Forward Air Corporation (FWRD) — Working Capital to Net Assets Ratio
Forward Air Corporation (FWRD) has a Working Capital to Net Assets ratio of -115.4% as of June 2026. Working capital of $141.54 Million (current assets of $583.12 Million minus current liabilities of $441.57 Million) is measured against net assets of $-122.67 Million. A higher ratio indicates strong short-term liquidity financed by the equity base.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
Forward Air Corporation Working Capital to Net Assets (1993–2025)
This chart shows how Forward Air Corporation's Working Capital to Net Assets ratio has evolved across 33 annual periods from 1993 to 2025. As of June 2026, the ratio stands at -115.4%, reflecting working capital of $141.54 Million against net assets of $-122.67 Million USD. See how many days can Forward Air Corporation fund operations to measure how many days the company can operate on defensive assets alone.
Annual Working Capital to Net Assets for Forward Air Corporation (1993–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for Forward Air Corporation from 1993 to 2025, covering 33 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. For the complete balance sheet picture, see how large is Forward Air Corporation's balance sheet.
| Year | WC/NA Ratio | Working Capital (USD) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | 57.3% | $92.68 Million | $161.66 Million | $521.00 Million | $428.32 Million | ▲ +26.4 pp |
| 2024 | 30.9% | $88.45 Million | $285.87 Million | $472.50 Million | $384.05 Million | ▲ +16.6 pp |
| 2023 | 14.4% | $109.93 Million | $764.26 Million | $347.03 Million | $237.09 Million | ▼ -4.7 pp |
| 2022 | 19.1% | $134.92 Million | $707.24 Million | $304.31 Million | $169.40 Million | ▼ -0.8 pp |
| 2021 | 19.9% | $118.11 Million | $593.65 Million | $282.81 Million | $164.69 Million | ▲ +6.3 pp |
| 2020 | 13.6% | $74.28 Million | $547.33 Million | $245.90 Million | $171.62 Million | ▼ -3.6 pp |
| 2019 | 17.2% | $99.15 Million | $577.18 Million | $236.32 Million | $137.16 Million | ▼ -5.7 pp |
| 2018 | 22.8% | $126.36 Million | $553.24 Million | $201.08 Million | $74.72 Million | ▲ +3.6 pp |
| 2017 | 19.2% | $102.61 Million | $533.49 Million | $162.74 Million | $60.13 Million | ▲ +7.5 pp |
| 2016 | 11.7% | $58.34 Million | $499.07 Million | $136.27 Million | $77.93 Million | ▼ -0.9 pp |
| 2015 | 12.6% | $64.41 Million | $510.06 Million | $173.46 Million | $109.04 Million | ▼ -10.4 pp |
| 2014 | 23.0% | $106.52 Million | $463.56 Million | $149.96 Million | $43.43 Million | ▼ -19.6 pp |
| 2013 | 42.6% | $185.75 Million | $435.87 Million | $220.36 Million | $34.61 Million | ▼ -5.9 pp |
| 2012 | 48.5% | $170.48 Million | $351.67 Million | $198.40 Million | $27.92 Million | ▲ +11.6 pp |
| 2011 | 36.9% | $105.79 Million | $286.90 Million | $139.72 Million | $33.93 Million | ▼ -9.3 pp |
| 2010 | 46.2% | $118.36 Million | $256.09 Million | $145.96 Million | $27.61 Million | ▲ +11.7 pp |
| 2009 | 34.5% | $77.59 Million | $224.65 Million | $107.13 Million | $29.55 Million | ▲ +4.3 pp |
| 2008 | 30.2% | $65.43 Million | $216.43 Million | $91.59 Million | $26.16 Million | ▲ +4.2 pp |
| 2007 | 26.0% | $44.63 Million | $171.73 Million | $71.45 Million | $26.82 Million | ▼ -32.5 pp |
| 2006 | 58.5% | $108.43 Million | $185.23 Million | $127.56 Million | $19.13 Million | ▼ -3.4 pp |
| 2005 | 61.9% | $110.77 Million | $178.82 Million | $136.73 Million | $25.96 Million | ▼ -12.0 pp |
| 2004 | 73.9% | $133.76 Million | $181.00 Million | $159.42 Million | $25.66 Million | ▲ +4.3 pp |
| 2003 | 69.6% | $102.88 Million | $147.71 Million | $123.17 Million | $20.29 Million | ▲ +10.4 pp |
| 2002 | 59.2% | $70.08 Million | $118.35 Million | $88.77 Million | $18.69 Million | ▲ +17.8 pp |
| 2001 | 41.4% | $44.09 Million | $106.58 Million | $62.40 Million | $18.31 Million | ▼ -1.5 pp |
| 2000 | 42.9% | $35.79 Million | $83.45 Million | $54.92 Million | $19.13 Million | ▲ +7.3 pp |
| 1999 | 35.6% | $19.56 Million | $54.95 Million | $36.41 Million | $16.85 Million | ▼ -1.3 pp |
| 1998 | 36.9% | $7.04 Million | $19.07 Million | $23.42 Million | $16.38 Million | ▲ +33.1 pp |
| 1997 | 3.8% | $1.93 Million | $50.46 Million | $35.83 Million | $33.90 Million | ▼ -10.2 pp |
| 1996 | 14.0% | $5.79 Million | $41.26 Million | $28.20 Million | $22.41 Million | ▼ -1.8 pp |
| 1995 | 15.8% | $5.80 Million | $36.60 Million | $25.80 Million | $20.00 Million | ▼ -5.9 pp |
| 1994 | 21.7% | $6.90 Million | $31.80 Million | $21.60 Million | $14.70 Million | ▼ -11.6 pp |
| 1993 | 33.3% | $9.10 Million | $27.30 Million | $18.00 Million | $8.90 Million | — |