Forward Air annual debt-to-ebitda ratio
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2025
Forward Air Debt-to-EBITDA Ratio Growth & History (FWRD)
Forward Air's debt-to-ebitda ratio was 11.42 for fiscal 2025.
View full Forward Air company overviewForward Air annual debt-to-ebitda ratio history
| Fiscal year | Period ended | Debt-to-EBITDA ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 11.42 | — | — |
| 2023 | 2023-12-31 | 1.07 | 0.11 | +11.49% |
| 2022 | 2022-12-31 | 0.96 | −0.80 | −45.60% |
| 2021 | 2021-12-31 | 1.76 | −0.43 | −19.71% |
| 2020 | 2020-12-31 | 2.19 | 0.63 | +40.72% |
| 2019 | 2019-12-31 | 1.56 | 1.25 | +400.01% |
| 2018 | 2018-12-31 | 0.31 | 0.04 | +13.90% |
| 2017 | 2017-12-31 | 0.27 | −0.02 | −6.87% |
| 2016 | 2016-12-31 | 0.29 | −0.42 | −58.69% |
| 2015 | 2015-12-31 | 0.71 | 0.70 | +5742.80% |
| 2014 | 2014-12-31 | 0.01 | 0.01 | +43652.80% |
| 2013 | 2013-12-31 | 0.00 | −0.00 | −94.99% |
| 2012 | 2012-12-31 | 0.00 | −0.01 | −93.85% |
| 2011 | 2011-12-31 | 0.01 | −0.69 | −98.70% |
| 2010 | 2010-12-31 | 0.69 | −0.69 | −49.94% |
| 2009 | 2009-12-31 | 1.39 | — | — |
Forward Air quarterly debt-to-ebitda ratio
Q4.11
Q1.12
Q2.12
Q3.12
Q4.12
Q1.13
Q2.13
Q3.13
Q4.13
Q1.14
Q2.14
Q3.14
Q4.14
Q1.15
Q2.15
Q3.15
Q4.15
Q1.16
Q2.16
Q3.16
Q4.16
Q1.17
Q2.17
Q3.17
Q4.17
Q1.18
Q2.18
Q3.18
Q4.18
Q1.19
Q2.19
Q3.19
Q4.19
Q1.20
Q2.20
Q3.20
Q4.20
Q1.21
Q2.21
Q3.21
Q4.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.25
Q3.25
Q4.25
Q1.26
| Fiscal quarter | Period ended | Debt-to-EBITDA ratio | Change | YoY change |
|---|---|---|---|---|
| Q1 2026 | 2026-03-31 | 10.44 | — | — |
| Q4 2025 | 2025-12-31 | 11.42 | — | — |
| Q3 2025 | 2025-09-30 | 8.15 | — | — |
| Q2 2025 | 2025-06-30 | 8.30 | — | — |
| Q1 2024 | 2024-03-31 | 39.68 | 38.48 | +3226.11% |
| Q4 2023 | 2023-12-31 | 1.07 | 0.11 | +11.49% |
| Q3 2023 | 2023-09-30 | 1.69 | 0.72 | +74.26% |
| Q2 2023 | 2023-06-30 | 1.31 | 0.05 | +3.75% |
| Q1 2023 | 2023-03-31 | 1.19 | −0.29 | −19.61% |
| Q4 2022 | 2022-12-31 | 0.96 | −0.80 | −45.60% |
| Q3 2022 | 2022-09-30 | 0.97 | −0.87 | −47.36% |
| Q2 2022 | 2022-06-30 | 1.27 | −0.86 | −40.55% |
| Q1 2022 | 2022-03-31 | 1.48 | −0.62 | −29.59% |
| Q4 2021 | 2021-12-31 | 1.76 | −0.43 | −19.71% |
| Q3 2021 | 2021-09-30 | 1.84 | −0.13 | −6.77% |
| Q2 2021 | 2021-06-30 | 2.13 | 0.01 | +0.61% |
| Q1 2021 | 2021-03-31 | 2.11 | −0.12 | −5.57% |
| Q4 2020 | 2020-12-31 | 2.19 | 0.63 | +40.72% |
| Q3 2020 | 2020-09-30 | 1.98 | 0.84 | +73.84% |
| Q2 2020 | 2020-06-30 | 2.12 | 0.72 | +51.72% |
