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Side-by-side financial comparison of BENCHMARK ELECTRONICS INC (BHE) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
BENCHMARK ELECTRONICS INC is the larger business by last-quarter revenue ($677.3M vs $631.2M, roughly 1.1× FORWARD AIR CORP). BENCHMARK ELECTRONICS INC runs the higher net margin — 1.9% vs -4.5%, a 6.4% gap on every dollar of revenue. On growth, BENCHMARK ELECTRONICS INC posted the faster year-over-year revenue change (11.4% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -0.7%).
Benchmark Electronics Inc is an EMS, ODM, and OEM company based in Tempe, Arizona in the Phoenix metropolitan area. It provides contract manufacturing services.
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.
BHE vs FWRD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $677.3M | $631.2M |
| Net Profit | $13.0M | $-28.3M |
| Gross Margin | 10.2% | — |
| Operating Margin | 3.2% | -0.5% |
| Net Margin | 1.9% | -4.5% |
| Revenue YoY | 11.4% | -0.3% |
| Net Profit YoY | 257.4% | 22.2% |
| EPS (diluted) | $0.17 | $-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 | $677.3M | — | ||
| Q4 25 | $725.8M | $631.2M | ||
| Q3 25 | $702.6M | $631.8M | ||
| Q2 25 | $665.7M | $618.8M | ||
| Q1 25 | $654.6M | $613.3M | ||
| Q4 24 | $683.6M | $632.8M | ||
| Q3 24 | $680.0M | $655.9M | ||
| Q2 24 | $686.7M | $643.7M |
| Q1 26 | $13.0M | — | ||
| Q4 25 | — | $-28.3M | ||
| Q3 25 | $14.3M | $-16.3M | ||
| Q2 25 | $972.0K | $-12.6M | ||
| Q1 25 | $3.6M | $-50.6M | ||
| Q4 24 | — | $-36.4M | ||
| Q3 24 | $15.4M | $-73.4M | ||
| Q2 24 | $15.5M | $-645.4M |
| Q1 26 | 10.2% | — | ||
| Q4 25 | 10.2% | — | ||
| Q3 25 | 9.7% | — | ||
| Q2 25 | 9.7% | — | ||
| Q1 25 | 9.7% | — | ||
| Q4 24 | 9.9% | — | ||
| Q3 24 | 9.8% | — | ||
| Q2 24 | 9.9% | — |
| Q1 26 | 3.2% | — | ||
| Q4 25 | 2.8% | -0.5% | ||
| Q3 25 | 3.4% | 2.4% | ||
| Q2 25 | 3.1% | 3.2% | ||
| Q1 25 | 1.8% | 0.8% | ||
| Q4 24 | 4.2% | 12.0% | ||
| Q3 24 | 4.1% | 3.5% | ||
| Q2 24 | 4.0% | -170.2% |
| Q1 26 | 1.9% | — | ||
| Q4 25 | — | -4.5% | ||
| Q3 25 | 2.0% | -2.6% | ||
| Q2 25 | 0.1% | -2.0% | ||
| Q1 25 | 0.6% | -8.3% | ||
| Q4 24 | — | -5.8% | ||
| Q3 24 | 2.3% | -11.2% | ||
| Q2 24 | 2.3% | -100.3% |
| Q1 26 | $0.17 | — | ||
| Q4 25 | $0.16 | $-0.90 | ||
| Q3 25 | $0.39 | $-0.52 | ||
| Q2 25 | $0.03 | $-0.41 | ||
| Q1 25 | $0.10 | $-1.68 | ||
| Q4 24 | $0.43 | $-1.69 | ||
| Q3 24 | $0.42 | $-2.66 | ||
| Q2 24 | $0.43 | $-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 | $324.9M | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | — | $113.3M |
| Total Assets | $2.1B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $324.9M | — | ||
