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Side-by-side financial comparison of CHEMED CORP (CHE) 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 $420.0M, roughly 1.5× CHEMED CORP). CHEMED CORP runs the higher net margin — 15.8% vs -4.5%, a 20.3% gap on every dollar of revenue. On growth, CHEMED CORP posted the faster year-over-year revenue change (3.1% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 5.9%).
LG Chem Ltd., often referred to as LG Chemical, is the largest Korean chemical company and is headquartered in Seoul, South Korea. It was the 9th largest chemical company in the world by sales in 2021. It was first established as the Lucky Chemical Industrial Corporation, which manufactured cosmetics. It is now solely a business-to-business company.
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.
CHE vs FWRD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $420.0M | $631.2M |
| Net Profit | $66.3M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | 20.1% | -0.5% |
| Net Margin | 15.8% | -4.5% |
| Revenue YoY | 3.1% | -0.3% |
| Net Profit YoY | — | 22.2% |
| EPS (diluted) | — | $-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 | $420.0M | — | ||
| Q4 25 | $639.3M | $631.2M | ||
| Q3 25 | $624.9M | $631.8M | ||
| Q2 25 | $618.8M | $618.8M | ||
| Q1 25 | $646.9M | $613.3M | ||
| Q4 24 | $411.0M | $632.8M | ||
| Q3 24 | $391.4M | $655.9M | ||
| Q2 24 | $374.6M | $643.7M |
| Q1 26 | $66.3M | — | ||
| Q4 25 | $76.8M | $-28.3M | ||
| Q3 25 | $64.2M | $-16.3M | ||
| Q2 25 | $52.5M | $-12.6M | ||
| Q1 25 | $71.8M | $-50.6M | ||
| Q4 24 | $90.3M | $-36.4M | ||
| Q3 24 | $75.8M | $-73.4M | ||
| Q2 24 | $70.9M | $-645.4M |
| Q1 26 | — | — | ||
| Q4 25 | 35.2% | — | ||
| Q3 25 | 31.5% | — | ||
| Q2 25 | 29.8% | — | ||
| Q1 25 | 33.5% | — | ||
| Q4 24 | 1.2% | — | ||
| Q3 24 | -1.2% | — | ||
| Q2 24 | -4.1% | — |
| Q1 26 | 20.1% | — | ||
| Q4 25 | 15.7% | -0.5% | ||
| Q3 25 | 12.0% | 2.4% | ||
| Q2 25 | 11.0% | 3.2% | ||
| Q1 25 | 14.6% | 0.8% | ||
| Q4 24 | 27.7% | 12.0% | ||
| Q3 24 | 23.5% | 3.5% | ||
| Q2 24 | 23.5% | -170.2% |
| Q1 26 | 15.8% | — | ||
| Q4 25 | 12.0% | -4.5% | ||
| Q3 25 | 10.3% | -2.6% | ||
| Q2 25 | 8.5% | -2.0% | ||
| Q1 25 | 11.1% | -8.3% | ||
| Q4 24 | 22.0% | -5.8% | ||
| Q3 24 | 19.4% | -11.2% | ||
| Q2 24 | 18.9% | -100.3% |
| Q1 26 | — | — | ||
| Q4 25 | $5.45 | $-0.90 | ||
| Q3 25 | $4.46 | $-0.52 | ||
| Q2 25 | $3.57 | $-0.41 | ||
| Q1 25 | $4.86 | $-1.68 | ||
| Q4 24 | $6.00 | $-1.69 | ||
| Q3 24 | $5.00 | $-2.66 | ||
| Q2 24 | $4.65 | $-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 | $16.9M | $106.0M |
| Total DebtLower is stronger | $91.2M | $1.7B |
| Stockholders' EquityBook value | $848.0M | $113.3M |
| Total Assets | $1.5B | $2.7B |
| Debt / EquityLower = less leverage | 0.11× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $16.9M | — | ||
| Q4 25 | $74.5M | $106.0M | ||
| Q3 25 | $129.8M | $140.4M | ||
| Q2 25 | $249.9M | $95.1M | ||
| Q1 25 | $173.9M | $116.3M | ||
| Q4 24 | $178.3M | $104.9M | ||
| Q3 24 | $238.5M | $136.6M | ||
| Q2 24 | $222.9M | $84.9M |
| Q1 26 | $91.2M | — | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $848.0M | — | ||
| Q4 25 | $979.4M | $113.3M | ||
| Q3 25 | $1.1B | $139.8M | ||
| Q2 25 | $1.2B | $151.8M | ||
| Q1 25 | $1.2B | $154.6M | ||
| Q4 24 | $1.1B | $201.7M | ||
| Q3 24 | $1.2B | $226.1M | ||
| Q2 24 | $1.2B | $283.8M |
| Q1 26 | $1.5B | — | ||
| Q4 25 | $1.5B | $2.7B | ||
| Q3 25 | $1.6B | $2.8B | ||
| Q2 25 | $1.7B | $2.8B | ||
| Q1 25 | $1.7B | $2.8B | ||
| Q4 24 | $1.7B | $2.8B | ||
| Q3 24 | $1.8B | $3.1B | ||
| Q2 24 | $1.7B | $3.1B |
| Q1 26 | 0.11× | — | ||
| 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 | $88.2M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 4.1% | 1.3% |
| Cash ConversionOCF / Net Profit | 1.33× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $88.2M | — | ||
| Q4 25 | $133.5M | — | ||
| Q3 25 | $83.4M | $52.7M | ||
| Q2 25 | $138.6M | — | ||
| Q1 25 | $32.7M | $27.6M | ||
| Q4 24 | $164.9M | $-23.2M | ||
| Q3 24 | $90.5M | $51.2M | ||
| Q2 24 | $77.5M | $-45.2M |
| Q1 26 | — | — | ||
| Q4 25 | $117.2M | — | ||
| Q3 25 | $66.0M | $48.6M | ||
| Q2 25 | $122.8M | — | ||
| Q1 25 | $19.5M | $15.7M | ||
| Q4 24 | $152.2M | $-30.5M | ||
| Q3 24 | $77.0M | $40.7M | ||
| Q2 24 | $66.5M | $-59.6M |
| Q1 26 | — | — | ||
| Q4 25 | 18.3% | — | ||
| Q3 25 | 10.6% | 7.7% | ||
| Q2 25 | 19.8% | — | ||
| Q1 25 | 3.0% | 2.6% | ||
| Q4 24 | 37.0% | -4.8% | ||
| Q3 24 | 19.7% | 6.2% | ||
| Q2 24 | 17.7% | -9.3% |
| Q1 26 | 4.1% | — | ||
| Q4 25 | 2.6% | 1.3% | ||
| Q3 25 | 2.8% | 0.7% | ||
| Q2 25 | 2.6% | 0.8% | ||
| Q1 25 | 2.1% | 1.9% | ||
| Q4 24 | 3.1% | 1.1% | ||
| Q3 24 | 3.5% | 1.6% | ||
| Q2 24 | 3.0% | 2.2% |
| Q1 26 | 1.33× | — | ||
| Q4 25 | 1.74× | — | ||
| Q3 25 | 1.30× | — | ||
| Q2 25 | 2.64× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 1.83× | — | ||
| Q3 24 | 1.19× | — | ||
| Q2 24 | 1.09× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CHE
| Homecare | $371.1M | 88% |
| Inpatient | $35.9M | 9% |
| Other | $13.0M | 3% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
