Forward Air Corporation (FWRD) — Capital Reinvestment Ratio
Forward Air Corporation (FWRD) has a Capital Reinvestment Ratio of 0.15x as of March 2026, meaning it reinvests 0% of its operating cash flow ($45.74 Million) in capital expenditures ($6.95 Million). Check FWRD goodwill-adjusted equity ratio to evaluate the tangible quality of the company's equity base.
Capital Reinvestment Ratio
Operating Cash Flow
Capital Expenditures
Data as of
Forward Air Corporation Capital Reinvestment Ratio (1993–2025)
This chart tracks Forward Air Corporation's Capital Reinvestment Ratio across 32 annual periods. For the full cash flow conversion analysis, see FWRD cash flow metrics.
Annual Capital Reinvestment Ratio for Forward Air Corporation (1993–2025)
Year-by-year Capital Reinvestment Ratio for Forward Air Corporation from 1993 to 2025. See FWRD cash flow after capex ratio to measure how efficiently the company converts operating cash flow to free cash.
| Year | Reinvestment Ratio | Operating CF (USD) | Capital Expenditures | YoY Change |
|---|---|---|---|---|
| 2025 | 0.66x | $44.38 Million | $29.12 Million | ▲ +287.3% |
| 2023 | 0.17x | $181.39 Million | $30.73 Million | ▲ +7.8% |
| 2022 | 0.16x | $259.09 Million | $40.73 Million | ▼ -51.7% |
| 2021 | 0.33x | $120.26 Million | $39.11 Million | ▲ +35.0% |
| 2020 | 0.24x | $84.11 Million | $20.27 Million | ▲ +26.9% |
| 2019 | 0.19x | $161.48 Million | $30.67 Million | ▼ -31.5% |
| 2018 | 0.28x | $152.55 Million | $42.29 Million | ▼ -25.1% |
| 2017 | 0.37x | $103.36 Million | $38.27 Million | ▲ +14.4% |
| 2016 | 0.32x | $130.35 Million | $42.19 Million | ▼ -31.5% |
| 2015 | 0.47x | $85.72 Million | $40.49 Million | ▲ +9.7% |
| 2014 | 0.43x | $91.66 Million | $39.49 Million | ▲ +10.4% |
| 2013 | 0.39x | $90.84 Million | $35.44 Million | ▲ +25.3% |
| 2012 | 0.31x | $68.59 Million | $21.35 Million | ▲ +12.9% |
| 2011 | 0.28x | $76.96 Million | $21.22 Million | ▼ -1.7% |
| 2010 | 0.28x | $53.99 Million | $15.15 Million | ▼ -32.5% |
| 2009 | 0.42x | $50.18 Million | $20.85 Million | ▼ -8.1% |
| 2008 | 0.45x | $59.08 Million | $26.70 Million | ▼ -40.0% |
| 2007 | 0.75x | $62.39 Million | $47.03 Million | ▲ +155.9% |
| 2006 | 0.29x | $52.47 Million | $15.45 Million | ▼ -31.6% |
| 2005 | 0.43x | $51.23 Million | $22.08 Million | ▲ +44.0% |
| 2004 | 0.30x | $37.41 Million | $11.20 Million | ▲ +241.0% |
| 2003 | 0.09x | $32.74 Million | $2.87 Million | ▼ -32.8% |
| 2002 | 0.13x | $29.95 Million | $3.91 Million | ▼ -4.2% |
| 2001 | 0.14x | $35.53 Million | $4.84 Million | ▼ -72.1% |
| 2000 | 0.49x | $33.83 Million | $16.55 Million | ▲ +32.7% |
| 1999 | 0.37x | $20.10 Million | $7.41 Million | ▼ -94.1% |
| 1998 | 6.20x | $1.90 Million | $11.76 Million | ▲ +633.6% |
| 1997 | 0.85x | $22.56 Million | $19.07 Million | ▲ +20.8% |
| 1996 | 0.70x | $12.52 Million | $8.76 Million | ▼ -55.2% |
| 1995 | 1.56x | $15.80 Million | $24.70 Million | ▼ -60.6% |
| 1994 | 3.97x | $9.20 Million | $36.50 Million | ▼ -68.5% |
| 1993 | 12.59x | $1.70 Million | $21.40 Million | — |