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Side-by-side financial comparison of American Healthcare REIT, Inc. (AHR) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $564.0M, roughly 1.1× American Healthcare REIT, Inc.). American Healthcare REIT, Inc. runs the higher net margin — 1.9% vs -4.5%, a 6.4% gap on every dollar of revenue. On growth, American Healthcare REIT, Inc. posted the faster year-over-year revenue change (13.5% vs -0.3%). Over the past eight quarters, American Healthcare REIT, Inc.'s revenue compounded faster (11.7% CAGR vs 7.9%).
Medical Properties Trust, Inc. (MPT) is an international real estate investment trust (REIT) based in Birmingham, Alabama that purchases and invests in healthcare facilities and for-profit healthcare holding companies, primarily in the United States and Europe. Their property acquisitions often come in the form of sale-leaseback agreements, in which the original property owner sells the property to MPT and becomes their tenant. MPT's tenants are generally subject to long-term triple net lease...
Forward Air Corp is a leading North American asset-light logistics and transportation provider. It offers core services including expedited less-than-truckload freight delivery, final-mile logistics, intermodal transport, warehousing, and supply chain solutions, serving key sectors such as e-commerce, retail, manufacturing, and automotive across the U.S., Canada, and Mexico.
AHR vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $564.0M | $631.2M |
| Net Profit | $10.8M | $-28.3M |
| Gross Margin | 14.8% | — |
| Operating Margin | 19.8% | -0.5% |
| Net Margin | 1.9% | -4.5% |
| Revenue YoY | 13.5% | -0.3% |
| Net Profit YoY | 133.9% | 22.2% |
| EPS (diluted) | $0.07 | $-0.90 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $564.0M | $631.2M | ||
| Q3 25 | $532.1M | $631.8M | ||
| Q2 25 | $501.3M | $618.8M | ||
| Q1 25 | $497.2M | $613.3M | ||
| Q4 24 | $496.8M | $632.8M | ||
| Q3 24 | $476.8M | $655.9M | ||
| Q2 24 | $458.0M | $643.7M | ||
| Q1 24 | $452.1M | $541.8M |
| Q4 25 | $10.8M | $-28.3M | ||
| Q3 25 | $55.9M | $-16.3M | ||
| Q2 25 | $9.9M | $-12.6M | ||
| Q1 25 | $-6.8M | $-50.6M | ||
| Q4 24 | $-31.8M | $-36.4M | ||
| Q3 24 | $-4.1M | $-73.4M | ||
| Q2 24 | $2.0M | $-645.4M | ||
| Q1 24 | $-3.9M | $-61.7M |
| Q4 25 | 14.8% | — | ||
| Q3 25 | 14.6% | — | ||
| Q2 25 | 15.0% | — | ||
| Q1 25 | 13.0% | — | ||
| Q4 24 | 13.3% | — | ||
| Q3 24 | 12.5% | — | ||
| Q2 24 | 12.1% | — | ||
| Q1 24 | 10.7% | — |
| Q4 25 | 19.8% | -0.5% | ||
| Q3 25 | 19.9% | 2.4% | ||
| Q2 25 | 20.6% | 3.2% | ||
| Q1 25 | 19.0% | 0.8% | ||
| Q4 24 | 20.0% | 12.0% | ||
| Q3 24 | 19.6% | 3.5% | ||
| Q2 24 | 19.4% | -170.2% | ||
| Q1 24 | 18.2% | -12.1% |
| Q4 25 | 1.9% | -4.5% | ||
| Q3 25 | 10.5% | -2.6% | ||
| Q2 25 | 2.0% | -2.0% | ||
| Q1 25 | -1.4% | -8.3% | ||
| Q4 24 | -6.4% | -5.8% | ||
| Q3 24 | -0.9% | -11.2% | ||
| Q2 24 | 0.4% | -100.3% | ||
| Q1 24 | -0.9% | -11.4% |
| Q4 25 | $0.07 | $-0.90 | ||
| Q3 25 | $0.33 | $-0.52 | ||
| Q2 25 | $0.06 | $-0.41 | ||
| Q1 25 | $-0.04 | $-1.68 | ||
| Q4 24 | $-0.23 | $-1.69 | ||
| Q3 24 | $-0.03 | $-2.66 | ||
| Q2 24 | $0.01 | $-23.47 | ||
| Q1 24 | $-0.04 | $-2.81 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $114.8M | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $3.3B | $113.3M |
| Total Assets | $5.4B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $114.8M | $106.0M | ||
| Q3 25 | $147.4M | $140.4M | ||
| Q2 25 | $133.5M | $95.1M | ||
| Q1 25 | $86.1M | $116.3M | ||
| Q4 24 | $76.7M | $104.9M | ||
| Q3 24 | $67.8M | $136.6M | ||
| Q2 24 | $52.1M | $84.9M | ||
| Q1 24 | $77.0M | $152.0M |
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.7B |
| Q4 25 | $3.3B | $113.3M | ||
| Q3 25 | $2.7B | $139.8M | ||
| Q2 25 | $2.4B | $151.8M | ||
| Q1 25 | $2.3B | $154.6M | ||
| Q4 24 | $2.3B | $201.7M | ||
| Q3 24 | $2.2B | $226.1M | ||
| Q2 24 | $1.9B | $283.8M | ||
| Q1 24 | $2.0B | $926.1M |
| Q4 25 | $5.4B | $2.7B | ||
| Q3 25 | $4.8B | $2.8B | ||
| Q2 25 | $4.5B | $2.8B | ||
| Q1 25 | $4.5B | $2.8B | ||
| Q4 24 | $4.5B | $2.8B | ||
| Q3 24 | $4.7B | $3.1B | ||
| Q2 24 | $4.6B | $3.1B | ||
| Q1 24 | $4.7B | $4.0B |
| Q4 25 | — | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.81× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $55.2M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | 5.12× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.2M | — | ||
| Q3 25 | $107.2M | $52.7M | ||
| Q2 25 | $71.5M | — | ||
| Q1 25 | $60.6M | $27.6M | ||
| Q4 24 | $59.5M | $-23.2M | ||
| Q3 24 | $63.1M | $51.2M | ||
| Q2 24 | $59.4M | $-45.2M | ||
| Q1 24 | $-6.0M | $-51.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | $48.6M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $15.7M | ||
| Q4 24 | — | $-30.5M | ||
| Q3 24 | — | $40.7M | ||
| Q2 24 | — | $-59.6M | ||
| Q1 24 | — | $-56.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | -4.8% | ||
| Q3 24 | — | 6.2% | ||
| Q2 24 | — | -9.3% | ||
| Q1 24 | — | -10.5% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | 5.12× | — | ||
| Q3 25 | 1.92× | — | ||
| Q2 25 | 7.21× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 30.02× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHR
| Integrated Senior Health Campuses | $467.0M | 83% |
| SHOP | $97.0M | 17% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
