Forward Air Balance Sheet Health
Financial Health criteria checks 3/6
Forward Air has a total shareholder equity of $195.8M and total debt of $1.7B, which brings its debt-to-equity ratio to 860%. Its total assets and total liabilities are $2.8B and $2.6B respectively. Forward Air's EBIT is $71.9M making its interest coverage ratio 0.4. It has cash and short-term investments of $140.4M.
Key information
860.04%
Debt to equity ratio
US$1.68b
Debt
| Interest coverage ratio | 0.4x |
| Cash | US$140.35m |
| Equity | US$195.84m |
| Total liabilities | US$2.60b |
| Total assets | US$2.79b |
Recent financial health updates
These 4 Measures Indicate That Forward Air (NASDAQ:FWRD) Is Using Debt In A Risky Way
Nov 10
Here's Why Forward Air (NASDAQ:FWRD) Is Weighed Down By Its Debt Load
Jul 24Forward Air (NASDAQ:FWRD) Use Of Debt Could Be Considered Risky
Jan 01Recent updates
Revenues Tell The Story For Forward Air Corporation (NASDAQ:FWRD) As Its Stock Soars 29%
Dec 02These 4 Measures Indicate That Forward Air (NASDAQ:FWRD) Is Using Debt In A Risky Way
Nov 10It's Down 26% But Forward Air Corporation (NASDAQ:FWRD) Could Be Riskier Than It Looks
Oct 14Forward Air (NASDAQ:FWRD) Will Be Hoping To Turn Its Returns On Capital Around
Aug 22Here's Why Forward Air (NASDAQ:FWRD) Is Weighed Down By Its Debt Load
Jul 24The Market Lifts Forward Air Corporation (NASDAQ:FWRD) Shares 34% But It Can Do More
Jun 20From Setback To Strength: Forward Air's Bumpy Road To Recovery
Jun 13
Technology And Integration Will Drive Global Logistics Expansion
Integration of diverse logistics services, global expansion, and strategic cross-selling position Forward Air for substantial long-term growth.Forward Air: Still Not Ready To Move Forward
Mar 23Forward Air (NASDAQ:FWRD) Could Be Struggling To Allocate Capital
Feb 03Forward Air (NASDAQ:FWRD) Use Of Debt Could Be Considered Risky
Jan 01Forward Air: Issues Remain And Valuation Is Stretched (Rating Downgrade)
Dec 17Not Many Are Piling Into Forward Air Corporation (NASDAQ:FWRD) Just Yet
Dec 06Forward Air (NASDAQ:FWRD) Could Be Struggling To Allocate Capital
Oct 02Forward Air: Making Some Progress After A Considerable Mess
Oct 01Forward Air Corporation (NASDAQ:FWRD) Stock Rockets 27% But Many Are Still Ignoring The Company
Aug 27Forward Air: Freight Recession And Omni Drama Do Not Make The Stock Appealing
Jul 21Forward Air: A Show-Me Story That Could Unveil Upside Potential (Rating Upgrade)
May 06Forward Air And Its Real Value
Feb 11Forward Air: Understated Downside Risk As The Deal Is Set To Close
Jan 24We Think Forward Air (NASDAQ:FWRD) Can Stay On Top Of Its Debt
Sep 11Forward Air (NASDAQ:FWRD) Is Paying Out A Dividend Of $0.24
Aug 12At US$112, Is Forward Air Corporation (NASDAQ:FWRD) Worth Looking At Closely?
Aug 04Is Now The Time To Put Forward Air (NASDAQ:FWRD) On Your Watchlist?
Jun 25These 4 Measures Indicate That Forward Air (NASDAQ:FWRD) Is Using Debt Safely
Jun 13Forward Air (NASDAQ:FWRD) Could Become A Multi-Bagger
Jun 01Financial Position Analysis
Short Term Liabilities: FWRD's short term assets ($552.5M) exceed its short term liabilities ($460.0M).
Long Term Liabilities: FWRD's short term assets ($552.5M) do not cover its long term liabilities ($2.1B).
Debt to Equity History and Analysis
Debt Level: FWRD's net debt to equity ratio (788.4%) is considered high.
Reducing Debt: FWRD's debt to equity ratio has increased from 20.4% to 860% over the past 5 years.
Balance Sheet
Cash Runway Analysis
For companies that have on average been loss-making in the past, we assess whether they have at least 1 year of cash runway.
Stable Cash Runway: Whilst unprofitable FWRD has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.
Forecast Cash Runway: FWRD is unprofitable but has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by 20% per year.
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2025/12/04 03:29 |
| End of Day Share Price | 2025/12/04 00:00 |
| Earnings | 2025/09/30 |
| Annual Earnings | 2024/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Forward Air Corporation is covered by 18 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Garrett Holland | Baird |
| Christopher Kuhn | Benchmark Company |
| Kenneth Hoexter | BofA Global Research |