Forward Financial Statements From 2010 to 2025

Forward Air Balance Sheet		Trends
Current Value Last Year Historical Average  10 Year Trend Total Assets 2.9 B 2.8 B 1.1 B Slightly volatile Short and Long Term Debt Total 2.3 B 2.1 B 476.9 M Slightly volatile Other Current Liabilities 256.2 M 244 M 63.2 M Slightly volatile Total Current Liabilities 403.2 M 384 M 133.6 M Slightly volatile Total Stockholder Equity 314.8 M 201.7 M 460.5 M Slightly volatile Property Plant And Equipment Net 773.1 M 736.3 M 296 M Slightly volatile Accounts Payable 111 M 105.7 M 36.9 M Slightly volatile Cash 110.1 M 104.9 M 58.8 M Slightly volatile Non Current Assets Total 2.4 B 2.3 B 870.5 M Slightly volatile Non Currrent Assets Other 76.1 M 71.9 M 141.6 M Slightly volatile Cash And Short Term Investments 110.1 M 104.9 M 58.8 M Slightly volatile Net Receivables 338.6 M 322.5 M 150.4 M Slightly volatile Common Stock Shares Outstanding 23.8 M 27.5 M 28.7 M Slightly volatile Liabilities And Stockholders Equity 2.9 B 2.8 B 1.1 B Slightly volatile Non Current Liabilities Total 2.2 B 2.1 B 508.8 M Slightly volatile Inventory 1.09 1.15 2.1 M Very volatile Other Current Assets 47.4 M 45.1 M 28.3 M Slightly volatile Other Stockholder Equity 569.5 M 542.4 M 219.8 M Slightly volatile Total Liabilities 2.6 B 2.5 B 642.5 M Slightly volatile Property Plant And Equipment Gross 1.1 B 1 B 335.2 M Slightly volatile Total Current Assets 496.1 M 472.5 M 236.8 M Slightly volatile Short Term Debt 238.1 M 226.7 M 55.8 M Slightly volatile Current Deferred Revenue 18.1 M 9.9 M 22.2 M Slightly volatile Common Stock Total Equity 279.6 K 304.8 K 273 K Slightly volatile Common Stock 281.4 K 298 K 272.2 K Pretty Stable Intangible Assets 1 B 999.2 M 212.2 M Slightly volatile Other Assets 62.6 M 59.6 M 23.7 M Slightly volatile Long Term Debt 1.8 B 1.7 B 362.7 M Slightly volatile Property Plant Equipment 152.6 M 286.4 M 196.7 M Slightly volatile Good Will 548.8 M 522.7 M 219.1 M Slightly volatile Other Liabilities 133 M 126.7 M 68.4 M Slightly volatile Net Tangible Assets 992.5 M 945.2 M 403.1 M Slightly volatile Retained Earnings Total Equity 355.2 M 501.5 M 343.1 M Slightly volatile Long Term Debt Total 128.7 M 122.6 M 61.2 M Slightly volatile Capital Surpluse 178.9 M 311.5 M 179.7 M Slightly volatile Capital Lease Obligations 493.4 M 469.9 M 89.5 M Slightly volatile Deferred Long Term Liabilities 34.7 M 58.8 M 34.7 M Slightly volatile Non Current Liabilities Other 34.1 M 48.8 M 31.2 M Slightly volatile Short and Long Term Debt 9.3 M 11.4 M 9 M Very volatile Net Invested Capital 1.2 B 1.9 B 856.1 M Slightly volatile Net Working Capital 85.4 M 88.5 M 103.6 M Very volatile Capital Stock 220.2 K 298 K 276.7 K Slightly volatile
Forward Air Income Statement		Trends
Current Value Last Year Historical Average  10 Year Trend Total Revenue 2.6 B 2.5 B 1.2 B Slightly volatile Gross Profit 208.5 M 339.7 M 250.1 M Slightly volatile Other Operating Expenses 3.7 B 3.5 B 1.3 B Slightly volatile Cost Of Revenue 2.2 B 2.1 B 976.4 M Slightly volatile Total Operating Expenses 1.5 B 1.4 B 303.8 M Slightly volatile Selling General Administrative 47.7 M 64.7 M 42.3 M Very volatile Net Income Applicable To Common Shares 233.3 M 222.2 M 97.5 M Slightly volatile Non Recurring 34 M 38.2 M 41.6 M Slightly volatile Interest Income 2.1 M 3.1 M 2.2 M Slightly volatile Reconciled Depreciation 151.2 M 144 M 55.6 M Slightly volatile Extraordinary Items 12.7 M 14.3 M 15.6 M Slightly volatile Selling And Marketing Expenses 36 M 40.5 M 44.2 M Slightly volatile
Forward Air Cash Flow Statement		Trends
