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Side-by-side financial comparison of DELUXE CORP (DLX) 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 $535.2M, roughly 1.2× DELUXE CORP). DELUXE CORP runs the higher net margin — 2.2% vs -4.5%, a 6.7% gap on every dollar of revenue. On growth, DELUXE CORP posted the faster year-over-year revenue change (2.8% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 0.0%).
Deluxe Corporation is an American company that provides payment processing, data services, checks and promotional products, and merchant services. It operates in four divisions: B2B payments, data, print, and merchant services. As of 2025, the company serves millions of small businesses and thousands of financial institutions, processing more than $2.8 trillion in payments annually. While its legacy business centers on check printing and other printed products, payments and data services now ...
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.
DLX vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $535.2M | $631.2M |
| Net Profit | $12.0M | $-28.3M |
| Gross Margin | 52.2% | — |
| Operating Margin | 8.9% | -0.5% |
| Net Margin | 2.2% | -4.5% |
| Revenue YoY | 2.8% | -0.3% |
| Net Profit YoY | -5.0% | 22.2% |
| EPS (diluted) | $0.25 | $-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 | $535.2M | $631.2M | ||
| Q3 25 | $540.2M | $631.8M | ||
| Q2 25 | $521.3M | $618.8M | ||
| Q1 25 | $536.5M | $613.3M | ||
| Q4 24 | $520.6M | $632.8M | ||
| Q3 24 | $528.4M | $655.9M | ||
| Q2 24 | $537.8M | $643.7M | ||
| Q1 24 | $535.0M | $541.8M |
| Q4 25 | $12.0M | $-28.3M | ||
| Q3 25 | $33.7M | $-16.3M | ||
| Q2 25 | $22.4M | $-12.6M | ||
| Q1 25 | $14.0M | $-50.6M | ||
| Q4 24 | $12.6M | $-36.4M | ||
| Q3 24 | $8.9M | $-73.4M | ||
| Q2 24 | $20.5M | $-645.4M | ||
| Q1 24 | $10.8M | $-61.7M |
| Q4 25 | 52.2% | — | ||
| Q3 25 | 53.9% | — | ||
| Q2 25 | 53.6% | — | ||
| Q1 25 | 52.4% | — | ||
| Q4 24 | 52.3% | — | ||
| Q3 24 | 53.3% | — | ||
| Q2 24 | 53.7% | — | ||
| Q1 24 | 53.0% | — |
| Q4 25 | 8.9% | -0.5% | ||
| Q3 25 | 14.0% | 2.4% | ||
| Q2 25 | 11.7% | 3.2% | ||
| Q1 25 | 9.0% | 0.8% | ||
| Q4 24 | 9.0% | 12.0% | ||
| Q3 24 | 7.9% | 3.5% | ||
| Q2 24 | 11.0% | -170.2% | ||
| Q1 24 | 8.3% | -12.1% |
| Q4 25 | 2.2% | -4.5% | ||
| Q3 25 | 6.2% | -2.6% | ||
| Q2 25 | 4.3% | -2.0% | ||
| Q1 25 | 2.6% | -8.3% | ||
| Q4 24 | 2.4% | -5.8% | ||
| Q3 24 | 1.7% | -11.2% | ||
| Q2 24 | 3.8% | -100.3% | ||
| Q1 24 | 2.0% | -11.4% |
| Q4 25 | $0.25 | $-0.90 | ||
| Q3 25 | $0.74 | $-0.52 | ||
| Q2 25 | $0.50 | $-0.41 | ||
| Q1 25 | $0.31 | $-1.68 | ||
| Q4 24 | $0.28 | $-1.69 | ||
| Q3 24 | $0.20 | $-2.66 | ||
| Q2 24 | $0.46 | $-23.47 | ||
| Q1 24 | $0.24 | $-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 | $36.9M | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $680.7M | $113.3M |
| Total Assets | $2.9B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $36.9M | $106.0M | ||
| Q3 25 | $25.8M | $140.4M | ||
| Q2 25 | $26.0M | $95.1M | ||
| Q1 25 | $30.3M | $116.3M | ||
| Q4 24 | $34.4M | $104.9M | ||
| Q3 24 | $41.3M | $136.6M | ||
| Q2 24 | $23.1M | $84.9M | ||
| Q1 24 | $23.5M | $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 | $680.7M | $113.3M | ||
| Q3 25 | $664.1M | $139.8M | ||
| Q2 25 | $638.7M | $151.8M | ||
| Q1 25 | $622.5M | $154.6M | ||
| Q4 24 | $620.9M | $201.7M | ||
| Q3 24 | $612.7M | $226.1M | ||
| Q2 24 | $620.5M | $283.8M | ||
| Q1 24 | $608.4M | $926.1M |
| Q4 25 | $2.9B | $2.7B | ||
| Q3 25 | $2.6B | $2.8B | ||
| Q2 25 | $2.5B | $2.8B | ||
| Q1 25 | $2.6B | $2.8B | ||
| Q4 24 | $2.8B | $2.8B | ||
| Q3 24 | $2.6B | $3.1B | ||
| Q2 24 | $2.7B | $3.1B | ||
| Q1 24 | $2.7B | $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 | $102.1M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | 8.53× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $102.1M | — | ||
| Q3 25 | $67.1M | $52.7M | ||
| Q2 25 | $51.1M | — | ||
| Q1 25 | $50.3M | $27.6M | ||
| Q4 24 | $60.2M | $-23.2M | ||
| Q3 24 | $67.9M | $51.2M | ||
| Q2 24 | $39.6M | $-45.2M | ||
| Q1 24 | $26.6M | $-51.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | $48.6M | ||
| Q2 25 | $27.8M | — | ||
| Q1 25 | $24.3M | $15.7M | ||
| Q4 24 | — | $-30.5M | ||
| Q3 24 | $46.7M | $40.7M | ||
| Q2 24 | $11.4M | $-59.6M | ||
| Q1 24 | $6.1M | $-56.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | 5.3% | — | ||
| Q1 25 | 4.5% | 2.6% | ||
| Q4 24 | — | -4.8% | ||
| Q3 24 | 8.8% | 6.2% | ||
| Q2 24 | 2.1% | -9.3% | ||
| Q1 24 | 1.1% | -10.5% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | 4.5% | 0.8% | ||
| Q1 25 | 4.8% | 1.9% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | 4.0% | 1.6% | ||
| Q2 24 | 5.2% | 2.2% | ||
| Q1 24 | 3.8% | 0.9% |
| Q4 25 | 8.53× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 2.28× | — | ||
| Q1 25 | 3.59× | — | ||
| Q4 24 | 4.77× | — | ||
| Q3 24 | 7.60× | — | ||
| Q2 24 | 1.94× | — | ||
| Q1 24 | 2.46× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLX
| Services | $247.9M | 46% |
| B2B Payments | $76.3M | 14% |
| Datadrivenmarketingsolutions | $68.5M | 13% |
| Promotional Solutions Revenue | $60.9M | 11% |
| Treasurymanagementsolutions | $59.8M | 11% |
| Other | $17.3M | 3% |
| Other Web Based Solutions | $4.6M | 1% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
