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Side-by-side financial comparison of Driven Brands Holdings Inc. (DRVN) 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 $535.7M, roughly 1.2× Driven Brands Holdings Inc.). Driven Brands Holdings Inc. runs the higher net margin — 11.4% vs -4.5%, a 15.8% gap on every dollar of revenue. On growth, Driven Brands Holdings Inc. posted the faster year-over-year revenue change (6.6% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -4.0%).
Standard Brands was a packaged foods company, formed in 1929 by J. P. Morgan & Co. with the merger of:Fleischmann Company Royal Baking Powder Company E. W. Gillett Company of Canada (1929) - Toronto-based baking goods company founded by P. W. Gillett in 1852 Widlar Food Products Company Chase & Sanborn Coffee Company
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.
DRVN vs FWRD — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $535.7M | $631.2M |
| Net Profit | $60.9M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | 11.6% | -0.5% |
| Net Margin | 11.4% | -4.5% |
| Revenue YoY | 6.6% | -0.3% |
| Net Profit YoY | 507.2% | 22.2% |
| EPS (diluted) | $0.37 | $-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 | — | $631.2M | ||
| Q3 25 | $535.7M | $631.8M | ||
| Q2 25 | $551.0M | $618.8M | ||
| Q1 25 | $516.2M | $613.3M | ||
| Q4 24 | $836.5M | $632.8M | ||
| Q3 24 | $502.3M | $655.9M | ||
| Q2 24 | $518.8M | $643.7M | ||
| Q1 24 | $482.0M | $541.8M |
| Q4 25 | — | $-28.3M | ||
| Q3 25 | $60.9M | $-16.3M | ||
| Q2 25 | $47.6M | $-12.6M | ||
| Q1 25 | $5.5M | $-50.6M | ||
| Q4 24 | $-312.0M | $-36.4M | ||
| Q3 24 | $-14.9M | $-73.4M | ||
| Q2 24 | $30.2M | $-645.4M | ||
| Q1 24 | $4.3M | $-61.7M |
| Q4 25 | — | -0.5% | ||
| Q3 25 | 11.6% | 2.4% | ||
| Q2 25 | 6.9% | 3.2% | ||
| Q1 25 | 11.9% | 0.8% | ||
| Q4 24 | -41.6% | 12.0% | ||
| Q3 24 | 9.9% | 3.5% | ||
| Q2 24 | 17.4% | -170.2% | ||
| Q1 24 | 14.1% | -12.1% |
| Q4 25 | — | -4.5% | ||
| Q3 25 | 11.4% | -2.6% | ||
| Q2 25 | 8.6% | -2.0% | ||
| Q1 25 | 1.1% | -8.3% | ||
| Q4 24 | -37.3% | -5.8% | ||
| Q3 24 | -3.0% | -11.2% | ||
| Q2 24 | 5.8% | -100.3% | ||
| Q1 24 | 0.9% | -11.4% |
| Q4 25 | — | $-0.90 | ||
| Q3 25 | $0.37 | $-0.52 | ||
| Q2 25 | $0.29 | $-0.41 | ||
| Q1 25 | $0.04 | $-1.68 | ||
| Q4 24 | $-1.93 | $-1.69 | ||
| Q3 24 | $-0.09 | $-2.66 | ||
| Q2 24 | $0.18 | $-23.47 | ||
| Q1 24 | $0.02 | $-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 | $162.0M | $106.0M |
| Total DebtLower is stronger | $1.9B | $1.7B |
| Stockholders' EquityBook value | $793.5M | $113.3M |
| Total Assets | $4.2B | $2.7B |
| Debt / EquityLower = less leverage | 2.44× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $106.0M | ||
| Q3 25 | $162.0M | $140.4M | ||
| Q2 25 | $166.1M | $95.1M | ||
| Q1 25 | $152.0M | $116.3M | ||
