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). See FWRD working capital efficiency to evaluate short-term liquidity relative to the company's equity base.
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 Forward Air Corporation (FWRD) cash flow to debt to assess how comfortably operating cash covers total debt obligations.
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 stock valuation.
| 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 | — |