.11 |
| Jun 30, 2023 | 0.11 |
| Mar 31, 2023 | 0.13 |
| Dec 31, 2022 | 0.10 |
| Sep 30, 2022 | 0.10 |
| Jun 30, 2022 | 0.13 |
| Mar 31, 2022 | 0.14 |
| Dec 31, 2021 | 0.14 |
| Sep 30, 2021 | 0.15 |
API Access
Forward Air Debt Ratio API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=debt-ratio&ticker=FWRD&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "debt-ratio", "ticker": "FWRD", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=debt-ratio&ticker=FWRD&period=max&api_key=YOUR_API_KEY");
const data = await res.json();