| Q4 24 | $149.6M | $104.9M | ||
| Q3 24 | $204.2M | $136.6M | ||
| Q2 24 | $148.8M | $84.9M | ||
| Q1 24 | $165.5M | $152.0M |
| Q4 25 | — | $1.7B | ||
| Q3 25 | $1.9B | $1.7B | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.6B | — | ||
| Q4 24 | $2.7B | — | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $2.9B | — | ||
| Q1 24 | $2.9B | $1.7B |
| Q4 25 | — | $113.3M | ||
| Q3 25 | $793.5M | $139.8M | ||
| Q2 25 | $743.4M | $151.8M | ||
| Q1 25 | $643.2M | $154.6M | ||
| Q4 24 | $607.3M | $201.7M | ||
| Q3 24 | $962.8M | $226.1M | ||
| Q2 24 | $942.8M | $283.8M | ||
| Q1 24 | $906.2M | $926.1M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | $4.2B | $2.8B | ||
| Q2 25 | $4.3B | $2.8B | ||
| Q1 25 | $5.3B | $2.8B | ||
| Q4 24 | $5.3B | $2.8B | ||
| Q3 24 | $5.8B | $3.1B | ||
| Q2 24 | $5.8B | $3.1B | ||
| Q1 24 | $5.9B | $4.0B |
| Q4 25 | — | 14.89× | ||
| Q3 25 | 2.44× | 12.05× | ||
| Q2 25 | 2.82× | — | ||
| Q1 25 | 4.07× | — | ||
| Q4 24 | 4.37× | — | ||
| Q3 24 | 2.84× | — | ||
| Q2 24 | 3.03× | — | ||
| Q1 24 | 3.21× | 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 | $79.2M | — |
| Free Cash FlowOCF − Capex | $39.5M | — |
| FCF MarginFCF / Revenue | 7.4% | — |
| Capex IntensityCapex / Revenue | 7.4% | 1.3% |
| Cash ConversionOCF / Net Profit | 1.30× | — |
| TTM Free Cash FlowTrailing 4 quarters | $31.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $79.2M | $52.7M | ||
| Q2 25 | $80.4M | — | ||
| Q1 25 | $75.1M | $27.6M | ||
| Q4 24 | $32.9M | $-23.2M | ||
| Q3 24 | $101.3M | $51.2M | ||
| Q2 24 | $46.9M | $-45.2M | ||
| Q1 24 | $60.3M | $-51.7M |
| Q4 25 | — | — | ||
| Q3 25 | $39.5M | $48.6M | ||
| Q2 25 | $9.0M | — | ||
| Q1 25 | $18.9M | $15.7M | ||
| Q4 24 | $-36.3M | $-30.5M | ||
| Q3 24 | $37.9M | $40.7M | ||
| Q2 24 | $-19.5M | $-59.6M | ||
| Q1 24 | $-29.2M | $-56.7M |
| Q4 25 | — | — | ||
| Q3 25 | 7.4% | 7.7% | ||
| Q2 25 | 1.6% | — | ||
| Q1 25 | 3.7% | 2.6% | ||
| Q4 24 | -4.3% | -4.8% | ||
| Q3 24 | 7.5% | 6.2% | ||
| Q2 24 | -3.8% | -9.3% | ||
| Q1 24 | -6.1% | -10.5% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | 7.4% | 0.7% | ||
| Q2 25 | 13.0% | 0.8% | ||
| Q1 25 | 10.9% | 1.9% | ||
| Q4 24 | 8.3% | 1.1% | ||
| Q3 24 | 12.6% | 1.6% | ||
| Q2 24 | 12.8% | 2.2% | ||
| Q1 24 | 18.6% | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | 1.30× | — | ||
| Q2 25 | 1.69× | — | ||
| Q1 25 | 13.65× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.56× | — | ||
| Q1 24 | 14.15× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DRVN
| Company Operated Store Sales | $331.3M | 62% |
| Supply And Other | $74.3M | 14% |
| Car Wash Segment | $54.0M | 10% |
| Independently Operated Store Sales | $51.4M | 10% |
| Advertising | $27.9M | 5% |
| Employee Services Leasing Agreement | $2.0M | 0% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
