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Forward Air Corp is an asset-light freight and logistics company. The company's operating segment includes Expedited Freight, Omni Logistics, and Intermodal and Corporate. The company generates maximum revenue from the Omni Logistics segment. The expedited Freight segment operates a comprehensive national network to provide expedited regional, inter-regional, and national LTL (less-than-truckload) services. It also offers customers local pick-up and delivery and other services including final mile, truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling. The Company conducts business in the United States, Canada, and Mexico.
1981
6.6K+
LTM Revenue $2.5B
LTM EBITDA $305M
$2.5B
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
Forward Air has a last 12-month revenue of $2.5B and a last 12-month EBITDA of $305M.
In the most recent fiscal year, Forward Air achieved revenue of $2.5B and an EBITDA of -$917M.
Forward Air expects next 12-month revenue of XXX and NTM EBITDA of XXX
See Forward Air valuation multiples based on analyst estimates| FY 2023 | FY 2024 | FY 2025 | LTM | NTM | |
|---|---|---|---|---|---|
| Revenue | $1.4B | $2.5B | XXX | XXX | XXX |
| Gross Profit | $547M | $330M | XXX | XXX | XXX |
| Gross Margin | 40% | 13% | XXX | XXX | XXX |
| EBITDA | $146M | -$917M | XXX | XXX | XXX |
| EBITDA Margin | 11% | -37% | XXX | XXX | XXX |
| Net Profit | $193M | $167M | XXX | XXX | XXX |
| Net Margin | 14% | 7% | XXX | XXX | XXX |
| Net Debt | $70.2M | $1.7B | XXX | XXX | XXX |
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As of April 15, 2025, Forward Air's stock price is $15.
Forward Air has current market cap of $443M, and EV of $2.5B.
See Forward Air trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $2.5B | $443M | XXX | XXX | XXX | XXX | $-21.18 |
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Sign UpAs of April 15, 2025, Forward Air has market cap of $443M and EV of $2.5B.
Forward Air's trades at 1.0x LTM EV/Revenue multiple, and 8.1x LTM EBITDA.
Analysts estimate Forward Air's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See valuation multiples for Forward Air and 10K+ public comps| FY 2024 | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|
| EV | $2.5B | XXX | XXX | XXX |
| EV/Revenue | 1.0x | XXX | XXX | XXX |
| EV/EBITDA | -2.7x | XXX | XXX | XXX |
| P/E | -0.5x | XXX | XXX | XXX |
| P/E/Growth | n/a | XXX | XXX | XXX |
| EV/FCF | -22.1x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Sign UpForward Air's NTM/LTM revenue growth is 7%
Forward Air's revenue per employee for the last fiscal year averaged $0.4M, while opex per employee averaged $0.1M for the same period.
Over next 12 months, Forward Air's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .
Analysts estimate Forward Air's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See operational valuation multiples for Forward Air and other 10K+ public comps| FY 2024 | NTM | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|---|
| Revenue Growth | 81% | XXX | XXX | XXX | XXX |
| EBITDA Margin | -37% | XXX | XXX | XXX | XXX |
| EBITDA Growth | -729% | XXX | XXX | XXX | XXX |
| Rule of 40 (SaaS-only) | -30% | XXX | XXX | XXX | XXX |
| Revenue per Employee | $0.4M | XXX | XXX | XXX | XXX |
| Opex per Employee | $0.1M | XXX | XXX | XXX | XXX |
| S&M Expenses to Revenue | n/a | XXX | XXX | XXX | XXX |
| G&A Expenses to Revenue | 3% | XXX | XXX | XXX | XXX |
| R&D Expenses to Revenue | n/a | XXX | XXX | XXX | XXX |
| Opex to Revenue | 15% | XXX | XXX | XXX | XXX |
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Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| Ferrari Group | XXX | XXX | XXX | XXX | XXX | XXX |
| Inpost | XXX | XXX | XXX | XXX | XXX | XXX |
| PostNL | XXX | XXX | XXX | XXX | XXX | XXX |
| Toppoint | XXX | XXX | XXX | XXX | XXX | XXX |
| Brambles | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Forward Air acquired XXX companies to date.
Last acquisition by Forward Air was XXXXXXXX, XXXXX XXXXX XXXXXX . Forward Air acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
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Sign Up| When was Forward Air founded? | Forward Air was founded in 1981. |
| Where is Forward Air headquartered? | Forward Air is headquartered in United States of America. |
| How many employees does Forward Air have? | As of today, Forward Air has 6.6K+ employees. |
| Who is the CEO of Forward Air? | Forward Air's CEO is Mr. Shawn Stewart. |
| Is Forward Air publicy listed? | Yes, Forward Air is a public company listed on NAS. |
| What is the stock symbol of Forward Air? | Forward Air trades under FWRD ticker. |
| When did Forward Air go public? | Forward Air went public in 1993. |
| Who are competitors of Forward Air? | Similar companies to Forward Air include e.g. Ferrari Group, Inpost, PostNL, Toppoint. |
| What is the current market cap of Forward Air? | Forward Air's current market cap is $443M |
| What is the current revenue of Forward Air? | Forward Air's last 12-month revenue is $2.5B. |
| What is the current EBITDA of Forward Air? | Forward Air's last 12-month EBITDA is $305M. |
| What is the current EV/Revenue multiple of Forward Air? | Current revenue multiple of Forward Air is 1.0x. |
| What is the current EV/EBITDA multiple of Forward Air? | Current EBITDA multiple of Forward Air is 8.1x. |
| What is the current revenue growth of Forward Air? | Forward Air revenue growth between 2023 and 2024 was 81%. |
| Is Forward Air profitable? | Yes, Forward Air is EBITDA-positive (as of the last 12 months). |
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