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Side-by-side financial comparison of APOGEE ENTERPRISES, INC. (APOG) 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 $348.6M, roughly 1.8× APOGEE ENTERPRISES, INC.). APOGEE ENTERPRISES, INC. runs the higher net margin — 4.7% vs -4.5%, a 9.2% gap on every dollar of revenue. On growth, APOGEE ENTERPRISES, INC. posted the faster year-over-year revenue change (2.1% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -1.9%).
Apogee Electronics is an American manufacturer of audio interfaces, analog-to-digital and digital-to-analog converters, USB & iOS microphones, and audio production software.
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.
APOG vs FWRD — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $348.6M | $631.2M |
| Net Profit | $16.5M | $-28.3M |
| Gross Margin | 23.8% | — |
| Operating Margin | 7.1% | -0.5% |
| Net Margin | 4.7% | -4.5% |
| Revenue YoY | 2.1% | -0.3% |
| Net Profit YoY | -21.2% | 22.2% |
| EPS (diluted) | $0.77 | $-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 | $348.6M | $631.2M | ||
| Q3 25 | $358.2M | $631.8M | ||
| Q2 25 | $346.6M | $618.8M | ||
| Q1 25 | $345.7M | $613.3M | ||
| Q4 24 | $341.3M | $632.8M | ||
| Q3 24 | $342.4M | $655.9M | ||
| Q2 24 | $331.5M | $643.7M | ||
| Q1 24 | $361.8M | $541.8M |
| Q4 25 | $16.5M | $-28.3M | ||
| Q3 25 | $23.6M | $-16.3M | ||
| Q2 25 | $-2.7M | $-12.6M | ||
| Q1 25 | $2.5M | $-50.6M | ||
| Q4 24 | $21.0M | $-36.4M | ||
| Q3 24 | $30.6M | $-73.4M | ||
| Q2 24 | $31.0M | $-645.4M | ||
| Q1 24 | $15.7M | $-61.7M |
| Q4 25 | 23.8% | — | ||
| Q3 25 | 23.1% | — | ||
| Q2 25 | 21.7% | — | ||
| Q1 25 | 21.6% | — | ||
| Q4 24 | 26.1% | — | ||
| Q3 24 | 28.4% | — | ||
| Q2 24 | 29.8% | — | ||
| Q1 24 | 24.4% | — |
| Q4 25 | 7.1% | -0.5% | ||
| Q3 25 | 7.5% | 2.4% | ||
| Q2 25 | 2.0% | 3.2% | ||
| Q1 25 | 1.8% | 0.8% | ||
| Q4 24 | 8.4% | 12.0% | ||
| Q3 24 | 12.3% | 3.5% | ||
| Q2 24 | 12.5% | -170.2% | ||
| Q1 24 | 6.0% | -12.1% |
| Q4 25 | 4.7% | -4.5% | ||
| Q3 25 | 6.6% | -2.6% | ||
| Q2 25 | -0.8% | -2.0% | ||
| Q1 25 | 0.7% | -8.3% | ||
| Q4 24 | 6.1% | -5.8% | ||
| Q3 24 | 8.9% | -11.2% | ||
| Q2 24 | 9.4% | -100.3% | ||
| Q1 24 | 4.3% | -11.4% |
| Q4 25 | $0.77 | $-0.90 | ||
| Q3 25 | $1.10 | $-0.52 | ||
| Q2 25 | $-0.13 | $-0.41 | ||
| Q1 25 | $0.12 | $-1.68 | ||
| Q4 24 | $0.96 | $-1.69 | ||
| Q3 24 | $1.40 | $-2.66 | ||
| Q2 24 | $1.41 | $-23.47 | ||
| Q1 24 | $0.71 | $-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 | $41.3M | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $512.3M | $113.3M |
| Total Assets | $1.1B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $41.3M | $106.0M | ||
