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Side-by-side financial comparison of Alignment Healthcare, Inc. (ALHC) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
Alignment Healthcare, Inc. is the larger business by last-quarter revenue ($1.0B vs $631.2M, roughly 1.6× FORWARD AIR CORP). Alignment Healthcare, Inc. runs the higher net margin — -1.1% vs -4.5%, a 3.4% gap on every dollar of revenue. On growth, Alignment Healthcare, Inc. posted the faster year-over-year revenue change (44.4% vs -0.3%). Over the past eight quarters, Alignment Healthcare, Inc.'s revenue compounded faster (26.9% CAGR vs 7.9%).
Alignment Healthcare, Inc. is a U.S.-based healthcare provider offering Medicare Advantage plans for seniors. It adopts a value-based care model, partnering with local providers to deliver personalized coordinated medical services, prescription drug coverage and supplemental benefits to members across multiple U.S. states.
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.
ALHC vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $631.2M |
| Net Profit | $-11.0M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | -1.0% | -0.5% |
| Net Margin | -1.1% | -4.5% |
| Revenue YoY | 44.4% | -0.3% |
| Net Profit YoY | 64.6% | 22.2% |
| EPS (diluted) | $-0.04 | $-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 | $1.0B | $631.2M | ||
| Q3 25 | $993.7M | $631.8M | ||
| Q2 25 | $1.0B | $618.8M | ||
| Q1 25 | $926.9M | $613.3M | ||
| Q4 24 | $701.2M | $632.8M | ||
| Q3 24 | $692.4M | $655.9M | ||
| Q2 24 | $681.3M | $643.7M | ||
| Q1 24 | $628.6M | $541.8M |
| Q4 25 | $-11.0M | $-28.3M | ||
| Q3 25 | $3.7M | $-16.3M | ||
| Q2 25 | $15.7M | $-12.6M | ||
| Q1 25 | $-9.1M | $-50.6M | ||
| Q4 24 | $-31.1M | $-36.4M | ||
| Q3 24 | $-26.4M | $-73.4M | ||
| Q2 24 | $-24.0M | $-645.4M | ||
| Q1 24 | $-46.5M | $-61.7M |
| Q4 25 | -1.0% | -0.5% | ||
| Q3 25 | 0.8% | 2.4% | ||
| Q2 25 | 2.2% | 3.2% | ||
| Q1 25 | -0.6% | 0.8% | ||
| Q4 24 | -3.2% | 12.0% | ||
| Q3 24 | -2.8% | 3.5% | ||
| Q2 24 | -2.7% | -170.2% | ||
| Q1 24 | -6.5% | -12.1% |
| Q4 25 | -1.1% | -4.5% | ||
| Q3 25 | 0.4% | -2.6% | ||
| Q2 25 | 1.5% | -2.0% | ||
| Q1 25 | -1.0% | -8.3% | ||
| Q4 24 | -4.4% | -5.8% | ||
| Q3 24 | -3.8% | -11.2% | ||
| Q2 24 | -3.5% | -100.3% | ||
| Q1 24 | -7.4% | -11.4% |
| Q4 25 | $-0.04 | $-0.90 | ||
| Q3 25 | $0.02 | $-0.52 | ||
| Q2 25 | $0.07 | $-0.41 | ||
| Q1 25 | $-0.05 | $-1.68 | ||
| Q4 24 | $-0.15 | $-1.69 | ||
| Q3 24 | $-0.14 | $-2.66 | ||
| Q2 24 | $-0.13 | $-23.47 | ||
| Q1 24 | $-0.25 | $-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 | $604.2M | $106.0M |
| Total DebtLower is stronger | $323.2M | $1.7B |
| Stockholders' EquityBook value | $179.3M | $113.3M |