| Q1 2020 | 2020-03-31 | 2.23 | 1.05 | +89.44% |
| Q4 2019 | 2019-12-31 | 1.56 | 1.25 | +400.01% |
| Q3 2019 | 2019-09-30 | 1.14 | 1.13 | +38182.49% |
| Q2 2019 | 2019-06-30 | 1.39 | 1.39 | +37904.67% |
| Q1 2019 | 2019-03-31 | 1.18 | 1.17 | +27302.81% |
| Q4 2018 | 2018-12-31 | 0.31 | 0.04 | +13.90% |
| Q3 2018 | 2018-09-30 | 0.00 | −0.00 | −52.62% |
| Q2 2018 | 2018-06-30 | 0.00 | −0.00 | −52.18% |
| Q1 2018 | 2018-03-31 | 0.00 | −0.01 | −59.11% |
| Q4 2017 | 2017-12-31 | 0.27 | −0.02 | −6.87% |
| Q3 2017 | 2017-09-30 | 0.01 | −0.01 | −49.30% |
| Q2 2017 | 2017-06-30 | 0.01 | −0.01 | −42.10% |
| Q1 2017 | 2017-03-31 | 0.01 | 0.00 | +5.68% |
| Q4 2016 | 2016-12-31 | 0.29 | −0.42 | −58.69% |
| Q3 2016 | 2016-09-30 | 0.01 | −0.00 | −12.37% |
| Q2 2016 | 2016-06-30 | 0.01 | −0.00 | −15.61% |
| Q1 2016 | 2016-03-31 | 0.01 | −0.01 | −40.57% |
| Q4 2015 | 2015-12-31 | 0.71 | 0.70 | +5742.80% |
| Q3 2015 | 2015-09-30 | 0.01 | 0.00 | +4.41% |
| Q2 2015 | 2015-06-30 | 0.02 | 0.00 | +5.44% |
| Q1 2015 | 2015-03-31 | 0.02 | 0.00 | +24.97% |
| Q4 2014 | 2014-12-31 | 0.01 | 0.01 | +43652.80% |
| Q3 2014 | 2014-09-30 | 0.01 | 0.01 | +36246.12% |
| Q2 2014 | 2014-06-30 | 0.01 | 0.01 | +6608.92% |
| Q1 2014 | 2014-03-31 | 0.01 | 0.01 | +3652.07% |
| Q4 2013 | 2013-12-31 | 0.00 | −0.00 | −94.99% |
| Q3 2013 | 2013-09-30 | 0.00 | −0.00 | −95.59% |
| Q2 2013 | 2013-06-30 | 0.00 | −0.00 | −83.23% |
| Q1 2013 | 2013-03-31 | 0.00 | −0.00 | −84.08% |
| Q4 2012 | 2012-12-31 | 0.00 | −0.01 | −93.85% |
| Q3 2012 | 2012-09-30 | 0.00 | — | — |
| Q2 2012 | 2012-06-30 | 0.00 | — | — |
| Q1 2012 | 2012-03-31 | 0.00 | — | — |
| Q4 2011 | 2011-12-31 | 0.01 | — | — |
Forward Air debt-to-ebitda ratio trends
Over the last five fiscal years, Forward Air's debt-to-ebitda ratio increased from 2.19 to 11.42, a change of 9.23. The latest reported quarter, Q1 2026, shows 10.44.
About the metric
What the debt-to-EBITDA ratio means
Debt-to-EBITDA compares interest-bearing debt with operating earnings before interest, taxes, depreciation, and amortization. It is commonly used to assess leverage, but it is generally unsuitable for banks and other financial companies.
Calculation and source
How debt-to-EBITDA is calculated
TickerStat divides period-end total debt by annual EBITDA. Quarterly observations use trailing-12-month EBITDA. Periods with zero or negative EBITDA are excluded because the leverage multiple would not be meaningful. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Forward Air source filings ↗