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Side-by-side financial comparison of BELDEN INC. (BDC) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
BELDEN INC. is the larger business by last-quarter revenue ($720.1M vs $631.2M, roughly 1.1× FORWARD AIR CORP). BELDEN INC. runs the higher net margin — 9.4% vs -4.5%, a 13.9% gap on every dollar of revenue. On growth, BELDEN INC. posted the faster year-over-year revenue change (8.1% vs -0.3%). Over the past eight quarters, BELDEN INC.'s revenue compounded faster (9.2% CAGR vs 7.9%).
Belden Inc. is an American, multinational, publicly traded company specializing in the design, manufacture, and distribution of end-to-end networking, security and connectivity products. The company serves the Industrial Automation Solutions, Smart Buildings and Broadband & 5G 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.
BDC vs FWRD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $720.1M | $631.2M |
| Net Profit | $67.9M | $-28.3M |
| Gross Margin | 36.6% | — |
| Operating Margin | 12.2% | -0.5% |
| Net Margin | 9.4% | -4.5% |
| Revenue YoY | 8.1% | -0.3% |
| Net Profit YoY | 16.3% | 22.2% |
| EPS (diluted) | $1.70 | $-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.
| Q1 26 | $720.1M | — | ||
| Q4 25 | $720.1M | $631.2M | ||
| Q3 25 | $698.2M | $631.8M | ||
| Q2 25 | $672.0M | $618.8M | ||
| Q1 25 | $624.9M | $613.3M | ||
| Q4 24 | $666.0M | $632.8M | ||
| Q3 24 | $654.9M | $655.9M | ||
| Q2 24 | $604.3M | $643.7M |
| Q1 26 | $67.9M | — | ||
| Q4 25 | $67.9M | $-28.3M | ||
| Q3 25 | $56.7M | $-16.3M | ||
| Q2 25 | $61.0M | $-12.6M | ||
| Q1 25 | $51.9M | $-50.6M | ||
| Q4 24 | $58.4M | $-36.4M | ||
| Q3 24 | $53.7M | $-73.4M | ||
| Q2 24 | $49.0M | $-645.4M |
| Q1 26 | 36.6% | — | ||
| Q4 25 | 36.6% | — | ||
| Q3 25 | 37.7% | — | ||
| Q2 25 | 38.5% | — | ||
| Q1 25 | 39.3% | — | ||
| Q4 24 | 37.5% | — | ||
| Q3 24 | 37.3% | — | ||
| Q2 24 | 37.5% | — |
| Q1 26 | 12.2% | — | ||
| Q4 25 | 12.2% | -0.5% | ||
| Q3 25 | 10.9% | 2.4% | ||
| Q2 25 | 11.8% | 3.2% | ||
| Q1 25 | 11.6% | 0.8% | ||
| Q4 24 | 10.4% | 12.0% | ||
| Q3 24 | 11.5% | 3.5% | ||
| Q2 24 | 11.4% | -170.2% |
| Q1 26 | 9.4% | — | ||
| Q4 25 | 9.4% | -4.5% | ||
| Q3 25 | 8.1% | -2.6% | ||
| Q2 25 | 9.1% | -2.0% | ||
| Q1 25 | 8.3% | -8.3% | ||
| Q4 24 | 8.8% | -5.8% | ||
| Q3 24 | 8.2% | -11.2% | ||
| Q2 24 | 8.1% | -100.3% |
| Q1 26 | $1.70 | — | ||
| Q4 25 | $1.70 | $-0.90 | ||
| Q3 25 | $1.41 | $-0.52 | ||
| Q2 25 | $1.53 | $-0.41 | ||
| Q1 25 | $1.27 | $-1.68 | ||
| Q4 24 | $1.41 | $-1.69 | ||
| Q3 24 | $1.30 | $-2.66 | ||
