Forward Air Corporation Financial Ratios — FWRD Stock

Profitability (USD)

	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

Return on Common Equity (%)	17.38	16.5	13.83	13.6	11.42	5.45	16.91	16.95	15.41	4.22	18.56	29.7	22.75	-169.15	-68.43
Return on Assets (%)	13.68	14.23	12.03	11.7	8.97	4.1	13.08	12.67	9.95	2.33	9.78	16.61	7.99	-28.26	-3.9
Return on Capital (%)	15.98	16.54	13.91	13.66	10.76	5.04	16.02	15.91	13.13	3.52	12.8	20.87	10.38	- -	- -
Return on Invested Capital (%)	15.89	16.5	13.96	13.67	10.8	8.65	16.09	15.38	12.47	7.29	12.97	19.48	3.59	- -	- -
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
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
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
Incremental Operating Margin (%)	44.55	13.37	1.21	9.38	-8.21	28.66	4.75	-26.66	-6.19	-70.78	62.13	34.39	51.6	- -	340.25
Pretax Margin (%)	14.27	14.23	12.86	12.3	8.31	5.64	9.2	10.15	9.03	5.46	10.29	14.43	4.13	-50.51	-5.9
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
Net Income to Common 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
Effective Tax Rate (%)	38.35	36.66	35.1	36.34	30.24	52.67	18.86	23.28	24.96	23.92	25.1	26	24.43	- -	- -
Dvd Payout Ratio (%)	17.36	18.89	22.29	24.19	26.67	56.46	20.69	20.81	24.89	39.55	21.5	14.42	58.4	- -	- -
Sustainable Growth Rate (%)	14.37	13.38	10.75	10.31	8.37	2.37	13.41	13.43	11.57	2.55	14.57	25.42	9.46	-169.15	-68.43

Credit (USD)

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	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 Debt	1	- -	- -	2	85	29	41	48	179	243	320	267	1,946	2,146	2,160
ST Debt	1	- -	- -	- -	56	28	- -	- -	37	45	54	52	57	113	123
LT Debt	- -	- -	- -	1	29	1	41	47	142	198	266	215	1,889	2,032	2,037
Total Debt/EBITDA	0.01	- -	- -	0.01	0.71	0.2	0.27	0.31	1.2	2.19	1.76	0.92	13.36	19.61	11.42
Net Debt/EBITDA	-0.6	-1.07	-1.18	-0.32	0.42	0.14	0.24	0.14	0.02	0.65	0.68	0.24	11.55	14.36	8.36
Total Debt/EBIT	0.01	- -	- -	0.02	1.03	0.28	0.38	0.41	1.59	3.29	2.18	1.08	22.06	-62.13	59.29
Net Debt/EBIT	-0.76	-1.34	-1.51	-0.43	0.61	0.19	0.33	0.18	0.02	0.98	0.85	0.28	19.06	-45.49	43.41
EBITDA to Interest Expense	158.49	267.4	202.88	209.08	58.1	87.89	123.91	85.84	54.89	24.35	41.95	56.47	4.61	0.58	1.05
EBITDA-CapEx/Interest Expense	124.21	212.79	136.27	144.35	38.32	61.47	92.26	63.65	46.77	19.9	33.11	48.83	3.64	0.38	0.88
EBIT to Interest Expense	124.57	213.64	158.56	158.04	39.95	63.96	89.96	65.74	41.47	16.21	33.89	48.19	2.79	-0.18	0.2
Interest Expense	1	- -	1	1	2	2	1	2	3	5	4	5	32	189	181
Common Equity/Total Assets	84.1	88.1	86.09	85.95	72.87	77.82	76.91	72.77	58.25	52.26	53.11	58.54	25.65	7.2	4.17
Long-Term Debt/Equity (%)	0.12	0.02	- -	0.28	5.61	0.15	7.62	8.56	24.59	36.13	44.88	30.43	247.15	710.97	1,259.8
Long-Term Debt/Capital (%)	0.12	0.02	- -	0.27	4.81	0.14	7.08	7.88	18.76	25.01	29.16	22.09	69.7	83.58	87.74
Long-Term Debt/Total Assets (%)	0.1	0.01	- -	0.24	4.09	0.11	5.86	6.23	14.32	18.88	23.84	17.81	63.39	72.52	74.91
Total Debt/Equity (%)	0.31	0.09	0.02	0.33	16.57	5.76	7.69	8.61	31.05	44.44	53.91	37.72	254.6	750.63	1,335.9
Total Debt/Capital (%)	0.31	0.09	0.02	0.33	14.21	5.44	7.14	7.93	23.7	30.77	35.03	27.39	71.8	88.24	93.04
Total Debt/Total Assets (%)	0.26	0.08	0.01	0.29	12.07	4.48	5.91	6.27	18.09	23.22	28.63	22.08	65.31	76.56	79.43
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
Net Debt/Capital (%)	-25.68	-46.78	-41.28	-9.78	8.87	3.69	6.38	3.76	0.37	9.62	14.18	7.55	64.96	67.52	71.38
EBITDA	98	105	108	128	119	140	150	153	149	111	182	290	146	109	189
EBITDA-CapEx	77	83	72	88	78	98	112	113	127	91	144	251	115	72	160
Operating Income (Loss)	77	84	84	96	82	102	109	117	112	74	147	248	88	-35	36

