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Forward AirFWRD +4.38%56 Debt-to-EBITDA is 12.30 as of Mar. 2026, which is 1060% above its 10-year median of 1.06. GuruFocus rates FWRD with a GF Score™ of 56/100 and a GF Value™ of $32.72 (Possible Value Trap). The stock has 7 warning signs investors should review. Among 868 Transportation companies, Forward Air ranks worse than 92.97% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for Forward Air's Debt-to-EBITDA or its related term are showing as below:
FWRD'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: -2.34 Med: 1.06 Max: 13.36
Current: 11.4
During the past 13 years, the highest Debt-to-EBITDA Ratio of Forward Air was 13.36. The lowest was -2.34. And the median was 1.06.
FWRD's Debt-to-EBITDA is ranked worse than 92.97% of 868
companies
in the Transportation industry
Industry Median: 2.645
vs FWRD: 11.40
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
Forward Air Debt-to-EBITDA Related Terms
Forward Air Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for Forward Air's Debt-to-EBITDA can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
FWRD vs RLGT, CYRX, PAL: Debt-to-EBITDA Comparison
For the Integrated Freight & Logistics subindustry, Forward Air's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Forward Air Debt-to-EBITDA vs Transportation Industry
For the Transportation industry and Industrials sector, Forward Air's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Forward Air's Debt-to-EBITDA falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is four times the quarterly (Mar. 2026) EBITDA data.
Forward Air (FWRD) has a Debt-to-EBITDA of 12.30 as of Mar. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Forward Air. This is 1060% above median its historical median of 1.06. According to the industry distribution chart, Forward Air ranks #807 out of 868 companies in the Transportation industry, placing it in the top 93%.
Is Forward Air's Debt-to-EBITDA too high?
Forward Air's current Debt-to-EBITDA of 12.30 is 1060% above median its 10-year median of 1.06. The Transportation industry median Debt-to-EBITDA is 2.65. Forward Air's value of 12.30 is 365% above this industry median. Based on the distribution chart, Forward Air ranks #807 out of 868 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, Forward Air has a GF Score™ of 56/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Forward Air's Debt-to-EBITDA compare to RLGT and CYRX?
According to the Transportation industry distribution chart, Forward Air ranks #807 out of 868 companies for Debt-to-EBITDA. This places Forward Air in the lower half of its industry. The industry median Debt-to-EBITDA is 2.65. Forward Air's value of 12.30 is 365% above this benchmark. While the company's 10-year median is 1.06 vs. the industry median of 2.65, Forward Air has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-EBITDA for a Transportation company?
The median Debt-to-EBITDA among Transportation companies is 2.65, based on 868 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Forward Air's current Debt-to-EBITDA of 12.30 is 365% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Forward Air. For the Transportation industry, the median Debt-to-EBITDA is 2.65 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Forward Air's current Debt-to-EBITDA is 12.30, which is 1060% above median its own 10-year median of 1.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Forward Air stock overvalued right now?
Based on GuruFocus' analysis, Forward Air (FWRD) is currently considered Possible Value Trap. The stock's GF Value™ is $32.72, compared to a current price of $14.67 — trading 55.2% below its estimated fair value. The current Debt-to-EBITDA is 12.30, which is 1060% above median its 10-year median of 1.06 and 365% above the Transportation industry median of 2.65. Forward Air's overall GF Score™ is 56/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For Forward Air (FWRD), the current Debt-to-EBITDA is 12.30 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Forward Air (FWRD) Overvalued in 2026?
Based on GuruFocus' analysis, Forward Air stock appears to be undervalued.
The current stock price of $14.67 is trading 55.2% below its estimated GF Value™ of $32.72.
GuruFocus considers Forward Air to be Possible Value Trap.
Key valuation signals for FWRD:
Debt-to-EBITDA: 12.30 (1060% above median its 10-year median of 1.06)
GF Value™: $32.72 vs. price of $14.67 (55.2% below fair value)
Industry Position: 365% above the Transportation median (#807 of 868)
No single metric tells the full story. See the FWRD stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Forward Air Corp is an asset-light freight and logistics company. The company's operating segment includes Expedited Freight, Omni Logistics, and Intermodal and Corporate. The company generates maximum revenue from the Omni Logistics segment. The expedited Freight segment operates a comprehensive national network to provide expedited regional, inter-regional, and national LTL (less-than-truckload) services. It also offers customers local pick-up and delivery and other services including final mile, truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling. The Company conducts business in North and South America, Europe, and Asia.
56GF Score
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Debt-to-EBITDA is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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