Forward Air Corporation (FWRD)

Fixed asset turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	1,337,060	1,959,900	1,652,200	1,269,570	1,215,190
Property, plant and equipment	US$ in thousands	220,080	249,080	219,095	189,867	192,756
Fixed asset turnover		6.08	7.87	7.54	6.69	6.30

December 31, 2023 calculation

Fixed asset turnover = Revenue ÷ Property, plant and equipment
= $1,337,060K ÷ $220,080K
= 6.08

Forward Air Corporation's fixed asset turnover has shown fluctuations over the past five years. The company's fixed asset turnover ratio ranged from 6.08 in 2023 to 7.87 in 2022, indicating a decline in efficiency in utilizing fixed assets to generate revenue over the most recent year. However, it is important to note that the ratio remained relatively stable within the range of 6.30 to 7.87 between 2019 and 2022, suggesting consistent performance in utilizing fixed assets efficiently during those years. Overall, the trend in fixed asset turnover suggests that while there have been fluctuations, the company has generally managed to effectively generate revenue from its fixed assets over the past five years.