Forward Air Ratios (2009-2025) | FWRD

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Ratios	Jun2009	Sep2009	Dec2009	Mar2010	Jun2010	Sep2010	Dec2010	Mar2011	Jun2011	Sep2011	Dec2011	Mar2012	Jun2012	Sep2012	Dec2012	Mar2013	Jun2013	Sep2013	Dec2013	Mar2014	Jun2014	Sep2014	Dec2014	Mar2015	Jun2015	Sep2015	Dec2015	Mar2016	Jun2016	Sep2016	Dec2016	Mar2017	Jun2017	Sep2017	Dec2017	Mar2018	Jun2018	Sep2018	Dec2018	Mar2019	Jun2019	Sep2019	Dec2019	Mar2020	Jun2020	Sep2020	Dec2020	Mar2021	Jun2021	Sep2021	Dec2021	Mar2022	Jun2022	Sep2022	Dec2022	Mar2023	Jun2023	Sep2023	Dec2023	Mar2024	Jun2024	Sep2024	Dec2024	Mar2025	Jun2025	Sep2025
Profitability
Gross Margin	57.90%	57.81%	58.62%	58.40%	58.49%	57.89%	58.74%	58.14%	58.99%	58.68%	57.93%	56.82%	56.01%	56.03%	58.09%	56.91%	56.04%	55.77%	56.25%	57.13%	57.27%	57.38%	56.87%	56.62%	56.95%	57.73%	58.07%	57.97%	58.40%	57.91%	39.57%	55.09%	53.82%	52.96%	52.03%	53.85%	52.86%	53.09%	68.17%	88.75%	91.76%	91.51%	92.31%	90.72%	91.17%	90.78%	89.60%	89.47%	91.93%	89.78%	93.20%	88.27%	87.05%	85.65%	92.53%	87.89%	88.83%	84.56%	136.94%	79.15%	89.80%	91.53%		90.94%	92.99%	90.37%
EBT Margin	4.76%	6.35%	10.04%	5.52%	10.89%	12.62%	13.92%	10.90%	14.95%	14.88%	15.85%	12.22%	15.51%	13.58%	15.37%	11.09%	14.01%	13.37%	12.76%	9.49%	14.24%	13.24%	11.92%	3.81%	7.71%	9.74%	11.12%	9.07%	-6.25%	9.81%	10.47%	8.94%	10.49%	9.01%	8.44%	7.89%	9.80%	8.87%	8.35%	8.66%	9.41%	9.06%	9.28%	4.88%	4.51%	6.69%	5.57%	5.95%	9.70%	9.89%	21.02%	14.10%	16.81%	16.19%	10.28%	12.54%	7.12%	2.65%	-6.20%	-19.78%	-177.33%	-5.02%		-6.78%	-6.00%	-3.70%
EBIT Margin	4.89%	6.47%	10.20%	5.66%	11.06%	12.76%	14.01%	11.05%	15.04%	14.97%	15.94%	12.25%	15.56%	13.68%	15.45%	11.15%	14.08%	13.44%	12.81%	9.48%	14.24%	13.35%	11.98%	4.01%	7.97%	9.96%	11.32%	9.32%	-6.01%	9.90%	10.66%	9.06%	10.57%	9.11%	8.56%	8.01%	9.95%	9.02%	9.83%	8.87%	9.60%	9.30%	10.28%	5.16%	4.94%	7.08%	5.92%	6.27%	10.01%	10.12%	21.49%	14.29%	17.08%	16.54%	10.68%	13.19%	7.89%	3.43%	0.89%	-12.13%	-170.24%	3.46%		0.78%	3.15%	2.38%
EBITDA Margin	4.89%	6.47%	10.20%	5.66%	11.06%	12.76%	14.01%	11.05%	15.04%	14.97%	15.94%	12.25%	15.56%	13.68%	15.45%	11.15%	14.08%	13.44%	12.81%	9.48%	14.24%	13.35%	11.98%	4.01%	7.97%	9.96%	11.32%	9.32%	-6.01%	9.90%	10.66%	9.06%	10.57%	9.11%	8.56%	10.78%	12.42%	11.45%	10.70%	11.85%	11.85%	11.31%	12.18%	7.12%	7.11%	8.83%	7.55%	3.09%	7.29%	5.61%	25.27%	10.64%	12.54%	12.03%	12.53%	10.17%	5.98%	2.72%	4.49%	-16.42%	-151.04%	-11.16%		-9.93%	-2.55%	-3.76%
