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Ratios
Asset Utilization RatioAssets AverageDebt RatioDebt to EquityEBIT MarginEBITDA MarginEBT MarginEnterprise ValueEquity AverageEquity RatioFCF MarginGross MarginInterest Coverage RatioInvested CapitalNet MarginOperating MarginReturn on AssetsReturn on Capital EmployedReturn on EquityReturn on Invested CapitalReturn on SalesTimes Interest Earned

Forward Air (FWRD) Operating Margin (2016 - 2025)

Forward Air's Operating Margin history spans 17 years, with the latest figure at 0.45% for Q4 2025.

  • For Q4 2025, Operating Margin fell 1244.0% year-over-year to 0.45%; the TTM value through Dec 2025 reached 1.46%, up 4442.0%, while the annual FY2025 figure was 1.46%, 4442.0% up from the prior year.
  • Operating Margin reached 0.45% in Q4 2025 per FWRD's latest filing, down from 2.38% in the prior quarter.
  • In the past five years, Operating Margin ranged from a high of 21.49% in Q4 2021 to a low of 170.24% in Q2 2024.
  • Average Operating Margin over 5 years is 1.46%, with a median of 7.08% recorded in 2021.
  • Peak YoY movement for Operating Margin: crashed -17813bps in 2024, then surged 17339bps in 2025.
  • A 5-year view of Operating Margin shows it stood at 21.49% in 2021, then crashed by -50bps to 10.68% in 2022, then tumbled by -92bps to 0.89% in 2023, then skyrocketed by 1252bps to 11.99% in 2024, then tumbled by -104bps to 0.45% in 2025.
  • Per Business Quant, the three most recent readings for FWRD's Operating Margin are 0.45% (Q4 2025), 2.38% (Q3 2025), and 3.15% (Q2 2025).