FWRD Financial Statements

Balance sheet, income statement, cash flow, and dividends for Forward Air Corp (FWRD).


$933.78M Market Cap.

As of 03/24/2025 5:00 PM ET (MRY) • Disclaimer

FWRD Market Cap. (MRY)


FWRD Shares Outstanding (MRY)


FWRD Assets (MRY)


Total Assets

$2.80B

Total Liabilities

$2.52B

Total Investments

$0

FWRD Income (MRY)


Revenue

$2.47B

Net Income

-$816.97M

Operating Expense

$2.08B

FWRD Cash Flow (MRY)


CF Operations

-$69.02M

CF Investing

-$1.61B

CF Financing

-$163.83M

FWRD Dividends (MRY)


Period

Dividends

Yield %

Growth %

Payout Ratio

Coverage Ratio

2024

$0

0%

0%

0%

-

2023

$0.96

1.50%

0.00%

14.95%

6.69

2022

$0.96

0.90%

14.29%

13.39%

7.47

2021

$0.84

0.70%

12.00%

21.71%

4.61

2020

$0.75

1.00%

-

89.29%

1.12

FWRD Balance Sheet (MRY)


Metric

2024

2023

2022

2021

Total Assets

$2,802,641,000 (-5.94%)

$2,979,533,000 (146.63%)

$1,208,076,000 (8.07%)

$1,117,823,000 (6.72%)

Assets Current

$472,500,000 (36.16%)

$347,028,000 (14.04%)

$304,315,000 (7.61%)

$282,807,000 (15.01%)

Assets Non-Current

$2,330,141,000 (-11.49%)

$2,632,505,000 (191.28%)

$903,761,000 (8.23%)

$835,016,000 (4.18%)

Goodwill & Intangible Assets

$1,521,928,000 (268.06%)

$413,495,000 (-10.30%)

$460,985,000 (9.38%)

$421,469,000 (8.07%)

Shareholders Equity

$201,728,000 (-73.60%)

$764,261,000 (8.06%)

$707,244,000 (19.13%)

$593,654,000 (8.46%)

Property Plant & Equipment Net

$736,272,000 (99.18%)

$369,647,000 (-5.45%)

$390,945,000 (6.44%)

$367,293,000 (17.27%)

Cash & Equivalents

$105,266,000 (-34.85%)

$161,573,000 (252.61%)

$45,822,000 (22.79%)

$37,316,000 (-7.30%)

Accumulated Other Comprehensive Income

-$2,732,000 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Deferred Revenue

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Total Investments

$0 (0%)

$1,790,500,000 (0%)

$0 (0%)

$0 (0%)

Investments Current

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Investments Non-Current

$0 (0%)

$1,790,500,000 (0%)

$0 (0%)

$0 (0%)

Inventory

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Trade & Non-Trade Receivables

$322,496,000 (103.24%)

$158,675,000 (-28.21%)

$221,028,000 (2.24%)

$216,182,000 (38.14%)

Trade & Non-Trade Payables

$105,692,000 (132.65%)

$45,430,000 (-16.80%)

$54,601,000 (21.78%)

$44,837,000 (16.85%)

Accumulated Retained Earnings (Deficit)

-$338,230,000 (-170.42%)

$480,320,000 (10.13%)

$436,124,000 (30.22%)

$334,910,000 (10.12%)

Tax Assets

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Tax Liabilities

$51,464,000 (21.95%)

$42,200,000 (-17.41%)

$51,093,000 (17.71%)

$43,407,000 (3.38%)

Total Debt

$2,145,798,000 (10.28%)

$1,945,823,000 (600.32%)

$277,847,000 (-13.19%)

$320,066,000 (31.59%)

Debt Current

$113,370,000 (98.93%)

$56,989,000 (0.78%)

$56,550,000 (5.46%)

$53,620,000 (17.90%)

Debt Non-Current

$2,032,428,000 (7.60%)

$1,888,834,000 (753.53%)

$221,297,000 (-16.94%)

$266,446,000 (34.74%)

Total Liabilities

$2,516,773,000 (13.61%)

$2,215,272,000 (342.32%)

$500,832,000 (-4.45%)

$524,169,000 (4.82%)

Liabilities Current

$384,046,000 (61.98%)

$237,094,000 (39.96%)

$169,398,000 (2.86%)

$164,692,000 (-4.04%)

Liabilities Non-Current

$2,132,727,000 (7.81%)

$1,978,178,000 (496.85%)

$331,434,000 (-7.80%)

$359,477,000 (9.45%)

FWRD Income Statement (MRY)


Metric

2024

2023

2022

2021

Revenues

$2,474,262,000 (80.51%)

$1,370,735,000 (-30.54%)

$1,973,403,000 (18.71%)

$1,662,427,000 (30.94%)

Cost of Revenue

$1,454,227,000 (109.06%)

$695,612,000 (-32.55%)

$1,031,226,000 (10.92%)

$929,735,000 (26.92%)

Selling General & Administrative Expense

$536,406,000 (86.53%)

