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Side-by-side financial comparison of Compass Diversified Holdings (CODI) 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 $468.6M, roughly 1.3× Compass Diversified Holdings). FORWARD AIR CORP runs the higher net margin — -4.5% vs -16.8%, a 12.3% gap on every dollar of revenue. On growth, FORWARD AIR CORP posted the faster year-over-year revenue change (-0.3% vs -5.1%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 6.8%).
Compass Diversified Holdings is a publicly traded holding firm that acquires and operates a diverse portfolio of middle-market businesses across sectors including consumer goods, industrial manufacturing, outdoor recreation, and food & beverage. It partners with portfolio company leadership teams to drive long-term operational growth and value creation, primarily serving North American markets.
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.
CODI vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $468.6M | $631.2M |
| Net Profit | $-78.8M | $-28.3M |
| Gross Margin | 43.1% | — |
| Operating Margin | 9.8% | -0.5% |
| Net Margin | -16.8% | -4.5% |
| Revenue YoY | -5.1% | -0.3% |
| Net Profit YoY | -14.4% | 22.2% |
| EPS (diluted) | $-0.91 | $-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 | $468.6M | $631.2M | ||
| Q3 25 | $472.6M | $631.8M | ||
| Q2 25 | $478.7M | $618.8M | ||
| Q1 25 | $453.8M | $613.3M | ||
| Q4 24 | $493.9M | $632.8M | ||
| Q3 24 | $456.6M | $655.9M | ||
| Q2 24 | $426.7M | $643.7M | ||
| Q1 24 | $410.8M | $541.8M |
| Q4 25 | $-78.8M | $-28.3M | ||
| Q3 25 | $-74.0M | $-16.3M | ||
| Q2 25 | $-51.2M | $-12.6M | ||
| Q1 25 | $-30.0M | $-50.6M | ||
| Q4 24 | $-68.9M | $-36.4M | ||
| Q3 24 | $-36.0M | $-73.4M | ||
| Q2 24 | $-73.1M | $-645.4M | ||
| Q1 24 | $-56.2M | $-61.7M |
| Q4 25 | 43.1% | — | ||
| Q3 25 | 44.0% | — | ||
| Q2 25 | 43.6% | — | ||
| Q1 25 | 43.2% | — | ||
| Q4 24 | 38.6% | — | ||
| Q3 24 | 43.1% | — | ||
| Q2 24 | 44.1% | — | ||
| Q1 24 | 42.6% | — |
| Q4 25 | 9.8% | -0.5% | ||
| Q3 25 | -2.3% | 2.4% | ||
| Q2 25 | -5.7% | 3.2% | ||
| Q1 25 | 0.8% | 0.8% | ||
| Q4 24 | -3.8% | 12.0% | ||
| Q3 24 | 1.8% | 3.5% | ||
| Q2 24 | 1.8% | -170.2% | ||
| Q1 24 | -2.9% | -12.1% |
| Q4 25 | -16.8% | -4.5% | ||
| Q3 25 | -15.7% | -2.6% | ||
| Q2 25 | -10.7% | -2.0% | ||
| Q1 25 | -6.6% | -8.3% | ||
| Q4 24 | -13.9% | -5.8% | ||
| Q3 24 | -7.9% | -11.2% | ||
| Q2 24 | -17.1% | -100.3% | ||
| Q1 24 | -13.7% | -11.4% |
| Q4 25 | $-0.91 | $-0.90 | ||
| Q3 25 | $-1.21 | $-0.52 | ||
| Q2 25 | $-0.88 | $-0.41 | ||
| Q1 25 | $-0.59 | $-1.68 | ||
| Q4 24 | $-0.57 | $-1.69 | ||
| Q3 24 | $-0.62 | $-2.66 | ||
| Q2 24 | $-1.12 | $-23.47 | ||
| Q1 24 | $-1.52 | $-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 | $68.0M | $106.0M |
| Total DebtLower is stronger | $1.9B | $1.7B |
