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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 $303M
$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 (LTM) of $2.5B and a last 12-month EBITDA of $303M.
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| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue | $2.5B | XXX | $2.5B | XXX | XXX | XXX |
| Gross Profit | $2.5B | XXX | $340M | XXX | XXX | XXX |
| Gross Margin | 100% | XXX | 14% | XXX | XXX | XXX |
| EBITDA | $303M | XXX | -$917M | XXX | XXX | XXX |
| EBITDA Margin | 12% | XXX | -37% | XXX | XXX | XXX |
| EBIT | $143M | XXX | -$34.5M | XXX | XXX | XXX |
| EBIT Margin | 6% | XXX | -1% | XXX | XXX | XXX |
| Net Profit | -$684M | XXX | -$817M | XXX | XXX | XXX |
| Net Margin | -27% | XXX | -33% | XXX | XXX | XXX |
| Net Debt | XXX | XXX | $1.6B | XXX | XXX | XXX |
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As of May 30, 2025, Forward Air's stock price is $17.
Forward Air has current market cap of $511M, 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 | $511M | XXX | XXX | XXX | XXX | $-17.70 |
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Start Free TrialAs of May 30, 2025, Forward Air has market cap of $511M and EV of $2.5B.
Forward Air's trades at 1.0x EV/Revenue multiple, and -2.8x EV/EBITDA.
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 -0.7x.
See valuation multiples for Forward Air and 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $511M | XXX | $511M | XXX | XXX | XXX |
| EV (current) | $2.5B | XXX | $2.5B | XXX | XXX | XXX |
| EV/Revenue | 1.0x | XXX | 1.0x | XXX | XXX | XXX |
| EV/EBITDA | 8.4x | XXX | -2.8x | XXX | XXX | XXX |
| EV/EBIT | 17.8x | XXX | -73.7x | XXX | XXX | XXX |
| EV/Gross Profit | 1.0x | XXX | n/a | XXX | XXX | XXX |
| P/E | -0.7x | XXX | -0.6x | XXX | XXX | XXX |
| EV/FCF | -68.8x | XXX | -22.6x | 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.
Start Free TrialForward Air's last 12 month revenue growth is 6%
Forward Air's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.1M 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 26% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
See operational valuation multiples for Forward Air and other 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 6% | XXX | 6% | XXX | XXX | XXX |
| EBITDA Margin | 12% | XXX | -37% | XXX | XXX | XXX |
| EBITDA Growth | 4% | XXX | 43% | XXX | XXX | XXX |
| Rule of 40 | 16% | XXX | -32% | XXX | XXX | XXX |
| Bessemer Rule of X | XXX | XXX | 26% | XXX | XXX | XXX |
| Revenue per Employee | XXX | XXX | $0.4M | XXX | XXX | XXX |
| Opex per Employee | XXX | XXX | $0.1M | XXX | XXX | XXX |
| S&M Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| G&A Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| R&D Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| Opex to Revenue | XXX | XXX | 15% | 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 |
Sign up to see revenue and EBITDA valuation multiples for 60K+ M&A deals.
Start Free Trial| 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 $511M |
| What is the current revenue of Forward Air? | Forward Air's last 12 months revenue is $2.5B. |
| What is the current revenue growth of Forward Air? | Forward Air revenue growth (NTM/LTM) is 6%. |
| What is the current EV/Revenue multiple of Forward Air? | Current revenue multiple of Forward Air is 1.0x. |
| 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 $303M. |
| 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 8.4x. |
| What is the current FCF of Forward Air? | Forward Air's last 12 months FCF is -$37.0M. |
| What is Forward Air's FCF margin? | Forward Air's last 12 months FCF margin is -1%. |
| What is the current EV/FCF multiple of Forward Air? | Current FCF multiple of Forward Air is -68.8x. |
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