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Side-by-side financial comparison of Core Natural Resources, Inc. (CNR) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
Core Natural Resources, Inc. is the larger business by last-quarter revenue ($1.0B vs $631.2M, roughly 1.7× FORWARD AIR CORP). FORWARD AIR CORP runs the higher net margin — -4.5% vs -7.6%, a 3.1% gap on every dollar of revenue. On growth, Core Natural Resources, Inc. posted the faster year-over-year revenue change (81.8% vs -0.3%). Over the past eight quarters, Core Natural Resources, Inc.'s revenue compounded faster (38.1% CAGR vs 7.9%).
Arch Resources, previously known as Arch Coal, was an American coal mining and processing company. The company mined, processed, and marketed bituminous and sub-bituminous coal with low sulfur content in the United States. Arch Resources was the second-largest supplier of coal in the United States, behind Peabody Energy. As of 2011 the company supplied 15% of the domestic market. Demand came mainly from generators of electricity.
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.
CNR vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $631.2M |
| Net Profit | $-79.0M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | -9.3% | -0.5% |
| Net Margin | -7.6% | -4.5% |
| Revenue YoY | 81.8% | -0.3% |
| Net Profit YoY | -356.3% | 22.2% |
| EPS (diluted) | $-1.51 | $-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 | $1.0B | $631.2M | ||
| Q3 25 | $1.0B | $631.8M | ||
| Q2 25 | $1.1B | $618.8M | ||
| Q1 25 | $1.0B | $613.3M | ||
| Q4 24 | $573.6M | $632.8M | ||
| Q3 24 | $553.4M | $655.9M | ||
| Q2 24 | $490.7M | $643.7M | ||
| Q1 24 | $546.7M | $541.8M |
| Q4 25 | $-79.0M | $-28.3M | ||
| Q3 25 | $31.6M | $-16.3M | ||
| Q2 25 | $-36.6M | $-12.6M | ||
| Q1 25 | $-69.3M | $-50.6M | ||
| Q4 24 | $30.8M | $-36.4M | ||
| Q3 24 | $95.6M | $-73.4M | ||
| Q2 24 | $58.1M | $-645.4M | ||
| Q1 24 | $101.9M | $-61.7M |
| Q4 25 | -9.3% | -0.5% | ||
| Q3 25 | -1.2% | 2.4% | ||
| Q2 25 | -1.7% | 3.2% | ||
| Q1 25 | -5.3% | 0.8% | ||
| Q4 24 | 6.6% | 12.0% | ||
| Q3 24 | 21.2% | 3.5% | ||
| Q2 24 | 14.6% | -170.2% | ||
| Q1 24 | 22.7% | -12.1% |
| Q4 25 | -7.6% | -4.5% | ||
| Q3 25 | 3.2% | -2.6% | ||
| Q2 25 | -3.3% | -2.0% | ||
| Q1 25 | -6.8% | -8.3% | ||
| Q4 24 | 5.4% | -5.8% | ||
| Q3 24 | 17.3% | -11.2% | ||
| Q2 24 | 11.8% | -100.3% | ||
| Q1 24 | 18.6% | -11.4% |
| Q4 25 | $-1.51 | $-0.90 | ||
| Q3 25 | $0.61 | $-0.52 | ||
| Q2 25 | $-0.70 | $-0.41 | ||
| Q1 25 | $-1.38 | $-1.68 | ||
| Q4 24 | $1.04 | $-1.69 | ||
| Q3 24 | $3.22 | $-2.66 | ||
| Q2 24 | $1.96 | $-23.47 | ||
| Q1 24 | $3.39 | $-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 | $432.2M | $106.0M |
| Total DebtLower is stronger | $354.2M | $1.7B |
| Stockholders' EquityBook value | $3.7B | $113.3M |
| Total Assets | $6.1B | $2.7B |
