Forward Air Corporation (FWRD)

Debt-to-capital 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 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
Debt-to-capital ratio		0.00	0.15	0.15	0.18	0.13	0.14	0.18	0.20	0.21	0.00	0.00	0.00	0.17	0.00	0.00	0.00	0.10	0.00	0.00	0.00

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $0K ÷ ($0K + $764,261K)
= 0.00

The debt-to-capital ratio of Forward Air Corporation has shown fluctuation over the past few quarters. The ratio was consistently at 0.00 in the first and third quarters of 2020, as well as in the second and third quarters of 2021. This suggests that the company had no debt obligations during these periods relative to its capital structure.

In the fourth quarter of 2020, the ratio increased to 0.17, indicating a rise in debt relative to capital. This trend continued into the first quarter of 2021 where the ratio was 0.21, reaching its highest level in the data provided.

From the second quarter of 2021 to the first quarter of 2022, the debt-to-capital ratio remained relatively stable between 0.13 and 0.18, indicating a moderate level of debt compared to capital.

In the most recent quarters of 2022 and 2023, the ratio decreased to 0.14 and 0.00, respectively. This suggests a reduction in debt relative to capital, with the ratio returning to 0.00, indicating no debt obligations against capital in the latest quarter.

Overall, the fluctuation in the debt-to-capital ratio of Forward Air Corporation indicates varying levels of leverage and capital structure management over the analyzed period.