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 1,613 933.8 781.2 553.3 - -
Change - -14.56% -42.15% -42.12% -16.34% -29.17% - -
Enterprise Value (EV) 1 3,264 2,789 3,366 2,553 2,401 2,321 2,176 553.3
Change - -14.56% 20.68% -24.16% -5.95% -3.34% -6.22% -74.57%
P/E 31.5x 14.7x 9.82x -1.09x -7.12x -2.1x 149x -
PBR - - 2.14x 3.97x 6.91x -4.1x -4.17x -
PEG - 0.2x -0.9x 0x 0.1x -0x -1x -
Capitalization / Revenue 1.96x 1.41x 1.18x 0.38x 0.31x 0.22x 0.21x -
EV / Revenue 1.96x 1.41x 2.46x 1.03x 0.96x 0.9x 0.84x -
EV / EBITDA 16.4x 8.9x 16.6x 8.3x 7.82x 7.21x 6.51x 1.57x
EV / EBIT 19.6x 10.4x 23.1x 15.8x 15.3x 14.4x 12.7x 2.78x
EV / FCF 38.1x 12.8x 19.5x -23.6x 137x 25.3x 16.1x -
FCF Yield 2.63% 7.83% 5.12% -4.24% 0.73% 3.95% 6.2% -
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 16.38 16.38 16.38
Nbr of stocks (in thousands) 26,958 26,590 25,662 28,954 31,248 33,781 - -
Announcement Date 9/2/22 8/2/23 28/2/24 26/2/25 23/2/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-2.1x0.9x7.21x-.--% 553M
17.02x1.17x8.57x6.38% 87.34B
15.6x0.95x8.27x1.67% 76.89B
16.04x0.96x7.11x3.57% 71.35B
24.31x1.81x17.21x0.84% 24.4B
20.28x0.78x8.44x-.--% 11.93B
22.27x2.49x9.48x-.--% 9.01B
8.7x0.37x5.53x6.21% 6.39B
14.5x0.67x7.57x3.56% 5.66B
28.15x0.52x7.57x-.--% 5.29B
Average 16.48x 1.06x 8.70x 2.22% 29.88B
Weighted average by Cap. 17.24x 1.10x 8.77x 3.42%

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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