$287,566,000 (-17.36%)

$347,970,000 (6.15%)

$327,814,000 (21.06%)

Research & Development Expense

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Operating Expenses

$2,082,971,000 (254.90%)

$586,913,000 (-13.20%)

$676,201,000 (17.93%)

$573,391,000 (23.82%)

Interest Expense

$189,215,000 (499.33%)

$31,571,000 (514.46%)

$5,138,000 (18.44%)

$4,338,000 (-4.89%)

Income Tax Expense

-$124,991,000 (-1003.38%)

$13,836,000 (-79.55%)

$67,647,000 (74.03%)

$38,872,000 (134.27%)

Net Loss Income from Discontinued Operations

$6,387,000 (105.13%)

-$124,548,000 (0%)

$0 (0%)

$10,232,000 (-64.76%)

Consolidated Income

-$1,131,228,000 (-775.96%)

$167,351,000 (-13.38%)

$193,191,000 (82.50%)

$105,859,000 (346.04%)

Net Income to Non-Controlling Interests

-$314,259,000 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Net Income

-$816,969,000 (-588.18%)

$167,351,000 (-13.38%)

$193,191,000 (82.50%)

$105,859,000 (346.04%)

Preferred Dividends Income Statement Impact

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Net Income Common Stock

-$816,969,000 (-588.18%)

$167,351,000 (-13.38%)

$193,191,000 (82.50%)

$105,859,000 (346.04%)

Weighted Average Shares

$28,954,411 (12.83%)

$25,662,063 (-3.49%)

$26,589,697 (-1.37%)

$26,958,243 (-2.00%)

Weighted Average Shares Diluted

-

-

-

-

Earning Before Interest & Taxes (EBIT)

-$752,745,000 (-453.80%)

$212,758,000 (-20.01%)

$265,976,000 (78.42%)

$149,069,000 (232.10%)

Gross Profit

$1,020,035,000 (51.09%)

$675,123,000 (-28.34%)

$942,177,000 (28.59%)

$732,692,000 (36.44%)

Operating Income

-$1,062,936,000 (-1305.01%)

$88,210,000 (-66.84%)

$265,976,000 (66.96%)

$159,301,000 (115.49%)

FWRD Cash Flow Statement (MRY)


Metric

2024

2023

2022

2021

Net Cash Flow from Investing

-$1,608,586,000 (-1020.04%)

$174,838,000 (267.37%)

-$104,462,000 (-18.29%)

-$88,312,000 (-6.78%)

Net Cash Flow from Financing

-$163,832,000 (-110.57%)

$1,550,025,000 (1160.77%)

-$146,122,000 (-318.84%)

-$34,887,000 (-31.88%)

Net Cash Flow from Operations

-$69,015,000 (-138.05%)

$181,388,000 (-29.99%)

$259,090,000 (115.44%)

$120,261,000 (42.04%)

Net Cash Flow / Change in Cash & Cash Equivalents

-$1,846,807,000 (-196.88%)

$1,906,251,000 (22310.66%)

$8,506,000 (389.52%)

-$2,938,000 (88.01%)

Net Cash Flow - Business Acquisitions and Disposals

-$1,576,219,000 (-2679.78%)

-$56,703,000 (14.22%)

-$66,105,000 (-10.42%)

-$59,866,000 (5.95%)

Net Cash Flow - Investment Acquisitions and Disposals

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Capital Expenditure

-$31,923,000 (-18.30%)

-$26,984,000 (29.65%)

-$38,357,000 (-5.19%)

-$36,466,000 (-104.23%)

Issuance (Repayment) of Debt Securities

-$150,896,000 (-109.02%)

$1,672,500,000 (3137.93%)

-$55,054,000 (-230.79%)

$42,095,000 (-3.35%)

Issuance (Purchase) of Equity Shares

$753,000 (100.81%)

-$93,011,000 (-50.05%)

-$61,988,000 (-28.93%)

-$48,078,000 (-7.84%)

Payment of Dividends & Other Cash Distributions

$0 (0%)

-$24,995,000 (3.36%)

-$25,865,000 (-12.57%)

-$22,976,000 (-10.10%)

Effect of Exchange Rate Changes on Cash

$1,013,000 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Share Based Compensation

$10,188,000 (-11.37%)

$11,495,000 (1.05%)

$11,376,000 (4.24%)

$10,913,000 (-1.09%)

Depreciation Amortization & Accretion

$143,978,000 (150.81%)

$57,405,000 (21.14%)

$47,386,000 (19.81%)

$39,552,000 (6.54%)

FWRD Financial Metrics (MRY)


Metric

2024

2023

2022

2021

Gross Margin

41.20% (-16.43%)

49.30% (3.35%)

47.70% (8.16%)

44.10% (4.26%)

Profit Margin

-33.00% (-370.49%)

12.20% (24.49%)

9.80% (53.13%)

6.40% (236.84%)

EBITDA Margin

-24.60% (-224.87%)

19.70% (23.90%)

15.90% (40.71%)

11.30% (73.85%)

