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Side-by-side financial comparison of CLOVER HEALTH INVESTMENTS, CORP. (CLOV) 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 $487.7M, roughly 1.3× CLOVER HEALTH INVESTMENTS, CORP.). FORWARD AIR CORP runs the higher net margin — -4.5% vs -10.1%, a 5.6% gap on every dollar of revenue. On growth, CLOVER HEALTH INVESTMENTS, CORP. posted the faster year-over-year revenue change (44.7% vs -0.3%). Over the past eight quarters, CLOVER HEALTH INVESTMENTS, CORP.'s revenue compounded faster (18.6% CAGR vs 7.9%).
Clover Health Investments, Corp. is an American health care company founded in 2014. The company provides Medicare Advantage (MA) insurance plans and operates as a direct contracting entity with the U.S. government. The company manages care for Medicare beneficiaries in 11 states and started trading publicly on January 8, 2021.
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.
CLOV vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $487.7M | $631.2M |
| Net Profit | $-49.3M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | -10.1% | -0.5% |
| Net Margin | -10.1% | -4.5% |
| Revenue YoY | 44.7% | -0.3% |
| Net Profit YoY | -123.2% | 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.
| Q4 25 | $487.7M | $631.2M | ||
| Q3 25 | $496.6M | $631.8M | ||
| Q2 25 | $477.6M | $618.8M | ||
| Q1 25 | $462.3M | $613.3M | ||
| Q4 24 | $337.0M | $632.8M | ||
| Q3 24 | $331.0M | $655.9M | ||
| Q2 24 | $356.3M | $643.7M | ||
| Q1 24 | $346.9M | $541.8M |
| Q4 25 | $-49.3M | $-28.3M | ||
| Q3 25 | $-24.4M | $-16.3M | ||
| Q2 25 | $-10.6M | $-12.6M | ||
| Q1 25 | $-1.3M | $-50.6M | ||
| Q4 24 | $-22.1M | $-36.4M | ||
| Q3 24 | $-9.2M | $-73.4M | ||
| Q2 24 | $7.4M | $-645.4M | ||
| Q1 24 | $-19.2M | $-61.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 24.5% | — | ||
| Q2 24 | 30.3% | — | ||
| Q1 24 | 23.6% | — |
| Q4 25 | -10.1% | -0.5% | ||
| Q3 25 | -4.9% | 2.4% | ||
| Q2 25 | -2.2% | 3.2% | ||
| Q1 25 | -0.3% | 0.8% | ||
| Q4 24 | -6.4% | 12.0% | ||
| Q3 24 | -2.7% | 3.5% | ||
| Q2 24 | 2.0% | -170.2% | ||
| Q1 24 | -6.5% | -12.1% |
| Q4 25 | -10.1% | -4.5% | ||
| Q3 25 | -4.9% | -2.6% | ||
| Q2 25 | -2.2% | -2.0% | ||
| Q1 25 | -0.3% | -8.3% | ||
| Q4 24 | -6.6% | -5.8% | ||
| Q3 24 | -2.8% | -11.2% | ||
| Q2 24 | 2.1% | -100.3% | ||
| Q1 24 | -5.5% | -11.4% |
| Q4 25 | — | $-0.90 | ||
| Q3 25 | — | $-0.52 | ||
| Q2 25 | — | $-0.41 | ||
| Q1 25 | — | $-1.68 | ||
| Q4 24 | — | $-1.69 | ||
| Q3 24 | — | $-2.66 | ||
| Q2 24 | — | $-23.47 | ||
| Q1 24 | — | $-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 | $78.3M | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $308.7M | $113.3M |
| Total Assets | $541.0M | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.3M | $106.0M | ||
| Q3 25 | — | $140.4M | ||
| Q2 25 | — | $95.1M | ||
| Q1 25 | — | $116.3M | ||
| Q4 24 | $194.5M | $104.9M | ||
| Q3 24 | $288.0M | $136.6M | ||
| Q2 24 | $254.8M | $84.9M | ||
| Q1 24 | $208.3M | $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 | $308.7M | $113.3M | ||
| Q3 25 | $340.9M | $139.8M | ||
| Q2 25 | $344.2M | $151.8M | ||
| Q1 25 | $336.1M | $154.6M | ||
| Q4 24 | $341.1M | $201.7M | ||
| Q3 24 | $342.2M | $226.1M | ||
| Q2 24 | $324.9M | $283.8M | ||
| Q1 24 | $292.5M | $926.1M |
| Q4 25 | $541.0M | $2.7B | ||
| Q3 25 | $559.7M | $2.8B | ||
| Q2 25 | $575.0M | $2.8B | ||
| Q1 25 | $583.7M | $2.8B | ||
| Q4 24 | $580.7M | $2.8B | ||
| Q3 24 | $653.0M | $3.1B | ||
| Q2 24 | $674.2M | $3.1B | ||
| Q1 24 | $671.8M | $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 | $-66.9M | — |
| Free Cash FlowOCF − Capex | $-69.0M | — |
| FCF MarginFCF / Revenue | -14.1% | — |
| Capex IntensityCapex / Revenue | 0.4% | 1.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-69.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-66.9M | — | ||
| Q3 25 | $12.1M | $52.7M | ||
| Q2 25 | $5.4M | — | ||
| Q1 25 | $-16.3M | $27.6M | ||
| Q4 24 | $34.8M | $-23.2M | ||
| Q3 24 | $50.0M | $51.2M | ||
| Q2 24 | $44.8M | $-45.2M | ||
| Q1 24 | $25.9M | $-51.7M |
| Q4 25 | $-69.0M | — | ||
| Q3 25 | $11.4M | $48.6M | ||
| Q2 25 | $4.8M | — | ||
| Q1 25 | $-16.5M | $15.7M | ||
| Q4 24 | $33.3M | $-30.5M | ||
| Q3 24 | $49.6M | $40.7M | ||
| Q2 24 | $44.4M | $-59.6M | ||
| Q1 24 | $25.5M | $-56.7M |
| Q4 25 | -14.1% | — | ||
| Q3 25 | 2.3% | 7.7% | ||
| Q2 25 | 1.0% | — | ||
| Q1 25 | -3.6% | 2.6% | ||
| Q4 24 | 9.9% | -4.8% | ||
| Q3 24 | 15.0% | 6.2% | ||
| Q2 24 | 12.5% | -9.3% | ||
| Q1 24 | 7.3% | -10.5% |
| Q4 25 | 0.4% | 1.3% | ||
| Q3 25 | 0.1% | 0.7% | ||
| Q2 25 | 0.1% | 0.8% | ||
| Q1 25 | 0.0% | 1.9% | ||
| Q4 24 | 0.5% | 1.1% | ||
| Q3 24 | 0.1% | 1.6% | ||
| Q2 24 | 0.1% | 2.2% | ||
| Q1 24 | 0.1% | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 6.04× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CLOV
Segment breakdown not available.
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
