Forward Air Corporation (FWRD)

Total asset turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Revenue (ttm)	US$ in thousands	1,571,371	1,711,459	1,809,146	1,923,575	1,965,894	1,946,041	1,856,214	1,761,536	1,655,923	1,547,601	1,460,946	1,323,276	1,269,573	1,238,888	1,220,574	1,241,783	1,215,187	1,252,092	1,269,784	1,297,240
Total assets	US$ in thousands	2,979,530	1,190,580	1,184,570	1,226,570	1,208,080	1,186,060	1,197,140	1,166,810	1,117,820	1,070,510	1,081,840	1,015,900	1,047,390	1,048,210	1,072,500	1,066,240	990,878	980,633	936,557	885,577
Total asset turnover		0.53	1.44	1.53	1.57	1.63	1.64	1.55	1.51	1.48	1.45	1.35	1.30	1.21	1.18	1.14	1.16	1.23	1.28	1.36	1.46

December 31, 2023 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $1,571,371K ÷ $2,979,530K
= 0.53

Forward Air Corporation's total asset turnover has shown some fluctuation over the past several quarters. The total asset turnover ratio measures how efficiently the company is utilizing its assets to generate revenue.

From the data provided, we can see that the total asset turnover ratio has generally been trending downwards, with some minor fluctuations. In recent quarters, the ratio has ranged from 1.14 to 1.64, indicating that for each dollar of assets the company has, it generates between $1.14 and $1.64 in revenue.

The decrease in total asset turnover over time may suggest that the company is becoming less efficient in generating revenue from its assets. This could be due to various factors such as underutilization of assets, inefficiencies in operations, or changes in the business environment.

It is important for Forward Air Corporation to carefully analyze the reasons behind the fluctuation in its total asset turnover and take appropriate measures to improve efficiency in asset utilization to ensure sustainable growth and profitability in the future.