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Forward Air Corporation

Forward Air Corporation

FWRD
Forward Air CorporationUS flagNASDAQ Global Select
13.44
USD
+0.11
- -
425.02MMarket Cap

Income Statement (USD)

MCPAPIChat
2011 Y
2012 Y
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
As of date
12/31/2011
12/31/2012
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
12/31/2019
12/31/2020
12/31/2021
12/31/2022
12/31/2023
12/31/2024
12/31/2025
Sales/Revenue/Turnover
536
584
652
781
959
1,030
1,169
1,138
1,215
1,270
1,387
1,680
1,371
2,474
2,495
+ Sales & Services Revenue
536
584
652
781
959
1,030
1,169
1,138
1,215
1,270
1,387
1,680
1,371
2,474
2,495
- Cost of Revenue
412
447
505
602
769
815
932
904
961
1,040
1,073
1,188
1,041
2,135
2,157
+ Cost of Goods & Services
412
447
505
602
769
815
932
904
961
1,040
1,073
1,188
1,041
2,135
2,157
Gross Profit
125
138
148
179
190
215
237
233
254
229
314
492
330
340
338
+ Other Operating Income
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- Operating Expenses
47
54
63
83
109
113
128
116
141
155
167
244
242
374
302
+ Selling, General & Admin
9
11
13
16
21
25
30
30
39
35
39
47
50
65
59
+ Research & Development
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other Operating Expense
39
43
51
67
87
88
99
87
103
120
128
197
192
310
243
Operating Income (Loss)
77
84
84
96
82
102
109
117
112
74
147
248
88
-35
36
- Non-Operating (Income) Loss
1
- -
- -
- -
2
44
1
2
3
5
4
5
32
1,215
184
+ Interest Expense, Net
1
- -
1
1
2
2
1
2
3
5
4
5
32
189
181
+ Interest Expense
1
- -
1
1
2
2
1
2
3
5
4
5
32
189
181
- Interest Income
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other Non-Op (Income) Loss
- -
- -
- -
- -
- -
42
- -
- -
- -
- -
- -
- -
- -
1,026
3
Pretax Income
77
83
84
96
80
58
108
115
110
69
143
242
57
-1,250
-147
- Income Tax Expense (Benefit)
29
30
29
35
24
31
20
27
27
17
36
63
14
-125
-5
- (Income) Loss from Affiliates
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Income (Loss) from Cont Ops
47
53
54
61
56
28
87
89
82
53
107
179
43
-1,125
-142
- Net Extraordinary Losses (Gains)
- -
- -
- -
- -
- -
- -
- -
-3
-5
29
1
-14
-125
-622
-68
+ Discontinued Operations
- -
- -
- -
- -
- -
- -
- -
3
5
-29
-1
14
125
-6
- -
+ Extraord. & Accounting Changes
- -
- -
- -
- -
- -
- -
- -
-7
-10
58
2
-28
-249
-616
-68
Income (Loss) Incl. MI
47
53
54
61
56
28
87
92
87
24
106
193
167
-503
-74
- Minority Interest
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
314
34
Net Income, GAAP
47
53
54
61
56
28
87
92
87
24
106
193
167
-817
-108
- Preferred Dividends
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- Other Adjustments
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Net Income Avail to Common, GAAP
47
53
54
61
56
28
87
92
87
24
106
193
167
-817
-108
EBIT
77
84
84
96
82
102
109
117
112
74
147
248
88
-35
36
EBITDA
98
105
108
128
119
140
150
153
149
111
182
290
146
109
189
EBITDA Margin (%)
18.29
17.89
16.54
16.33
12.4
13.62
12.81
13.45
12.25
8.75
13.12
17.27
10.62
4.42
7.58
EBITA
77
84
84
96
82
102
109
117
112
74
147
248
88
-35
36
Gross Margin (%)
23.23
23.56
22.63
22.92
19.85
20.89
20.27
20.52
20.89
18.05
22.63
29.27
24.09
13.73
13.55
Operating Margin (%)
14.38
14.29
12.93
12.34
8.53
9.91
9.3
10.3
9.25
5.82
10.6
14.74
6.44
-1.4
1.46
Profit Margin (%)
8.8
9.01
8.35
7.83
5.79
2.67
7.46
8.09
7.17
1.87
7.63
11.5
12.21
-33.02
-4.32
Sales per Employee
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Dividend per Share
0.28
0.34
0.4
0.48
0.48
0.51
0.6
0.63
0.72
0.74
0.84
0.96
0.96
- -
- -
Depreciation Expense
21
21
24
31
37
38
41
36
36
37
35
43
57
144
153
Basic Weighted Avg Shares
29
29
30
31
31
30
30
29
28
28
27
27
26
28
31
Basic EPS, GAAP
1.62
1.82
1.81
2
1.8
0.9
2.9
3.14
3.06
0.84
3.87
7.17
6.42
-29.66
-3.51
Basic EPS from Cont Ops
1.62
1.82
1.81
2
1.8
0.9
2.9
3.02
2.89
1.87
3.91
6.66
1.64
-40.84
-4.61
Diluted Weighted Avg Shares
29
30
31
31
31
31
30
30
29
28
27
27
26
28
31
Diluted EPS, GAAP
1.6
1.78
1.77
1.96
1.78
0.89
2.89
3.12
3.04
0.84
3.85
7.14
6.4
-29.66
-3.51
Diluted EPS from Cont Ops
1.6
1.78
1.77
1.96
1.78
0.89
2.89
3
2.87
1.87
3.89
6.63
1.64
-40.84
-4.61

