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Forward Air Valuation Multiples

Discover revenue and EBITDA valuation multiples for Forward Air and similar public comparables like Toppoint, Brambles, and Ferrari Group.

Forward Air Overview

About Forward Air

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.


Founded

1981

HQ

United States of America
Employees

6.6K+

Financials

LTM Revenue $2.5B

LTM EBITDA $305M

EV

$2.5B

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Forward Air Financials

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

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Forward Air P&L

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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Forward Air Stock Performance

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.

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Forward Air Stock 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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Forward Air Valuation Multiples

As 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

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Forward Air Financial Valuation Multiples

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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Forward Air Valuation Multiples

Forward 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

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Forward Air Operational Valuation Multiples

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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Forward Air Public Comps

See public comps and valuation multiples for Logistics & Air Freight comps
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

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Forward Air M&A and Investment Activity

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 ).

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Latest Acquisitions by Forward Air

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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About Forward Air

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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