Forward Air Corporation (FWRD)

Inventory turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cost of revenue	US$ in thousands	489,942	565,906	501,436	941,249	1,087,240
Inventory	US$ in thousands	—	—	—	21,002	2,132
Inventory turnover		—	—	—	44.82	509.96

December 31, 2023 calculation

Inventory turnover = Cost of revenue ÷ Inventory
= $489,942K ÷ $—K
= —

The inventory turnover ratio for Forward Air Corporation has been showing a declining trend over the past five years. In 2019, the company had an exceptionally high inventory turnover of 509.96, indicating that the company's inventory was sold and replaced multiple times during that year. However, in subsequent years, there has been a significant decrease in the inventory turnover ratio.

The absence of inventory turnover data for 2020, 2021, and 2022 makes it challenging to provide a precise analysis during those years. However, the fact that the inventory turnover data is not available for those years could suggest potential issues with inventory management, data reporting, or a shift in the company's operations.

Given the limited information provided, it is essential to consider other factors such as industry trends, company strategy changes, and financial performance to understand the implications of the declining inventory turnover ratio and its impact on Forward Air Corporation's overall operations and financial health.