Liquidity (USD)

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	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

Cash Ratio	1.73	4.02	3.68	0.95	0.31	0.11	0.06	0.34	0.47	0.23	0.23	0.27	0.51	0.27	0.25
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
Quick Ratio	3.82	6.71	5.89	3.15	1.48	1.61	2.36	2.5	1.47	1.15	1.54	1.38	1.18	1.11	1.06
CFO/Avg Current Liab	2.5	2.22	2.91	2.35	1.12	1.39	1.43	2.17	1.5	0.55	0.72	1.55	0.89	-0.24	0.11
Common Equity/Total Assets	84.1	88.1	86.09	85.95	72.87	77.82	76.91	72.77	58.25	52.26	53.11	58.54	25.65	7.2	4.17
Long-Term Debt/Equity (%)	0.12	0.02	- -	0.28	5.61	0.15	7.62	8.56	24.59	36.13	44.88	30.43	247.15	710.97	1,259.8
Long-Term Debt/Capital (%)	0.12	0.02	- -	0.27	4.81	0.14	7.08	7.88	18.76	25.01	29.16	22.09	69.7	83.58	87.74
Long-Term Debt/Total Assets (%)	0.1	0.01	- -	0.24	4.09	0.11	5.86	6.23	14.32	18.88	23.84	17.81	63.39	72.52	74.91
Total Debt/Equity (%)	0.31	0.09	0.02	0.33	16.57	5.76	7.69	8.61	31.05	44.44	53.91	37.72	254.6	750.63	1,335.9
Total Debt/Capital (%)	0.31	0.09	0.02	0.33	14.21	5.44	7.14	7.93	23.7	30.77	35.03	27.39	71.8	88.24	93.04
Total Debt/Total Assets (%)	0.26	0.08	0.01	0.29	12.07	4.48	5.91	6.27	18.09	23.22	28.63	22.08	65.31	76.56	79.43
CFO/Total Liabilities	141.86	144.34	129.03	121.01	45.15	91.65	64.63	73.71	38.43	16.93	22.94	51.73	8.19	-3	1.74
CFO/CapEx	3.63	3.21	2.56	2.32	2.12	3.09	2.7	3.86	7.22	4.18	3.13	6.6	5.9	-2.03	1.52
Altman's Z-Score	14.77	17.3	15.69	17.32	9.05	11.4	11.79	9.36	6.2	5.6	7.3	7.24	1.4	1.78	1.81

Working Capital (USD)

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	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

