Forward Air Corporation (FWRD) - Net Assets
Based on the latest financial reports, Forward Air Corporation (FWRD) has net assets worth $161.66 Million USD as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($2.74 Billion) and total liabilities ($2.58 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check how resilient are Forward Air Corporation's assets to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $161.66 Million |
| % of Total Assets | 5.89% |
| Annual Growth Rate | 5.72% |
| 5-Year Change | -72.77% |
| 10-Year Change | -67.61% |
| Growth Volatility | 39.26 |
Forward Air Corporation - Net Assets Trend (1993–2025)
This chart illustrates how Forward Air Corporation's net assets have evolved over time, based on quarterly financial data. Also explore balance sheet size of Forward Air Corporation for the complete picture of this company's asset base.
Annual Net Assets for Forward Air Corporation (1993–2025)
The table below shows the annual net assets of Forward Air Corporation from 1993 to 2025. For live valuation and market cap data, see FWRD company net worth.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $161.66 Million | -43.45% |
| 2024-12-31 | $285.87 Million | -62.60% |
| 2023-12-31 | $764.26 Million | +8.06% |
| 2022-12-31 | $707.24 Million | +19.13% |
| 2021-12-31 | $593.65 Million | +8.46% |
| 2020-12-31 | $547.33 Million | -5.17% |
| 2019-12-31 | $577.18 Million | +4.33% |
| 2018-12-31 | $553.24 Million | +3.70% |
| 2017-12-31 | $533.49 Million | +6.90% |
| 2016-12-31 | $499.07 Million | -2.15% |
| 2015-12-31 | $510.06 Million | +10.03% |
| 2014-12-31 | $463.56 Million | +6.35% |
| 2013-12-31 | $435.87 Million | +23.94% |
| 2012-12-31 | $351.67 Million | +22.58% |
| 2011-12-31 | $286.90 Million | +12.03% |
| 2010-12-31 | $256.09 Million | +13.99% |
| 2009-12-31 | $224.65 Million | +3.80% |
| 2008-12-31 | $216.43 Million | +26.03% |
| 2007-12-31 | $171.73 Million | -7.29% |
| 2006-12-31 | $185.23 Million | +3.59% |
| 2005-12-31 | $178.82 Million | -1.21% |
| 2004-12-31 | $181.00 Million | +22.54% |
| 2003-12-31 | $147.71 Million | +24.81% |
| 2002-12-31 | $118.35 Million | +11.03% |
| 2001-12-31 | $106.58 Million | +27.72% |
| 2000-12-31 | $83.45 Million | +51.87% |
| 1999-12-31 | $54.95 Million | +188.14% |
| 1998-12-31 | $19.07 Million | -62.21% |
| 1997-12-31 | $50.46 Million | +22.29% |
| 1996-12-31 | $41.26 Million | +12.74% |
| 1995-12-31 | $36.60 Million | +15.09% |
| 1994-12-31 | $31.80 Million | +16.48% |
| 1993-12-31 | $27.30 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Forward Air Corporation's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 17984.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $313.00K | 0.28% |
| Other Comprehensive Income | $580.00K | 0.51% |
| Other Components | $559.55 Million | 493.68% |
| Total Equity | $113.34 Million | 100.00% |
Forward Air Corporation Competitors by Market Cap
The table below lists competitors of Forward Air Corporation ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Tianjin LVYIN Landscape and Ecology Construction Co Ltd
SHE:002887
|
$595.52 Million |
|
Oeneo SA
PA:SBT
|
$595.60 Million |
|
Haier Smart Home Co Ltd
F:690D
|
$595.67 Million |
|
Prime Medicine, Inc. Common Stock
NASDAQ:PRME
|
$595.69 Million |
|
Bumi Armada Bhd
KLSE:5210
|
$595.32 Million |
|
Zhejiang Tengen Electrics Co Ltd
SHG:605066
|
$595.32 Million |
|
Jilin University Zhengyuan Info Tech
SHE:003029
|
$595.27 Million |
|
Jiangsu Xiuqiang Glasswork Co
SHE:300160
|
$594.94 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Forward Air Corporation's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 201,728,000 to 113,344,000, a change of -88,384,000 (-43.8%).