| Q3 25 | $39.5M | $140.4M | ||
| Q2 25 | $32.8M | $95.1M | ||
| Q1 25 | $41.4M | $116.3M | ||
| Q4 24 | $43.9M | $104.9M | ||
| Q3 24 | $51.0M | $136.6M | ||
| Q2 24 | $30.4M | $84.9M | ||
| Q1 24 | $37.2M | $152.0M |
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | $285.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $62.0M | $1.7B |
| Q4 25 | $512.3M | $113.3M | ||
| Q3 25 | $500.2M | $139.8M | ||
| Q2 25 | $481.8M | $151.8M | ||
| Q1 25 | $487.9M | $154.6M | ||
| Q4 24 | $522.1M | $201.7M | ||
| Q3 24 | $506.4M | $226.1M | ||
| Q2 24 | $480.0M | $283.8M | ||
| Q1 24 | $471.0M | $926.1M |
| Q4 25 | $1.1B | $2.7B | ||
| Q3 25 | $1.2B | $2.8B | ||
| Q2 25 | $1.2B | $2.8B | ||
| Q1 25 | $1.2B | $2.8B | ||
| Q4 24 | $1.2B | $2.8B | ||
| Q3 24 | $917.1M | $3.1B | ||
| Q2 24 | $889.0M | $3.1B | ||
| Q1 24 | $884.1M | $4.0B |
| Q4 25 | — | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.58× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.13× | 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 | $29.3M | — |
| Free Cash FlowOCF − Capex | $22.9M | — |
| FCF MarginFCF / Revenue | 6.6% | — |
| Capex IntensityCapex / Revenue | 1.9% | 1.3% |
| Cash ConversionOCF / Net Profit | 1.77× | — |
| TTM Free Cash FlowTrailing 4 quarters | $67.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $29.3M | — | ||
| Q3 25 | $57.1M | $52.7M | ||
| Q2 25 | $-19.8M | — | ||
| Q1 25 | $30.0M | $27.6M | ||
| Q4 24 | $31.0M | $-23.2M | ||
| Q3 24 | $58.7M | $51.2M | ||
| Q2 24 | $5.5M | $-45.2M | ||
| Q1 24 | $74.9M | $-51.7M |
| Q4 25 | $22.9M | — | ||
| Q3 25 | $52.4M | $48.6M | ||
| Q2 25 | $-26.9M | — | ||
| Q1 25 | $19.1M | $15.7M | ||
| Q4 24 | $22.0M | $-30.5M | ||
| Q3 24 | $50.2M | $40.7M | ||
| Q2 24 | $-1.8M | $-59.6M | ||
| Q1 24 | $58.7M | $-56.7M |
| Q4 25 | 6.6% | — | ||
| Q3 25 | 14.6% | 7.7% | ||
| Q2 25 | -7.8% | — | ||
| Q1 25 | 5.5% | 2.6% | ||
| Q4 24 | 6.4% | -4.8% | ||
| Q3 24 | 14.7% | 6.2% | ||
| Q2 24 | -0.5% | -9.3% | ||
| Q1 24 | 16.2% | -10.5% |
| Q4 25 | 1.9% | 1.3% | ||
| Q3 25 | 1.3% | 0.7% | ||
| Q2 25 | 2.1% | 0.8% | ||
| Q1 25 | 3.2% | 1.9% | ||
| Q4 24 | 2.6% | 1.1% | ||
| Q3 24 | 2.5% | 1.6% | ||
| Q2 24 | 2.2% | 2.2% | ||
| Q1 24 | 4.5% | 0.9% |
| Q4 25 | 1.77× | — | ||
| Q3 25 | 2.41× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 12.08× | — | ||
| Q4 24 | 1.48× | — | ||
| Q3 24 | 1.92× | — | ||
| Q2 24 | 0.18× | — | ||
| Q1 24 | 4.76× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APOG
| Transferred At Point In Time | $163.0M | 47% |
| Architectural Services Segment | $105.2M | 30% |
| Performance Surfaces | $53.0M | 15% |
| UW Interco LLC | $27.9M | 8% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
