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Forward AirFWRD 56 EV-to-EBITDA is 13.33 as of Aug. 04, 2026, which is 7% above its 10-year median of 12.42. 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 899 Transportation companies, Forward Air ranks worse than 71.86% on this metric.
EV-to-EBITDA is calculated as enterprise value divided by its EBITDA. As of today, Forward Air's enterprise value is $2,515 Mil.
Forward Air's EBITDA for the trailing twelve months (TTM) ended in Mar. 2026 was $189 Mil. Therefore, Forward Air's EV-to-EBITDA for today is 13.33.
The historical rank and industry rank for Forward Air's EV-to-EBITDA or its related term are showing as below:
FWRD'
s EV-to-EBITDA Range Over the Past 10 Years
Min: -3.41 Med: 12.42 Max: 61.67
Current: 13.33
During the past 13 years, the highest EV-to-EBITDA of Forward Air was 61.67. The lowest was -3.41. And the median was 12.42.
FWRD's EV-to-EBITDA is ranked worse than 71.86% of 899
companies
in the Transportation industry
Industry Median: 8.64
vs FWRD: 13.33
EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio to determine the fair market value of a company.
EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Forward Air's PE Ratio (TTM) for today is calculated as:
Forward Air's share price for today is $14.67.
Forward Air's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $-2.930.
* 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.
Study has found that the companies with the lowest EV-to-EBITDA outperforms companies measured as cheap by other ratios such as PE Ratio (TTM).
The historical data trend for Forward Air's EV-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.
For the Integrated Freight & Logistics subindustry, Forward Air's EV-to-EBITDA, along with its competitors' market caps and EV-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 EV-to-EBITDA vs Transportation Industry
For the Transportation industry and Industrials sector, Forward Air's EV-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Forward Air's EV-to-EBITDA falls into.
Forward Air's current Enterprise Value is $2,515 Mil.
Forward Air's EBITDA for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $189 Mil.
* 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.
Forward Air (FWRD) has a EV-to-EBITDA of 13.33 as of Aug. 04, 2026. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on Forward Air. This is near median its historical median of 12.42. According to the industry distribution chart, Forward Air ranks #646 out of 899 companies in the Transportation industry, placing it in the top 71.9%.
Is Forward Air's EV-to-EBITDA too high?
Forward Air's current EV-to-EBITDA of 13.33 is near median its 10-year median of 12.42. The Transportation industry median EV-to-EBITDA is 8.64. Forward Air's value of 13.33 is 54.3% above this industry median. Based on the distribution chart, Forward Air ranks #646 out of 899 companies in the Transportation industry, which is below the industry midpoint. 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 EV-to-EBITDA compare to RLGT and CYRX?
According to the Transportation industry distribution chart, Forward Air ranks #646 out of 899 companies for EV-to-EBITDA. This places Forward Air in the lower half of its industry. The industry median EV-to-EBITDA is 8.64. Forward Air's value of 13.33 is 54.3% above this benchmark. While the company's 10-year median is 12.42 vs. the industry median of 8.64, 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 EV-to-EBITDA for a Transportation company?
The median EV-to-EBITDA among Transportation companies is 8.64, based on 899 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, EV-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Forward Air's current EV-to-EBITDA of 13.33 is 54.3% 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 EV-to-EBITDA mean?
A high EV-to-EBITDA can signal that a stock is expensive relative to its fundamentals. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on Forward Air. For the Transportation industry, the median EV-to-EBITDA is 8.64 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Forward Air's current EV-to-EBITDA is 13.33, which is near median its own 10-year median of 12.42. 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 EV-to-EBITDA is 13.33, which is near median its 10-year median of 12.42 and 54.3% above the Transportation industry median of 8.64. 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 EV-to-EBITDA calculated?
EV-to-EBITDA is calculated from a company's financial statements. For Forward Air (FWRD), the current EV-to-EBITDA is 13.33 as of Aug. 04, 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:
EV-to-EBITDA: 13.33 (near median its 10-year median of 12.42)
GF Value™: $32.72 vs. price of $14.67 (55.2% below fair value)
Industry Position: 54.3% above the Transportation median (#646 of 899)
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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EV-to-EBITDA is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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