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Side-by-side financial comparison of CAVCO INDUSTRIES, INC. (CVCO) 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 $581.0M, roughly 1.1× CAVCO INDUSTRIES, INC.). CAVCO INDUSTRIES, INC. runs the higher net margin — 7.6% vs -4.5%, a 12.1% gap on every dollar of revenue. On growth, CAVCO INDUSTRIES, INC. posted the faster year-over-year revenue change (11.3% vs -0.3%). Over the past eight quarters, CAVCO INDUSTRIES, INC.'s revenue compounded faster (17.6% CAGR vs 7.9%).
Cavco Industries, Inc. is an American company that manufactures modular homes, Recreational vehicle (RVs), vacation cabins, and manufactured homes. The company operates through a network of manufacturing facilities and retail locations across the United States. Cavco is Headquartered in Phoenix, Arizona.
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.
CVCO vs FWRD — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $581.0M | $631.2M |
| Net Profit | $44.1M | $-28.3M |
| Gross Margin | 23.4% | — |
| Operating Margin | 9.4% | -0.5% |
| Net Margin | 7.6% | -4.5% |
| Revenue YoY | 11.3% | -0.3% |
| Net Profit YoY | -22.0% | 22.2% |
| EPS (diluted) | $5.58 | $-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 | $581.0M | $631.2M | ||
| Q3 25 | $556.5M | $631.8M | ||
| Q2 25 | $556.9M | $618.8M | ||
| Q1 25 | $508.4M | $613.3M | ||
| Q4 24 | $522.0M | $632.8M | ||
| Q3 24 | $507.5M | $655.9M | ||
| Q2 24 | $477.6M | $643.7M | ||
| Q1 24 | $420.1M | $541.8M |
| Q4 25 | $44.1M | $-28.3M | ||
| Q3 25 | $52.4M | $-16.3M | ||
| Q2 25 | $51.6M | $-12.6M | ||
| Q1 25 | $36.3M | $-50.6M | ||
| Q4 24 | $56.5M | $-36.4M | ||
| Q3 24 | $43.8M | $-73.4M | ||
| Q2 24 | $34.4M | $-645.4M | ||
| Q1 24 | $33.9M | $-61.7M |
| Q4 25 | 23.4% | — | ||
| Q3 25 | 24.2% | — | ||
| Q2 25 | 23.3% | — | ||
| Q1 25 | 22.8% | — | ||
| Q4 24 | 24.9% | — | ||
| Q3 24 | 22.9% | — | ||
| Q2 24 | 21.7% | — | ||
| Q1 24 | 23.6% | — |
| Q4 25 | 9.4% | -0.5% | ||
| Q3 25 | 11.2% | 2.4% | ||
| Q2 25 | 10.8% | 3.2% | ||
| Q1 25 | 7.6% | 0.8% | ||
| Q4 24 | 12.3% | 12.0% | ||
| Q3 24 | 9.7% | 3.5% | ||
| Q2 24 | 8.1% | -170.2% | ||
| Q1 24 | 8.9% | -12.1% |
| Q4 25 | 7.6% | -4.5% | ||
| Q3 25 | 9.4% | -2.6% | ||
| Q2 25 | 9.3% | -2.0% | ||
| Q1 25 | 7.1% | -8.3% | ||
| Q4 24 | 10.8% | -5.8% | ||
| Q3 24 | 8.6% | -11.2% | ||
| Q2 24 | 7.2% | -100.3% | ||
| Q1 24 | 8.1% | -11.4% |
| Q4 25 | $5.58 | $-0.90 | ||
| Q3 25 | $6.55 | $-0.52 | ||
| Q2 25 | $6.42 | $-0.41 | ||
| Q1 25 | $4.42 | $-1.68 | ||
| Q4 24 | $6.90 | $-1.69 | ||
| Q3 24 | $5.28 | $-2.66 | ||
| Q2 24 | $4.11 | $-23.47 | ||
