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Side-by-side financial comparison of B&G Foods, Inc. (BGS) 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 $439.3M, roughly 1.4× B&G Foods, Inc.). B&G Foods, Inc. runs the higher net margin — -4.4% vs -4.5%, a 0.1% gap on every dollar of revenue. On growth, FORWARD AIR CORP posted the faster year-over-year revenue change (-0.3% vs -4.7%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -12.8%).
B&G Foods, Inc. is an American branded foods holding company based in Parsippany, New Jersey. The company was formed in 1996 to acquire Bloch & Guggenheimer, a Manhattan-based producer of pickles, relish and condiments which had been founded in 1889.
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.
BGS vs FWRD — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $439.3M | $631.2M |
| Net Profit | $-19.1M | $-28.3M |
| Gross Margin | 22.5% | — |
| Operating Margin | 2.5% | -0.5% |
| Net Margin | -4.4% | -4.5% |
| Revenue YoY | -4.7% | -0.3% |
| Net Profit YoY | -356.5% | 22.2% |
| EPS (diluted) | $-0.24 | $-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 | $439.3M | $631.8M | ||
| Q2 25 | $424.4M | $618.8M | ||
| Q1 25 | $425.4M | $613.3M | ||
| Q4 24 | $551.6M | $632.8M | ||
| Q3 24 | $461.1M | $655.9M | ||
| Q2 24 | $444.6M | $643.7M | ||
| Q1 24 | $475.2M | $541.8M |
| Q4 25 | — | $-28.3M | ||
| Q3 25 | $-19.1M | $-16.3M | ||
| Q2 25 | $-9.8M | $-12.6M | ||
| Q1 25 | $835.0K | $-50.6M | ||
| Q4 24 | $-222.4M | $-36.4M | ||
| Q3 24 | $7.5M | $-73.4M | ||
| Q2 24 | $3.9M | $-645.4M | ||
| Q1 24 | $-40.2M | $-61.7M |
| Q4 25 | — | — | ||
| Q3 25 | 22.5% | — | ||
| Q2 25 | 20.5% | — | ||
| Q1 25 | 21.2% | — | ||
| Q4 24 | 21.5% | — | ||
| Q3 24 | 22.2% | — | ||
| Q2 24 | 20.7% | — | ||
| Q1 24 | 22.9% | — |
| Q4 25 | — | -0.5% | ||
| Q3 25 | 2.5% | 2.4% | ||
| Q2 25 | 5.2% | 3.2% | ||
| Q1 25 | 8.4% | 0.8% | ||
| Q4 24 | -46.6% | 12.0% | ||
| Q3 24 | 11.1% | 3.5% | ||
| Q2 24 | 9.9% | -170.2% | ||
| Q1 24 | -3.3% | -12.1% |
| Q4 25 | — | -4.5% | ||
| Q3 25 | -4.4% | -2.6% | ||
| Q2 25 | -2.3% | -2.0% | ||
| Q1 25 | 0.2% | -8.3% | ||
| Q4 24 | -40.3% | -5.8% | ||
| Q3 24 | 1.6% | -11.2% | ||
| Q2 24 | 0.9% | -100.3% | ||
| Q1 24 | -8.5% | -11.4% |
| Q4 25 | — | $-0.90 | ||
| Q3 25 | $-0.24 | $-0.52 | ||
| Q2 25 | $-0.12 | $-0.41 | ||
| Q1 25 | $0.01 | $-1.68 | ||
| Q4 24 | $-2.81 | $-1.69 | ||
| Q3 24 | $0.09 | $-2.66 | ||
| Q2 24 | $0.05 | $-23.47 | ||
| Q1 24 | $-0.51 | $-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 | $60.9M | $106.0M |
| Total DebtLower is stronger | $2.0B | $1.7B |
| Stockholders' EquityBook value | $470.7M | $113.3M |
| Total Assets | $2.9B | $2.7B |
| Debt / EquityLower = less leverage | 4.30× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $106.0M | ||
