Forward Air (FWRD) Debt/Equity Ratio: History & Chart

Forward Air Corporation(FWRD)

Integrated Freight & Logistics · Dallas, TN

$15.07-0.84 (-5.28%)

Delayed quote: Oct 5, 2026, 4:00 PM EDT

About Forward Air Corporation

Forward Air Corporation, including its various subsidiaries, functions as a streamlined transportation and logistics enterprise throughout the United States and Canada, operating with an asset-light model. The company's business is structured into two principal divisions: Expedited Freight and Intermodal. The Expedited Freight segment delivers time-sensitive regional, inter-regional, and national less-than-truckload (LTL) services, complemented by local collection and delivery capabilities. This comprehensive segment also extends to final-mile services, full truckload transport, cargo consolidation and deconsolidation, storage solutions, customs brokerage, and general freight handling. Furthermore, it encompasses expedited truckload brokerage, dedicated fleet operations, and specialized logistics for high-security or temperature-sensitive goods. The Intermodal segment primarily focuses on drayage services for intermodal containers. It also provides contract warehousing as well as container freight station (CFS) warehousing and related handling services. Forward Air caters to a diverse customer base, which includes freight forwarders, third-party logistics (3PL) providers, integrated air cargo companies, both passenger and cargo airlines, ocean carriers, and retailers. Founded in 1981, Forward Air Corporation is based in Greeneville, Tennessee.

Dallas, TN

6,062 employees

www.forwardair.com

Industrials / Integrated Freight & Logistics

Sector: Industrials
Industry: Integrated Freight & Logistics
CEO: Shawn Stewart

View full financials

FWRD Debt to Equity Ratio Metrics

DEBT TO EQUITY RATIO

-18.28

DEBT TO EQUITY RATIO AVG TTM

11.40

DEBT TO EQUITY RATIO AVG 3Y

10.17

DEBT TO EQUITY RATIO AVG 5Y

5.23

DEBT TO EQUITY RATIO AVG 10Y

0.33

DEBT TO EQUITY RATIO AVG 15Y

0.23

DEBT TO EQUITY RATIO AVG 20Y

0.21

CURRENT VS TTM AVG

-260.35%

CURRENT VS 3Y AVG

-279.75%

CURRENT VS 5Y AVG

-449.29%

CURRENT VS 10Y AVG

-5603.89%

CURRENT VS 15Y AVG

-8144.84%

CURRENT VS 20Y AVG

-8880.28%

SECTOR MEDIAN · INDUSTRIALS

0.53

median of 302 covered companies

CURRENT VS SECTOR MEDIAN

-3548.93%

vs the sector median at left

NAME	MARKET CAP	DEBT TO EQUITY RATIO	TTM	3Y	5Y
Forward Air Corporation (FWRD)	$476.59M	-18.28	11.40	10.17	5.23
Columbus McKinnon Corporation (CMCO)vs ›	$487.84M	1.74	1.17	0.91	0.81
Accelevation Holdings Corp. (ACCV)vs ›	$493.80M	N/A	N/A	N/A	N/A
Concrete Pumping Holdings, Inc. (BBCP)vs ›	$495.37M	1.51	1.38	1.43	1.42
BUUU Group Ltd (BUUU)vs ›	$452.01M	2.10	1.29	1.29	1.29
Cardinal Infrastructure Group Inc. (CDNL)vs ›	$439.06M	0.93	2.35	2.35	2.35
Euroseas Ltd. (ESEA)vs ›	$515.40M	0.40	0.52	0.54	0.94
Acacia Research Corporation (ACTG)vs ›	$415.33M	0.19	0.21	0.17	0.26
Aduro Clean Technologies Inc. (ADUR)vs ›	$410.41M	0.02	0.01	0.02	0.09
Falcon's Beyond Global, Inc. Class A Common Stock (FBYD)vs ›	$399.45M	1.24	1.51	1.00	0.98

NAME

MARKET CAP

DEBT TO EQUITY RATIO

TTM

Forward Air Corporation (FWRD)

