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Side-by-side financial comparison of Atour Lifestyle Holdings Ltd (ATAT) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
Atour Lifestyle Holdings Ltd is the larger business by last-quarter revenue ($789.6M vs $631.2M, roughly 1.3× FORWARD AIR CORP). Atour Lifestyle Holdings Ltd runs the higher net margin — 17.6% vs -4.5%, a 22.1% gap on every dollar of revenue. On growth, Atour Lifestyle Holdings Ltd posted the faster year-over-year revenue change (252.5% vs -0.3%).
Atour Lifestyle Holdings Ltd is a leading China-based hospitality and lifestyle enterprise. It operates a wide portfolio of mid-to-premium hotel brands for business and leisure travelers, and offers complementary lifestyle retail products and experience services, catering primarily to middle-class consumers across domestic and selected overseas markets.
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.
ATAT vs FWRD — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $789.6M | $631.2M |
| Net Profit | $139.1M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | 22.5% | -0.5% |
| Net Margin | 17.6% | -4.5% |
| Revenue YoY | 252.5% | -0.3% |
| Net Profit YoY | 322.2% | 22.2% |
| EPS (diluted) | $0.33 | $-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 | — | $631.2M | ||
| Q3 25 | $789.6M | $631.8M | ||
| Q2 25 | — | $618.8M | ||
| Q1 25 | — | $613.3M | ||
| Q4 24 | — | $632.8M | ||
| Q3 24 | $224.0M | $655.9M | ||
| Q2 24 | — | $643.7M | ||
| Q1 24 | $203.4M | $541.8M |
| Q4 25 | — | $-28.3M | ||
| Q3 25 | $139.1M | $-16.3M | ||
| Q2 25 | — | $-12.6M | ||
| Q1 25 | — | $-50.6M | ||
| Q4 24 | — | $-36.4M | ||
| Q3 24 | $33.0M | $-73.4M | ||
| Q2 24 | — | $-645.4M | ||
| Q1 24 | $35.6M | $-61.7M |
| Q4 25 | — | -0.5% | ||
| Q3 25 | 22.5% | 2.4% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 12.0% | ||
| Q3 24 | 14.7% | 3.5% | ||
| Q2 24 | — | -170.2% | ||
| Q1 24 | 22.1% | -12.1% |
| Q4 25 | — | -4.5% | ||
| Q3 25 | 17.6% | -2.6% | ||
| Q2 25 | — | -2.0% | ||
| Q1 25 | — | -8.3% | ||
| Q4 24 | — | -5.8% | ||
| Q3 24 | 14.7% | -11.2% | ||
| Q2 24 | — | -100.3% | ||
| Q1 24 | 17.5% | -11.4% |
| Q4 25 | — | $-0.90 | ||
| Q3 25 | $0.33 | $-0.52 | ||
| Q2 25 | — | $-0.41 | ||
| Q1 25 | — | $-1.68 | ||
| Q4 24 | — | $-1.69 | ||
| Q3 24 | $0.08 | $-2.66 | ||
| Q2 24 | — | $-23.47 | ||
| Q1 24 | $0.09 | $-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 | $669.2M | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $405.0M | $113.3M |
| Total Assets | $1.1B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $106.0M | ||
| Q3 25 | $669.2M | $140.4M | ||
| Q2 25 | — | $95.1M | ||
| Q1 25 | — | $116.3M | ||
| Q4 24 | — | $104.9M | ||
| Q3 24 | $506.0M | $136.6M | ||
| Q2 24 | — | $84.9M | ||
| Q1 24 | $520.7M | $152.0M |
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $277.0K | $1.7B |
| Q4 25 | — | $113.3M | ||
| Q3 25 | $405.0M | $139.8M | ||
| Q2 25 | — | $151.8M | ||
| Q1 25 | — | $154.6M | ||
| Q4 24 | — | $201.7M | ||
| Q3 24 | $291.3M | $226.1M | ||
| Q2 24 | — | $283.8M | ||
| Q1 24 | $323.5M | $926.1M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | $1.1B | $2.8B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | $927.8M | $3.1B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | $936.3M | $4.0B |
| Q4 25 | — | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.00× | 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 | $216.6M | — |
| Free Cash FlowOCF − Capex | $210.7M | — |
| FCF MarginFCF / Revenue | 26.7% | — |
| Capex IntensityCapex / Revenue | 0.8% | 1.3% |
| Cash ConversionOCF / Net Profit | 1.56× | — |
| TTM Free Cash FlowTrailing 4 quarters | $359.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $216.6M | $52.7M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $27.6M | ||
| Q4 24 | — | $-23.2M | ||
| Q3 24 | $84.8M | $51.2M | ||
| Q2 24 | — | $-45.2M | ||
| Q1 24 | $19.8M | $-51.7M |
| Q4 25 | — | — | ||
| Q3 25 | $210.7M | $48.6M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $15.7M | ||
| Q4 24 | — | $-30.5M | ||
| Q3 24 | $83.3M | $40.7M | ||
| Q2 24 | — | $-59.6M | ||
| Q1 24 | $18.1M | $-56.7M |
| Q4 25 | — | — | ||
| Q3 25 | 26.7% | 7.7% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | -4.8% | ||
| Q3 24 | 37.2% | 6.2% | ||
| Q2 24 | — | -9.3% | ||
| Q1 24 | 8.9% | -10.5% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | 0.8% | 0.7% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | 0.7% | 1.6% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | 0.9% | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | 1.56× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.57× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.56× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ATAT
Segment breakdown not available.
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