Accounts Receivable Turnover	8.02	8	8.6	9.09	9.38	9.13	8.84	7.48	8.31	8.67	7.61	8.48	8.03	10.41	7.49
Days Sales Outstanding	45.48	45.65	42.45	40.15	38.91	39.99	41.29	48.82	43.94	42.08	47.96	43.06	45.47	35.08	48.7
Inventory Turnover	481.36	501.43	516.97	571.12	649.79	623.09	682.77	493.38	439.79	976.04	- -	- -	- -	- -	- -
Days Inventory Outstanding	0.76	0.73	0.71	0.64	0.56	0.59	0.53	0.74	0.83	0.37	- -	- -	- -	- -	- -
Accounts Payable Turnover	35.69	37.93	36.81	32.68	35.03	39.42	38.27	27.69	32.02	32.56	25.8	25.03	21.79	28.25	18.97
Accounts Payable Turnover Days	10.23	9.62	9.92	11.17	10.42	9.26	9.54	13.18	11.4	11.21	14.15	14.58	16.75	12.92	19.24
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
Inventory to Cash Days	44.73	44.92	41.74	39.51	38.35	39.41	40.75	48.08	43.11	41.7	47.96	43.06	45.47	35.08	48.7
Inventories	1	1	1	1	1	1	1	2	2	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	1	1	1	1	1	1	1	2	2	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	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

Market Capitalization	915	1,022	1,340	1,524	1,314	1,426	1,692	1,565	1,948	2,099	3,266	2,776	1,614	960	783
- Cash & Cash Equivalents	59	112	127	41	33	9	4	26	65	40	37	46	122	105	106
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	84	48
+ Total Debt	1	- -	- -	2	85	29	41	48	179	243	320	267	1,946	2,146	2,160
Enterprise Value	857	910	1,213	1,484	1,365	1,446	1,729	1,587	2,063	2,302	3,548	2,996	3,438	3,085	2,885
Total Capital	288	352	436	465	595	528	574	601	756	791	914	974	2,710	2,432	2,321
Total Debt/Capital (%)	0.31	0.09	0.02	0.33	14.21	5.44	7.14	7.93	23.7	30.77	35.03	27.39	71.8	88.24	93.04
Total Debt / EV	- -	- -	- -	- -	0.06	0.02	0.02	0.03	0.09	0.11	0.09	0.09	0.57	0.7	0.75
EV/Sales	1.6	1.56	1.86	1.9	1.42	1.4	1.48	1.4	1.7	1.81	2.56	1.78	2.51	1.25	1.16
EV/EBITDA	8.74	8.71	11.24	11.64	11.48	10.3	11.54	10.37	13.86	20.73	19.5	10.33	23.61	28.19	15.26
EV/EBIT	11.12	10.9	14.38	15.39	16.69	14.16	15.9	13.54	18.35	31.14	24.13	12.1	38.97	- -	79.21
EV/Cash Flow to Firm	11.08	13.22	13.3	16.12	15.66	11.03	16.57	10.31	12.81	26.12	28.73	11.4	16.75	32.51	13.21
EV/Free Cash Flow to Firm	8.7	10.09	9.58	11.28	10.69	8.34	12.12	8.2	11.27	21.24	21.92	9.92	14.57	23.38	11.66
Diluted Market Cap	943	1,034	1,351	1,568	1,343	1,457	1,736	1,618	2,004	2,171	3,329	2,838	1,644	888	768
Diluted Enterprise Value	885	922	1,223	1,528	1,394	1,477	1,773	1,640	2,119	2,374	3,612	3,059	3,468	3,013	2,870
EV per Share	30.02	31.18	39.74	49.05	44.69	48.05	58.7	55.62	74.06	84.27	131.57	113.24	133.92	103.65	92.1
TTM Sales	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
TTM EBITDA	98	105	108	128	119	140	150	153	149	111	182	290	146	109	189
TTM Operating Income	77	84	84	96	82	102	109	117	112	74	147	248	88	-35	36
TTM Cash Flow to Firm	77	69	91	92	87	131	104	154	161	88	124	263	205	95	218
TTM Free Cash Flow to Firm	99	90	127	132	128	173	143	193	183	108	162	302	236	132	248

Multiples (USD)

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	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