| Q3 25 | $60.9M | $140.4M | ||
| Q2 25 | $54.1M | $95.1M | ||
| Q1 25 | $61.2M | $116.3M | ||
| Q4 24 | $50.6M | $104.9M | ||
| Q3 24 | $54.7M | $136.6M | ||
| Q2 24 | $40.3M | $84.9M | ||
| Q1 24 | $42.5M | $152.0M |
| Q4 25 | — | $1.7B | ||
| Q3 25 | $2.0B | $1.7B | ||
| Q2 25 | $2.0B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.1B | — | ||
| Q2 24 | $2.0B | — | ||
| Q1 24 | $2.0B | $1.7B |
| Q4 25 | — | $113.3M | ||
| Q3 25 | $470.7M | $139.8M | ||
| Q2 25 | $501.4M | $151.8M | ||
| Q1 25 | $513.1M | $154.6M | ||
| Q4 24 | $524.8M | $201.7M | ||
| Q3 24 | $755.3M | $226.1M | ||
| Q2 24 | $765.0M | $283.8M | ||
| Q1 24 | $781.2M | $926.1M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | $2.9B | $2.8B | ||
| Q2 25 | $2.9B | $2.8B | ||
| Q1 25 | $3.0B | $2.8B | ||
| Q4 24 | $3.0B | $2.8B | ||
| Q3 24 | $3.4B | $3.1B | ||
| Q2 24 | $3.4B | $3.1B | ||
| Q1 24 | $3.4B | $4.0B |
| Q4 25 | — | 14.89× | ||
| Q3 25 | 4.30× | 12.05× | ||
| Q2 25 | 3.97× | — | ||
| Q1 25 | 3.91× | — | ||
| Q4 24 | 3.85× | — | ||
| Q3 24 | 2.75× | — | ||
| Q2 24 | 2.67× | — | ||
| Q1 24 | 2.61× | 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 | $-64.6M | — |
| Free Cash FlowOCF − Capex | $-70.7M | — |
| FCF MarginFCF / Revenue | -16.1% | — |
| Capex IntensityCapex / Revenue | 1.4% | 1.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $54.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $-64.6M | $52.7M | ||
| Q2 25 | $17.8M | — | ||
| Q1 25 | $52.7M | $27.6M | ||
| Q4 24 | $80.3M | $-23.2M | ||
| Q3 24 | $4.2M | $51.2M | ||
| Q2 24 | $11.3M | $-45.2M | ||
| Q1 24 | $35.1M | $-51.7M |
| Q4 25 | — | — | ||
| Q3 25 | $-70.7M | $48.6M | ||
| Q2 25 | $11.5M | — | ||
| Q1 25 | $42.4M | $15.7M | ||
| Q4 24 | $71.7M | $-30.5M | ||
| Q3 24 | $-679.0K | $40.7M | ||
| Q2 24 | $5.2M | $-59.6M | ||
| Q1 24 | $27.5M | $-56.7M |
| Q4 25 | — | — | ||
| Q3 25 | -16.1% | 7.7% | ||
| Q2 25 | 2.7% | — | ||
| Q1 25 | 10.0% | 2.6% | ||
| Q4 24 | 13.0% | -4.8% | ||
| Q3 24 | -0.1% | 6.2% | ||
| Q2 24 | 1.2% | -9.3% | ||
| Q1 24 | 5.8% | -10.5% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | 1.4% | 0.7% | ||
| Q2 25 | 1.5% | 0.8% | ||
| Q1 25 | 2.4% | 1.9% | ||
| Q4 24 | 1.6% | 1.1% | ||
| Q3 24 | 1.0% | 1.6% | ||
| Q2 24 | 1.4% | 2.2% | ||
| Q1 24 | 1.6% | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 63.17× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.56× | — | ||
| Q2 24 | 2.87× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BGS
| Specialty Segment | $150.5M | 34% |
| Meals Segment | $110.0M | 25% |
| Spices And Flavor Solutions Segment | $101.4M | 23% |
| Frozen And Vegetables Segment | $77.4M | 18% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