Operating Margin	4.89%	6.47%	10.20%	5.66%	11.06%	12.76%	14.01%	11.05%	15.04%	14.97%	15.94%	12.25%	15.56%	13.68%	15.45%	11.15%	14.08%	13.44%	12.81%	9.48%	14.24%	13.35%	11.98%	4.01%	7.97%	9.96%	11.32%	9.32%	-6.01%	9.90%	10.66%	9.06%	10.57%	9.11%	8.56%	8.01%	9.95%	9.02%	9.83%	8.87%	9.60%	9.30%	10.28%	5.16%	4.94%	7.08%	5.92%	6.27%	10.01%	10.12%	21.49%	14.29%	17.08%	16.54%	10.68%	13.19%	7.89%	3.43%	0.89%	-12.13%	-170.24%	3.46%		0.78%	3.15%	2.38%
Net Margin	2.85%	3.67%	5.32%	3.20%	6.48%	7.31%	8.86%	6.55%	9.05%	9.51%	9.75%	7.49%	9.55%	8.55%	10.26%	7.67%	8.65%	8.35%	8.61%	5.95%	8.86%	8.31%	7.96%	2.35%	4.74%	6.35%	9.06%	5.71%	-4.22%	4.78%	4.74%	5.56%	6.93%	6.14%	10.67%	5.86%	7.36%	6.74%	6.79%	0.26%	0.36%	0.36%	0.57%	-0.99%	-2.16%	-0.10%	-5.59%	-1.53%		-1.66%	6.21%	0.55%	0.90%	0.84%	0.98%	0.69%	0.85%	0.82%	34.41%		-0.76%	-0.17%	-0.06%	-9.98%
FCF Margin		5.34%	14.79%	4.46%	4.43%	13.00%	9.66%	6.56%	6.98%	12.83%	14.30%	3.54%	0.50%	13.64%	14.18%	5.95%	0.52%	10.57%	15.56%	0.28%	2.74%	11.02%	11.30%	1.08%	1.75%	13.02%	2.52%	15.14%	4.36%	8.30%	8.41%	13.13%	4.55%	5.63%	0.31%	11.43%	4.48%	9.09%	6.55%	13.42%	3.38%	10.54%	12.18%	9.22%	6.23%	5.52%	3.36%	3.93%	4.01%	6.83%	12.18%	13.11%	9.40%	17.84%	9.80%	15.19%	13.74%	5.52%	14.32%	-10.46%	-9.26%	6.21%	-4.82%	2.56%	-2.90%	7.69%
Efficiency
Assets Average						336.15M	345.30M	358.45M	375.54M	378.90M	357.98M	352.96M	367.77M	378.70M	392.90M	422.70M	457.20M	479.50M	498.54M	520.42M	533.53M	531.22M	534.63M	627.22M	712.24M	704.01M	699.30M	694.49M	666.74M	642.97M	642.78M	641.77M	651.88M	669.83M	684.01M	691.41M	700.75M	727.22M	727.73M	798.94M	870.22M	870.72M	938.73M	1,028.56M	1,069.37M	1,060.35M	1,047.80M	1,031.65M	1,048.87M	1,076.17M	1,094.17M	1,142.31M	1,181.97M	1,191.60M	1,197.07M	1,217.32M	1,205.57M	1,187.58M	2,085.06M	3,469.40M	3,513.29M	3,061.58M	2,929.24M	2,803.24M	2,782.54M	2,777.72M
Equity Average						239.77M	250.11M	262.18M	275.50M	276.81M	278.90M	295.83M	311.77M	327.88M	344.32M	366.06M	392.10M	411.10M	427.15M	444.62M	452.02M	448.62M	455.07M	470.29M	482.75M	490.42M	500.93M	510.03M	500.03M	492.66M	497.09M	499.49M	509.93M	512.41M	519.14M	529.57M	534.16M	545.14M	550.83M	553.34M	551.74M	555.59M	569.16M	571.51M	566.07M	559.24M	549.76M	546.03M	547.54M	552.94M	574.60M	602.71M	638.06M	673.52M	694.97M	696.44M	679.62M	669.65M	714.98M	1,048.35M	847.33M	349.38M	311.20M	256.44M	221.62M	206.04M
Invested Capital			224.53M		236.19M	244.81M	256.72M	268.87M	283.98M	271.96M	287.45M	305.55M	319.45M	337.50M	351.95M	380.71M	403.94M	418.57M	435.93M	455.22M	452.40M	448.24M	463.56M	479.04M	490.29M	493.97M	565.05M	511.89M	490.79M	497.06M	526.01M	501.69M	520.36M	506.52M	533.06M	527.09M	542.43M	548.88M	553.24M	553.70M	550.24M	568.25M	578.60M	567.27M	567.74M	553.75M	659.73M	546.64M	552.22M	557.38M	750.62M	768.39M	813.12M	791.13M	815.33M	838.74M	796.00M	787.75M	803.64M	3,007.80M	414.05M	386.01M	333.66M	244.45M	233.12M	1,880.16M