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
EV/EBIT	11.12	10.9	14.38	15.39	16.69	14.16	15.9	13.54	18.35	31.14	24.13	12.1	38.97	- -	79.21
Enterprise Value	857	910	1,213	1,484	1,365	1,446	1,729	1,587	2,063	2,302	3,548	2,996	3,438	3,085	2,885
Low Price	23.7	29.65	35.28	41.36	40.52	36	45.86	51	53.16	39.59	70.93	84.04	60.09	11.21	9.79
EV/Sales	1.6	1.56	1.86	1.9	1.42	1.4	1.48	1.4	1.7	1.81	2.56	1.78	2.51	1.25	1.16
EV/EBITDA	8.74	8.71	11.24	11.64	11.48	10.3	11.54	10.37	13.86	20.73	19.5	10.33	23.61	28.19	15.26
Price/Earnings	19.73	19.26	24.29	25.2	23.89	52.38	19.82	17.47	22.86	91.48	31.29	14.63	9.79	- -	- -
Price/Earnings Average	18.77	18.36	21.47	23	27.17	49.31	18.09	19.05	20.58	69.69	23.64	13.99	14.11	-1.06	-6.88
Price/Earnings High	22.36	20.56	24.66	25.7	32.03	56.07	20.7	23.19	23.56	93.99	31.88	17.53	18.91	-2.17	-10.11
Price/Earnings Low	14.59	16.31	19.52	20.69	22.51	39.8	15.83	16.24	17.37	47.13	18.33	11.72	9.36	-0.38	-2.79
Price/Book Value	3.19	2.91	3.07	3.29	2.58	2.86	3.18	2.83	3.38	3.83	5.5	3.92	2.11	4.76	6.91
Price/Book Value Average	3.03	2.77	2.72	3	2.93	2.69	2.9	3.09	3.04	2.92	4.16	3.75	3.04	4.63	6.68
Price/Book Value High	3.61	3.1	3.12	3.35	3.45	3.06	3.32	3.76	3.48	3.94	5.6	4.7	4.08	9.49	9.8
Price/Book Value Low	2.36	2.46	2.47	2.7	2.43	2.17	2.54	2.63	2.57	1.98	3.22	3.14	2.02	1.65	2.71
Price/Tangible Book Value	4.22	3.57	4.36	6.18	7.44	6.86	7.36	6.51	8.23	13.34	18.97	8.32	4.6	-0.73	-0.6
Price/Tangible Book Value Average	4.01	3.4	3.85	5.64	8.46	6.46	6.72	7.1	7.41	10.16	14.33	7.95	6.63	-0.71	-0.57
Price/Tangible Book Value High	4.78	3.81	4.43	6.31	9.97	7.35	7.69	8.64	8.48	13.71	19.32	9.97	8.88	-1.45	-0.84
Price/Tangible Book Value Low	3.12	3.02	3.5	5.08	7.01	5.21	5.88	6.05	6.26	6.87	11.11	6.66	4.4	-0.25	-0.23
Price/Sales	1.74	1.74	2.03	1.97	1.38	1.4	1.48	1.41	1.64	1.71	2.39	1.68	1.2	0.36	0.31
Price/Sales Average	1.65	1.65	1.79	1.8	1.57	1.32	1.35	1.54	1.47	1.3	1.8	1.61	1.72	0.35	0.3
Price/Sales High	1.97	1.85	2.06	2.01	1.86	1.5	1.54	1.88	1.69	1.76	2.43	2.02	2.31	0.72	0.44
Price/Sales Low	1.28	1.47	1.63	1.62	1.3	1.06	1.18	1.31	1.25	0.88	1.4	1.35	1.14	0.12	0.12
Price/Cash Flow	12.1	14.79	14.57	16.82	15.49	11.05	16.73	10.54	12.52	25.64	27.54	10.91	9.04	-11.78	17.3
Price/Cash Flow Average	11.51	14.1	12.87	15.35	17.62	10.41	15.27	11.5	11.27	19.53	20.81	10.43	13.02	-11.46	16.71
Price/Cash Flow High	13.71	15.79	14.79	17.15	20.76	11.83	17.47	13.99	12.91	26.35	28.06	13.07	17.44	-23.5	24.54
Price/Cash Flow Low	8.95	12.52	11.7	13.81	14.59	8.4	13.36	9.8	9.52	13.21	16.13	8.74	8.64	-4.1	6.77
Price/Free Cash Flow Average	9.14	10.96	9.45	10.91	12.1	7.95	11.18	9.19	9.97	15.76	15.86	9.09	11.17	-22.53	10.09
Price/Free Cash Flow High	10.89	12.28	10.86	12.19	14.26	9.04	12.8	11.18	11.41	21.26	21.38	11.4	14.96	-46.21	14.82
Price/Free Cash Flow Low	7.11	9.74	8.59	9.82	10.02	6.41	9.78	7.83	8.41	10.66	12.29	7.62	7.41	-8.05	4.09
EV/Sales Average	1.52	1.48	1.62	1.73	1.61	1.32	1.35	1.52	1.54	1.42	1.98	1.71	3.03	1.24	1.15
EV/Sales High	1.83	1.68	1.89	1.94	1.89	1.5	1.54	1.85	1.75	1.86	2.6	2.11	3.6	1.63	1.29
EV/Sales Low	1.15	1.29	1.46	1.55	1.34	1.07	1.19	1.3	1.31	1.01	1.58	1.46	2.46	0.99	0.97
EV/EBITDA Average	8.28	8.25	9.79	10.59	12.99	9.71	10.55	11.3	12.55	16.23	15.11	9.91	28.49	27.95	15.12
EV/EBITDA High	9.98	9.37	11.42	11.87	15.24	11.02	12.04	13.72	14.26	21.25	19.83	12.23	33.92	36.91	17
EV/EBITDA Low	6.31	7.21	8.8	9.5	10.84	7.86	9.26	9.65	10.72	11.57	12.06	8.43	23.12	22.47	12.74
EV/EBIT Average	10.54	10.33	12.53	14.01	18.9	13.34	14.54	14.75	16.62	24.38	18.71	11.61	47.04	-88.55	78.48
EV/EBIT High	12.7	11.73	14.62	15.71	22.16	15.14	16.58	17.91	18.88	31.92	24.55	14.33	56	-116.96	88.22
EV/EBIT Low	8.02	9.02	11.26	12.57	15.76	10.8	12.76	12.6	14.19	17.38	14.93	9.87	38.16	-71.18	66.13
Last Price	32.05	35.01	43.91	50.37	43.01	47.38	57.44	54.85	69.95	76.84	121.09	104.89	62.87	32.25	25
High Price	36.32	37.39	44.57	51.37	57.65	50.72	59.98	72.81	72.09	78.95	123.36	125.71	121.38	64.33	35.47
Enterprise Value Average	813	863	1,057	1,351	1,545	1,362	1,581	1,729	1,868	1,802	2,750	2,874	4,149	3,058	2,859
Enterprise Value High	979	980	1,233	1,514	1,812	1,546	1,804	2,100	2,122	2,360	3,610	3,547	4,940	4,040	3,213
Enterprise Value Low	619	754	950	1,211	1,289	1,103	1,388	1,477	1,595	1,284	2,196	2,445	3,366	2,459	2,409

