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Side-by-side financial comparison of Clearwater Paper Corp (CLW) 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 $360.3M, roughly 1.8× Clearwater Paper Corp). Clearwater Paper Corp runs the higher net margin — -3.6% vs -4.5%, a 0.9% gap on every dollar of revenue. On growth, FORWARD AIR CORP posted the faster year-over-year revenue change (-0.3% vs -4.7%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 2.3%).
Clearwater Paper Corporation is an American pulp and paperboard manufacturer. The company was created on December 9, 2008, via a spin-off from Potlatch Corporation and is headquartered in Spokane, Washington.
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.
CLW vs FWRD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $360.3M | $631.2M |
| Net Profit | $-12.8M | $-28.3M |
| Gross Margin | -0.2% | — |
| Operating Margin | — | -0.5% |
| Net Margin | -3.6% | -4.5% |
| Revenue YoY | -4.7% | -0.3% |
| Net Profit YoY | -103.2% | 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.
| Q1 26 | $360.3M | — | ||
| Q4 25 | $386.4M | $631.2M | ||
| Q3 25 | $399.0M | $631.8M | ||
| Q2 25 | $391.8M | $618.8M | ||
| Q1 25 | $378.2M | $613.3M | ||
| Q4 24 | $387.1M | $632.8M | ||
| Q3 24 | $393.3M | $655.9M | ||
| Q2 24 | $344.4M | $643.7M |
| Q1 26 | $-12.8M | — | ||
| Q4 25 | $38.3M | $-28.3M | ||
| Q3 25 | $-53.3M | $-16.3M | ||
| Q2 25 | $2.7M | $-12.6M | ||
| Q1 25 | $-6.3M | $-50.6M | ||
| Q4 24 | $199.1M | $-36.4M | ||
| Q3 24 | $5.8M | $-73.4M | ||
| Q2 24 | $-25.8M | $-645.4M |
| Q1 26 | -0.2% | — | ||
| Q4 25 | 4.5% | — | ||
| Q3 25 | 4.7% | — | ||
| Q2 25 | 11.0% | — | ||
| Q1 25 | 9.7% | — | ||
| Q4 24 | 3.8% | — | ||
| Q3 24 | 7.7% | — | ||
| Q2 24 | -0.6% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | -0.5% | ||
| Q3 25 | -13.9% | 2.4% | ||
| Q2 25 | 2.5% | 3.2% | ||
| Q1 25 | -1.1% | 0.8% | ||
| Q4 24 | -4.0% | 12.0% | ||
| Q3 24 | -0.3% | 3.5% | ||
| Q2 24 | -13.6% | -170.2% |
| Q1 26 | -3.6% | — | ||
| Q4 25 | 9.9% | -4.5% | ||
| Q3 25 | -13.4% | -2.6% | ||
| Q2 25 | 0.7% | -2.0% | ||
| Q1 25 | -1.7% | -8.3% | ||
| Q4 24 | 51.4% | -5.8% | ||
| Q3 24 | 1.5% | -11.2% | ||
| Q2 24 | -7.5% | -100.3% |
| Q1 26 | — | — | ||
| Q4 25 | $2.36 | $-0.90 | ||
| Q3 25 | $-3.30 | $-0.52 | ||
| Q2 25 | $0.17 | $-0.41 | ||
| Q1 25 | $-0.38 | $-1.68 | ||
| Q4 24 | $11.87 | $-1.69 | ||
| Q3 24 | $0.35 | $-2.66 | ||
| Q2 24 | $-1.55 | $-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 | $36.5M | $106.0M |
| Total DebtLower is stronger | $361.1M | $1.7B |
| Stockholders' EquityBook value | $813.8M | $113.3M |
| Total Assets | $1.6B | $2.7B |
| Debt / EquityLower = less leverage | 0.44× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $36.5M | — | ||
| Q4 25 | $30.7M | $106.0M | ||
| Q3 25 | $34.4M | $140.4M | ||
| Q2 25 | $46.7M | $95.1M | ||
| Q1 25 | $44.0M | $116.3M | ||
| Q4 24 | $79.6M | $104.9M | ||
| Q3 24 | $35.5M | $136.6M | ||
| Q2 24 | $39.6M | $84.9M |
| Q1 26 | $361.1M | — | ||
| Q4 25 | $346.8M | $1.7B | ||
| Q3 25 | $337.0M | $1.7B | ||
| Q2 25 | $330.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $283.4M | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.1B | — |
| Q1 26 | $813.8M | — | ||
| Q4 25 | $825.3M | $113.3M | ||
| Q3 25 | $783.0M | $139.8M | ||
| Q2 25 | $836.8M | $151.8M | ||
| Q1 25 | $836.6M | $154.6M | ||
| Q4 24 | $854.6M | $201.7M | ||
| Q3 24 | $664.6M | $226.1M | ||
| Q2 24 | $658.6M | $283.8M |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $2.7B | ||
| Q3 25 | $1.6B | $2.8B | ||
| Q2 25 | $1.6B | $2.8B | ||
| Q1 25 | $1.6B | $2.8B | ||
| Q4 24 | $1.7B | $2.8B | ||
| Q3 24 | $2.5B | $3.1B | ||
| Q2 24 | $2.5B | $3.1B |
| Q1 26 | 0.44× | — | ||
| Q4 25 | 0.42× | 14.89× | ||
| Q3 25 | 0.43× | 12.05× | ||
| Q2 25 | 0.39× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.33× | — | ||
| Q3 24 | 1.73× | — | ||
| Q2 24 | 1.74× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CLW
Segment breakdown not available.
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