Return on Average Equity (ROAE)

-199.50% (-931.25%)

24.00% (-17.24%)

29.00% (53.44%)

18.90% (339.53%)

Return on Average Assets (ROAA)

-25.40% (-349.02%)

10.20% (-37.04%)

16.20% (63.64%)

9.90% (350.00%)

Return on Sales (ROS)

-30.40% (-296.13%)

15.50% (14.81%)

13.50% (50.00%)

9.00% (157.14%)

Return on Invested Capital (ROIC)

-26.60% (-304.62%)

13.00% (-59.88%)

32.40% (64.47%)

19.70% (212.70%)

Dividend Yield

0% (0%)

1.50% (66.67%)

0.90% (28.57%)

0.70% (-30.00%)

Price to Earnings Ratio (P/E)

-1.05 (-110.75%)

9.79 (-33.06%)

14.63 (-53.25%)

31.29 (-65.80%)

Price to Sales Ratio (P/S)

0.38 (-67.97%)

1.18 (-16.70%)

1.41 (-28.05%)

1.96 (17.96%)

Price to Book Ratio (P/B)

4.63 (119.28%)

2.11 (-46.46%)

3.94 (-28.30%)

5.5 (42.39%)

Debt to Equity Ratio (D/E)

12.48 (330.36%)

2.9 (309.46%)

0.71 (-19.82%)

0.88 (-3.39%)

Earnings Per Share (EPS)

-30.63 (-577.10%)

6.42 (-10.46%)

7.17 (85.27%)

3.87 (360.71%)

Sales Per Share (SPS)

85.45 (59.98%)

53.41 (-28.03%)

74.22 (20.35%)

61.67 (33.61%)

Free Cash Flow Per Share (FCFPS)

-3.49 (-157.94%)

6.02 (-27.51%)

8.3 (167.08%)

3.11 (27.95%)

Book Value Per Share (BVPS)

6.97 (-76.61%)

29.78 (11.97%)

26.6 (20.78%)

22.02 (10.67%)

Tangible Assets Book Value Per Share (TABVPS)

44.23 (-55.76%)

99.99 (255.88%)

28.1 (8.77%)

25.83 (8.09%)

Enterprise Value Over EBIT (EV/EBIT)

-4 (-144.44%)

9 (-18.18%)

11 (-54.17%)

24 (-52.94%)

Enterprise Value Over EBITDA (EV/EBITDA)

-4.74 (-167.66%)

7 (-27.35%)

9.64 (-48.35%)

18.66 (-33.63%)

Asset Turnover

0.77 (-7.80%)

0.83 (-49.79%)

1.66 (6.96%)

1.55 (29.36%)

Current Ratio

1.23 (-15.98%)

1.46 (-18.49%)

1.8 (4.60%)

1.72 (19.82%)

Dividends

$0 (0%)

$0.96 (0.00%)

$0.96 (14.29%)

$0.84 (12.00%)

Free Cash Flow (FCF)

-$100,938,000 (-165.37%)

$154,404,000 (-30.05%)

$220,733,000 (163.42%)

$83,795,000 (25.42%)

Enterprise Value (EV)

$2,883,796,755 (52.48%)

$1,891,280,901 (-37.37%)

$3,019,606,318 (-14.19%)

$3,518,785,645 (52.65%)

Earnings Before Tax (EBT)

-$941,960,000 (-619.88%)

$181,187,000 (-30.54%)

$260,838,000 (80.22%)

$144,731,000 (258.90%)

Earnings Before Interest Taxes & Depreciation Amortization (EBITDA)

-$608,767,000 (-325.33%)

$270,163,000 (-13.79%)

$313,362,000 (66.13%)

$188,621,000 (129.99%)

Invested Capital

$2,937,199,000 (-28.59%)

$4,113,194,000 (407.98%)

$809,718,000 (-0.58%)

$814,412,000 (18.25%)

Working Capital

$88,454,000 (-19.54%)

$109,934,000 (-18.52%)

$134,917,000 (14.23%)

$118,115,000 (59.02%)

Tangible Asset Value

$1,280,713,000 (-50.09%)

$2,566,038,000 (243.47%)

$747,091,000 (7.29%)

$696,354,000 (5.93%)

Market Capitalization

$933,779,755 (-42.12%)

$1,613,373,901 (-42.15%)

$2,788,993,318 (-14.56%)

$3,264,373,645 (54.44%)

Average Equity

$409,411,750 (-41.29%)

$697,300,750 (4.62%)

$666,515,750 (18.79%)

$561,067,500 (0.57%)

Average Assets

$3,221,264,250 (95.78%)

$1,645,313,250 (38.32%)

$1,189,521,000 (11.01%)

$1,071,518,250 (1.22%)

Invested Capital Average

$2,834,686,250 (73.49%)

$1,633,881,500 (98.98%)

$821,109,750 (8.32%)

$758,020,750 (6.08%)

Shares

28,954,411 (12.83%)

25,662,063 (-3.49%)

26,589,697 (-1.37%)

26,958,243 (-2.00%)