| Stockholders' EquityBook value | $442.0M | $113.3M |
| Total Assets | $3.0B | $2.7B |
| Debt / EquityLower = less leverage | 4.25× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $68.0M | $106.0M | ||
| Q3 25 | $61.1M | $140.4M | ||
| Q2 25 | $73.8M | $95.1M | ||
| Q1 25 | $146.2M | $116.3M | ||
| Q4 24 | $59.7M | $104.9M | ||
| Q3 24 | $64.9M | $136.6M | ||
| Q2 24 | $61.5M | $84.9M | ||
| Q1 24 | $59.5M | $152.0M |
| Q4 25 | $1.9B | $1.7B | ||
| Q3 25 | $1.9B | $1.7B | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.7B | $1.7B |
| Q4 25 | $442.0M | $113.3M | ||
| Q3 25 | $519.2M | $139.8M | ||
| Q2 25 | $601.9M | $151.8M | ||
| Q1 25 | $680.7M | $154.6M | ||
| Q4 24 | $678.6M | $201.7M | ||
| Q3 24 | $672.2M | $226.1M | ||
| Q2 24 | $711.3M | $283.8M | ||
| Q1 24 | $799.7M | $926.1M |
| Q4 25 | $3.0B | $2.7B | ||
| Q3 25 | $3.2B | $2.8B | ||
| Q2 25 | $3.3B | $2.8B | ||
| Q1 25 | $3.4B | $2.8B | ||
| Q4 24 | $3.3B | $2.8B | ||
| Q3 24 | $3.3B | $3.1B | ||
| Q2 24 | $3.2B | $3.1B | ||
| Q1 24 | $3.3B | $4.0B |
| Q4 25 | 4.25× | 14.89× | ||
| Q3 25 | 3.62× | 12.05× | ||
| Q2 25 | 3.09× | — | ||
| Q1 25 | 2.73× | — | ||
| Q4 24 | 2.61× | — | ||
| Q3 24 | 2.64× | — | ||
| Q2 24 | 2.42× | — | ||
| Q1 24 | 2.15× | 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 | $47.0M | — |
| Free Cash FlowOCF − Capex | $36.9M | — |
| FCF MarginFCF / Revenue | 7.9% | — |
| Capex IntensityCapex / Revenue | 2.2% | 1.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-51.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $47.0M | — | ||
| Q3 25 | $10.7M | $52.7M | ||
| Q2 25 | $-35.2M | — | ||
| Q1 25 | $-29.3M | $27.6M | ||
| Q4 24 | $-16.1M | $-23.2M | ||
| Q3 24 | $-48.4M | $51.2M | ||
| Q2 24 | $-61.3M | $-45.2M | ||
| Q1 24 | $-25.4M | $-51.7M |
| Q4 25 | $36.9M | — | ||
| Q3 25 | $481.0K | $48.6M | ||
| Q2 25 | $-46.0M | — | ||
| Q1 25 | $-42.4M | $15.7M | ||
| Q4 24 | $-39.0M | $-30.5M | ||
| Q3 24 | $-63.5M | $40.7M | ||
| Q2 24 | $-72.2M | $-59.6M | ||
| Q1 24 | $-33.1M | $-56.7M |
| Q4 25 | 7.9% | — | ||
| Q3 25 | 0.1% | 7.7% | ||
| Q2 25 | -9.6% | — | ||
| Q1 25 | -9.4% | 2.6% | ||
| Q4 24 | -7.9% | -4.8% | ||
| Q3 24 | -13.9% | 6.2% | ||
| Q2 24 | -16.9% | -9.3% | ||
| Q1 24 | -8.1% | -10.5% |
| Q4 25 | 2.2% | 1.3% | ||
| Q3 25 | 2.2% | 0.7% | ||
| Q2 25 | 2.3% | 0.8% | ||
| Q1 25 | 2.9% | 1.9% | ||
| Q4 24 | 4.6% | 1.1% | ||
| Q3 24 | 3.3% | 1.6% | ||
| Q2 24 | 2.6% | 2.2% | ||
| Q1 24 | 1.9% | 0.9% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CODI
| Other | $119.5M | 26% |
| A5.11Tactical | $113.9M | 24% |
| Sterno Products | $85.9M | 18% |
| Altor | $60.8M | 13% |
| The Honey Pot | $36.0M | 8% |
| Arnold | $25.4M | 5% |
| Velocity Outdoor | $18.7M | 4% |
| Lugano | $8.3M | 2% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
