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Forward Air Valuation Multiples
Discover revenue and EBITDA valuation multiples for Forward Air and similar public comparables like Aramex, NTG Nordic Transport, PostNL, Covenant Logistics and more.
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
Employees
6.6K
Website
Sectors
Financials (LTM)
EV
$3B
Forward Air Financials
Forward Air reported last 12-month revenue of $3B and EBITDA of $306M.
In the same LTM period, Forward Air generated $306M in EBITDA and had net loss of ($112M).
Revenue (LTM)
Forward Air P&L
In the most recent fiscal year, Forward Air reported revenue of $2B and EBITDA of $304M.
Forward Air expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $3B | XXX | $2B | XXX | XXX | XXX |
| Gross Profit | — | XXX | $338M | XXX | XXX | XXX |
| Gross Margin | — | XXX | 14% | XXX | XXX | XXX |
| EBITDA | $306M | XXX | $304M | XXX | XXX | XXX |
| EBITDA Margin | 12% | XXX | 12% | XXX | XXX | XXX |
| EBIT Margin | 6% | XXX | 6% | XXX | XXX | XXX |
| Net Profit | ($112M) | XXX | ($108M) | XXX | XXX | XXX |
| Net Margin | (4%) | XXX | (4%) | XXX | XXX | XXX |
| Net Debt | — | — | $2B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Forward Air Stock Performance
Forward Air has current market cap of $700M, and enterprise value of $3B.
Market Cap Evolution
Forward Air's stock price is $22.18.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $3B | $700M | 0.0% | XXX | XXX | XXX | $-3.42 |
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Start Free TrialForward Air Valuation Multiples
Forward Air trades at 1.1x EV/Revenue multiple, and 9.0x EV/EBITDA.
EV / Revenue (LTM)
Forward Air Financial Valuation Multiples
As of April 20, 2026, Forward Air has market cap of $700M and EV of $3B.
Equity research analysts estimate Forward Air's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Forward Air has a P/E ratio of (6.2x).
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $700M | XXX | $700M | XXX | XXX | XXX |
| EV (current) | $3B | XXX | $3B | XXX | XXX | XXX |
| EV/Revenue | 1.1x | XXX | 1.1x | XXX | XXX | XXX |
| EV/EBITDA | 9.0x | XXX | 9.0x | XXX | XXX | XXX |
| EV/EBIT | 19.1x | XXX | 18.9x | XXX | XXX | XXX |
| EV/Gross Profit | — | XXX | 8.1x | XXX | XXX | XXX |
| P/E | (6.2x) | XXX | (6.5x) | XXX | XXX | XXX |
| EV/FCF | 70.2x | XXX | 157.4x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Forward Air Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Forward Air Margins & Growth Rates
Forward Air's revenue in the last 12 month grew by 5%.
Forward Air's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.0M for the same period.
Forward Air's rule of 40 is 16% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Forward Air's rule of X is 22% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Forward Air Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 5% | XXX | 4% | XXX | XXX | XXX |
| EBITDA Margin | 12% | XXX | 12% | XXX | XXX | XXX |
| EBITDA Growth | 6% | XXX | 2% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 16% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 22% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.4M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.0M | XXX | XXX | XXX |
| G&A Expenses to Revenue | — | XXX | 2% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 12% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Forward Air Public Comps
See public comps and valuation multiples for other Logistics & Air Freight comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Forward Air | XXX | XXX | XXX | XXX | XXX | XXX |
| Aramex | XXX | XXX | XXX | XXX | XXX | XXX |
| NTG Nordic Transport | XXX | XXX | XXX | XXX | XXX | XXX |
| PostNL | XXX | XXX | XXX | XXX | XXX | XXX |
| Covenant Logistics | XXX | XXX | XXX | XXX | XXX | XXX |
| Universal Logistics Holdings | 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 M&A Activity
Forward Air acquired XXX companies to date.
Last acquisition by Forward Air was on XXXXXXXX, XXXXX. Forward Air acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Forward Air
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialForward Air Investment Activity
Forward Air invested in XXX companies to date.
Forward Air made its latest investment on XXXXXXXX, XXXXX. Forward Air invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Forward Air
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout 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. |
| How many employees does Forward Air have? | As of today, Forward Air has over 6K employees. |
| Who is the CEO of Forward Air? | Forward Air's CEO is Shawn Stewart. |
| Is Forward Air publicly listed? | Yes, Forward Air is a public company listed on Nasdaq. |
| 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? | Forward Air main competitors are Aramex, NTG Nordic Transport, PostNL, Covenant Logistics. |
| What is the current market cap of Forward Air? | Forward Air's current market cap is $700M. |
| What is the current revenue of Forward Air? | Forward Air's last 12 months revenue is $3B. |
| What is the current revenue growth of Forward Air? | Forward Air revenue growth (NTM/LTM) is 5%. |
| What is the current EV/Revenue multiple of Forward Air? | Current revenue multiple of Forward Air is 1.1x. |
| Is Forward Air profitable? | Yes, Forward Air is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Forward Air? | Forward Air's last 12 months EBITDA is $306M. |
| What is Forward Air's EBITDA margin? | Forward Air's last 12 months EBITDA margin is 12%. |
| What is the current EV/EBITDA multiple of Forward Air? | Current EBITDA multiple of Forward Air is 9.0x. |
| What is the current FCF of Forward Air? | Forward Air's last 12 months FCF is $39M. |
| What is Forward Air's FCF margin? | Forward Air's last 12 months FCF margin is 2%. |
| What is the current EV/FCF multiple of Forward Air? | Current FCF multiple of Forward Air is 70.2x. |
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