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Side-by-side financial comparison of Celsius Holdings, Inc. (CELH) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
Celsius Holdings, Inc. is the larger business by last-quarter revenue ($721.6M vs $631.2M, roughly 1.1× FORWARD AIR CORP). Celsius Holdings, Inc. runs the higher net margin — 3.4% vs -4.5%, a 7.9% gap on every dollar of revenue. On growth, Celsius Holdings, Inc. posted the faster year-over-year revenue change (117.2% vs -0.3%). Over the past eight quarters, Celsius Holdings, Inc.'s revenue compounded faster (42.4% CAGR vs 7.9%).
Celsius Holdings, Inc. is an American company that produces a range of fitness and energy drinks under the brand name Celsius. The company's products are marketed as healthy, to which the CEO attributes the brand's success.
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.
CELH vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $721.6M | $631.2M |
| Net Profit | $24.7M | $-28.3M |
| Gross Margin | 47.4% | — |
| Operating Margin | 3.6% | -0.5% |
| Net Margin | 3.4% | -4.5% |
| Revenue YoY | 117.2% | -0.3% |
| Net Profit YoY | 231.1% | 22.2% |
| EPS (diluted) | $0.04 | $-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 | $721.6M | $631.2M | ||
| Q3 25 | $725.1M | $631.8M | ||
| Q2 25 | $739.3M | $618.8M | ||
| Q1 25 | $329.3M | $613.3M | ||
| Q4 24 | $332.2M | $632.8M | ||
| Q3 24 | $265.7M | $655.9M | ||
| Q2 24 | $402.0M | $643.7M | ||
| Q1 24 | $355.7M | $541.8M |
| Q4 25 | $24.7M | $-28.3M | ||
| Q3 25 | $-61.0M | $-16.3M | ||
| Q2 25 | $99.9M | $-12.6M | ||
| Q1 25 | $44.4M | $-50.6M | ||
| Q4 24 | $-18.9M | $-36.4M | ||
| Q3 24 | $6.4M | $-73.4M | ||
| Q2 24 | $79.8M | $-645.4M | ||
| Q1 24 | $77.8M | $-61.7M |
| Q4 25 | 47.4% | — | ||
| Q3 25 | 51.3% | — | ||
| Q2 25 | 51.5% | — | ||
| Q1 25 | 52.3% | — | ||
| Q4 24 | 50.2% | — | ||
| Q3 24 | 46.0% | — | ||
| Q2 24 | 52.0% | — | ||
| Q1 24 | 51.2% | — |
| Q4 25 | 3.6% | -0.5% | ||
| Q3 25 | -11.0% | 2.4% | ||
| Q2 25 | 19.3% | 3.2% | ||
| Q1 25 | 15.8% | 0.8% | ||
| Q4 24 | -5.6% | 12.0% | ||
| Q3 24 | -1.2% | 3.5% | ||
| Q2 24 | 23.4% | -170.2% | ||
| Q1 24 | 23.4% | -12.1% |
| Q4 25 | 3.4% | -4.5% | ||
| Q3 25 | -8.4% | -2.6% | ||
| Q2 25 | 13.5% | -2.0% | ||
| Q1 25 | 13.5% | -8.3% | ||
| Q4 24 | -5.7% | -5.8% | ||
| Q3 24 | 2.4% | -11.2% | ||
| Q2 24 | 19.8% | -100.3% | ||
| Q1 24 | 21.9% | -11.4% |
| Q4 25 | $0.04 | $-0.90 | ||
| Q3 25 | $-0.27 | $-0.52 | ||
| Q2 25 | $0.33 | $-0.41 | ||
| Q1 25 | $0.15 | $-1.68 | ||
| Q4 24 | $-0.10 | $-1.69 | ||
| Q3 24 | $0.00 | $-2.66 | ||
| Q2 24 | $0.28 | $-23.47 | ||
| Q1 24 | $0.27 | $-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 | $398.9M | $106.0M |
| Total DebtLower is stronger | $676.9M | $1.7B |