| Q1 24 | $4.05 | $-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 | $241.9M | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $1.1B | $113.3M |
| Total Assets | $1.5B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $241.9M | $106.0M | ||
| Q3 25 | $391.8M | $140.4M | ||
| Q2 25 | $362.4M | $95.1M | ||
| Q1 25 | $376.1M | $116.3M | ||
| Q4 24 | $378.9M | $104.9M | ||
| Q3 24 | $388.7M | $136.6M | ||
| Q2 24 | $380.0M | $84.9M | ||
| Q1 24 | $371.0M | $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 | $1.1B | $113.3M | ||
| Q3 25 | $1.1B | $139.8M | ||
| Q2 25 | $1.1B | $151.8M | ||
| Q1 25 | $1.1B | $154.6M | ||
| Q4 24 | $1.1B | $201.7M | ||
| Q3 24 | $1.0B | $226.1M | ||
| Q2 24 | $1.0B | $283.8M | ||
| Q1 24 | $1.0B | $926.1M |
| Q4 25 | $1.5B | $2.7B | ||
| Q3 25 | $1.4B | $2.8B | ||
| Q2 25 | $1.4B | $2.8B | ||
| Q1 25 | $1.4B | $2.8B | ||
| Q4 24 | $1.4B | $2.8B | ||
| Q3 24 | $1.4B | $3.1B | ||
| Q2 24 | $1.4B | $3.1B | ||
| Q1 24 | $1.4B | $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 | $66.1M | — |
| Free Cash FlowOCF − Capex | $57.6M | — |
| FCF MarginFCF / Revenue | 9.9% | — |
| Capex IntensityCapex / Revenue | 1.5% | 1.3% |
| Cash ConversionOCF / Net Profit | 1.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | $205.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | — | ||
| Q3 25 | $78.5M | $52.7M | ||
| Q2 25 | $55.5M | — | ||
| Q1 25 | $38.6M | $27.6M | ||
| Q4 24 | $37.8M | $-23.2M | ||
| Q3 24 | $54.7M | $51.2M | ||
| Q2 24 | $47.4M | $-45.2M | ||
| Q1 24 | — | $-51.7M |
| Q4 25 | $57.6M | — | ||
| Q3 25 | $68.7M | $48.6M | ||
| Q2 25 | $46.4M | — | ||
| Q1 25 | $32.5M | $15.7M | ||
| Q4 24 | $32.3M | $-30.5M | ||
| Q3 24 | $49.8M | $40.7M | ||
| Q2 24 | $42.4M | $-59.6M | ||
| Q1 24 | — | $-56.7M |
| Q4 25 | 9.9% | — | ||
| Q3 25 | 12.4% | 7.7% | ||
| Q2 25 | 8.3% | — | ||
| Q1 25 | 6.4% | 2.6% | ||
| Q4 24 | 6.2% | -4.8% | ||
| Q3 24 | 9.8% | 6.2% | ||
| Q2 24 | 8.9% | -9.3% | ||
| Q1 24 | — | -10.5% |
| Q4 25 | 1.5% | 1.3% | ||
| Q3 25 | 1.7% | 0.7% | ||
| Q2 25 | 1.6% | 0.8% | ||
| Q1 25 | 1.2% | 1.9% | ||
| Q4 24 | 1.0% | 1.1% | ||
| Q3 24 | 1.0% | 1.6% | ||
| Q2 24 | 1.0% | 2.2% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | 1.50× | — | ||
| Q3 25 | 1.50× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 1.06× | — | ||
| Q4 24 | 0.67× | — | ||
| Q3 24 | 1.25× | — | ||
| Q2 24 | 1.38× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CVCO
| Manufactured Product Other | $532.5M | 92% |
| Other | $26.0M | 4% |
| Financial Service Other | $20.5M | 4% |
| Insurance Agency Commissions | $2.0M | 0% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
