Forward Air Corporation (FWRD)

Debt-to-equity 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-equity ratio		0.00	0.18	0.18	0.22	0.15	0.16	0.22	0.25	0.26	0.00	0.00	0.00	0.21	0.00	0.00	0.00	0.12	0.00	0.00	0.00

December 31, 2023 calculation

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

The debt-to-equity ratio of Forward Air Corporation has shown some fluctuations over the past few quarters. As of December 31, 2023, the company had a debt-to-equity ratio of 0.00, indicating that there was no debt in the capital structure relative to equity. This can be a positive sign as it suggests lower financial risk and less reliance on external financing.

In the previous quarters, the debt-to-equity ratio ranged from 0.00 to 0.26. The ratio was at its highest in March 31, 2022, at 0.26, indicating that the company had a higher level of debt compared to equity at that time. However, it is worth noting that the ratio has generally been on the lower side, except for a few instances, showing a conservative approach towards debt financing.

Overall, based on the trend observed in the debt-to-equity ratio, Forward Air Corporation appears to have a relatively low level of debt compared to equity in its capital structure, which may indicate a strong financial position and prudent financial management.