Forward Financial Statements From 2010 to 2026

Forward Air Balance Sheet		Trends
Current Value Last Year Historical Average  10 Year Trend Total Assets 3.4 B 3.2 B 1.3 B Slightly volatile Short and Long Term Debt Total 2.6 B 2.5 B 610.5 M Slightly volatile Other Current Liabilities 180.1 M 171.5 M 65 M Slightly volatile Total Current Liabilities 463.7 M 441.7 M 155.3 M Slightly volatile Total Stockholder Equity 314.8 M 232 M 447 M Pretty Stable Property Plant And Equipment Net 889 M 846.7 M 330.5 M Slightly volatile Accounts Payable 127.6 M 121.5 M 42.9 M Slightly volatile Cash 126.7 M 120.6 M 63.4 M Slightly volatile Non Current Assets Total 2.8 B 2.7 B 998.7 M Slightly volatile Non Currrent Assets Other 86.9 M 82.7 M 47 M Slightly volatile Cash And Short Term Investments 126.7 M 120.6 M 63.4 M Slightly volatile Net Receivables 389.4 M 370.9 M 166.3 M Slightly volatile Common Stock Shares Outstanding 23.8 M 24.8 M 28.5 M Slightly volatile Liabilities And Stockholders Equity 3.4 B 3.2 B 1.3 B Slightly volatile Non Current Liabilities Total 2.6 B 2.5 B 642.9 M Slightly volatile Inventory 1.09 1.15 2 M Very volatile Other Current Assets 54.5 M 51.9 M 28.8 M Slightly volatile Other Stockholder Equity 654.9 M 623.8 M 248.6 M Slightly volatile Total Liabilities 3 B 2.9 B 798.2 M Slightly volatile Property Plant And Equipment Gross 1.2 B 1.2 B 394.6 M Slightly volatile Total Current Assets 570.5 M 543.4 M 259 M Slightly volatile Short Term Debt 136.9 M 130.4 M 42.1 M Slightly volatile Current Deferred Revenue 17.3 M 11.4 M 20.4 M Slightly volatile Common Stock Total Equity 279.6 K 304.8 K 272.5 K Pretty Stable Common Stock 281.4 K 342.7 K 276.3 K Slightly volatile Intangible Assets 1.2 B 1.1 B 274.1 M Slightly volatile Other Assets 62.6 M 59.6 M 25.3 M Slightly volatile Long Term Debt 2 B 1.9 B 470.2 M Slightly volatile Property Plant Equipment 152.6 M 286.4 M 199.7 M Slightly volatile Good Will 631.2 M 601.1 M 243.3 M Slightly volatile Other Liabilities 133 M 126.7 M 70.9 M Slightly volatile Net Tangible Assets 992.5 M 945.2 M 427.7 M Slightly volatile Retained Earnings Total Equity 355.2 M 501.5 M 348.6 M Slightly volatile Long Term Debt Total 128.7 M 122.6 M 63.9 M Slightly volatile Capital Surpluse 178.9 M 311.5 M 185.1 M Slightly volatile Capital Lease Obligations 567.4 M 540.3 M 120.3 M Slightly volatile Deferred Long Term Liabilities 34.7 M 58.8 M 35.7 M Slightly volatile Non Current Liabilities Other 34.1 M 56.2 M 32.7 M Slightly volatile Short and Long Term Debt 9.3 M 11.4 M 9.2 M Very volatile Net Invested Capital 1.2 B 2.2 B 932.8 M Slightly volatile Net Working Capital 85.4 M 79.6 M 102.2 M Pretty Stable Capital Stock 220.2 K 268.2 K 276.2 K Slightly volatile
Forward Air Income Statement		Trends
Current Value Last Year Historical Average  10 Year Trend Total Revenue 3 B 2.8 B 1.3 B Slightly volatile Gross Profit 203.7 M 390.6 M 249.8 M Slightly volatile Other Operating Expenses 4.3 B 4.1 B 1.4 B Slightly volatile Cost Of Revenue 2.6 B 2.5 B 1 B Slightly volatile Total Operating Expenses 1.7 B 1.6 B 387.8 M Slightly volatile Selling General Administrative 47.4 M 58.2 M 42.5 M Very volatile Net Income Applicable To Common Shares 233.3 M 222.2 M 103.1 M Slightly volatile Non Recurring 34 M 38.2 M 41.7 M Slightly volatile Interest Income 2.1 M 3.1 M 2.3 M Slightly volatile Reconciled Depreciation 173.9 M 165.6 M 63.4 M Slightly volatile Extraordinary Items 12.7 M 14.3 M 15.6 M Slightly volatile Selling And Marketing Expenses 36 M 40.5 M 44.2 M Slightly volatile
Forward Air Cash Flow Statement		Trends