Balance Sheet (USD)

MCPAPIChat
2011 Y
2012 Y
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
As of date
12/31/2011
12/31/2012
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
12/31/2019
12/31/2020
12/31/2021
12/31/2022
12/31/2023
12/31/2024
12/31/2025
Total Current Assets
140
198
220
147
173
136
168
201
236
246
283
304
347
472
521
+ Cash, Cash Equivalents & STI
59
112
127
41
33
9
4
26
65
40
37
46
122
105
106
+ Cash & Cash Equivalents
59
112
127
41
33
9
4
26
65
40
37
46
122
105
106
+ ST Investments
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Accounts & Notes Receiv
71
75
76
95
128
117
152
161
136
156
216
188
159
322
350
+ Accounts Receivable, Net
71
75
76
95
109
117
148
156
136
156
208
188
153
322
344
+ Notes Receivable, Net
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Loans Receivable, Net
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other Receivable, Net
- -
- -
- -
- -
19
- -
4
5
- -
- -
8
- -
5
- -
6
+ Inventories
1
1
1
1
1
1
1
2
2
- -
- -
- -
- -
- -
- -
+ Raw Materials
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Work In Process
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Finished Goods
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Inventory Adjustments
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other Inventory
1
1
1
1
1
1
1
2
2
- -
- -
- -
- -
- -
- -
+ Other ST Assets
9
10
15
10
11
10
10
12
33
49
29
70
66
45
65
+ Misc ST Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Prepaid Expenses
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ ST Derivative & Hedging Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ ST Assets Held-for-Sale
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ ST Deferred Tax Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Total Noncurrent Assets
201
201
286
392
526
505
525
559
755
801
835
904
2,633
2,330
2,198
+ Property, Plant & Equip, Net
130
134
155
172
187
200
206
210
298
313
367
157
370
736
710
+ Property, Plant & Equip
223
239
271
305
343
379
399
414
479
504
568
377
620
1,029
1,050
- Accumulated Depreciation
93
106
116
133
156
179
193
204
181
191
201
221
250
293
340
+ LT Investments & Receivables
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ LT Investments
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ LT Receivables
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other LT Assets
72
67
131
219
339
305
319
349
457
488
468
747
2,263
1,594
1,488
+ Total Intangible Assets
70
65
129
217
333
291
303
313
341
390
421
374
413
1,522
1,430
+ Goodwill
43
43
88
144
206
185
192
199
216
245
267
258
279
523
523
+ Other Intangible Assets
27
22
40
73
128
107
111
114
125
145
155
116
135
999
907
+ LT Deferred Tax Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ LT Derivative & Hedging Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Misc LT Assets
2
2
3
2
6
13
16
36
116
98
46
373
1,849
72
58
Total Assets
341
399
506
539
700
641
693
760
991
1,047
1,118
1,208
2,980
2,803
2,719
+ Payables & Accruals
33
28
35
43
53
50
66
74
67
90
106
101
180
261
292
+ Accounts Payable
12
11
16
21
23
18
31
35
25
38
45
50
45
106
122
+ Accrued Taxes
4
- -
- -
1
- -
- -
- -
- -
- -
- -
- -
- -
31
6
4
+ Interest & Dividends Payable
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other Payables & Accruals
