Forward Air Corporation (FWRD)

Debt-to-assets ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	0	106,588	155,466	112,398	67,340
Total assets	US$ in thousands	2,979,530	1,208,080	1,117,820	1,047,390	990,878
Debt-to-assets ratio		0.00	0.09	0.14	0.11	0.07

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $0K ÷ $2,979,530K
= 0.00

The debt-to-assets ratio of Forward Air Corporation has exhibited varying trends over the five-year period from 2019 to 2023. In 2019, the ratio stood at 0.07, indicating that the company had a moderate level of debt relative to its total assets. The ratio increased to 0.11 in 2020, suggesting a slight rise in the proportion of debt used to finance assets.

Subsequently, in 2021, the debt-to-assets ratio further increased to 0.14, signaling a higher level of debt utilization to support the company's assets. However, in the following years, the ratio decreased notably. By the end of 2022, the ratio dropped to 0.09, reflecting a reduction in the company's reliance on debt for asset financing.

Notably, by the end of 2023, Forward Air Corporation reported a debt-to-assets ratio of 0.00, indicating that the company had no debt relative to its assets. This could imply that the company significantly improved its financial position by paying off its debt obligations or by significantly increasing its asset base without taking on additional debt during the year.

Overall, the fluctuation in Forward Air Corporation's debt-to-assets ratio over the five-year period highlights the company's changing capital structure and its strategic decisions regarding debt management and asset financing.