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Side-by-side financial comparison of CALERES INC (CAL) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
CALERES INC is the larger business by last-quarter revenue ($790.1M vs $631.2M, roughly 1.3× FORWARD AIR CORP). CALERES INC runs the higher net margin — 0.3% vs -4.5%, a 4.8% gap on every dollar of revenue. On growth, CALERES INC posted the faster year-over-year revenue change (6.6% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 6.5%).
Caleres Inc. is an American footwear company that owns and operates a variety of footwear brands. Its headquarters is located in Clayton, Missouri, a suburb of St. Louis. The company was founded in 1878 as Bryan, Brown & Company in St. Louis, though it underwent several name changes. The Hamilton-Brown Shoe Company was the largest manufacturer of shoes in America in the early 20th century, but it went bankrupt in June 1939.
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.
CAL vs FWRD — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $790.1M | $631.2M |
| Net Profit | $2.4M | $-28.3M |
| Gross Margin | 41.8% | — |
| Operating Margin | 1.5% | -0.5% |
| Net Margin | 0.3% | -4.5% |
| Revenue YoY | 6.6% | -0.3% |
| Net Profit YoY | -94.2% | 22.2% |
| EPS (diluted) | $0.07 | $-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 | $790.1M | $631.2M | ||
| Q3 25 | $658.5M | $631.8M | ||
| Q2 25 | $614.2M | $618.8M | ||
| Q1 25 | $639.2M | $613.3M | ||
| Q4 24 | $740.9M | $632.8M | ||
| Q3 24 | $683.3M | $655.9M | ||
| Q2 24 | $659.2M | $643.7M | ||
| Q1 24 | $697.1M | $541.8M |
| Q4 25 | $2.4M | $-28.3M | ||
| Q3 25 | $6.7M | $-16.3M | ||
| Q2 25 | $6.9M | $-12.6M | ||
| Q1 25 | $4.9M | $-50.6M | ||
| Q4 24 | $41.4M | $-36.4M | ||
| Q3 24 | $30.0M | $-73.4M | ||
| Q2 24 | $30.9M | $-645.4M | ||
| Q1 24 | $55.7M | $-61.7M |
| Q4 25 | 41.8% | — | ||
| Q3 25 | 43.4% | — | ||
| Q2 25 | 45.4% | — | ||
| Q1 25 | 43.0% | — | ||
| Q4 24 | 44.1% | — | ||
| Q3 24 | 45.5% | — | ||
| Q2 24 | 46.9% | — | ||
| Q1 24 | 43.9% | — |
| Q4 25 | 1.5% | -0.5% | ||
| Q3 25 | 1.4% | 2.4% | ||
| Q2 25 | 1.9% | 3.2% | ||
| Q1 25 | 1.2% | 0.8% | ||
| Q4 24 | 7.7% | 12.0% | ||
| Q3 24 | 6.2% | 3.5% | ||
| Q2 24 | 6.5% | -170.2% | ||
| Q1 24 | 4.4% | -12.1% |
| Q4 25 | 0.3% | -4.5% | ||
| Q3 25 | 1.0% | -2.6% | ||
| Q2 25 | 1.1% | -2.0% | ||
| Q1 25 | 0.8% | -8.3% | ||
| Q4 24 | 5.6% | -5.8% | ||
| Q3 24 | 4.4% | -11.2% | ||
| Q2 24 | 4.7% | -100.3% | ||
| Q1 24 | 8.0% | -11.4% |
| Q4 25 | $0.07 | $-0.90 | ||
| Q3 25 | $0.20 | $-0.52 | ||
| Q2 25 | $0.21 | $-0.41 | ||
| Q1 25 | $0.17 | $-1.68 | ||
| Q4 24 | $1.19 | $-1.69 | ||
| Q3 24 | $0.85 | $-2.66 | ||
| Q2 24 | $0.88 | $-23.47 | ||
| Q1 24 | $1.56 | $-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 | $34.0M | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $616.8M | $113.3M |