Asset Utilization Ratio						1.39	1.40	1.39	1.35	1.38	1.50	1.57	1.55	1.52	1.49	1.39	1.31	1.31	1.31	1.31	1.34	1.41	1.46	1.30	1.22	1.30	1.37	1.42	1.46	1.52	1.53	1.58	1.63	1.66	1.71	1.75	1.79	1.77	1.82	1.62	1.46	1.44	1.29	1.21	1.14	1.17	1.21	1.29	1.40	1.44	1.27	1.25	1.22	1.23	1.40	1.34	1.27	1.21	0.66	0.45	0.53	0.71	0.84	0.91	0.91	0.90
Leverage & Solvency
Interest Coverage Ratio	-32.49	-37.69	10.56	-32.73	74.60	-81.18	14.51	68.13	140.96	155.11	156.48	329.20	292.19	176.81	160.23	123.36	175.82	157.63	177.12	198.43	273.22	156.43	100.53	22.66	34.93	44.41	52.00	38.71	-31.12	114.35	76.90	84.20	127.10	94.36	69.09	65.32	68.05	63.30	76.86	43.02	50.03	38.35	41.38	18.49	11.61	18.03	17.19	19.51	31.84	43.65	45.27	73.15	63.32	46.42	26.61	20.04	10.18	4.40	-0.44	-1.61	-23.18	0.43		0.10	0.43	0.34
Debt to Equity			0.22		0.22	0.21	0.20	0.19	0.18	0.19	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00		0.27	0.23	0.20	0.16	0.14	0.12	0.09	0.06	0.03	0.04	0.08	0.08	0.08	0.08	0.07	0.09	0.09	0.10	0.13	0.12	0.24	0.24	0.21	0.21	0.22	0.30	0.29	0.27	0.26	0.23	0.17	0.16	0.24	0.20	0.20	0.02	1.27	4.68	5.02	5.92	7.47	7.85	8.68
Debt Ratio			0.16		0.16	0.15	0.15	0.14	0.13	0.14	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00		0.18	0.16	0.14	0.12	0.10	0.09	0.07	0.04	0.02	0.03	0.06	0.06	0.06	0.06	0.05	0.07	0.05	0.07	0.08	0.07	0.13	0.13	0.11	0.11	0.12	0.15	0.15	0.14	0.14	0.13	0.10	0.10	0.13	0.11	0.11	0.00	0.43	0.55	0.55	0.60	0.60	0.62	0.61
Equity Ratio			0.71		0.71	0.71	0.73	0.73	0.74	0.72	0.84	0.84	0.86	0.87	0.88	0.85	0.86	0.85	0.86	0.85	0.85	0.84	0.86	0.67	0.69	0.70	0.73	0.74	0.76	0.77	0.77	0.78	0.78	0.75	0.77	0.76	0.76	0.74	0.78	0.62	0.64	0.63	0.58	0.53	0.53	0.53	0.52	0.54	0.51	0.52	0.53	0.52	0.55	0.58	0.59	0.56	0.57	0.56	0.26	0.34	0.12	0.11	0.10	0.08	0.08	0.07
Times Interest Earned	-32.49	-37.69	10.56	-32.73	74.60	-81.18	14.51	68.13	140.96	155.11	156.48	329.20	292.19	176.81	160.23	123.36	175.82	157.63	177.12	198.43	273.22	156.43	100.53	22.66	34.93	44.41	52.00	38.71	-31.12	114.35	76.90	84.20	127.10	94.36	69.09	65.32	68.05	63.30	76.86	43.02	50.03	38.35	41.38	18.49	11.61	18.03	17.19	19.51	31.84	43.65	45.27	73.15	63.32	46.42	26.61	20.04	10.18	4.40	-0.44	-1.61	-23.18	0.43		0.10	0.43	0.34
Dividends & Payouts
FCF Payout Ratio		0.37	0.12	0.43	0.38	0.13	0.16	0.26	0.22	0.12	0.09	0.42	2.74	0.15	0.13	0.35	3.65	0.17	0.11	7.71	0.71	0.16	0.15	1.67	0.85	0.11	0.57	0.11	0.35	0.18	0.20	0.13	0.35	0.27	4.48	0.13	0.30	0.15	0.22	0.14	0.50	0.15	0.13	0.18	0.29	0.27	0.49	0.41	0.34	0.20	0.25	0.12	0.16	0.08	0.16	0.12	0.14	0.33	0.13
Valuation
