Forward Air Corporation (FWRD)

Total asset turnover

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	US$ in thousands	2,474,260	1,370,740	1,973,400	1,662,430	1,269,570
Total assets	US$ in thousands	2,802,640	2,979,530	1,208,080	1,117,820	1,047,770
Total asset turnover		0.88	0.46	1.63	1.49	1.21

December 31, 2024 calculation

Total asset turnover = Revenue ÷ Total assets
= $2,474,260K ÷ $2,802,640K
= 0.88

Forward Air Corporation's total asset turnover has shown fluctuating trends over the past five years. In 2020, the total asset turnover was 1.21, indicating that the company generated $1.21 in revenue for every dollar of total assets.

The ratio improved in 2021 to 1.49, suggesting that the company became more efficient in utilizing its assets to generate sales. This trend continued in 2022, with the total asset turnover reaching 1.63, indicating a further increase in asset efficiency.

However, there was a significant decline in total asset turnover in 2023, dropping to 0.46. This sharp decrease suggests that the company's asset utilization efficiency deteriorated significantly during that period.

In 2024, the total asset turnover improved to 0.88 but remained below the levels observed in 2021 and 2022. This indicates that although there was some recovery in asset efficiency, it was not enough to reach the highs of the previous years.

Overall, the fluctuations in total asset turnover for Forward Air Corporation suggest varying levels of asset utilization efficiency over the five-year period, with clear room for improvement in certain years. Further analysis of the company's operations and financial performance may provide insights into the factors influencing these fluctuations.