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Side-by-side financial comparison of CNO Financial Group, Inc. (CNO) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
CNO Financial Group, Inc. is the larger business by last-quarter revenue ($1.1B vs $631.2M, roughly 1.8× FORWARD AIR CORP). CNO Financial Group, Inc. runs the higher net margin — 8.8% vs -4.5%, a 13.3% gap on every dollar of revenue. On growth, CNO Financial Group, Inc. posted the faster year-over-year revenue change (4.2% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -0.6%).
CNO Financial Group, Inc., formerly Conseco, Inc., is an American financial services holding company based in Carmel, Indiana. Its insurance subsidiaries provide life insurance, annuity and supplemental health insurance products to more than four million customers in the United States. These products are distributed through independent agents, career agents and direct to customers through television advertising and direct mail.
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.
CNO vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $631.2M |
| Net Profit | $100.7M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | 15.2% | -0.5% |
| Net Margin | 8.8% | -4.5% |
| Revenue YoY | 4.2% | -0.3% |
| Net Profit YoY | -39.4% | 22.2% |
| EPS (diluted) | $1.02 | $-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 | $1.1B | $631.2M | ||
| Q3 25 | $1.2B | $631.8M | ||
| Q2 25 | $1.2B | $618.8M | ||
| Q1 25 | $1.0B | $613.3M | ||
| Q4 24 | $1.1B | $632.8M | ||
| Q3 24 | $1.1B | $655.9M | ||
| Q2 24 | $1.1B | $643.7M | ||
| Q1 24 | $1.2B | $541.8M |
| Q4 25 | $100.7M | $-28.3M | ||
| Q3 25 | $23.1M | $-16.3M | ||
| Q2 25 | $91.8M | $-12.6M | ||
| Q1 25 | $13.7M | $-50.6M | ||
| Q4 24 | $166.1M | $-36.4M | ||
| Q3 24 | $9.3M | $-73.4M | ||
| Q2 24 | $116.3M | $-645.4M | ||
| Q1 24 | $112.3M | $-61.7M |
| Q4 25 | 15.2% | -0.5% | ||
| Q3 25 | 13.7% | 2.4% | ||
| Q2 25 | 9.8% | 3.2% | ||
| Q1 25 | 10.4% | 0.8% | ||
| Q4 24 | 15.8% | 12.0% | ||
| Q3 24 | 13.6% | 3.5% | ||
| Q2 24 | 13.9% | -170.2% | ||
| Q1 24 | 6.5% | -12.1% |
| Q4 25 | 8.8% | -4.5% | ||
| Q3 25 | 1.9% | -2.6% | ||
| Q2 25 | 8.0% | -2.0% | ||
| Q1 25 | 1.4% | -8.3% | ||
| Q4 24 | 15.1% | -5.8% | ||
| Q3 24 | 0.8% | -11.2% | ||
| Q2 24 | 10.9% | -100.3% | ||
| Q1 24 | 9.7% | -11.4% |
| Q4 25 | $1.02 | $-0.90 | ||
| Q3 25 | $0.24 | $-0.52 | ||
| Q2 25 | $0.91 | $-0.41 | ||
| Q1 25 | $0.13 | $-1.68 | ||
| Q4 24 | $1.58 | $-1.69 | ||
| Q3 24 | $0.09 | $-2.66 | ||
| Q2 24 | $1.06 | $-23.47 | ||
| Q1 24 | $1.01 | $-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 | — | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $2.6B | $113.3M |
| Total Assets | $38.8B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $106.0M | ||
| Q3 25 | — | $140.4M | ||
| Q2 25 | — | $95.1M | ||
| Q1 25 | — | $116.3M | ||
| Q4 24 | — | $104.9M | ||
| Q3 24 | — | $136.6M | ||
| Q2 24 | — | $84.9M | ||
| Q1 24 | — | $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 | $2.6B | $113.3M | ||
| Q3 25 | $2.6B | $139.8M | ||
| Q2 25 | $2.5B | $151.8M | ||
| Q1 25 | $2.5B | $154.6M | ||
| Q4 24 | $2.5B | $201.7M | ||
| Q3 24 | $2.7B | $226.1M | ||
| Q2 24 | $2.4B | $283.8M | ||
| Q1 24 | $2.4B | $926.1M |
| Q4 25 | $38.8B | $2.7B | ||
| Q3 25 | $38.3B | $2.8B | ||
| Q2 25 | $37.3B | $2.8B | ||
| Q1 25 | $37.4B | $2.8B | ||
| Q4 24 | $37.9B | $2.8B | ||
| Q3 24 | $37.6B | $3.1B | ||
| Q2 24 | $36.3B | $3.1B | ||
| Q1 24 | $34.9B | $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 | $195.7M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | 1.94× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $195.7M | — | ||
| Q3 25 | $197.8M | $52.7M | ||
| Q2 25 | $145.5M | — | ||
| Q1 25 | $136.7M | $27.6M | ||
| Q4 24 | $191.0M | $-23.2M | ||
| Q3 24 | $231.2M | $51.2M | ||
| Q2 24 | $110.9M | $-45.2M | ||
| Q1 24 | $94.6M | $-51.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | $48.6M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $15.7M | ||
| Q4 24 | — | $-30.5M | ||
| Q3 24 | — | $40.7M | ||
| Q2 24 | — | $-59.6M | ||
| Q1 24 | — | $-56.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | -4.8% | ||
| Q3 24 | — | 6.2% | ||
| Q2 24 | — | -9.3% | ||
| Q1 24 | — | -10.5% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | 1.94× | — | ||
| Q3 25 | 8.56× | — | ||
| Q2 25 | 1.58× | — | ||
| Q1 25 | 9.98× | — | ||
| Q4 24 | 1.15× | — | ||
| Q3 24 | 24.86× | — | ||
| Q2 24 | 0.95× | — | ||
| Q1 24 | 0.84× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CNO
| Health Insurance Product Line | $496.4M | 43% |
| Life Insurance Segment | $268.8M | 24% |
| Other | $207.2M | 18% |
| Life And Annuity Insurance Product Line | $170.7M | 15% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
