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 1,613 933.8 781.2 501 - -
Change - -14.56% -42.15% -42.12% -16.34% -35.87% - -
Enterprise Value (EV) 1 3,264 2,789 3,366 2,553 2,401 2,268 2,124 501
Change - -14.56% 20.68% -24.16% -5.95% -5.52% -6.37% -76.41%
P/E 31.5x 14.7x 9.82x -1.09x -7.12x -1.9x 135x -
PBR - - 2.14x 3.97x 6.91x -3.71x -3.77x -
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 7.05x 6.35x 1.42x
EV / EBIT 19.6x 10.4x 23.1x 15.8x 15.3x 14.1x 12.4x 2.51x
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% 6.35% -
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 14.83 14.83 14.83
Nbr of stocks (in thousands) 26,958 26,590 25,662 28,954 31,248 33,781 - -
Announcement Date 09/02/22 08/02/23 28/02/24 26/02/25 23/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-1.9x0.88x7.05x-.--% 501M
16.45x1.14x8.33x6.61% 84.28B
14.77x0.9x7.88x1.84% 71.86B
16.14x0.97x7.19x3.55% 71.12B
24.73x1.84x17.52x0.82% 24.82B
18.78x0.72x7.82x-.--% 11.04B
36.68x2.57x9.87x-.--% 9.1B
8.22x0.35x5.13x6.58% 6.16B
14.23x0.66x7.46x3.61% 5.68B
28x0.52x7.54x-.--% 5.27B
Average 17.61x 1.05x 8.58x 2.3% 28.98B
Weighted average by Cap. 17.35x 1.09x 8.65x 3.53%

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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-40%: Exceptional extension
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