| Debt / EquityLower = less leverage | 0.10× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $432.2M | $106.0M | ||
| Q3 25 | $444.7M | $140.4M | ||
| Q2 25 | $413.2M | $95.1M | ||
| Q1 25 | $388.5M | $116.3M | ||
| Q4 24 | $460.2M | $104.9M | ||
| Q3 24 | $331.7M | $136.6M | ||
| Q2 24 | $216.1M | $84.9M | ||
| Q1 24 | $172.6M | $152.0M |
| Q4 25 | $354.2M | $1.7B | ||
| Q3 25 | $334.5M | $1.7B | ||
| Q2 25 | $334.0M | — | ||
| Q1 25 | $329.8M | — | ||
| Q4 24 | $94.8M | — | ||
| Q3 24 | $83.7M | — | ||
| Q2 24 | $184.9M | — | ||
| Q1 24 | $185.5M | $1.7B |
| Q4 25 | $3.7B | $113.3M | ||
| Q3 25 | $3.8B | $139.8M | ||
| Q2 25 | $3.8B | $151.8M | ||
| Q1 25 | $3.9B | $154.6M | ||
| Q4 24 | $1.6B | $201.7M | ||
| Q3 24 | $1.5B | $226.1M | ||
| Q2 24 | $1.4B | $283.8M | ||
| Q1 24 | $1.4B | $926.1M |
| Q4 25 | $6.1B | $2.7B | ||
| Q3 25 | $6.2B | $2.8B | ||
| Q2 25 | $6.2B | $2.8B | ||
| Q1 25 | $6.3B | $2.8B | ||
| Q4 24 | $2.9B | $2.8B | ||
| Q3 24 | $2.8B | $3.1B | ||
| Q2 24 | $2.7B | $3.1B | ||
| Q1 24 | $2.7B | $4.0B |
| Q4 25 | 0.10× | 14.89× | ||
| Q3 25 | 0.09× | 12.05× | ||
| Q2 25 | 0.09× | — | ||
| Q1 25 | 0.08× | — | ||
| Q4 24 | 0.06× | — | ||
| Q3 24 | 0.05× | — | ||
| Q2 24 | 0.13× | — | ||
| Q1 24 | 0.13× | 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 | $107.3M | — |
| Free Cash FlowOCF − Capex | $26.0M | — |
| FCF MarginFCF / Revenue | 2.5% | — |
| Capex IntensityCapex / Revenue | 7.8% | 1.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $21.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $107.3M | — | ||
| Q3 25 | $87.9M | $52.7M | ||
| Q2 25 | $220.2M | — | ||
| Q1 25 | $-109.6M | $27.6M | ||
| Q4 24 | $121.3M | $-23.2M | ||
| Q3 24 | $161.3M | $51.2M | ||
| Q2 24 | $116.3M | $-45.2M | ||
| Q1 24 | $77.5M | $-51.7M |
| Q4 25 | $26.0M | — | ||
| Q3 25 | $38.6M | $48.6M | ||
| Q2 25 | $131.0M | — | ||
| Q1 25 | $-174.5M | $15.7M | ||
| Q4 24 | $80.5M | $-30.5M | ||
| Q3 24 | $121.9M | $40.7M | ||
| Q2 24 | $60.9M | $-59.6M | ||
| Q1 24 | $35.1M | $-56.7M |
| Q4 25 | 2.5% | — | ||
| Q3 25 | 3.9% | 7.7% | ||
| Q2 25 | 11.9% | — | ||
| Q1 25 | -17.1% | 2.6% | ||
| Q4 24 | 14.0% | -4.8% | ||
| Q3 24 | 22.0% | 6.2% | ||
| Q2 24 | 12.4% | -9.3% | ||
| Q1 24 | 6.4% | -10.5% |
| Q4 25 | 7.8% | 1.3% | ||
| Q3 25 | 4.9% | 0.7% | ||
| Q2 25 | 8.1% | 0.8% | ||
| Q1 25 | 6.4% | 1.9% | ||
| Q4 24 | 7.1% | 1.1% | ||
| Q3 24 | 7.1% | 1.6% | ||
| Q2 24 | 11.3% | 2.2% | ||
| Q1 24 | 7.7% | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | 2.78× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.94× | — | ||
| Q3 24 | 1.69× | — | ||
| Q2 24 | 2.00× | — | ||
| Q1 24 | 0.76× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CNR
| Other | $397.4M | 38% |
| Power Generation | $376.5M | 36% |
| PRB | $183.0M | 18% |
| Metallurgical | $42.0M | 4% |
| Industrial | $34.1M | 3% |
| Terminal Revenue | $6.4M | 1% |
| Other Revenue | $3.0M | 0% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
