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 1,613 933.8 781.2 573.9 - -
Change - -14.56% -42.15% -42.12% -16.34% -26.53% - -
Enterprise Value (EV) 1 3,264 2,789 3,366 2,553 2,401 2,341 2,197 573.9
Change - -14.56% 20.68% -24.16% -5.95% -2.48% -6.17% -73.87%
P/E 31.5x 14.7x 9.82x -1.09x -7.12x -2.18x 154x -
PBR - - 2.14x 3.97x 6.91x -4.25x -4.32x -
PEG - 0.2x -0.9x 0x 0.1x -0x -2x -
Capitalization / Revenue 1.96x 1.41x 1.18x 0.38x 0.31x 0.22x 0.22x -
EV / Revenue 1.96x 1.41x 2.46x 1.03x 0.96x 0.91x 0.84x -
EV / EBITDA 16.4x 8.9x 16.6x 8.3x 7.82x 7.28x 6.57x 1.63x
EV / EBIT 19.6x 10.4x 23.1x 15.8x 15.3x 14.5x 12.8x 2.88x
EV / FCF 38.1x 12.8x 19.5x -23.6x 137x 25.5x 16.3x -
FCF Yield 2.63% 7.83% 5.12% -4.24% 0.73% 3.92% 6.14% -
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 16.99 16.99 16.99
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.($)
-2.18x0.91x7.28x-.--% 574M
17.46x1.2x8.75x6.22% 89.61B
15.89x0.96x8.4x1.64% 78.31B
16.31x0.97x7.2x3.51% 72.63B
24.73x1.84x17.52x0.82% 24.82B
20.62x0.79x8.59x-.--% 12.13B
29.23x2.51x9.46x-.--% 9B
8.92x0.36x6.05x6.08% 6.54B
14.41x0.66x7.53x3.58% 5.63B
29.02x0.53x7.74x-.--% 5.46B
Average 17.44x 1.07x 8.85x 2.19% 30.47B
Weighted average by Cap. 17.78x 1.12x 8.92x 3.35%

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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