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Side-by-side financial comparison of Distribution Solutions Group, Inc. (DSGR) 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 $518.0M, roughly 1.2× Distribution Solutions Group, Inc.). Distribution Solutions Group, Inc. runs the higher net margin — 1.2% vs -4.5%, a 5.7% gap on every dollar of revenue. On growth, Distribution Solutions Group, Inc. posted the faster year-over-year revenue change (10.7% vs -0.3%). Over the past eight quarters, Distribution Solutions Group, Inc.'s revenue compounded faster (13.1% CAGR vs 7.9%).
Univar Solutions Inc. is a global chemical and ingredients distributor and provider of value-added services.
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.
DSGR vs FWRD — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $518.0M | $631.2M |
| Net Profit | $6.5M | $-28.3M |
| Gross Margin | 32.9% | — |
| Operating Margin | 4.6% | -0.5% |
| Net Margin | 1.2% | -4.5% |
| Revenue YoY | 10.7% | -0.3% |
| Net Profit YoY | -70.6% | 22.2% |
| EPS (diluted) | $0.14 | $-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 | $518.0M | $631.8M | ||
| Q2 25 | $502.4M | $618.8M | ||
| Q1 25 | $478.0M | $613.3M | ||
| Q4 24 | $480.5M | $632.8M | ||
| Q3 24 | $468.0M | $655.9M | ||
| Q2 24 | $439.5M | $643.7M | ||
| Q1 24 | $416.1M | $541.8M |
| Q4 25 | — | $-28.3M | ||
| Q3 25 | $6.5M | $-16.3M | ||
| Q2 25 | $5.0M | $-12.6M | ||
| Q1 25 | $3.3M | $-50.6M | ||
| Q4 24 | $-25.9M | $-36.4M | ||
| Q3 24 | $21.9M | $-73.4M | ||
| Q2 24 | $1.9M | $-645.4M | ||
| Q1 24 | $-5.2M | $-61.7M |
| Q4 25 | — | — | ||
| Q3 25 | 32.9% | — | ||
| Q2 25 | 33.9% | — | ||
| Q1 25 | 34.3% | — | ||
| Q4 24 | 33.3% | — | ||
| Q3 24 | 33.9% | — | ||
| Q2 24 | 34.5% | — | ||
| Q1 24 | 34.5% | — |
| Q4 25 | — | -0.5% | ||
| Q3 25 | 4.6% | 2.4% | ||
| Q2 25 | 5.3% | 3.2% | ||
| Q1 25 | 4.2% | 0.8% | ||
| Q4 24 | 4.2% | 12.0% | ||
| Q3 24 | 4.0% | 3.5% | ||
| Q2 24 | 3.2% | -170.2% | ||
| Q1 24 | 0.7% | -12.1% |
| Q4 25 | — | -4.5% | ||
| Q3 25 | 1.2% | -2.6% | ||
| Q2 25 | 1.0% | -2.0% | ||
| Q1 25 | 0.7% | -8.3% | ||
| Q4 24 | -5.4% | -5.8% | ||
| Q3 24 | 4.7% | -11.2% | ||
| Q2 24 | 0.4% | -100.3% | ||
| Q1 24 | -1.3% | -11.4% |
| Q4 25 | — | $-0.90 | ||
| Q3 25 | $0.14 | $-0.52 | ||
| Q2 25 | $0.11 | $-0.41 | ||
| Q1 25 | $0.07 | $-1.68 | ||
| Q4 24 | $-0.55 | $-1.69 | ||
| Q3 24 | $0.46 | $-2.66 | ||
| Q2 24 | $0.04 | $-23.47 | ||
| Q1 24 | $-0.11 | $-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 | $69.2M | $106.0M |
| Total DebtLower is stronger | $665.5M | $1.7B |
| Stockholders' EquityBook value | $653.9M | $113.3M |
| Total Assets | $1.8B | $2.7B |
| Debt / EquityLower = less leverage | 1.02× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $106.0M | ||
| Q3 25 | $69.2M | $140.4M | ||