| Q2 24 | $1.19 | $-23.47 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $389.9M | $106.0M |
| Total DebtLower is stronger | $1.3B | $1.7B |
| Stockholders' EquityBook value | $1.3B | $113.3M |
| Total Assets | — | $2.7B |
| Debt / EquityLower = less leverage | 1.02× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $389.9M | — | ||
| Q4 25 | $389.9M | $106.0M | ||
| Q3 25 | $314.3M | $140.4M | ||
| Q2 25 | $301.5M | $95.1M | ||
| Q1 25 | $259.0M | $116.3M | ||
| Q4 24 | $370.3M | $104.9M | ||
| Q3 24 | $323.0M | $136.6M | ||
| Q2 24 | $564.8M | $84.9M |
| Q1 26 | $1.3B | — | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.3B | $113.3M | ||
| Q3 25 | $1.2B | $139.8M | ||
| Q2 25 | $1.2B | $151.8M | ||
| Q1 25 | $1.2B | $154.6M | ||
| Q4 24 | $1.3B | $201.7M | ||
| Q3 24 | $1.2B | $226.1M | ||
| Q2 24 | $1.2B | $283.8M |
| Q1 26 | — | — | ||
| Q4 25 | $3.5B | $2.7B | ||
| Q3 25 | $3.4B | $2.8B | ||
| Q2 25 | $3.4B | $2.8B | ||
| Q1 25 | $3.3B | $2.8B | ||
| Q4 24 | $3.3B | $2.8B | ||
| Q3 24 | $3.3B | $3.1B | ||
| Q2 24 | $3.5B | $3.1B |
| Q1 26 | 1.02× | — | ||
| Q4 25 | — | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $354.9M | — |
| Free Cash FlowOCF − Capex | $121.3M | — |
| FCF MarginFCF / Revenue | 16.8% | — |
| Capex IntensityCapex / Revenue | 18.9% | 1.3% |
| Cash ConversionOCF / Net Profit | 5.23× | — |
| TTM Free Cash FlowTrailing 4 quarters | $364.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $354.9M | — | ||
| Q4 25 | $160.4M | — | ||
| Q3 25 | $105.0M | $52.7M | ||
| Q2 25 | $82.0M | — | ||
| Q1 25 | $7.4M | $27.6M | ||
| Q4 24 | $174.7M | $-23.2M | ||
| Q3 24 | $91.7M | $51.2M | ||
| Q2 24 | $83.0M | $-45.2M |
| Q1 26 | $121.3M | — | ||
| Q4 25 | $121.3M | — | ||
| Q3 25 | $65.3M | $48.6M | ||
| Q2 25 | $56.9M | — | ||
| Q1 25 | $-24.8M | $15.7M | ||
| Q4 24 | $116.4M | $-30.5M | ||
| Q3 24 | $67.2M | $40.7M | ||
| Q2 24 | $61.0M | $-59.6M |
| Q1 26 | 16.8% | — | ||
| Q4 25 | 16.8% | — | ||
| Q3 25 | 9.4% | 7.7% | ||
| Q2 25 | 8.5% | — | ||
| Q1 25 | -4.0% | 2.6% | ||
| Q4 24 | 17.5% | -4.8% | ||
| Q3 24 | 10.3% | 6.2% | ||
| Q2 24 | 10.1% | -9.3% |
| Q1 26 | 18.9% | — | ||
| Q4 25 | 5.4% | 1.3% | ||
| Q3 25 | 5.7% | 0.7% | ||
| Q2 25 | 3.7% | 0.8% | ||
| Q1 25 | 5.2% | 1.9% | ||
| Q4 24 | 8.8% | 1.1% | ||
| Q3 24 | 3.7% | 1.6% | ||
| Q2 24 | 3.6% | 2.2% |
| Q1 26 | 5.23× | — | ||
| Q4 25 | 2.36× | — | ||
| Q3 25 | 1.85× | — | ||
| Q2 25 | 1.34× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 2.99× | — | ||
| Q3 24 | 1.71× | — | ||
| Q2 24 | 1.69× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDC
Segment breakdown not available.
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
