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What drives FORWARD AIR CORPORATION’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity−68%Tax burden73%net income ÷ pretax incomeInterest burden−404%pretax ÷ operating incomeOperating margin1%operating income ÷ revenueAsset turnover0.90×revenue ÷ average assetsEquity multiplier17.52×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$108MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001628280-26-016793 · filed Mar 11, 2026
Income before tax−$147MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001628280-26-016793 · filed Mar 11, 2026
Operating income$36.4MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001628280-26-016793 · filed Mar 11, 2026
$2.5BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001628280-26-016793 · filed Mar 11, 2026
Ending assets$2.7BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001628280-26-016793 · filed Mar 11, 2026
Beginning assets$2.8BFY2024
  • 10-K · FY 2024Filing detailsAccession 0001628280-26-016793 · filed Mar 11, 2026
$113MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001628280-26-016793 · filed Mar 11, 2026
$202MFY2024
  • 10-K · FY 2024Filing detailsAccession 0001628280-26-016793 · filed Mar 11, 2026
Source: · event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set
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