- Net loss of 107,796,000 reduced equity.
- Share repurchases of 846,000 reduced equity.
- Other comprehensive income increased equity by 3,312,000.
- Other factors increased equity by 16,946,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $-107.80 Million | -95.11% |
| Share Repurchases | $846.00K | -0.75% |
| Other Comprehensive Income | $3.31 Million | +2.92% |
| Other Changes | $16.95 Million | +14.95% |
| Total Change | $- | -43.81% |
Book Value vs Market Value Analysis
This analysis compares Forward Air Corporation's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 5.83x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 23.43x to 5.83x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1993-12-31 | $0.91 | $21.33 | x |
| 1994-12-31 | $1.17 | $21.33 | x |
| 1995-12-31 | $1.36 | $21.33 | x |
| 1996-12-31 | $1.54 | $21.33 | x |
| 1997-12-31 | $1.82 | $21.33 | x |
| 1998-12-31 | $0.66 | $21.33 | x |
| 1999-12-31 | $1.74 | $21.33 | x |
| 2000-12-31 | $2.49 | $21.33 | x |
| 2001-12-31 | $3.18 | $21.33 | x |
| 2002-12-31 | $3.56 | $21.33 | x |
| 2003-12-31 | $4.52 | $21.33 | x |
| 2004-12-31 | $5.52 | $21.33 | x |
| 2005-12-31 | $5.53 | $21.33 | x |
| 2006-12-31 | $5.88 | $21.33 | x |
| 2007-12-31 | $5.73 | $21.33 | x |
| 2008-12-31 | $7.46 | $21.33 | x |
| 2009-12-31 | $7.75 | $21.33 | x |
| 2010-12-31 | $8.80 | $21.33 | x |
| 2011-12-31 | $9.75 | $21.33 | x |
| 2012-12-31 | $11.91 | $21.33 | x |
| 2013-12-31 | $14.17 | $21.33 | x |
| 2014-12-31 | $14.89 | $21.33 | x |
| 2015-12-31 | $16.34 | $21.33 | x |
| 2016-12-31 | $16.23 | $21.33 | x |
| 2017-12-31 | $17.66 | $21.33 | x |
| 2018-12-31 | $18.95 | $21.33 | x |
| 2019-12-31 | $20.39 | $21.33 | x |
| 2020-12-31 | $19.76 | $21.33 | x |
| 2021-12-31 | $21.75 | $21.33 | x |
| 2022-12-31 | $26.27 | $21.33 | x |
| 2023-12-31 | $29.39 | $21.33 | x |
| 2024-12-31 | $7.32 | $21.33 | x |
| 2025-12-31 | $3.66 | $21.33 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Forward Air Corporation utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): -95.11%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: -4.32%
- • Asset Turnover: 0.91x
- • Equity Multiplier: 24.22x
- Recent ROE (-95.11%) is below the historical average (1.54%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1993 | 8.06% | 2.31% | 1.94x | 1.79x | $-530.00K |
| 1994 | 12.58% | 2.96% | 1.73x | 2.45x | $820.00K |
| 1995 | 12.30% | 3.04% | 1.51x | 2.69x | $840.00K |
| 1996 | 9.64% | 2.53% | 1.59x | 2.40x | $-147.40K |
| 1997 | 17.03% | 4.51% | 1.61x | 2.35x | $3.55 Million |
| 1998 | 53.24% | 7.78% | 2.30x | 2.98x | $8.25 Million |
| 1999 | 29.19% | 9.39% | 2.15x | 1.45x | $10.54 Million |
| 2000 | 28.09% | 10.91% | 1.85x | 1.39x | $15.10 Million |
| 2001 | 18.65% | 8.74% | 1.66x | 1.28x | $9.22 Million |
| 2002 | 18.27% | 9.56% | 1.55x | 1.23x | $9.78 Million |
| 2003 | 17.48% | 10.69% | 1.38x | 1.19x | $11.04 Million |
| 2004 | 19.02% | 12.20% | 1.32x | 1.19x | $16.32 Million |
