Forward Air Corporation (FWRD)

Pretax margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Earnings before tax but after interest (EBT)	US$ in thousands	181,187	260,838	144,731	40,326	114,481
Revenue	US$ in thousands	1,337,060	1,959,900	1,652,200	1,269,570	1,215,190
Pretax margin		13.55%	13.31%	8.76%	3.18%	9.42%

December 31, 2023 calculation

Pretax margin = EBT ÷ Revenue
= $181,187K ÷ $1,337,060K
= 13.55%

The pretax margin of Forward Air Corporation has demonstrated fluctuating trends over the past five years. In 2023, the pretax margin stands at 13.55%, showing a slight increase compared to the previous year's margin of 13.31%. This upward trajectory indicates that the company's ability to generate profits before accounting for taxes improved slightly in the most recent fiscal year.

Comparing the current pretax margin to earlier years, there is a notable improvement from 2020 when the margin was 3.18% and from 2021 when it was 8.76%. This suggests a positive trend in the company's profitability performance. Notably, the pretax margin in 2019 was relatively higher at 9.42% compared to 2021, indicating a fluctuating pattern in profitability over the years.

Overall, Forward Air Corporation's pretax margin has shown variability, but the recent increase in 2023 could be a positive indication of improved profitability, which should be further monitored and analyzed in conjunction with other financial metrics for a comprehensive assessment of the company's financial performance.