Enterprise Value	-24.07M	-27.23M	-42.03M	-44.61M	-47.92M	-63.22M	-74.50M	-85.68M	-96.12M	-87.47M	-58.80M	-69.40M	-68.83M	-92.99M	-112.18M	-71.63M	-81.10M	-98.55M	-127.37M	-41.04M	-24.94M	-24.57M	-41.43M	-54.49M	-42.53M	-47.44M	-33.31M	-38.04M	-21.68M	-11.31M	-8.51M	-14.34M	-10.09M	-12.42M	-3.89M	-12.73M	-20.10M	-28.91M	-25.66M	-42.16M	-14.78M	-34.82M	-64.75M	-77.25M	-80.92M	-42.99M	-40.25M	-24.40M	-50.84M	-51.93M	-37.32M	-61.63M	-47.39M	-46.85M	-45.82M	-32.03M	-18.28M	-18.84M	-121.97M	254.32M	-4.43M	-26.17M	-20.76M	-43.94M	-30.68M	-84.30M
Return Ratios
Return on Sales	0.03%	0.04%	0.05%	0.03%	0.06%	0.07%	0.09%	0.07%	0.09%	0.10%	0.10%	0.07%	0.10%	0.09%	0.10%	0.08%	0.09%	0.08%	0.09%	0.06%	0.09%	0.08%	0.08%	0.02%	0.05%	0.06%	0.09%	0.06%	-0.04%	0.05%	0.05%	0.06%	0.07%	0.06%	0.11%	0.06%	0.07%	0.07%	0.07%	0.00%	0.00%	0.00%	0.01%	-0.01%	-0.02%	0.00%	-0.06%	-0.02%	-0.02%	-0.02%	0.06%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.34%	0.08%	-0.01%	0.00%	0.00%	-0.10%	-0.02%	-0.02%
Return on Capital Employed						0.16%	0.17%	0.19%	0.20%	0.21%	0.24%	0.26%	0.25%	0.24%	0.23%	0.21%	0.19%	0.19%	0.18%	0.18%	0.18%	0.19%	0.20%	0.17%	0.14%	0.13%	0.14%	0.16%	0.11%	0.11%	0.11%	0.11%	0.18%	0.18%	0.18%	0.17%	0.18%	0.18%	0.19%	0.18%	0.16%	0.16%	0.14%	0.12%	0.10%	0.10%	0.08%	0.09%	0.12%	0.14%	0.16%	0.19%	0.21%	0.24%	0.24%	0.23%	0.18%	0.13%	0.05%	-0.01%	-0.37%	-0.43%		-0.48%	-0.44%	0.03%
Return on Invested Capital						0.11%	0.13%	0.14%	0.15%	0.16%	0.17%	0.17%	0.17%	0.16%	0.15%	0.15%	0.14%	0.13%	0.13%	0.12%	0.13%	0.13%	0.13%	0.12%	0.11%	0.10%	0.11%	0.12%	0.09%	0.08%	0.06%	0.06%	0.12%	0.13%	0.17%	0.17%	0.18%	0.18%	0.17%	0.17%	0.17%	0.16%	0.15%	0.14%	0.12%	0.12%	0.09%	0.10%	0.15%	0.17%	0.17%	0.18%	0.20%	0.23%	0.23%	0.21%	0.17%	0.12%	0.08%	-0.01%	-0.57%	-2.41%		-3.41%	-3.79%	0.06%
Return on Assets						0.08%	0.09%	0.10%	0.11%	0.12%	0.13%	0.14%	0.14%	0.14%	0.13%	0.13%	0.12%	0.11%	0.11%	0.10%	0.11%	0.11%	0.11%	0.09%	0.07%	0.07%	0.08%	0.09%	0.06%	0.06%	0.04%	0.05%	0.09%	0.10%	0.13%	0.13%	0.14%	0.14%	0.12%	0.09%	0.06%	0.03%	0.01%	0.00%	-0.01%	-0.01%	-0.03%	-0.03%	-0.02%	-0.03%	0.00%	0.01%	0.01%	0.02%	0.01%	0.01%	0.01%	0.01%	0.06%	0.04%	0.03%	0.04%	0.00%	-0.02%	-0.02%	-0.02%
Return on Equity						0.11%	0.13%	0.14%	0.15%	0.16%	0.17%	0.17%	0.17%	0.16%	0.15%	0.15%	0.13%	0.13%	0.13%	0.12%	0.13%	0.13%	0.13%	0.12%	0.10%	0.10%	0.11%	0.13%	0.08%	0.08%	0.06%	0.06%	0.12%	0.13%	0.17%	0.17%	0.18%	0.18%	0.16%	0.13%	0.09%	0.05%	0.01%	0.00%	-0.01%	-0.01%	-0.05%	-0.06%	-0.05%	-0.06%	0.00%	0.01%	0.02%	0.03%	0.02%	0.02%	0.02%	0.02%	0.17%	0.12%	0.13%	0.32%	-0.02%	-0.26%	-0.28%	-0.30%

Research Tools

Forward Air Ratios (2009-2025) | FWRD

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