Current Value Last Year Historical Average  10 Year Trend Capital Expenditures 27.3 M 37.1 M 33 M Pretty Stable End Period Cash Flow 104.1 M 105.3 M 174.2 M Slightly volatile Begin Period Cash Flow 2 B 2 B 292.5 M Slightly volatile Change To Netincome 36.1 M 34.4 M 21.4 M Slightly volatile
Financial Ratios		Trends
Current Value Last Year Historical Average  10 Year Trend Price To Sales Ratio 0.34 0.359 1.4986 Slightly volatile Dividend Yield 0.032 0.0176 0.0119 Slightly volatile PTB Ratio 4.41 4.4028 3.6006 Pretty Stable Days Sales Outstanding 52.7 47.5742 45.6466 Pretty Stable Book Value Per Share 8.7 10.3801 16.5143 Slightly volatile Stock Based Compensation To Revenue 0.0039 0.0041 0.0079 Slightly volatile Capex To Depreciation 0.24 0.2574 1.0891 Slightly volatile PB Ratio 4.41 4.4028 3.6006 Pretty Stable EV To Sales 1.46 1.1838 1.7165 Pretty Stable Inventory Turnover 42.36 44.59 332 Slightly volatile Days Of Inventory On Hand 8.9 8.47 3.4002 Slightly volatile Payables Turnover 19.19 20.1965 29.1303 Pretty Stable Sales General And Administrative To Revenue 0.0248 0.0261 0.053 Slightly volatile Research And Ddevelopement To Revenue 0.0017 0.0015 0.0016 Slightly volatile Capex To Revenue 0.0142 0.015 0.0366 Slightly volatile Cash Per Share 4.0 3.8091 2.0866 Slightly volatile Payout Ratio 0.16 0.17 0.2318 Pretty Stable Days Payables Outstanding 19.44 18.0724 13.415 Pretty Stable Income Quality 0.0637 0.067 1.6735 Pretty Stable Intangibles To Total Assets 0.57 0.543 0.3634 Slightly volatile Current Ratio 1.17 1.2303 2.6872 Slightly volatile Receivables Turnover 6.21 7.6722 8.0695 Pretty Stable Shareholders Equity Per Share 8.62 7.3249 16.3183 Slightly volatile Debt To Equity 11.17 10.6371 1.6689 Slightly volatile Capex Per Share 1.24 1.3457 1.2187 Pretty Stable Revenue Per Share 94.33 89.8425 44.5241 Slightly volatile Interest Debt Per Share 89.03 84.7862 18.6184 Slightly volatile Debt To Assets 0.8 0.7656 0.2264 Slightly volatile Graham Number 61.86 58.92 36.4452 Slightly volatile Operating Cycle 54.16 47.5742 46.671 Pretty Stable Price Book Value Ratio 4.41 4.4028 3.6006 Pretty Stable Days Of Payables Outstanding 19.44 18.0724 13.415 Pretty Stable Dividend Payout Ratio 0.16 0.17 0.2318 Pretty Stable Ebt Per Ebit 0.74 1.1758 0.9592 Slightly volatile Effective Tax Rate 0.095 0.1 0.2833 Slightly volatile Company Equity Multiplier 14.59 13.8932 3.1867 Slightly volatile Long Term Debt To Capitalization 0.94 0.8926 0.2317 Slightly volatile Total Debt To Capitalization 0.96 0.9141 0.2704 Slightly volatile Debt Equity Ratio 11.17 10.6371 1.6689 Slightly volatile Quick Ratio 1.17 1.2303 2.6651 Slightly volatile Net Income Per E B T 0.58 0.6537 0.8143 Slightly volatile Cash Ratio 0.26 0.2732 0.8526 Slightly volatile Cash Conversion Cycle 25.26 29.5018 32.6647 Slightly volatile Days Of Inventory Outstanding 8.9 8.47 3.4002 Slightly volatile Days Of Sales Outstanding 52.7 47.5742 45.6466 Pretty Stable Free Cash Flow Operating Cash Flow Ratio 1.57 1.4915 0.7734 Slightly volatile Price To Book Ratio 4.41 4.4028 3.6006 Pretty Stable Fixed Asset Turnover 3.62 3.3605 4.4318 Pretty Stable Debt Ratio 0.8 0.7656 0.2264 Slightly volatile Price Sales Ratio 0.34 0.359 1.4986 Slightly volatile Asset Turnover 1.67 0.8828 1.3999 Slightly volatile Gross Profit Margin 0.13 0.1373 0.2405 Slightly volatile Price Fair Value 4.41 4.4028 3.6006 Pretty Stable
Forward Air Valuation Data		Trends
Current Value Last Year Historical Average  10 Year Trend Market Cap 1.6 B 1.6 B 1.5 B Slightly volatile Enterprise Value 1.7 B 1.6 B 1.6 B Slightly volatile

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