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Side-by-side financial comparison of Diversified Energy Co (DEC) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
Diversified Energy Co is the larger business by last-quarter revenue ($666.5M vs $631.2M, roughly 1.1× FORWARD AIR CORP). Diversified Energy Co runs the higher net margin — 29.3% vs -4.5%, a 33.8% gap on every dollar of revenue.
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services in the United States and Canada. Its operating units include an electric utility serving 2.2 million customers and a natural gas utility serving 1.3 million customers in Michigan.
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.
DEC vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $666.5M | $631.2M |
| Net Profit | $195.5M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | 37.6% | -0.5% |
| Net Margin | 29.3% | -4.5% |
| Revenue YoY | — | -0.3% |
| Net Profit YoY | — | 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.
| Q4 25 | $666.5M | $631.2M | ||
| Q3 25 | $499.8M | $631.8M | ||
| Q2 25 | $600.3M | $618.8M | ||
| Q1 25 | — | $613.3M | ||
| Q4 24 | — | $632.8M | ||
| Q3 24 | — | $655.9M | ||
| Q2 24 | — | $643.7M | ||
| Q1 24 | — | $541.8M |
| Q4 25 | $195.5M | $-28.3M | ||
| Q3 25 | $171.1M | $-16.3M | ||
| Q2 25 | $297.7M | $-12.6M | ||
| Q1 25 | — | $-50.6M | ||
| Q4 24 | — | $-36.4M | ||
| Q3 24 | — | $-73.4M | ||
| Q2 24 | — | $-645.4M | ||
| Q1 24 | — | $-61.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 44.7% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 37.6% | -0.5% | ||
| Q3 25 | 36.2% | 2.4% | ||
| Q2 25 | 48.5% | 3.2% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 12.0% | ||
| Q3 24 | — | 3.5% | ||
| Q2 24 | — | -170.2% | ||
| Q1 24 | — | -12.1% |
| Q4 25 | 29.3% | -4.5% | ||
| Q3 25 | 34.2% | -2.6% | ||
| Q2 25 | 49.6% | -2.0% | ||
| Q1 25 | — | -8.3% | ||
| Q4 24 | — | -5.8% | ||
| Q3 24 | — | -11.2% | ||
| Q2 24 | — | -100.3% | ||
| Q1 24 | — | -11.4% |
| Q4 25 | — | $-0.90 | ||
| Q3 25 | $2.14 | $-0.52 | ||
| Q2 25 | $3.67 | $-0.41 | ||
| Q1 25 | — | $-1.68 | ||
| Q4 24 | — | $-1.69 | ||
| Q3 24 | — | $-2.66 | ||
| Q2 24 | — | $-23.47 | ||
| Q1 24 | — | $-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 | $29.7M | $106.0M |
| Total DebtLower is stronger | $2.7B | $1.7B |
| Stockholders' EquityBook value | $984.1M | $113.3M |
| Total Assets | $6.2B | $2.7B |
| Debt / EquityLower = less leverage | 2.76× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $29.7M | $106.0M | ||
| Q3 25 | — | $140.4M | ||
| Q2 25 | $23.7M | $95.1M | ||
| Q1 25 | — | $116.3M | ||
| Q4 24 | — | $104.9M | ||
| Q3 24 | — | $136.6M | ||
| Q2 24 | — | $84.9M | ||
| Q1 24 | — | $152.0M |
| Q4 25 | $2.7B | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.7B |
| Q4 25 | $984.1M | $113.3M | ||
| Q3 25 | — | $139.8M | ||
| Q2 25 | $727.7M | $151.8M | ||
| Q1 25 | — | $154.6M | ||
| Q4 24 | — | $201.7M | ||
| Q3 24 | — | $226.1M | ||
| Q2 24 | — | $283.8M | ||
| Q1 24 | — | $926.1M |
| Q4 25 | $6.2B | $2.7B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | $5.7B | $2.8B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | — | $4.0B |
| Q4 25 | 2.76× | 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 | $464.6M | — |
| Free Cash FlowOCF − Capex | $280.0M | — |
| FCF MarginFCF / Revenue | 42.0% | — |
| Capex IntensityCapex / Revenue | 27.7% | 1.3% |
| Cash ConversionOCF / Net Profit | 2.38× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $464.6M | — | ||
| Q3 25 | — | $52.7M | ||
| Q2 25 | $264.1M | — | ||
| Q1 25 | — | $27.6M | ||
| Q4 24 | — | $-23.2M | ||
| Q3 24 | — | $51.2M | ||
| Q2 24 | — | $-45.2M | ||
| Q1 24 | — | $-51.7M |
| Q4 25 | $280.0M | — | ||
| 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 | 42.0% | — | ||
| 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 | 27.7% | 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 | 2.38× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.89× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DEC
Segment breakdown not available.
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