| Q2 25 | $47.4M | $95.1M | ||
| Q1 25 | $65.4M | $116.3M | ||
| Q4 24 | $66.5M | $104.9M | ||
| Q3 24 | $61.3M | $136.6M | ||
| Q2 24 | $46.8M | $84.9M | ||
| Q1 24 | $73.1M | $152.0M |
| Q4 25 | — | $1.7B | ||
| Q3 25 | $665.5M | $1.7B | ||
| Q2 25 | $675.0M | — | ||
| Q1 25 | $712.4M | — | ||
| Q4 24 | $693.9M | — | ||
| Q3 24 | $704.1M | — | ||
| Q2 24 | $573.7M | — | ||
| Q1 24 | $535.7M | $1.7B |
| Q4 25 | — | $113.3M | ||
| Q3 25 | $653.9M | $139.8M | ||
| Q2 25 | $649.4M | $151.8M | ||
| Q1 25 | $636.7M | $154.6M | ||
| Q4 24 | $640.5M | $201.7M | ||
| Q3 24 | $680.8M | $226.1M | ||
| Q2 24 | $653.3M | $283.8M | ||
| Q1 24 | $654.7M | $926.1M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | $1.8B | $2.8B | ||
| Q2 25 | $1.8B | $2.8B | ||
| Q1 25 | $1.8B | $2.8B | ||
| Q4 24 | $1.7B | $2.8B | ||
| Q3 24 | $1.8B | $3.1B | ||
| Q2 24 | $1.6B | $3.1B | ||
| Q1 24 | $1.5B | $4.0B |
| Q4 25 | — | 14.89× | ||
| Q3 25 | 1.02× | 12.05× | ||
| Q2 25 | 1.04× | — | ||
| Q1 25 | 1.12× | — | ||
| Q4 24 | 1.08× | — | ||
| Q3 24 | 1.03× | — | ||
| Q2 24 | 0.88× | — | ||
| Q1 24 | 0.82× | 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 | $38.4M | — |
| Free Cash FlowOCF − Capex | $32.9M | — |
| FCF MarginFCF / Revenue | 6.3% | — |
| Capex IntensityCapex / Revenue | 1.1% | 1.3% |
| Cash ConversionOCF / Net Profit | 5.95× | — |
| TTM Free Cash FlowTrailing 4 quarters | $92.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $38.4M | $52.7M | ||
| Q2 25 | $33.3M | — | ||
| Q1 25 | $-4.8M | $27.6M | ||
| Q4 24 | $45.7M | $-23.2M | ||
| Q3 24 | $-17.3M | $51.2M | ||
| Q2 24 | $21.4M | $-45.2M | ||
| Q1 24 | $6.6M | $-51.7M |
| Q4 25 | — | — | ||
| Q3 25 | $32.9M | $48.6M | ||
| Q2 25 | $28.7M | — | ||
| Q1 25 | $-10.4M | $15.7M | ||
| Q4 24 | $41.1M | $-30.5M | ||
| Q3 24 | $-20.5M | $40.7M | ||
| Q2 24 | $18.0M | $-59.6M | ||
| Q1 24 | $4.2M | $-56.7M |
| Q4 25 | — | — | ||
| Q3 25 | 6.3% | 7.7% | ||
| Q2 25 | 5.7% | — | ||
| Q1 25 | -2.2% | 2.6% | ||
| Q4 24 | 8.6% | -4.8% | ||
| Q3 24 | -4.4% | 6.2% | ||
| Q2 24 | 4.1% | -9.3% | ||
| Q1 24 | 1.0% | -10.5% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | 1.1% | 0.7% | ||
| Q2 25 | 0.9% | 0.8% | ||
| Q1 25 | 1.2% | 1.9% | ||
| Q4 24 | 1.0% | 1.1% | ||
| Q3 24 | 0.7% | 1.6% | ||
| Q2 24 | 0.8% | 2.2% | ||
| Q1 24 | 0.6% | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | 5.95× | — | ||
| Q2 25 | 6.66× | — | ||
| Q1 25 | -1.46× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.79× | — | ||
| Q2 24 | 11.28× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DSGR
| Test Equity Segment | $206.5M | 40% |
| Gexpro Services Segment | $130.5M | 25% |
| Lawson Segment | $121.5M | 23% |
| Canada Branch Division Segment | $60.0M | 12% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
