Forward Air Corporation (FWRD)

Return on equity (ROE)

		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
Net income (ttm)	US$ in thousands	167,351	108,549	151,394	186,873	193,191	190,714	162,117	137,364	105,859	60,951	54,062	26,539	23,733	52,344	57,892	77,068	87,100	90,616	90,750	92,718
Total stockholders’ equity	US$ in thousands	764,261	665,700	673,609	685,633	707,244	682,698	664,350	611,771	593,654	555,536	550,349	544,731	547,329	552,196	566,292	565,841	577,182	561,145	550,042	553,439
ROE		21.90%	16.31%	22.48%	27.26%	27.32%	27.94%	24.40%	22.45%	17.83%	10.97%	9.82%	4.87%	4.34%	9.48%	10.22%	13.62%	15.09%	16.15%	16.50%	16.75%

December 31, 2023 calculation

ROE = Net income (ttm) ÷ Total stockholders’ equity
= $167,351K ÷ $764,261K
= 21.90%

The Return on Equity (ROE) of Forward Air Corporation has shown fluctuations over the past year. The ROE for the latest quarter, as of December 31, 2023, stands at 21.90%, which indicates that the company generated a return of 21.90% on shareholder equity during this period.

Looking at the trend over the past quarters, there has been a general increase in ROE since the beginning of 2022. The ROE has varied between a low of 4.34% in March 2021 and a high of 27.94% in September 2022.

The improvement in ROE since the beginning of 2022 suggests that the company has been more effective in utilizing its equity to generate profits for its shareholders. A sustained increase in ROE over time is generally seen as a positive indicator of a company's financial performance.

However, it is important to note that a single ratio like ROE should not be analyzed in isolation. It is recommended to consider other financial ratios and factors such as profitability, liquidity, and solvency to get a comprehensive understanding of Forward Air Corporation's financial health.