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Forward AirFWRD +3.24%56 EV-to-OCF is 40.47 as of Aug. 04, 2026, which is 195% above its 10-year median of 13.70. 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 1,009 Transportation companies, Forward Air ranks worse than 93.16% on this metric.
EV-to-OCF is calculated as enterprise value divided by its cash flow from operations. As of today, Forward Air's Enterprise Value is $2,530 Mil.
Forward Air's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 was $63 Mil. Therefore, Forward Air's EV-to-OCF for today is 40.47.
The historical rank and industry rank for Forward Air's EV-to-OCF or its related term are showing as below:
FWRD'
s EV-to-OCF Range Over the Past 10 Years
Min: -106.29 Med: 13.7 Max: 729.5
Current: 40.47
During the past 13 years, the highest EV-to-OCF of Forward Air was 729.50. The lowest was -106.29. And the median was 13.70.
FWRD's EV-to-OCF is ranked worse than 93.16% of 1009
companies
in the Transportation industry
Industry Median: 7.89
vs FWRD: 40.47
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. 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.
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. 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 $15.145.
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.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Cash Flow from Operations is an important financial metric because it represents the cash generated from operating activities at a company's disposal. Companies with a low EV-to-OCF ratio, combined with a strong balance sheet are generally considered as undervalued.
Forward Air EV-to-OCF Related Terms
Forward Air EV-to-OCF Historical Data
* Premium members only.
The historical data trend for Forward Air's EV-to-OCF 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-OCF, along with its competitors' market caps and EV-to-OCF 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-OCF vs Transportation Industry
For the Transportation industry and Industrials sector, Forward Air's EV-to-OCF distribution charts can be found below:
* The bar in red indicates where Forward Air's EV-to-OCF falls into.
Forward Air's current Enterprise Value is $2,530 Mil.
Forward Air's Cash Flow from Operations 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 $63 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-OCF of 40.47 as of Aug. 04, 2026. This is 195% above median its historical median of 13.70. According to the industry distribution chart, Forward Air ranks #940 out of 1009 companies in the Transportation industry, placing it in the top 93.2%.
Is Forward Air's EV-to-OCF too high?
Forward Air's current EV-to-OCF of 40.47 is 195% above median its 10-year median of 13.70. The Transportation industry median EV-to-OCF is 7.89. Forward Air's value of 40.47 is 412.9% above this industry median. Based on the distribution chart, Forward Air ranks #940 out of 1009 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 EV-to-OCF compare to RLGT and CYRX?
According to the Transportation industry distribution chart, Forward Air ranks #940 out of 1009 companies for EV-to-OCF. This places Forward Air in the lower half of its industry. The industry median EV-to-OCF is 7.89. Forward Air's value of 40.47 is 412.9% above this benchmark. While the company's 10-year median is 13.70 vs. the industry median of 7.89, 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-OCF for a Transportation company?
The median EV-to-OCF among Transportation companies is 7.89, based on 1,009 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-OCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-OCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Forward Air's current EV-to-OCF of 40.47 is 412.9% 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-OCF mean?
A high EV-to-OCF can signal that a stock is expensive relative to its fundamentals. For the Transportation industry, the median EV-to-OCF is 7.89 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Forward Air's current EV-to-OCF is 40.47, which is 195% above median its own 10-year median of 13.70. 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 $15.15 — trading 53.7% below its estimated fair value. The current EV-to-OCF is 40.47, which is 195% above median its 10-year median of 13.70 and 412.9% above the Transportation industry median of 7.89. 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-OCF calculated?
EV-to-OCF is calculated from a company's financial statements. For Forward Air (FWRD), the current EV-to-OCF is 40.47 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 $15.15 is trading 53.7% below its estimated GF Value™ of $32.72.
GuruFocus considers Forward Air to be Possible Value Trap.
Key valuation signals for FWRD:
EV-to-OCF: 40.47 (195% above median its 10-year median of 13.70)
GF Value™: $32.72 vs. price of $15.15 (53.7% below fair value)
Industry Position: 412.9% above the Transportation median (#940 of 1009)
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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