Shares Outstanding	29	29	31	30	31	30	29	29	28	27	27	26	26	30	31
Diluted Weighted Avg Shares	29	30	31	31	31	31	30	30	29	28	27	27	26	28	31
Basic Weighted Avg Shares	29	29	30	31	31	30	30	29	28	28	27	27	26	28	31
Revenue per Share	18.46	20.18	21.65	25.52	31.06	33.88	38.83	38.81	42.69	44.93	50.71	62.34	52.58	89.83	81.24
EBITDA per Share	3.38	3.61	3.58	4.17	3.85	4.62	4.98	5.22	5.23	3.93	6.65	10.77	5.59	3.97	6.16
Operating Income per Share	2.65	2.88	2.8	3.15	2.65	3.36	3.61	4	3.95	2.62	5.37	9.19	3.38	-1.25	1.19
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 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
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	- -	- -
Cash Flow per Share	2.65	2.37	3.01	3	2.78	4.29	3.43	5.2	5.59	3	4.4	9.62	6.96	-2.74	1.45
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
Cash & Equivalents per Share	2.06	3.84	4.17	1.37	1.09	0.28	0.13	0.9	2.32	1.47	1.38	1.73	4.75	3.52	3.38
Book Value per Share	10.05	12.05	14.28	15.32	16.7	16.59	18.09	19.39	20.72	20.04	22.01	26.73	29.77	6.78	3.62
Tangible Book Value per Share	7.6	9.8	10.07	8.15	5.78	6.9	7.8	8.43	8.5	5.76	6.38	12.61	13.66	-44.36	-42.01

Forward Air Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)