Forward Air Ratios (2009-2026) | FWRD

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Ratios	Jun2021	Sep2021	Dec2021	Mar2022	Jun2022	Sep2022	Dec2022	Mar2023	Jun2023	Sep2023	Dec2023	Mar2024	Jun2024	Sep2024	Dec2024	Mar2025	Jun2025	Sep2025	Dec2025	Mar2026
Profitability
Gross Margin (Quarter)	99.04%	89.78%	153.31%	88.27%	98.12%	85.65%	56.42%	87.89%	88.83%	98.29%	98.44%	79.15%	89.80%	91.53%	88.10%	99.08%	99.15%	99.20%	86.85%	90.45%
EBT Margin (Quarter)	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%	5.00%	-6.78%	-6.00%	-3.70%	-7.15%	-6.60%
EBIT Margin (Quarter)	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%	11.99%	0.78%	3.15%	2.38%	-0.45%	3.51%
EBITDA Margin (Quarter)	7.29%	5.61%	12.05%	10.64%	12.54%	12.03%	10.65%	10.17%	5.98%	2.72%	30.06%	-11.42%	-151.04%	-11.16%	-6.06%	-9.93%	-1.30%	-3.76%	-4.73%	-6.17%
Operating Margin (Quarter)	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%	11.99%	0.78%	3.15%	2.38%	-0.45%	3.51%
Net Margin (Quarter)		-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%				-6.91%
FCF Margin (Quarter)	5.41%	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%	-4.92%	6.66%
Efficiency
Assets Average (Quarter)	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	2,756.57M	2,707.41M
Equity Average (Quarter)	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	154.59M	97.17M
Invested Capital (Quarter)	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	412.16M	384.63M	333.66M	244.45M	233.12M	1,880.16M	1,800.59M	1,771.25M
Asset Utilization Ratio (Quarter)	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	0.91	0.91
Leverage & Solvency
Interest Coverage Ratio (Quarter)	31.84	43.65	45.27	73.15	63.32	46.42	26.61	20.04	10.18	4.40	0.13	-1.61	-23.18	0.43	1.57	0.10	0.43	0.34	-0.06	0.47
Debt to Equity (Quarter)	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	14.89	20.87
Debt Ratio (Quarter)	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	0.62	0.63
Equity Ratio (Quarter)	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	0.04	0.03
Times Interest Earned (Quarter)	31.84	43.65	45.27	73.15	63.32	46.42	26.61	20.04	10.18	4.40	0.13	-1.61	-23.18	0.43	1.57	0.10	0.43	0.34	-0.06	0.47
Dividends & Payouts
FCF Payout Ratio (Quarter)	0.25	0.20	0.25	0.12	0.16	0.08	0.16	0.12	0.14	0.33	0.13
Valuation
Enterprise Value (Quarter)	-50.84M	-51.93M	-37.32M	-61.63M	-47.39M	-46.85M	-45.82M		-18.28M		-39.60M	386.14M	-4.43M	-26.17M	-20.76M	72.01M	64.27M	56.06M	-57.68M	-99.75M
Return Ratios
Return on Sales (Quarter)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Capital Employed (Quarter)	12.40%	13.95%	15.82%	19.03%	21.20%	24.14%	24.09%	22.58%	18.16%	12.86%	4.77%	-0.82%	-37.07%	-43.47%	-41.76%	-41.96%	5.15%	4.97%	1.56%	2.30%
Return on Invested Capital (Quarter)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.01%	-0.02%	-0.03%	-0.03%	0.01%	0.00%	0.00%	0.00%
Return on Assets (Quarter)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (Quarter)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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Forward Air Ratios (2009-2026) | FWRD

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