Forward Air Corporation (FWRD)

Operating return on assets (Operating ROA)

		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
Operating income (ttm)	US$ in thousands	88,210	157,628	213,800	259,134	265,976	256,538	227,349	193,928	159,301	128,050	109,084	80,874	73,922	86,048	91,724	106,880	115,842	118,037	118,730	122,530
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
Operating ROA		2.96%	13.24%	18.05%	21.13%	22.02%	21.63%	18.99%	16.62%	14.25%	11.96%	10.08%	7.96%	7.06%	8.21%	8.55%	10.02%	11.69%	12.04%	12.68%	13.84%

December 31, 2023 calculation

Operating ROA = Operating income (ttm) ÷ Total assets
= $88,210K ÷ $2,979,530K
= 2.96%

The operating return on assets (operating ROA) for Forward Air Corporation has shown fluctuations over the analyzed period. The trend indicates that the company's ability to generate operating income from its assets has varied.

From December 2019 to March 2020, operating ROA consistently increased, reaching a peak of 13.84% in December 2020. However, after this peak, the metric started to fluctuate more noticeably, with various peaks and troughs seen throughout the following quarters.

The operating ROA saw a significant drop between June 2021 and September 2021, before picking up again in the subsequent quarters. The metric reached its highest point in March 2023 at 21.13%, showcasing a strong performance in generating operating income relative to its assets during that period.

In more recent quarters, the operating ROA has shown a slight decline but has remained above the levels observed in the earlier years. It closed at 2.96% in December 2023, which is lower compared to the earlier peaks but still indicates a positive trend in generating operating income relative to the company's assets.

Overall, the analysis suggests that Forward Air Corporation has exhibited varying levels of efficiency in utilizing its assets to generate operating income over the analyzed period, with the most recent data showing a slight decrease in this measure.