| Q4 25 | $322.1M | $106.0M | ||
| Q3 25 | $285.4M | $140.4M | ||
| Q2 25 | $264.6M | $95.1M | ||
| Q1 25 | $355.3M | $116.3M | ||
| Q4 24 | $315.2M | $104.9M | ||
| Q3 24 | $324.4M | $136.6M | ||
| Q2 24 | $309.3M | $84.9M |
| Q1 26 | — | — | ||
| Q4 25 | $206.8M | $1.7B | ||
| Q3 25 | $212.6M | $1.7B | ||
| Q2 25 | $203.4M | — | ||
| Q1 25 | $268.9M | — | ||
| Q4 24 | $250.5M | — | ||
| Q3 24 | $272.0M | — | ||
| Q2 24 | $283.6M | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $113.3M | ||
| Q3 25 | $1.1B | $139.8M | ||
| Q2 25 | $1.1B | $151.8M | ||
| Q1 25 | $1.1B | $154.6M | ||
| Q4 24 | $1.1B | $201.7M | ||
| Q3 24 | $1.1B | $226.1M | ||
| Q2 24 | $1.1B | $283.8M |
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.1B | $2.7B | ||
| Q3 25 | $2.1B | $2.8B | ||
| Q2 25 | $2.0B | $2.8B | ||
| Q1 25 | $2.1B | $2.8B | ||
| Q4 24 | $2.1B | $2.8B | ||
| Q3 24 | $2.1B | $3.1B | ||
| Q2 24 | $2.2B | $3.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.19× | 14.89× | ||
| Q3 25 | 0.19× | 12.05× | ||
| Q2 25 | 0.18× | — | ||
| Q1 25 | 0.24× | — | ||
| Q4 24 | 0.23× | — | ||
| Q3 24 | 0.25× | — | ||
| Q2 24 | 0.26× | — |
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 | $47.0M | — |
| Free Cash FlowOCF − Capex | $48.1M | — |
| FCF MarginFCF / Revenue | 7.1% | — |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | 3.61× | — |
| TTM Free Cash FlowTrailing 4 quarters | $108.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $47.0M | — | ||
| Q4 25 | $58.7M | — | ||
| Q3 25 | $36.6M | $52.7M | ||
| Q2 25 | $-2.8M | — | ||
| Q1 25 | $31.5M | $27.6M | ||
| Q4 24 | $45.9M | $-23.2M | ||
| Q3 24 | $39.0M | $51.2M | ||
| Q2 24 | $55.8M | $-45.2M |
| Q1 26 | $48.1M | — | ||
| Q4 25 | $48.2M | — | ||
| Q3 25 | $25.8M | $48.6M | ||
| Q2 25 | $-13.8M | — | ||
| Q1 25 | $28.1M | $15.7M | ||
| Q4 24 | $37.2M | $-30.5M | ||
| Q3 24 | $29.2M | $40.7M | ||
| Q2 24 | $48.2M | $-59.6M |
| Q1 26 | 7.1% | — | ||
| Q4 25 | 6.6% | — | ||
| Q3 25 | 3.7% | 7.7% | ||
| Q2 25 | -2.1% | — | ||
| Q1 25 | 4.3% | 2.6% | ||
| Q4 24 | 5.4% | -4.8% | ||
| Q3 24 | 4.3% | 6.2% | ||
| Q2 24 | 7.0% | -9.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.4% | 1.3% | ||
| Q3 25 | 1.5% | 0.7% | ||
| Q2 25 | 1.7% | 0.8% | ||
| Q1 25 | 0.5% | 1.9% | ||
| Q4 24 | 1.3% | 1.1% | ||
| Q3 24 | 1.4% | 1.6% | ||
| Q2 24 | 1.1% | 2.2% |
| Q1 26 | 3.61× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 2.57× | — | ||
| Q2 25 | -2.90× | — | ||
| Q1 25 | 8.65× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.54× | — | ||
| Q2 24 | 3.59× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BHE
Segment breakdown not available.
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
