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Side-by-side financial comparison of Andersons, Inc. (ANDE) 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 $329.5M, roughly 1.9× Andersons, Inc.). Andersons, Inc. runs the higher net margin — 20.5% vs -4.5%, a 25.0% gap on every dollar of revenue. On growth, FORWARD AIR CORP posted the faster year-over-year revenue change (-0.3% vs -2.4%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -1.8%).
The Andersons, Inc. is an American agribusiness established in 1947, that began as Andersons Truck Terminal (ATT) in the 1940s for the grain industry, headquartered in Maumee, Ohio. It is a diversified company rooted in agriculture that conducts business in the commodity merchandising, renewables, and plant nutrient sectors.
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.
ANDE vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $329.5M | $631.2M |
| Net Profit | $67.4M | $-28.3M |
| Gross Margin | 70.3% | — |
| Operating Margin | 26.6% | -0.5% |
| Net Margin | 20.5% | -4.5% |
| Revenue YoY | -2.4% | -0.3% |
| Net Profit YoY | 49.6% | 22.2% |
| EPS (diluted) | — | $-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 | $329.5M | $631.2M | ||
| Q3 25 | $295.8M | $631.8M | ||
| Q2 25 | $535.0M | $618.8M | ||
| Q1 25 | $370.8M | $613.3M | ||
| Q4 24 | $337.5M | $632.8M | ||
| Q3 24 | $231.9M | $655.9M | ||
| Q2 24 | $492.5M | $643.7M | ||
| Q1 24 | $341.4M | $541.8M |
| Q4 25 | $67.4M | $-28.3M | ||
| Q3 25 | $20.1M | $-16.3M | ||
| Q2 25 | $7.9M | $-12.6M | ||
| Q1 25 | $284.0K | $-50.6M | ||
| Q4 24 | $45.1M | $-36.4M | ||
| Q3 24 | $27.4M | $-73.4M | ||
| Q2 24 | $36.0M | $-645.4M | ||
| Q1 24 | $5.6M | $-61.7M |
| Q4 25 | 70.3% | — | ||
| Q3 25 | 57.8% | — | ||
| Q2 25 | 29.6% | — | ||
| Q1 25 | 41.2% | — | ||
| Q4 24 | 63.1% | — | ||
| Q3 24 | 76.4% | — | ||
| Q2 24 | 35.6% | — | ||
| Q1 24 | 37.6% | — |
| Q4 25 | 26.6% | -0.5% | ||
| Q3 25 | 8.7% | 2.4% | ||
| Q2 25 | 4.6% | 3.2% | ||
| Q1 25 | 0.9% | 0.8% | ||
| Q4 24 | 19.9% | 12.0% | ||
| Q3 24 | 26.8% | 3.5% | ||
| Q2 24 | 11.6% | -170.2% | ||
| Q1 24 | 4.1% | -12.1% |
| Q4 25 | 20.5% | -4.5% | ||
| Q3 25 | 6.8% | -2.6% | ||
| Q2 25 | 1.5% | -2.0% | ||
| Q1 25 | 0.1% | -8.3% | ||
| Q4 24 | 13.4% | -5.8% | ||
| Q3 24 | 11.8% | -11.2% | ||
| Q2 24 | 7.3% | -100.3% | ||
| Q1 24 | 1.6% | -11.4% |
| Q4 25 | — | $-0.90 | ||
| Q3 25 | $0.59 | $-0.52 | ||
| Q2 25 | $0.23 | $-0.41 | ||
| Q1 25 | $0.01 | $-1.68 | ||
| Q4 24 | $1.31 | $-1.69 | ||
| Q3 24 | $0.80 | $-2.66 | ||
| Q2 24 | $1.05 | $-23.47 | ||
| Q1 24 | $0.16 | $-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 | $98.3M | $106.0M |
| Total DebtLower is stronger | $560.0M | $1.7B |
| Stockholders' EquityBook value | $1.2B | $113.3M |
| Total Assets | $3.7B | $2.7B |