$476.59M

-18.28

11.40

10.17

5.23

Columbus McKinnon Corporation (CMCO)vs ›

$487.84M

1.74

1.17

0.91

0.81

Accelevation Holdings Corp. (ACCV)vs ›

$493.80M

N/A

Concrete Pumping Holdings, Inc. (BBCP)vs ›

$495.37M

1.51

1.38

1.43

1.42

BUUU Group Ltd (BUUU)vs ›

$452.01M

2.10

1.29

Cardinal Infrastructure Group Inc. (CDNL)vs ›

$439.06M

0.93

2.35

Euroseas Ltd. (ESEA)vs ›

$515.40M

0.40

0.52

0.54

0.94

Acacia Research Corporation (ACTG)vs ›

$415.33M

0.19

0.21

0.17

0.26

Aduro Clean Technologies Inc. (ADUR)vs ›

$410.41M

0.02

0.01

0.02

0.09

Falcon's Beyond Global, Inc. Class A Common Stock (FBYD)vs ›

$399.45M

1.24

1.51

1.00

0.98

Debt to Equity Ratio FAQ

What is the debt to equity ratio for Forward Air Corporation (FWRD)?

The debt to equity ratio for FWRD stock is -18.28.

Is Forward Air Corporation's debt to equity ratio high or low?

The debt to equity ratio of -18.28 is 449% below its 5-year average of 5.23, near the low end of its 5-year range (-18.28–26.55).

What is the TTM average debt to equity ratio for Forward Air Corporation (FWRD)?

The TTM average debt to equity ratio for FWRD stock is 11.40.

What is the 3Y average debt to equity ratio for Forward Air Corporation (FWRD)?

The 3Y average debt to equity ratio for FWRD stock is 10.17.

What is the 5Y average debt to equity ratio for Forward Air Corporation (FWRD)?

The 5Y average debt to equity ratio for FWRD stock is 5.23.

What is the 10Y average debt to equity ratio for Forward Air Corporation (FWRD)?

The 10Y average debt to equity ratio for FWRD stock is 0.33.

What is the 15Y average debt to equity ratio for Forward Air Corporation (FWRD)?

The 15Y average debt to equity ratio for FWRD stock is 0.23.

What is the 20Y average debt to equity ratio for Forward Air Corporation (FWRD)?

The 20Y average debt to equity ratio for FWRD stock is 0.21.

DATE	DEBT TO EQUITY RATIO
2026-06-30	-18.28
2026-03-31	26.55
2025-12-31	19.05
2025-09-30	15.43
2025-06-30	14.25
2025-03-31	13.92
2024-12-31	10.64
2024-09-30	9.24
2024-06-30	7.27
2024-03-31	2.23
2023-12-31	2.56
2023-09-30	0.45
2023-06-30	0.46
2023-03-31	0.49
2022-12-31	0.38
2022-09-30	0.41
2022-06-30	0.48
2022-03-31	0.53
2021-12-31	0.54
2021-09-30	0.55
2021-06-30	0.57
2021-03-31	0.46
2020-12-31	0.44
2020-09-30	0.42
2020-06-30	0.46
2020-03-31	0.55
2019-12-31	0.31
2019-09-30	0.61
2019-06-30	0.56
2019-03-31	0.49
2018-12-31	0.09
2018-09-30	0.07
2018-06-30	0.08
2018-03-31	0.08
2017-12-31	0.08
2017-09-30	0.08
2017-06-30	0.04
2017-03-31	0.03
2016-12-31	0.06
2016-09-30	0.09
2016-06-30	0.12
2016-03-31	0.14
2015-12-31	0.17
2015-09-30	0.20
2015-06-30	0.23
2015-03-31	0.27
2014-12-31	0.00
2014-09-30	0.00
2014-06-30	0.00
2014-03-31	0.00
2013-12-31	0.00
2013-09-30	0.00
2013-06-30	0.00
2013-03-31	0.00
2012-12-31	0.00
2012-09-30	0.00
2012-06-30	0.00
2012-03-31	0.00
2011-12-31	0.00
2011-09-30	0.19
2011-06-30	0.18
2011-03-31	0.19
2010-12-31	0.20
2010-09-30	0.21
2010-06-30	0.22
2010-03-31	0.23
2009-12-31	0.24
2009-09-30	0.24
2009-06-30	0.25
2009-03-31	0.26
2009-02-24	0.25
2008-10-31	0.27
2008-06-30	0.19
2008-04-23	0.23
2008-02-19	0.19
2007-09-30	0.01
2007-06-30	0.00
2007-03-31	0.00
2006-12-31	0.00
2006-09-30	0.00
2006-06-30	0.00
2006-03-31	0.00
2005-12-31	0.01
2005-09-30	0.01
2005-06-30	0.01
2005-03-31	0.00
2004-12-31	0.01
2004-09-30	0.01
2004-06-30	0.01
2004-03-31	0.01
2003-12-31	0.01
2003-09-30	0.01
2003-06-30	0.01
2003-03-31	0.01
2002-12-31	0.01
2002-09-30	0.04