Current Value Last Year Historical Average  10 Year Trend Capital Expenditures 27.3 M 42.6 M 33.6 M Slightly volatile End Period Cash Flow 104.1 M 121.1 M 171.1 M Slightly volatile Begin Period Cash Flow 2.4 B 2.2 B 425.4 M Slightly volatile Change To Netincome 36.1 M 34.4 M 21.9 M Slightly volatile
Financial Ratios		Trends
Current Value Last Year Historical Average  10 Year Trend Price To Sales Ratio 0.39 0.41 1.4884 Slightly volatile Dividend Yield 0.0316 0.0176 0.0121 Slightly volatile PTB Ratio 4.59 5.06 3.697 Pretty Stable Days Sales Outstanding 53.43 54.71 47.4678 Very volatile Book Value Per Share 8.01 9.34 16.0517 Slightly volatile Stock Based Compensation To Revenue 0.0045 0.0047 0.0079 Slightly volatile Capex To Depreciation 0.22 0.23 1.0301 Slightly volatile PB Ratio 4.59 5.06 3.697 Pretty Stable EV To Sales 1.52 1.07 1.7345 Pretty Stable Inventory Turnover 279 406 464 Slightly volatile Days Of Inventory On Hand 1.44 0.93 0.8292 Slightly volatile Payables Turnover 22.06 23.23 28.0052 Slightly volatile Sales General And Administrative To Revenue 0.0286 0.0301 0.0522 Slightly volatile Research And Ddevelopement To Revenue 0.0019 0.0016 0.0017 Slightly volatile Capex To Revenue 0.0164 0.0172 0.0359 Slightly volatile Cash Per Share 3.6 3.43 2.1421 Slightly volatile Payout Ratio 0.16 0.17 0.2554 Very volatile Days Payables Outstanding 19.66 20.78 14.2489 Slightly volatile Income Quality 0.0573 0.0603 1.5834 Pretty Stable Intangibles To Total Assets 0.51 0.49 0.3626 Slightly volatile Current Ratio 1.34 1.41 2.621 Slightly volatile Receivables Turnover 6.1 6.91 7.7438 Pretty Stable Shareholders Equity Per Share 7.94 6.59 15.7061 Pretty Stable Debt To Equity 10.05 9.57 2.0622 Slightly volatile Capex Per Share 0.68 1.21 1.1672 Very volatile Revenue Per Share 84.9 80.86 44.4582 Slightly volatile Interest Debt Per Share 80.12 76.31 21.3664 Slightly volatile Debt To Assets 0.72 0.69 0.2457 Slightly volatile Graham Number 61.86 58.92 37.587 Slightly volatile Short Term Coverage Ratios 12.26 12.91 122 Slightly volatile Operating Cycle 54.64 54.71 47.9907 Very volatile Price Book Value Ratio 4.59 5.06 3.697 Pretty Stable Days Of Payables Outstanding 19.66 20.78 14.2489 Slightly volatile Dividend Payout Ratio 0.16 0.17 0.2554 Very volatile Ebt Per Ebit 0.74 1.06 0.9648 Slightly volatile Effective Tax Rate 0.11 0.12 0.2746 Slightly volatile Company Equity Multiplier 13.13 12.5 3.6487 Slightly volatile Long Term Debt To Capitalization 0.84 0.8 0.2476 Slightly volatile Total Debt To Capitalization 0.86 0.82 0.2938 Slightly volatile Debt Equity Ratio 10.05 9.57 2.0622 Slightly volatile Quick Ratio 1.34 1.41 2.6074 Slightly volatile Net Income Per E B T 0.57 0.59 0.7853 Pretty Stable Cash Ratio 0.23 0.25 0.8154 Slightly volatile Cash Conversion Cycle 25.44 26.55 32.7465 Slightly volatile Days Of Inventory Outstanding 1.44 0.93 0.8292 Slightly volatile Days Of Sales Outstanding 53.43 54.71 47.4678 Very volatile Free Cash Flow Operating Cash Flow Ratio 1.41 1.34 0.8004 Slightly volatile Price To Book Ratio 4.59 5.06 3.697 Pretty Stable Fixed Asset Turnover 3.6 3.02 4.2807 Slightly volatile Debt Ratio 0.72 0.69 0.2457 Slightly volatile Price Sales Ratio 0.39 0.41 1.4884 Slightly volatile Asset Turnover 1.65 1.02 1.3361 Slightly volatile Gross Profit Margin 0.15 0.16 0.2385 Slightly volatile Price Fair Value 4.59 5.06 3.697 Pretty Stable
Forward Air Valuation Data		Trends
Current Value Last Year Historical Average  10 Year Trend Market Cap 1.6 B 1.6 B 1.5 B Slightly volatile Enterprise Value 1.7 B 1.6 B 1.6 B Slightly volatile

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