17
16
18
21
30
32
35
40
41
51
62
51
103
149
166
+ ST Debt
1
- -
- -
- -
56
28
- -
- -
37
45
54
52
57
113
123
+ ST Borrowings
- -
- -
- -
- -
56
28
- -
- -
- -
- -
6
9
13
- -
- -
+ ST Finance Leases
1
- -
- -
- -
- -
- -
- -
- -
37
45
48
42
57
113
123
+ Other ST Liabilities
- -
- -
- -
- -
- -
- -
- -
- -
33
37
5
17
- -
10
13
+ Deferred Revenue
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
10
13
+ Derivatives & Hedging
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Deferred Tax Liabilities
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Misc ST Liabilities
- -
- -
- -
- -
- -
- -
- -
- -
33
37
5
17
- -
- -
- -
Total Current Liabilities
34
28
35
43
109
78
66
75
137
172
165
169
237
384
428
+ LT Debt
- -
- -
- -
1
29
1
41
47
142
198
266
215
1,889
2,032
2,037
+ LT Borrowings
- -
- -
- -
- -
28
- -
40
47
67
112
155
107
1,790
1,676
1,687
+ LT Finance Leases
- -
- -
- -
1
1
1
- -
- -
75
85
111
109
98
356
349
+ Other LT Liabilities
20
20
36
31
52
64
53
85
135
131
93
116
89
100
92
+ Accrued Liabilities
11
12
27
23
40
42
29
37
41
42
43
51
42
38
27
+ Pension Liabilities
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Deferred Revenue
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Deferred Tax Liabilities
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Derivatives & Hedging
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Misc LT Liabilities
9
7
9
8
12
22
24
48
93
89
50
65
47
62
65
Total Noncurrent Liabilities
20
20
36
32
81
64
94
132
277
328
359
331
1,978
2,133
2,129
Total Liabilities
54
48
70
76
190
142
160
207
414
500
524
501
2,215
2,517
2,557
+ Preferred Equity and Hybrid Capital
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Share Capital & APIC
42
65
108
130
161
180
196
211
227
243
259
271
284
543
560
+ Common Stock
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Additional Paid in Capital
42
65
108
130
161
180
195
210
227
243
258
271
284
542
560
- Treasury Stock
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Retained Earnings
244
287
328
333
349
319
337
343
350
304
335
436
480
-338
-447
+ Other Equity
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-3
1
Equity Before Minority Interest
287
352
436
464
510
499
533
553
577
547
594
707
764
202
113
+ Minority/Non Controlling Interest
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
84
48
Total Equity
287
352
436
464
510
499
533
553
577
547
594
707
764
286
162
Total Liabilities & Equity
341
399
506
539
700
641
693
760
991
1,047
1,118
1,208
2,980
2,803
2,719
Shares Outstanding
29
29
31
30
31
30
29
29
28
27
27
26
26
30
31
Number of Employees
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Capital Leases - Total
1
- -
- -
2
1
1
1
- -
112
131
159
151
155
470
472
Net Debt
-59
-112
-127
-41
50
19
36
22
3
72
124
70
1,681
1,571
1,581
Net Debt to Equity
-20.5
-31.9
-29.22
-8.94
9.76
3.84
6.82
3.91
0.45
13.18
20.93
9.91
219.97
549.56
978.11
Tangible Common Equity Ratio
79.99
85.76
81.36
76.49
48.2
59.36
58.96
53.75
36.39
23.93
24.73
39.98
13.67
-96.51
-98.32
Current Ratio
4.12
7.11
6.37
3.4
1.59
1.75
2.53
2.69
1.72
1.43
1.72
1.8
1.46
1.23
1.22
Cash Conversion Cycle
36.02
36.75
33.24
29.62
29.05
31.32
32.28
36.38
33.37
31.24
33.81
28.48
28.71
22.16
29.46