| Stockholders' EquityBook value | $1.2B | $113.3M |
| Total Assets | $5.1B | $2.7B |
| Debt / EquityLower = less leverage | 0.57× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $398.9M | $106.0M | ||
| Q3 25 | $806.0M | $140.4M | ||
| Q2 25 | $615.2M | $95.1M | ||
| Q1 25 | $977.3M | $116.3M | ||
| Q4 24 | $890.2M | $104.9M | ||
| Q3 24 | $903.7M | $136.6M | ||
| Q2 24 | $903.2M | $84.9M | ||
| Q1 24 | $879.5M | $152.0M |
| Q4 25 | $676.9M | $1.7B | ||
| Q3 25 | $870.5M | $1.7B | ||
| Q2 25 | $871.9M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.7B |
| Q4 25 | $1.2B | $113.3M | ||
| Q3 25 | $1.2B | $139.8M | ||
| Q2 25 | $1.3B | $151.8M | ||
| Q1 25 | $443.1M | $154.6M | ||
| Q4 24 | $399.9M | $201.7M | ||
| Q3 24 | $423.6M | $226.1M | ||
| Q2 24 | $415.8M | $283.8M | ||
| Q1 24 | $338.2M | $926.1M |
| Q4 25 | $5.1B | $2.7B | ||
| Q3 25 | $5.3B | $2.8B | ||
| Q2 25 | $3.8B | $2.8B | ||
| Q1 25 | $1.9B | $2.8B | ||
| Q4 24 | $1.8B | $2.8B | ||
| Q3 24 | $1.7B | $3.1B | ||
| Q2 24 | $1.7B | $3.1B | ||
| Q1 24 | $1.6B | $4.0B |
| Q4 25 | 0.57× | 14.89× | ||
| Q3 25 | 0.72× | 12.05× | ||
| Q2 25 | 0.69× | — | ||
| 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 | $-119.4M | — |
| Free Cash FlowOCF − Capex | $-130.0M | — |
| FCF MarginFCF / Revenue | -18.0% | — |
| Capex IntensityCapex / Revenue | 1.5% | 1.3% |
| Cash ConversionOCF / Net Profit | -4.83× | — |
| TTM Free Cash FlowTrailing 4 quarters | $323.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-119.4M | — | ||
| Q3 25 | $331.8M | $52.7M | ||
| Q2 25 | $43.7M | — | ||
| Q1 25 | $103.4M | $27.6M | ||
| Q4 24 | $75.7M | $-23.2M | ||
| Q3 24 | $12.9M | $51.2M | ||
| Q2 24 | $39.6M | $-45.2M | ||
| Q1 24 | $134.6M | $-51.7M |
| Q4 25 | $-130.0M | — | ||
| Q3 25 | $321.5M | $48.6M | ||
| Q2 25 | $35.5M | — | ||
| Q1 25 | $96.4M | $15.7M | ||
| Q4 24 | $70.3M | $-30.5M | ||
| Q3 24 | $8.7M | $40.7M | ||
| Q2 24 | $30.4M | $-59.6M | ||
| Q1 24 | $130.1M | $-56.7M |
| Q4 25 | -18.0% | — | ||
| Q3 25 | 44.3% | 7.7% | ||
| Q2 25 | 4.8% | — | ||
| Q1 25 | 29.3% | 2.6% | ||
| Q4 24 | 21.2% | -4.8% | ||
| Q3 24 | 3.3% | 6.2% | ||
| Q2 24 | 7.6% | -9.3% | ||
| Q1 24 | 36.6% | -10.5% |
| Q4 25 | 1.5% | 1.3% | ||
| Q3 25 | 1.4% | 0.7% | ||
| Q2 25 | 1.1% | 0.8% | ||
| Q1 25 | 2.1% | 1.9% | ||
| Q4 24 | 1.6% | 1.1% | ||
| Q3 24 | 1.6% | 1.6% | ||
| Q2 24 | 2.3% | 2.2% | ||
| Q1 24 | 1.3% | 0.9% |
| Q4 25 | -4.83× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | 2.33× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.03× | — | ||
| Q2 24 | 0.50× | — | ||
| Q1 24 | 1.73× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CELH
Segment breakdown not available.
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