| Total Assets | $1.1B | $2.7B |
| Debt / EquityLower = less leverage | 1.80× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $604.2M | $106.0M | ||
| Q3 25 | $644.1M | $140.4M | ||
| Q2 25 | $503.8M | $95.1M | ||
| Q1 25 | $479.5M | $116.3M | ||
| Q4 24 | $470.6M | $104.9M | ||
| Q3 24 | $381.0M | $136.6M | ||
| Q2 24 | $363.7M | $84.9M | ||
| Q1 24 | $301.7M | $152.0M |
| Q4 25 | $323.2M | $1.7B | ||
| Q3 25 | $322.7M | $1.7B | ||
| Q2 25 | $322.3M | — | ||
| Q1 25 | $321.9M | — | ||
| Q4 24 | $321.4M | — | ||
| Q3 24 | $212.0M | — | ||
| Q2 24 | $211.7M | — | ||
| Q1 24 | $162.0M | $1.7B |
| Q4 25 | $179.3M | $113.3M | ||
| Q3 25 | $161.9M | $139.8M | ||
| Q2 25 | $141.0M | $151.8M | ||
| Q1 25 | $108.1M | $154.6M | ||
| Q4 24 | $99.9M | $201.7M | ||
| Q3 24 | $114.5M | $226.1M | ||
| Q2 24 | $123.7M | $283.8M | ||
| Q1 24 | $130.9M | $926.1M |
| Q4 25 | $1.1B | $2.7B | ||
| Q3 25 | $1.1B | $2.8B | ||
| Q2 25 | $1.0B | $2.8B | ||
| Q1 25 | $895.6M | $2.8B | ||
| Q4 24 | $782.1M | $2.8B | ||
| Q3 24 | $692.3M | $3.1B | ||
| Q2 24 | $716.3M | $3.1B | ||
| Q1 24 | $633.2M | $4.0B |
| Q4 25 | 1.80× | 14.89× | ||
| Q3 25 | 1.99× | 12.05× | ||
| Q2 25 | 2.29× | — | ||
| Q1 25 | 2.98× | — | ||
| Q4 24 | 3.22× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.71× | — | ||
| Q1 24 | 1.24× | 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 | $-50.4M | — |
| Free Cash FlowOCF − Capex | $-55.4M | — |
| FCF MarginFCF / Revenue | -5.5% | — |
| Capex IntensityCapex / Revenue | 0.5% | 1.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $113.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-50.4M | — | ||
| Q3 25 | $144.6M | $52.7M | ||
| Q2 25 | $29.1M | — | ||
| Q1 25 | $16.6M | $27.6M | ||
| Q4 24 | $-8.7M | $-23.2M | ||
| Q3 24 | $26.2M | $51.2M | ||
| Q2 24 | $23.5M | $-45.2M | ||
| Q1 24 | $-6.2M | $-51.7M |
| Q4 25 | $-55.4M | — | ||
| Q3 25 | $139.1M | $48.6M | ||
| Q2 25 | $21.1M | — | ||
| Q1 25 | $8.4M | $15.7M | ||
| Q4 24 | $-18.0M | $-30.5M | ||
| Q3 24 | $16.9M | $40.7M | ||
| Q2 24 | $11.8M | $-59.6M | ||
| Q1 24 | $-17.4M | $-56.7M |
| Q4 25 | -5.5% | — | ||
| Q3 25 | 14.0% | 7.7% | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | 0.9% | 2.6% | ||
| Q4 24 | -2.6% | -4.8% | ||
| Q3 24 | 2.4% | 6.2% | ||
| Q2 24 | 1.7% | -9.3% | ||
| Q1 24 | -2.8% | -10.5% |
| Q4 25 | 0.5% | 1.3% | ||
| Q3 25 | 0.6% | 0.7% | ||
| Q2 25 | 0.8% | 0.8% | ||
| Q1 25 | 0.9% | 1.9% | ||
| Q4 24 | 1.3% | 1.1% | ||
| Q3 24 | 1.3% | 1.6% | ||
| Q2 24 | 1.7% | 2.2% | ||
| Q1 24 | 1.8% | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | 38.77× | — | ||
| Q2 25 | 1.86× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ALHC
Segment breakdown not available.
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
