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Side-by-side financial comparison of DIVERSIFIED HEALTHCARE TRUST (DHC) 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 $379.6M, roughly 1.7× DIVERSIFIED HEALTHCARE TRUST). FORWARD AIR CORP runs the higher net margin — -4.5% vs -5.6%, a 1.1% gap on every dollar of revenue. On growth, DIVERSIFIED HEALTHCARE TRUST posted the faster year-over-year revenue change (-0.0% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 1.2%).
GE Healthcare Technologies, Inc. is an American health technology company based in Chicago, Illinois. The company, which stylizes its own name as GE HealthCare, operates four divisions: Medical imaging, which includes molecular imaging, computed tomography, magnetic resonance, women’s health screening and X-ray systems; Ultrasound; Patient Care Solutions, which is focused on remote patient monitoring, anesthesia and respiratory care, diagnostic cardiology, and infant care; and Pharmaceutical ...
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.
DHC vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $379.6M | $631.2M |
| Net Profit | $-21.2M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | -12.6% | -0.5% |
| Net Margin | -5.6% | -4.5% |
| Revenue YoY | -0.0% | -0.3% |
| Net Profit YoY | 75.7% | 22.2% |
| EPS (diluted) | $-0.09 | $-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 | $379.6M | $631.2M | ||
| Q3 25 | $388.7M | $631.8M | ||
| Q2 25 | $382.7M | $618.8M | ||
| Q1 25 | $386.9M | $613.3M | ||
| Q4 24 | $379.6M | $632.8M | ||
| Q3 24 | $373.6M | $655.9M | ||
| Q2 24 | $371.4M | $643.7M | ||
| Q1 24 | $370.8M | $541.8M |
| Q4 25 | $-21.2M | $-28.3M | ||
| Q3 25 | $-164.0M | $-16.3M | ||
| Q2 25 | $-91.6M | $-12.6M | ||
| Q1 25 | $-9.0M | $-50.6M | ||
| Q4 24 | $-87.4M | $-36.4M | ||
| Q3 24 | $-98.7M | $-73.4M | ||
| Q2 24 | $-97.9M | $-645.4M | ||
| Q1 24 | $-86.3M | $-61.7M |
| Q4 25 | -12.6% | -0.5% | ||
| Q3 25 | -43.4% | 2.4% | ||
| Q2 25 | -24.5% | 3.2% | ||
| Q1 25 | -2.7% | 0.8% | ||
| Q4 24 | -26.1% | 12.0% | ||
| Q3 24 | -26.5% | 3.5% | ||
| Q2 24 | -23.0% | -170.2% | ||
| Q1 24 | -23.7% | -12.1% |
| Q4 25 | -5.6% | -4.5% | ||
| Q3 25 | -42.2% | -2.6% | ||
| Q2 25 | -23.9% | -2.0% | ||
| Q1 25 | -2.3% | -8.3% | ||
| Q4 24 | -23.0% | -5.8% | ||
| Q3 24 | -26.4% | -11.2% | ||
| Q2 24 | -26.3% | -100.3% | ||
| Q1 24 | -23.3% | -11.4% |
| Q4 25 | $-0.09 | $-0.90 | ||
| Q3 25 | $-0.68 | $-0.52 | ||
| Q2 25 | $-0.38 | $-0.41 | ||
| Q1 25 | $-0.04 | $-1.68 | ||
| Q4 24 | $-0.37 | $-1.69 | ||
| Q3 24 | $-0.41 | $-2.66 | ||
| Q2 24 | $-0.41 | $-23.47 | ||
| Q1 24 | $-0.36 | $-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 | $105.4M | $106.0M |
| Total DebtLower is stronger | $2.4B | $1.7B |
| Stockholders' EquityBook value | $1.7B | $113.3M |
| Total Assets | $4.4B | $2.7B |
| Debt / EquityLower = less leverage | 1.47× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.4M | $106.0M | ||
| Q3 25 | $201.4M | $140.4M | ||
| Q2 25 | $141.8M | $95.1M | ||
| Q1 25 | $302.6M | $116.3M | ||
| Q4 24 | $144.6M | $104.9M | ||
| Q3 24 | $256.5M | $136.6M | ||
| Q2 24 | $265.6M | $84.9M | ||
| Q1 24 | $207.1M | $152.0M |
| Q4 25 | $2.4B | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.1B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.7B |
| Q4 25 | $1.7B | $113.3M | ||
| Q3 25 | $1.7B | $139.8M | ||
| Q2 25 | $1.9B | $151.8M | ||
| Q1 25 | $1.9B | $154.6M | ||
| Q4 24 | $2.0B | $201.7M | ||
| Q3 24 | $2.0B | $226.1M | ||
| Q2 24 | $2.1B | $283.8M | ||
| Q1 24 | $2.2B | $926.1M |
| Q4 25 | $4.4B | $2.7B | ||
| Q3 25 | $4.7B | $2.8B | ||
| Q2 25 | $4.8B | $2.8B | ||
| Q1 25 | $5.0B | $2.8B | ||
| Q4 24 | $5.1B | $2.8B | ||
| Q3 24 | $5.3B | $3.1B | ||
| Q2 24 | $5.3B | $3.1B | ||
| Q1 24 | $5.3B | $4.0B |
| Q4 25 | 1.47× | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.56× | — | ||
| 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 | $-19.6M | — |
| Free Cash FlowOCF − Capex | $-166.4M | — |
| FCF MarginFCF / Revenue | -43.8% | — |
| Capex IntensityCapex / Revenue | 38.7% | 1.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-280.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-19.6M | — | ||
| Q3 25 | $-49.3M | $52.7M | ||
| Q2 25 | $53.0M | — | ||
| Q1 25 | $-3.2M | $27.6M | ||
| Q4 24 | $112.2M | $-23.2M | ||
| Q3 24 | $21.1M | $51.2M | ||
| Q2 24 | $44.3M | $-45.2M | ||
| Q1 24 | $28.6M | $-51.7M |
| Q4 25 | $-166.4M | — | ||
| Q3 25 | $-89.8M | $48.6M | ||
| Q2 25 | $18.8M | — | ||
| Q1 25 | $-42.9M | $15.7M | ||
| Q4 24 | $-89.5M | $-30.5M | ||
| Q3 24 | $-26.1M | $40.7M | ||
| Q2 24 | $3.3M | $-59.6M | ||
| Q1 24 | $-18.1M | $-56.7M |
| Q4 25 | -43.8% | — | ||
| Q3 25 | -23.1% | 7.7% | ||
| Q2 25 | 4.9% | — | ||
| Q1 25 | -11.1% | 2.6% | ||
| Q4 24 | -23.6% | -4.8% | ||
| Q3 24 | -7.0% | 6.2% | ||
| Q2 24 | 0.9% | -9.3% | ||
| Q1 24 | -4.9% | -10.5% |
| Q4 25 | 38.7% | 1.3% | ||
| Q3 25 | 10.4% | 0.7% | ||
| Q2 25 | 8.9% | 0.8% | ||
| Q1 25 | 10.2% | 1.9% | ||
| Q4 24 | 53.1% | 1.1% | ||
| Q3 24 | 12.6% | 1.6% | ||
| Q2 24 | 11.0% | 2.2% | ||
| Q1 24 | 12.6% | 0.9% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DHC
| Senior Housing Operating Portfolio Segment | $323.4M | 85% |
| Rental Income | $56.2M | 15% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
