Start with its own history
Compare positive annual observations to understand how this company has been priced over time. A lower multiple can reflect a lower price, higher earnings, or weaker growth expectations—not necessarily a bargain.
NASDAQ · FWRDIntegrated Freight & LogisticsUpdated Nov 5, 2026
Forward Air Corporation P/E ratio
Current valuation, historical context, and peer comparisons.
Current P/E ratio
N/M
No meaningful positive P/E available.
Share price19.08
÷Earnings per share-7.7925
Price and EPS in quote currency. Calculation details
Zero or negative earnings do not produce a meaningful conventional P/E.
P/E over time
2016 – 2025
Annual P/ESelected-period average 48.90×
3-year average142.89×1 positive annual observations
5-year average62.93×3 positive annual observations
10-year average48.90×8 positive annual observations
Peer median · TTM37.94×8 peers with positive P/E
Historical P/E ratios
Annual period-end data · 25 observations
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2025 | N/M | N/M |
| Dec 31, 2024 | N/M | N/M |
| Dec 31, 2023 | 142.89× | +878.1% |
| Dec 31, 2022 | 14.61× | -53.3% |
| Dec 31, 2021 | 31.29× | -65.4% |
| Dec 31, 2020 | 90.40× | +295.5% |
| Dec 31, 2019 | 22.86× | +32.1% |
| Dec 31, 2018 | 17.30× | -12.6% |
View all 25 annual observations +
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2017 | 19.81× | -62.0% |
| Dec 31, 2016 | 52.07× | +117.9% |
| Dec 31, 2015 | 23.89× | -5.6% |
| Dec 31, 2014 | 25.31× | +4.3% |
| Dec 31, 2013 | 24.26× | +26.1% |
| Dec 31, 2012 | 19.24× | -2.8% |
| Dec 31, 2011 | 19.78× | -22.6% |
| Dec 31, 2010 | 25.57× | -65.3% |
| Dec 31, 2009 | 73.62× | +348.9% |
| Dec 31, 2008 | 16.40× | -20.0% |
| Dec 31, 2007 | 20.51× | +11.3% |
| Dec 31, 2006 | 18.43× | -29.1% |
| Dec 31, 2005 | 25.99× | -6.7% |
| Dec 31, 2004 | 27.85× | +23.1% |
| Dec 31, 2003 | 22.63× | +17.2% |
| Dec 31, 2002 | 19.31× | -47.9% |
| Dec 31, 2001 | 37.07× | N/M |
Change is relative to the preceding observation. N/M values are excluded from averages.
How FWRD compares
Company P/E vs. peer trailing-12-month ratios
| Company | P/E ratio |
|---|---|
 FWRD This stockForward Air Corporation | N/M |
 LSTRLandstar System, Inc. | 32.04× |
 HUBGHub Group, Inc. | 29.96× |
 ARCBArcBest Corp | 108.82× |
 ULHUniversal Logistics Holdings, Inc. | 654.40× |
 RLGTRadiant Logistics, Inc. | 24.16× |
 CVLGCovenant Logistics Group, Inc. | 161.33× |
 JBHTJ.B. Hunt Transport Services, Inc. | 31.89× |
 XPOXPO Logistics, Inc. | 43.84× |
Peers are selected by the data provider. Business models and earnings definitions can differ.
Put the numbers in context
What does FWRD’s P/E tell you?
Compare like with like
The median of the 8 positive peer ratios above is 37.94×. Check growth, margins, debt, and earnings quality before interpreting the gap. A faster-growing business may justify a higher multiple.
Check what drives earnings
One-off gains can temporarily lower P/E; unusual charges can raise it. Reported earnings and forward estimates answer different questions. Pair this view with return on equity and liquidity for a fuller picture.
Keep your research connected
Take FWRD into your spreadsheet
Pull historical P/E into Excel or Google Sheets with Wisesheets. Build your own comparisons alongside the rest of your financial model.
Explore WisesheetsQuarterly P/E · latest quarterLQ selects the latest reported quarter. Requires the Wisesheets add-in. See available data
=WISE("FWRD", "PE Ratio", "LQ")Sources & calculation methodology
Current P/E
A conventional P/E is not meaningful when earnings are zero or negative. Data is supplied by Financial Modeling Prep through Wisesheets. Quote feed updated Nov 5, 2026; this is not a real-time trading quote.
History & averages
Annual and quarterly P/E observations are provided separately from the current quote. Averages use the latest 3, 5, or 10 annual observations, excluding missing and nonpositive ratios. Pre-IPO observations are omitted. These are period-end observations, not daily averages.
Data definitions and limitations
The current quote feed does not specify the exact EPS filing-period end or whether EPS is basic or diluted. We do not label it as forward P/E. Peer ratios are explicitly trailing-12-month (TTM) values. Historical observations do not include independently verified price and EPS inputs. Sources may update on different schedules; rounded inputs can produce small calculation differences. Historical comparisons describe past pricing, not an estimate of fair value.
FWRD P/E ratio: common questions
The essentials behind the numbers.
Forward Air Corporation does not currently have a meaningful positive P/E in the quote data. A zero or negative EPS makes the conventional P/E unsuitable for comparison.
Annual P/E uses earnings for a completed fiscal year. Trailing-12-month (TTM) P/E uses the latest four quarters, while forward P/E uses forecast earnings. These are not interchangeable. This page labels peer ratios as TTM and shows dated annual or quarterly historical observations; it does not show forward estimates.
N/M means not meaningful: the feed has no positive P/E for that observation. Negative or zero earnings should not be ranked as a low positive valuation multiple. N/M observations are excluded from the averages shown above.
Divide the share price by earnings per share (EPS). For example, a share price of 100 and EPS of 5 gives a P/E of 20×. This page uses the price and EPS supplied together in the quote when both are positive.
Price timestamps, EPS definitions, share classes, adjustments, and fiscal periods can differ. A forward P/E also uses forecast earnings rather than reported earnings. Compare the inputs and as-of dates before comparing two displayed ratios.
Not necessarily. The average describes previous market pricing, not fair value. Changes in earnings quality, growth expectations, debt, accounting, and business risk can justify a different multiple today.