Forward Air Corporation (FWRD)

Debt-to-assets ratio

		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
Long-term debt	US$ in thousands	0	118,857	119,766	150,681	106,588	106,934	147,279	155,125	155,466	—	—	—	112,398	—	—	—	67,340	—	—	—
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
Debt-to-assets ratio		0.00	0.10	0.10	0.12	0.09	0.09	0.12	0.13	0.14	0.00	0.00	0.00	0.11	0.00	0.00	0.00	0.07	0.00	0.00	0.00

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 fluctuated over the periods presented in the table. The ratio provides insight into the company's level of leverage and financial risk. A lower debt-to-assets ratio indicates that the company relies less on debt financing and has a stronger financial position.

In the recent quarters, the company maintained a relatively low debt-to-assets ratio, with values ranging from 0.09 to 0.14. The ratio peaked at 0.14 in the first quarter of 2022, indicating a slight increase in the proportion of debt to total assets. However, this was followed by a decrease in the subsequent quarter.

Notably, there were periods, such as in the fourth quarter of 2023 and the third quarter of 2021, where the company reported a debt-to-assets ratio of 0.00, suggesting either minimal or no debt on the company's balance sheet during those quarters.

Overall, the trend in Forward Air Corporation's debt-to-assets ratio indicates a conservative approach to debt management, with a preference for lower levels of leverage relative to its total assets. It is important to monitor future changes in this ratio to assess the company's evolving financial structure and risk profile.