Forward Air Corp (FWRD) valuation
Forward Air P/E ratio history
Forward Air has no meaningful price to earnings ratio at the last close, which happens when earnings over the last twelve months are negative or close to zero. At its last 8 fiscal year ends its P/E ranged from 9.8 (year to Dec 2023) to 91.5 (year to Dec 2020), with a median of 21.4.
| Fiscal year ended | Price | EPS | P/E | Forward P/E |
|---|---|---|---|---|
| Dec 31, 2025 | $25.00 | -$3.51 | n/m | — |
| Dec 31, 2024 | $32.25 | -$30.18 | n/m | — |
| Dec 31, 2023 | $62.87 | $6.42 | 9.8 | 14.0 |
| Dec 31, 2022 | $104.89 | $7.14 | 14.7 | 14.6 |
| Dec 31, 2021 | $121.09 | $3.85 | 31.5 | — |
| Dec 31, 2020 | $76.84 | $0.84 | 91.5 | — |
| Dec 31, 2019 | $69.95 | $3.05 | 22.9 | — |
| Dec 31, 2018 | $54.85 | $3.13 | 17.5 | — |
| Dec 31, 2017 | $57.44 | $2.90 | 19.8 | — |
| Dec 31, 2016 | $47.38 | $0.91 | 52.1 | — |
n/m: not meaningful (a loss, or earnings close to zero). The daily P/E line is a chart indicator in the app.
Forward Air valuation against its peers
| Company | Market value | P/E | Forward P/E | Price / sales |
|---|---|---|---|---|
| Forward AirFWRD | $557M | — | — | 0.2 |
| Titan MachineryTITN | $556M | — | — | 0.2 |
| Park AerospacePKE | $560M | 35.8 | 33.6 | 7.0 |
| Insteel IndustriesIIIN | $551M | 18.8 | 15.2 | 0.8 |
| Red CatRCAT | $568M | — | — | 7.9 |
| EnnisEBF | $541M | 14.0 | 13.4 | 1.4 |
| Kelly ServicesKELYA | $575M | — | 11.4 | 0.1 |
| OnterrisONT | $539M | — | 9.6 | 0.7 |
| LimbachLMB | $577M | 19.4 | 11.4 | 0.8 |
| Peer median | 19.1 | 12.4 | 0.8 |
Reading these multiples
The P/E divides the share price by earnings per share over the last twelve months; the forward P/E divides it by the earnings analysts expect over the next twelve. Price to sales compares the company's market value with its revenue over the last twelve months. A multiple reads differently from one industry to the next, so the peer group above is the fairer comparison.
See also: FWRD financials · FWRD returns
No forecast, no recommendation. This page describes Forward Air Corp from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.