Forward Air Corporation (FWRD)

Return on assets (ROA)

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	US$ in thousands	167,351	193,191	105,859	23,733	87,099
Total assets	US$ in thousands	2,979,530	1,208,080	1,117,820	1,047,390	990,878
ROA		5.62%	15.99%	9.47%	2.27%	8.79%

December 31, 2023 calculation

ROA = Net income ÷ Total assets
= $167,351K ÷ $2,979,530K
= 5.62%

The return on assets (ROA) of Forward Air Corporation has varied over the past five years, ranging from 2.27% in 2020 to 15.99% in 2022. The ROA measures the company's efficiency in generating profits from its assets.

In 2023, the ROA decreased to 5.62% from the previous year's high of 15.99%. This decrease could be attributed to changes in the company's asset base or profitability.

In 2021, the ROA stood at 9.47%, reflecting a healthy return on assets compared to the previous and subsequent years.

Overall, Forward Air Corporation has displayed fluctuations in its ROA over the past five years, suggesting varying levels of efficiency in utilizing its assets to generate profits.