Forward Air (FWRD) Return on Invested Capital [ROIC] (2010 - 2026)
Forward Air's Return on Invested Capital [ROIC] came in at -9.78% for Q2 2026, down 16.19 percentage points from 6.40% a year earlier and down 12.17 percentage points from the prior quarter.
Powered by 
Analysis
Forward Air (FWRD) Return on Invested Capital [ROIC] (2010 - 2026) Analysis & Trends
For FY2025, Forward Air's Return on Invested Capital [ROIC] was 1.83%, up 71.26 percentage points from FY2024.
- Return on Invested Capital [ROIC] carries a five-year change of -6.77 percentage points (FY2020 to FY2025).
- Going back by year, Return on Invested Capital [ROIC] was -69.43% in FY2024 (-77.76 pp), 8.33% in FY2023 (-14.88 pp), 23.22% in FY2022 (+7.67 pp) and 15.55% in FY2021 (+6.94 pp).
- The Q2 2026 figure represents the lowest quarterly Return on Invested Capital [ROIC] since Q1 2025.
- Year-over-year, Return on Invested Capital [ROIC] increased in four of the last eight quarters, with an average year-over-year change of +2.45 percentage points.
- The fastest year-over-year change in Return on Invested Capital [ROIC] over five years came in Q3 2025 (a gain of 53.21 percentage points), and the weakest in Q3 2024 (a drop of 58.79 percentage points).
- Business Quant data shows FWRD's Return on Invested Capital [ROIC] at 2.39% (Q1 2026), 1.87% (Q4 2025) and 6.04% (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROIC (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 165.28 Bn | 159.81 Bn | - | 15.51% |
| 2 | Csx | 87.86 Bn | 84.08 Bn | - | 11.65% |
| 3 | Canadian Pacific Kansas City | 75.56 Bn | 75.27 Bn | - | 5.85% |
| 4 | Norfolk Southern | 71.27 Bn | 65.91 Bn | - | 9.62% |
| 5 | United Parcel Service | 69.70 Bn | 46.62 Bn | - | 12.85% |
| 6 | Fedex | 68.71 Bn | 34.65 Bn | - | 7.44% |
| 7 | Delta Air Lines | 55.32 Bn | 37.50 Bn | - | 11.82% |
| 8 | Old Dominion Freight Line | 37.44 Bn | 36.71 Bn | - | 24.14% |
| 9 | United Airlines Holdings | 36.52 Bn | -19.85 Bn | - | 9.15% |
| 10 | Forward Air | 536.74 Mn | 2.68 Mn | - | -9.78% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -9.78% |
| Mar 31, 2026 | 2.39% |
| Dec 31, 2025 | 1.87% |
| Sep 30, 2025 | 6.04% |
| Jun 30, 2025 | 6.40% |
| Mar 31, 2025 | -47.13% |
| Dec 31, 2024 | -47.77% |
| Sep 30, 2024 | -47.17% |
| Jun 30, 2024 | -38.08% |
| Mar 31, 2024 | -1.09% |
| Dec 31, 2023 | 8.46% |
| Sep 30, 2023 | 11.62% |
| Jun 30, 2023 | 16.71% |
| Mar 31, 2023 | 21.02% |
| Dec 31, 2022 | 22.61% |
| Sep 30, 2022 | 22.58% |
| Jun 30, 2022 | 20.16% |
| Mar 31, 2022 | 17.77% |
| Dec 31, 2021 | 14.94% |
| Sep 30, 2021 | 13.48% |
API Access
Forward Air Return on Invested Capital [ROIC] 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-invested-capital-%5Broic%5D&ticker=FWRD&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-invested-capital-[roic]", "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-invested-capital-%5Broic%5D&ticker=FWRD&period=max&api_key=YOUR_API_KEY");
const data = await res.json();