| Total Assets | $2.1B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.0M | $106.0M | ||
| Q3 25 | $191.5M | $140.4M | ||
| Q2 25 | $33.1M | $95.1M | ||
| Q1 25 | $29.6M | $116.3M | ||
| Q4 24 | $33.7M | $104.9M | ||
| Q3 24 | $51.8M | $136.6M | ||
| Q2 24 | $30.7M | $84.9M | ||
| Q1 24 | $21.4M | $152.0M |
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.7B |
| Q4 25 | $616.8M | $113.3M | ||
| Q3 25 | $613.3M | $139.8M | ||
| Q2 25 | $605.2M | $151.8M | ||
| Q1 25 | $599.0M | $154.6M | ||
| Q4 24 | $598.3M | $201.7M | ||
| Q3 24 | $606.1M | $226.1M | ||
| Q2 24 | $570.3M | $283.8M | ||
| Q1 24 | $560.6M | $926.1M |
| Q4 25 | $2.1B | $2.7B | ||
| Q3 25 | $2.2B | $2.8B | ||
| Q2 25 | $1.9B | $2.8B | ||
| Q1 25 | $1.9B | $2.8B | ||
| Q4 24 | $2.0B | $2.8B | ||
| Q3 24 | $2.0B | $3.1B | ||
| Q2 24 | $1.9B | $3.1B | ||
| Q1 24 | $1.8B | $4.0B |
| Q4 25 | — | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 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 | $-1.2M | — |
| Free Cash FlowOCF − Capex | $-12.4M | — |
| FCF MarginFCF / Revenue | -1.6% | — |
| Capex IntensityCapex / Revenue | 1.4% | 1.3% |
| Cash ConversionOCF / Net Profit | -0.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | $14.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.2M | — | ||
| Q3 25 | $47.3M | $52.7M | ||
| Q2 25 | $-5.7M | — | ||
| Q1 25 | $28.7M | $27.6M | ||
| Q4 24 | $-39.8M | $-23.2M | ||
| Q3 24 | $79.6M | $51.2M | ||
| Q2 24 | $36.1M | $-45.2M | ||
| Q1 24 | $43.0M | $-51.7M |
| Q4 25 | $-12.4M | — | ||
| Q3 25 | $35.0M | $48.6M | ||
| Q2 25 | $-26.2M | — | ||
| Q1 25 | $18.0M | $15.7M | ||
| Q4 24 | $-57.4M | $-30.5M | ||
| Q3 24 | $68.5M | $40.7M | ||
| Q2 24 | $26.3M | $-59.6M | ||
| Q1 24 | $32.4M | $-56.7M |
| Q4 25 | -1.6% | — | ||
| Q3 25 | 5.3% | 7.7% | ||
| Q2 25 | -4.3% | — | ||
| Q1 25 | 2.8% | 2.6% | ||
| Q4 24 | -7.7% | -4.8% | ||
| Q3 24 | 10.0% | 6.2% | ||
| Q2 24 | 4.0% | -9.3% | ||
| Q1 24 | 4.6% | -10.5% |
| Q4 25 | 1.4% | 1.3% | ||
| Q3 25 | 1.9% | 0.7% | ||
| Q2 25 | 3.3% | 0.8% | ||
| Q1 25 | 1.7% | 1.9% | ||
| Q4 24 | 2.4% | 1.1% | ||
| Q3 24 | 1.6% | 1.6% | ||
| Q2 24 | 1.5% | 2.2% | ||
| Q1 24 | 1.5% | 0.9% |
| Q4 25 | -0.50× | — | ||
| Q3 25 | 7.05× | — | ||
| Q2 25 | -0.81× | — | ||
| Q1 25 | 5.82× | — | ||
| Q4 24 | -0.96× | — | ||
| Q3 24 | 2.66× | — | ||
| Q2 24 | 1.17× | — | ||
| Q1 24 | 0.77× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CAL
| Brand Portfolio | $383.7M | 49% |
| Landed Wholesale | $148.1M | 19% |
| Wholesale E Commerce | $75.0M | 9% |
| Ecommerce | $68.8M | 9% |
| Stuart Weitzman Brand | $45.8M | 6% |
| Landed Wholesale Ecommerce Drop Ship | $30.6M | 4% |
| First Cost Wholesale | $14.9M | 2% |
| Clt Brand Solutions | $10.2M | 1% |
| License And Royalty | $2.1M | 0% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