| 2005 | 25.11% | 13.99% | 1.51x | 1.19x | $27.03 Million |
| 2006 | 26.41% | 13.87% | 1.66x | 1.15x | $30.40 Million |
| 2007 | 26.16% | 11.44% | 1.62x | 1.41x | $27.75 Million |
| 2008 | 19.66% | 8.97% | 1.54x | 1.42x | $20.90 Million |
| 2009 | 4.43% | 2.38% | 1.32x | 1.41x | $-12.52 Million |
| 2010 | 12.51% | 6.62% | 1.39x | 1.36x | $6.43 Million |
| 2011 | 16.45% | 8.80% | 1.57x | 1.19x | $18.51 Million |
| 2012 | 14.98% | 9.01% | 1.46x | 1.14x | $17.50 Million |
| 2013 | 12.50% | 8.35% | 1.29x | 1.16x | $10.88 Million |
| 2014 | 13.20% | 7.83% | 1.44x | 1.17x | $14.81 Million |
| 2015 | 10.90% | 5.79% | 1.37x | 1.37x | $4.57 Million |
| 2016 | 5.54% | 2.82% | 1.53x | 1.28x | $-22.24 Million |
| 2017 | 16.37% | 7.93% | 1.60x | 1.29x | $33.97 Million |
| 2018 | 16.64% | 6.97% | 1.74x | 1.37x | $36.73 Million |
| 2019 | 15.09% | 7.17% | 1.23x | 1.72x | $29.38 Million |
| 2020 | 4.34% | 1.87% | 1.21x | 1.91x | $-31.00 Million |
| 2021 | 17.83% | 7.63% | 1.24x | 1.88x | $46.49 Million |
| 2022 | 27.32% | 11.50% | 1.39x | 1.71x | $122.47 Million |
| 2023 | 21.90% | 12.21% | 0.46x | 3.90x | $90.92 Million |
| 2024 | -404.99% | -33.02% | 0.88x | 13.89x | $-837.14 Million |
| 2025 | -95.11% | -4.32% | 0.91x | 24.22x | $-119.13 Million |
Industry Comparison
This section compares Forward Air Corporation's net assets metrics with peer companies in the Integrated Freight & Logistics industry.
Industry Context
- Industry: Integrated Freight & Logistics
- Average net assets among peers: $160,220,346
- Average return on equity (ROE) among peers: 1.22%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Forward Air Corporation (FWRD) | $161.66 Million | 8.06% | 15.98x | $595.43 Million |
| Addentax Group Corp (ATXG) | $26.05 Million | -11.94% | 1.01x | $4.01 Million |
| Armlogi Holding Corp. Common Stock (BTOC) | $7.50 Million | 5.37% | 0.19x | $12.97 Million |
| CH Robinson Worldwide Inc (CHRW) | $1.35 Billion | 69.49% | 3.40x | $20.09 Billion |
| Tianci International, Inc. Common Stock (CIIT) | $790.01K | 6.89% | 0.15x | $5.25 Million |
| Callan JMB Inc. Common Stock (CJMB) | $14.01 Million | 44.40% | 0.09x | $6.25 Million |
| Freightos Limited Ordinary shares (CRGO) | $21.66 Million | -114.04% | 0.93x | $100.01 Million |
| Cheetah Net Supply Chain Service Inc. Class A Common Stock (CTNT) | $-170.43K | 0.00% | 0.00x | $5.37 Million |
| Cryoport Inc (CYRX) | $-1.96 Million | 0.00% | 0.00x | $391.54 Million |
| Eastern International Ltd. (ELOG) | $9.05 Million | -10.34% | 1.26x | $10.51 Million |
| Expeditors International of Washington, Inc. (EXPD) | $171.85 Million | 22.35% | 1.00x | $19.44 Billion |
About Forward Air Corporation
Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States, Mexico, Europe, Asia, and Canada. The company operates through three segments: Expedited Freight, Omni Logistics, and Intermodal. Its Expedited Freight segment provides expedited regional, inter-regional, and national less-than-truckload services; local pick-up a… Read more