| Debt / EquityLower = less leverage | 0.45× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $98.3M | $106.0M | ||
| Q3 25 | — | $140.4M | ||
| Q2 25 | — | $95.1M | ||
| Q1 25 | — | $116.3M | ||
| Q4 24 | $561.8M | $104.9M | ||
| Q3 24 | — | $136.6M | ||
| Q2 24 | — | $84.9M | ||
| Q1 24 | — | $152.0M |
| Q4 25 | $560.0M | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $608.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.7B |
| Q4 25 | $1.2B | $113.3M | ||
| Q3 25 | $1.2B | $139.8M | ||
| Q2 25 | $1.4B | $151.8M | ||
| Q1 25 | $1.4B | $154.6M | ||
| Q4 24 | $1.4B | $201.7M | ||
| Q3 24 | $1.3B | $226.1M | ||
| Q2 24 | $1.3B | $283.8M | ||
| Q1 24 | $1.3B | $926.1M |
| Q4 25 | $3.7B | $2.7B | ||
| Q3 25 | $3.3B | $2.8B | ||
| Q2 25 | $3.4B | $2.8B | ||
| Q1 25 | $3.8B | $2.8B | ||
| Q4 24 | $4.1B | $2.8B | ||
| Q3 24 | $3.4B | $3.1B | ||
| Q2 24 | $3.3B | $3.1B | ||
| Q1 24 | $3.3B | $4.0B |
| Q4 25 | 0.45× | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.45× | — | ||
| 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 | $-6.2M | — |
| Free Cash FlowOCF − Capex | $-77.1M | — |
| FCF MarginFCF / Revenue | -23.4% | — |
| Capex IntensityCapex / Revenue | 21.5% | 1.3% |
| Cash ConversionOCF / Net Profit | -0.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-56.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.2M | — | ||
| Q3 25 | $233.9M | $52.7M | ||
| Q2 25 | $299.3M | — | ||
| Q1 25 | $-350.0M | $27.6M | ||
| Q4 24 | $268.8M | $-23.2M | ||
| Q3 24 | $-2.1M | $51.2M | ||
| Q2 24 | $304.4M | $-45.2M | ||
| Q1 24 | $-239.6M | $-51.7M |
| Q4 25 | $-77.1M | — | ||
| Q3 25 | $167.0M | $48.6M | ||
| Q2 25 | $250.5M | — | ||
| Q1 25 | $-396.6M | $15.7M | ||
| Q4 24 | $212.9M | $-30.5M | ||
| Q3 24 | $-40.0M | $40.7M | ||
| Q2 24 | $275.8M | $-59.6M | ||
| Q1 24 | $-266.4M | $-56.7M |
| Q4 25 | -23.4% | — | ||
| Q3 25 | 56.5% | 7.7% | ||
| Q2 25 | 46.8% | — | ||
| Q1 25 | -106.9% | 2.6% | ||
| Q4 24 | 63.1% | -4.8% | ||
| Q3 24 | -17.2% | 6.2% | ||
| Q2 24 | 56.0% | -9.3% | ||
| Q1 24 | -78.0% | -10.5% |
| Q4 25 | 21.5% | 1.3% | ||
| Q3 25 | 22.6% | 0.7% | ||
| Q2 25 | 9.1% | 0.8% | ||
| Q1 25 | 12.6% | 1.9% | ||
| Q4 24 | 16.6% | 1.1% | ||
| Q3 24 | 16.3% | 1.6% | ||
| Q2 24 | 5.8% | 2.2% | ||
| Q1 24 | 7.8% | 0.9% |
| Q4 25 | -0.09× | — | ||
| Q3 25 | 11.61× | — | ||
| Q2 25 | 38.10× | — | ||
| Q1 25 | -1232.46× | — | ||
| Q4 24 | 5.96× | — | ||
| Q3 24 | -0.08× | — | ||
| Q2 24 | 8.46× | — | ||
| Q1 24 | -42.94× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ANDE
| Specialty And Primary Nutrients | $137.1M | 42% |
| Premium Ingredients | $66.1M | 20% |
| Segment Reporting Reconciling Item Other | $63.2M | 19% |
| Other | $63.1M | 19% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
