Company Valuation: Forward Air Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 3,264 2,789 1,613 933.8 781.2 496.2 - -
Change - -14.56% -42.15% -42.12% -16.34% -36.48% - -
Enterprise Value (EV) 1 3,264 2,789 3,366 2,553 2,401 2,264 2,119 496.2
Change - -14.56% 20.68% -24.16% -5.95% -5.72% -6.38% -76.58%
P/E 31.5x 14.7x 9.82x -1.09x -7.12x -1.88x 134x -
PBR - - 2.14x 3.97x 6.91x -3.67x -3.74x -
PEG - 0.2x -0.9x 0x 0.1x -0x -1x -
Capitalization / Revenue 1.96x 1.41x 1.18x 0.38x 0.31x 0.19x 0.19x -
EV / Revenue 1.96x 1.41x 2.46x 1.03x 0.96x 0.88x 0.81x -
EV / EBITDA 16.4x 8.9x 16.6x 8.3x 7.82x 7.04x 6.34x 1.41x
EV / EBIT 19.6x 10.4x 23.1x 15.8x 15.3x 14.1x 12.3x 2.49x
EV / FCF 38.1x 12.8x 19.5x -23.6x 137x 24.7x 15.7x -
FCF Yield 2.63% 7.83% 5.12% -4.24% 0.73% 4.05% 6.37% -
Dividend per Share 2 0.84 0.96 0.96 - - - - -
Rate of return 0.69% 0.92% 1.53% - - - - -
EPS 2 3.85 7.14 6.4 -29.66 -3.51 -7.8 0.11 -
Distribution rate 21.8% 13.4% 15% - - - - -
Net sales 1 1,662 1,973 1,371 2,474 2,495 2,572 2,606 -
EBITDA 1 198.9 313.4 203.1 307.7 307.1 321.7 334.3 353
EBIT 1 166.7 267.7 145.7 161.4 157.4 161.1 171.9 199.3
Net income 1 105.9 193.2 167.4 -817 -141.7 -242.5 4.8 -
Net Debt 1 - - 1,752 1,619 1,620 1,767 1,623 -
Reference price 2 121.09 104.89 62.87 32.25 25.00 14.69 14.69 14.69
Nbr of stocks (in thousands) 26,958 26,590 25,662 28,954 31,248 33,781 - -
Announcement Date 2/9/22 2/8/23 2/28/24 2/26/25 2/23/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-1.88x0.88x7.04x-.--% 496M
15.6x1.09x7.98x6.97% 79.94B
16.45x0.99x7.29x3.48% 72.18B
13.91x0.85x7.49x1.96% 67.65B
24.28x1.81x17.19x0.84% 24.37B
18.26x0.7x7.6x-.--% 10.74B
36.05x2.53x9.73x-.--% 8.86B
8.01x0.36x5.26x6.75% 6.28B
14.28x0.66x7.48x3.6% 5.69B
27.56x0.51x7.45x-.--% 5.18B
Average 17.25x 1.04x 8.45x 2.36% 28.14B
Weighted average by Cap. 16.90x 1.06x 8.44x 3.64%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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