Forward Air Corporation (FWRD) — Free Cash Flow Generation Index
Forward Air Corporation (FWRD) has a Free Cash Flow Generation Index of 0.85x as of March 2026. Free cash flow of $38.79 Million represents 1% of operating cash flow ($45.74 Million). Read Forward Air Corporation balance sheet liabilities for a breakdown of total debt and financial obligations.
FCF Generation Index
Free Cash Flow
Operating Cash Flow
Capital Expenditures
Forward Air Corporation Free Cash Flow Generation Index (1993–2025)
Historical FCF Generation Index trend for Forward Air Corporation across 32 annual periods. Explore capital reinvestment ratio of Forward Air Corporation to see what proportion of operating cash flow is directed to capital expenditures.
Annual Free Cash Flow Generation for Forward Air Corporation (1993–2025)
Year-by-year Free Cash Flow Generation Index for Forward Air Corporation. For the full company profile including market capitalisation, see Forward Air Corporation (FWRD) total market value.
| Year | FCG Index | Free Cash Flow (USD) | Operating CF | Capital Expenditures | YoY Change |
|---|---|---|---|---|---|
| 2025 | 0.34x | $15.27 Million | $44.38 Million | $29.12 Million | ▼ -58.6% |
| 2023 | 0.83x | $150.66 Million | $181.39 Million | $30.73 Million | ▼ -1.4% |
| 2022 | 0.84x | $218.36 Million | $259.09 Million | $40.73 Million | ▲ +24.9% |
| 2021 | 0.67x | $81.15 Million | $120.26 Million | $39.11 Million | ▼ -11.1% |
| 2020 | 0.76x | $63.84 Million | $84.11 Million | $20.27 Million | ▼ -6.3% |
| 2019 | 0.81x | $130.81 Million | $161.48 Million | $30.67 Million | ▲ +12.1% |
| 2018 | 0.72x | $110.26 Million | $152.55 Million | $42.29 Million | ▲ +14.8% |
| 2017 | 0.63x | $65.10 Million | $103.36 Million | $38.27 Million | ▼ -6.9% |
| 2016 | 0.68x | $88.16 Million | $130.35 Million | $42.19 Million | ▲ +28.2% |
| 2015 | 0.53x | $45.23 Million | $85.72 Million | $40.49 Million | ▼ -7.3% |
| 2014 | 0.57x | $52.17 Million | $91.66 Million | $39.49 Million | ▼ -6.7% |
| 2013 | 0.61x | $55.40 Million | $90.84 Million | $35.44 Million | ▼ -11.4% |
| 2012 | 0.69x | $47.23 Million | $68.59 Million | $21.35 Million | ▼ -4.9% |
| 2011 | 0.72x | $55.74 Million | $76.96 Million | $21.22 Million | ▲ +0.7% |
| 2010 | 0.72x | $38.85 Million | $53.99 Million | $15.15 Million | ▲ +23.1% |
| 2009 | 0.58x | $29.33 Million | $50.18 Million | $20.85 Million | ▲ +6.6% |
| 2008 | 0.55x | $32.38 Million | $59.08 Million | $26.70 Million | ▲ +122.5% |
| 2007 | 0.25x | $15.37 Million | $62.39 Million | $47.03 Million | ▼ -65.1% |
| 2006 | 0.71x | $37.01 Million | $52.47 Million | $15.45 Million | ▲ +24.0% |
| 2005 | 0.57x | $29.16 Million | $51.23 Million | $22.08 Million | ▼ -18.8% |
| 2004 | 0.70x | $26.21 Million | $37.41 Million | $11.20 Million | ▼ -23.2% |
| 2003 | 0.91x | $29.87 Million | $32.74 Million | $2.87 Million | ▲ +4.9% |
| 2002 | 0.87x | $26.04 Million | $29.95 Million | $3.91 Million | ▲ +0.7% |
| 2001 | 0.86x | $30.68 Million | $35.53 Million | $4.84 Million | ▲ +69.0% |
| 2000 | 0.51x | $17.29 Million | $33.83 Million | $16.55 Million | ▼ -19.1% |
| 1999 | 0.63x | $12.69 Million | $20.10 Million | $7.41 Million | ▲ +112.1% |
| 1998 | -5.20x | $-9.87 Million | $1.90 Million | $11.76 Million | ▼ -3462.9% |
| 1997 | 0.15x | $3.49 Million | $22.56 Million | $19.07 Million | ▼ -48.5% |
| 1996 | 0.30x | $3.76 Million | $12.52 Million | $8.76 Million | ▲ +153.3% |
| 1995 | -0.56x | $-8.90 Million | $15.80 Million | $24.70 Million | ▲ +81.0% |
| 1994 | -2.97x | $-27.30 Million | $9.20 Million | $36.50 Million | ▲ +74.4% |
| 1993 | -11.59x | $-19.70 Million | $1.70 Million | $21.40 Million | — |