Cash Flow Statement (USD)

MCPAPIChat
2011 Y
2012 Y
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
As of date
12/31/2011
12/31/2012
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
12/31/2019
12/31/2020
12/31/2021
12/31/2022
12/31/2023
12/31/2024
12/31/2025
+ Net Income
47
53
54
61
56
28
87
89
82
53
107
179
43
-1,125
-142
+ Depreciation & Amortization
21
21
24
31
37
38
41
36
36
37
35
43
57
144
153
+ Non-Cash Items
12
10
9
4
21
55
2
21
24
18
18
23
7
924
37
+ Stock-Based Compensation
6
6
6
7
7
8
8
10
12
11
10
11
11
10
13
+ Deferred Income Taxes
5
2
5
-3
15
3
-12
8
7
1
1
8
-9
-134
-11
+ Asset Impairment Charge
- -
- -
- -
- -
- -
42
- -
- -
- -
- -
- -
- -
- -
1,028
20
+ Other Non-Cash Adj
1
2
-2
- -
-1
1
6
3
5
6
6
5
4
19
15
+ Chg in Non-Cash Work Cap
-3
-15
4
-5
-28
10
-27
-3
3
-11
-39
5
92
-12
-4
+ (Inc) Dec in Accts Receiv
-10
-7
1
-12
5
-10
-33
-9
1
-26
-51
6
25
19
-25
+ (Inc) Dec in Inventories
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ (Inc) Dec in Prepaid Assets
-2
-1
- -
- -
-1
- -
-1
-4
-5
-9
-8
- -
- -
- -
- -
+ Inc (Dec) in Accts Payable
4
-3
3
- -
-18
-1
11
10
7
24
18
13
37
-16
46
+ Inc (Dec) in Other
5
-4
- -
8
-15
20
-3
- -
- -
- -
1
-13
31
-15
-24
+ Net Cash From Disc Ops
- -
- -
- -
- -
- -
- -
- -
10
13
-11
- -
9
-18
-6
- -
Cash from Operating Activities
77
69
91
92
86
130
103
153
159
85
120
259
181
-75
44
+ Change in Fixed & Intang
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Disp in Fixed & Intang
1
1
2
2
2
2
2
7
3
2
3
2
4
5
2
+ Disp of Fixed Prod Assets
1
1
2
2
2
2
2
7
3
2
3
2
4
5
2
+ Disp of Intangible Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Acq of Fixed & Intang
-21
-21
-35
-39
-40
-42
-38
-40
-22
-20
-38
-39
-31
-37
-29
+ Acq of Fixed Prod Assets
-21
-21
-35
-39
-40
-42
-38
-40
-22
-20
-38
-39
-31
-37
-29
+ Acq of Intangible Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Cash (Repurchase) of Equity
-26
- -
- -
-40
-20
-40
-49
-66
-56
-45
-49
-63
-94
- -
- -
+ Increase in Capital Stock
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Decrease in Capital Stock
-26
- -
- -
-40
-20
-40
-49
-66
-56
-45
-49
-63
-94
- -
- -
+ Net Change in LT Investment
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Dec in LT Investment
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Inc in LT Investment
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Net Cash From Acq & Div
- -
- -
-45
-90
-62
-12
-23
-20
-39
-64
-60
-66
-57
-1,576
- -
+ Cash from Divestitures
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Cash for Acq of Subs
- -
- -
-45
-90
-62
-12
-23
-20
-39
-64
-60
-66
-57
-1,576
- -
+ Cash for JVs
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other Investing Activities
- -
- -
- -
- -
- -
- -
- -
-3
-6
-1
7
-1
259
- -
- -
+ Net Cash From Disc Ops
- -
- -
- -
- -
- -
- -
- -
-3
-6
-1
7
-1
259
- -
- -
Cash from Investing Activities
-20
-21
-79
-128
-101
-52
-59
-55
-64
-83
-88
-104
175
-1,609
-27
+ Dividends Paid
-8
-10
-12
-15
-15
-16
-18
-18
-20
-21
-23
-26
-25
- -
- -
+ Net Cash From Debt
-101
-1
-20
-10
24
-56
12
14
39
89
88
-55
1,672
-98
-17
+ Cash From Debt
- -
- -
- -
- -
125
- -
55
14
40
130
390
- -
1,860
75
110
+ Repayments of Debt
-101
-1
-20
-10
-101
-56
-43
- -
-1
-41
-302
-55
-188
-173
-127
+ Other Financing Activities
62
16
36
15
18
9
6
-4
-18
-49
-50
-2
-4
-65
- -
+ Net Cash From Disc Ops
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Cash from Financing Activities
-73
6
3
-50
7
-103
-49
-75
-56
-26
-35
-146
1,550
-164
-18
Effect of Foreign Exchange Rates
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
1
1
Net Changes in Cash
-16
53
15
-86
-8
-25
-5
22
39
-24
-3
9
1,906
-1,848
- -
EBITDA
98
105
108
128
119
140
150
153
149
111
182
290
146
109
189
EBITDA Margin (%)
18.29
17.89
16.54
16.33
12.4
13.62
12.81
13.45
12.25
8.75
13.12
17.27
10.62
4.42
7.58
Free Cash Flow
56
47
55
52
45
88
65
113
137
64
82
220
151
-112
15
Net Cash Paid for Acquisitions
- -
- -
45
90
62
12
23
20
39
64
60
66
57
1,576
- -
Free Cash Flow to Firm
56
47
56
53
47
89
66
114
139
68
85
224
175
- -
- -
Free Cash Flow to Equity
-44
48
37
44
71
34
80
134
179
155
172
167
1,827
-206
- -
Free Cash Flow per Basic Share
1.92
1.63
1.84
1.71
1.46
2.9
2.16
3.85
4.81
2.28
2.99
8.16
5.78
-4.08
0.5
Price/Free Cash Flow
9.61
11.5
10.7
11.96
10.64
8.44
12.25
8.42
11.07
20.69
20.99
9.51
7.75
-23.17
10.45
Cash Flow to Net Income
1.63
1.3
1.67
1.5
1.54
4.74
1.18
1.66
1.83
3.57
1.14
1.34
1.08
0.09
-0.41
Capital Expenditures
-21
-21
-35
-39
-40
-42
-38
-40
-22
-20
-38
-39
-31
-37
-29