DATE

DEBT TO EQUITY RATIO

2026-06-30

-18.28

2026-03-31

26.55

2025-12-31

19.05

2025-09-30

15.43

2025-06-30

14.25

2025-03-31

13.92

2024-12-31

10.64

2024-09-30

9.24

2024-06-30

7.27

2024-03-31

2.23

2023-12-31

2.56

2023-09-30

0.45

2023-06-30

0.46

2023-03-31

0.49

2022-12-31

0.38

2022-09-30

0.41

2022-06-30

0.48

2022-03-31

0.53

2021-12-31

0.54

2021-09-30

0.55

2021-06-30

0.57

2021-03-31

0.46

2020-12-31

0.44

2020-09-30

0.42

2020-06-30

0.46

2020-03-31

0.55

2019-12-31

0.31

2019-09-30

0.61

2019-06-30

0.56

2019-03-31

0.49

2018-12-31

0.09

2018-09-30

0.07

2018-06-30

0.08

2018-03-31

0.08

2017-12-31

0.08

2017-09-30

0.08

2017-06-30

0.04

2017-03-31

0.03

2016-12-31

0.06

2016-09-30

0.09

2016-06-30

0.12

2016-03-31

0.14

2015-12-31

0.17

2015-09-30

0.20

2015-06-30

0.23

2015-03-31

0.27

2014-12-31

0.00

2014-09-30

0.00

2014-06-30

0.00

2014-03-31

0.00

2013-12-31

0.00

2013-09-30

0.00

2013-06-30

0.00

2013-03-31

0.00

2012-12-31

0.00

2012-09-30

0.00

2012-06-30

0.00

2012-03-31

0.00

2011-12-31

0.00

2011-09-30

0.19

2011-06-30

0.18

2011-03-31

0.19

2010-12-31

0.20

2010-09-30

0.21

2010-06-30

0.22

2010-03-31

0.23

2009-12-31

0.24

2009-09-30

0.24

2009-06-30

0.25

2009-03-31

0.26

2009-02-24

0.25

2008-10-31

0.27

2008-06-30

0.19

2008-04-23

0.23

2008-02-19

0.19

2007-09-30

0.01

2007-06-30

0.00

2007-03-31

0.00

2006-12-31

0.00

2006-09-30

0.00

2006-06-30

0.00

2006-03-31

0.00

2005-12-31

0.01

2005-09-30

0.01

2005-06-30

0.01

2005-03-31

0.00

2004-12-31

0.01

2004-09-30

0.01

2004-06-30

0.01

2004-03-31

0.01

2003-12-31

0.01

2003-09-30

0.01

2003-06-30

0.01

2003-03-31

0.01

2002-12-31

0.01

2002-09-30

0.04

Debt to Equity Ratio: -18.28

FWRD Debt to Equity Ratio

FWRD Average Debt to Equity Ratio Chart

FWRD Current vs Average Debt to Equity Ratio Chart

FWRD Debt to Equity Ratio Metrics

FWRD Competitors' Debt to Equity Ratio

Financial Health

Debt to Equity Ratio Formula & Definition

Debt to Equity Ratio FAQ

FWRD Debt to Equity Ratio History

Related Metrics