Forward Air Corporation

FWRDNASDAQIndustrials● Active

$11.24

+$0.88(+8.53%)

Market Cap$355585692

P/E Ratio—

52W High$32.47

52W Low$7.86

Avg Volume1.2M

Open$10.49

Beta1.42

Free Cash Flow Financials Revenue

Forward Air Corporation (FWRD) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

FWRD · free cash flow · updated Jun 8, 2026

Core FCF metrics

FWRD · FCF · TTM · margin & CAGR

Free cash flow was $15.3M for FY2025 (fiscal year ending 2025-12-31), up 113.6% year-over-year The FCF margin was 0.6%. Five-year CAGR stands at -25.0%.

FY2025 Free Cash Flow$15.3M▲ +113.6% YoY

Trailing 12M (TTM)$38.4Mtrailing 4 quarters sum

FCF Margin0.6%$15.3M ÷ revenue

3-Year CAGR-58.8%FY2022 → FY2025

5-Year CAGR-25.0%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

FWRD · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$44.4M(29M)$15.3M▲ +113.6%0.6%

FY2024−$75.4M(37M)−$112.5M▼ 174.6%-4.5%

FY2023$181.4M(31M)$150.7M▼ 31.0%11.0%

FY2022$259.1M(41M)$218.4M▲ +169.1%13.0%

FY2021$120.3M(39M)$81.2M▲ +26.0%5.8%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

FWRD · P/FCF · FCF yield · FCF per share

Forward Air Corporation (FWRD) trades at a FCF yield of 10.79% and a price-to-free-cash-flow ratio of 9.1x. FCF per share stands at $1.24, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

10.79%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$1.24

TTM FCF ÷ Shares Outstanding

Price / FCF

x9.1

Share Price ÷ FCF per Share

EV / FCF (TTM)

x61.7

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

FWRD · cash flow statement · operating / investing / financing

For FY2025, Forward Air Corporation generated $44.4M in operating cash flow and spent 29M in capital expenditures, yielding $15.3M in free cash flow.

Operating Activities

+$44.4M

Cash from core business operations

2025-12-31

Investing Activities

−$26.9M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$17.5M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($44.4M) − |CapEx| (29M) = FCF ($15.3M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Industrials)

FWRD vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Forward Air CorporationYOU

FWRD

$15.3M+113.6%0.6%

Space Exploration Technologies Corp.

SPCX

−$13.95B-159.0%-74.7%

Loss

Industrials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Forward Air Corporation (FWRD) reported free cash flow of $15.3M for FY2025 (fiscal year ending 2025-12-31), up 113.6% year-over-year. The FCF margin was 0.6%.

Based on available data, Forward Air Corporation has maintained positive free cash flow for at least 14 fiscal year(s). FCF peaked at $218.4M in FY2022. The 5-year CAGR stands at -25.0%.

Forward Air Corporation's FCF yield is 10.79% and price-to-FCF ratio is 9.1x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

FWRD free cash flow · 8 questions

Forward Air Corporation free cash flow was $15.3M for FY2025, up 113.6% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $38.4M.

FWRD free cash flowFWRD FCFFWRD FCF 2025FWRD free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Forward Air Corporation · Forward Air Corporation SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026