Forward Air (FWRD) Return on Capital Employed [ROCE] (2010 - 2026)
Forward Air's Return on Capital Employed [ROCE] was -7.99% in Q2 2026, down 13.14 percentage points from 5.15% a year earlier and down 10.29 percentage points from the prior quarter.
Powered by 
Analysis
Forward Air (FWRD) Return on Capital Employed [ROCE] (2010 - 2026) Analysis & Trends
For FY2025, Return on Capital Employed [ROCE] at Forward Air came in at 1.56%, up 43.96 percentage points from FY2024.
- Return on Capital Employed [ROCE] shows a five-year change of -7.16 percentage points (FY2020 to FY2025).
- In earlier years, Return on Capital Employed [ROCE] was -42.40% in FY2024 (-47.15 pp), 4.75% in FY2023 (-20.17 pp), 24.92% in FY2022 (+8.90 pp) and 16.02% in FY2021 (+7.29 pp).
- The Q2 2026 figure marks the lowest quarterly Return on Capital Employed [ROCE] since Q1 2025.
- Compared with a year earlier, Return on Capital Employed [ROCE] was higher in four of the last eight quarters, with an average year-over-year change of +2.64 percentage points.
- The best year-over-year quarter for Return on Capital Employed [ROCE] over five years was Q3 2025 (a gain of 48.44 percentage points); the worst was Q3 2024 (a drop of 56.33 percentage points).
- Per Business Quant data, FWRD's Return on Capital Employed [ROCE] in the three quarters before Q2 2026 was 2.30% (Q1 2026), 1.56% (Q4 2025) and 4.97% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROCE (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 165.28 Bn | 159.81 Bn | - | 15.69% |
| 2 | Csx | 87.86 Bn | 84.08 Bn | - | 12.29% |
| 3 | Canadian Pacific Kansas City | 75.56 Bn | 75.27 Bn | - | 6.84% |
| 4 | Norfolk Southern | 71.27 Bn | 65.91 Bn | - | 9.67% |
| 5 | United Parcel Service | 69.70 Bn | 46.62 Bn | - | 11.61% |
| 6 | Fedex | 68.71 Bn | 34.65 Bn | - | 7.01% |
| 7 | Delta Air Lines | 55.32 Bn | 37.50 Bn | - | 10.65% |
| 8 | Old Dominion Freight Line | 37.44 Bn | 36.71 Bn | - | 28.03% |
| 9 | United Airlines Holdings | 36.52 Bn | -19.85 Bn | - | 8.86% |
| 10 | Forward Air | 536.74 Mn | 2.68 Mn | - | -7.99% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -7.99% |
| Mar 31, 2026 | 2.30% |
| Dec 31, 2025 | 1.56% |
| Sep 30, 2025 | 4.97% |
| Jun 30, 2025 | 5.15% |
| Mar 31, 2025 | -41.96% |
| Dec 31, 2024 | -41.76% |
| Sep 30, 2024 | -43.47% |
| Jun 30, 2024 | -37.07% |
| Mar 31, 2024 | -0.82% |
| Dec 31, 2023 | 4.77% |
| Sep 30, 2023 | 12.86% |
| Jun 30, 2023 | 18.16% |
| Mar 31, 2023 | 22.58% |
| Dec 31, 2022 | 24.09% |
| Sep 30, 2022 | 24.14% |
| Jun 30, 2022 | 21.20% |
| Mar 31, 2022 | 19.03% |
| Dec 31, 2021 | 15.82% |
| Sep 30, 2021 | 13.95% |
API Access
Forward Air Return on Capital Employed [ROCE] 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=return-on-capital-employed-%5Broce%5D&ticker=FWRD&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-capital-employed-[roce]", "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=return-on-capital-employed-%5Broce%5D&ticker=FWRD&period=max&api_key=YOUR_API_KEY");
const data = await res.json();