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Side-by-side financial comparison of Dynatrace, Inc. (DT) 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 $515.5M, roughly 1.2× Dynatrace, Inc.). Dynatrace, Inc. runs the higher net margin — 7.8% vs -4.5%, a 12.3% gap on every dollar of revenue. On growth, Dynatrace, Inc. posted the faster year-over-year revenue change (18.2% vs -0.3%). Over the past eight quarters, Dynatrace, Inc.'s revenue compounded faster (16.3% CAGR vs 7.9%).
Dynatrace, Inc. is an American multinational technology company that provides an AI-powered observability platform. Their software is used to monitor, analyze, and optimize application performance, software development, cyber security practices, IT infrastructure, and user experience.
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.
DT vs FWRD — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $515.5M | $631.2M |
| Net Profit | $40.1M | $-28.3M |
| Gross Margin | 81.4% | — |
| Operating Margin | 14.1% | -0.5% |
| Net Margin | 7.8% | -4.5% |
| Revenue YoY | 18.2% | -0.3% |
| Net Profit YoY | -88.9% | 22.2% |
| EPS (diluted) | $0.13 | $-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 | $515.5M | $631.2M | ||
| Q3 25 | $493.8M | $631.8M | ||
| Q2 25 | $477.3M | $618.8M | ||
| Q1 25 | $445.2M | $613.3M | ||
| Q4 24 | $436.2M | $632.8M | ||
| Q3 24 | $418.1M | $655.9M | ||
| Q2 24 | $399.2M | $643.7M | ||
| Q1 24 | $380.8M | $541.8M |
| Q4 25 | $40.1M | $-28.3M | ||
| Q3 25 | $57.2M | $-16.3M | ||
| Q2 25 | $48.0M | $-12.6M | ||
| Q1 25 | $39.3M | $-50.6M | ||
| Q4 24 | $361.8M | $-36.4M | ||
| Q3 24 | $44.0M | $-73.4M | ||
| Q2 24 | $38.6M | $-645.4M | ||
| Q1 24 | $37.9M | $-61.7M |
| Q4 25 | 81.4% | — | ||
| Q3 25 | 81.8% | — | ||
| Q2 25 | 82.1% | — | ||
| Q1 25 | 80.9% | — | ||
| Q4 24 | 81.1% | — | ||
| Q3 24 | 81.4% | — | ||
| Q2 24 | 81.3% | — | ||
| Q1 24 | 81.1% | — |
| Q4 25 | 14.1% | -0.5% | ||
| Q3 25 | 14.8% | 2.4% | ||
| Q2 25 | 13.1% | 3.2% | ||
| Q1 25 | 9.6% | 0.8% | ||
| Q4 24 | 10.9% | 12.0% | ||
| Q3 24 | 11.2% | 3.5% | ||
| Q2 24 | 10.5% | -170.2% | ||
| Q1 24 | 6.1% | -12.1% |
| Q4 25 | 7.8% | -4.5% | ||
| Q3 25 | 11.6% | -2.6% | ||
| Q2 25 | 10.0% | -2.0% | ||
| Q1 25 | 8.8% | -8.3% | ||
| Q4 24 | 82.9% | -5.8% | ||
| Q3 24 | 10.5% | -11.2% | ||
| Q2 24 | 9.7% | -100.3% | ||
| Q1 24 | 10.0% | -11.4% |
| Q4 25 | $0.13 | $-0.90 | ||
| Q3 25 | $0.19 | $-0.52 | ||
| Q2 25 | $0.16 | $-0.41 | ||
| Q1 25 | $0.12 | $-1.68 | ||
| Q4 24 | $1.19 | $-1.69 | ||
| Q3 24 | $0.15 | $-2.66 | ||
| Q2 24 | $0.13 | $-23.47 | ||
| Q1 24 | $0.13 | $-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 | $1.2B | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $2.7B | $113.3M |
| Total Assets | $4.1B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.2B | $106.0M | ||
| Q3 25 | $1.3B | $140.4M | ||
| Q2 25 | $1.3B | $95.1M | ||
| Q1 25 | $1.1B | $116.3M | ||
| Q4 24 | $1.0B | $104.9M | ||
| Q3 24 | $1.0B | $136.6M | ||
| Q2 24 | $1.0B | $84.9M | ||
| Q1 24 | $836.9M | $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 | $2.7B | $113.3M | ||
| Q3 25 | $2.8B | $139.8M | ||
| Q2 25 | $2.7B | $151.8M | ||
| Q1 25 | $2.6B | $154.6M | ||
| Q4 24 | $2.6B | $201.7M | ||
| Q3 24 | $2.1B | $226.1M | ||
| Q2 24 | $2.1B | $283.8M | ||
| Q1 24 | $2.0B | $926.1M |
| Q4 25 | $4.1B | $2.7B | ||
| Q3 25 | $4.1B | $2.8B | ||
| Q2 25 | $4.1B | $2.8B | ||
| Q1 25 | $4.1B | $2.8B | ||
| Q4 24 | $3.7B | $2.8B | ||
| Q3 24 | $3.3B | $3.1B | ||
| Q2 24 | $3.3B | $3.1B | ||
| Q1 24 | $3.4B | $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 | $33.8M | — |
| Free Cash FlowOCF − Capex | $27.2M | — |
| FCF MarginFCF / Revenue | 5.3% | — |
| Capex IntensityCapex / Revenue | 1.3% | 1.3% |
| Cash ConversionOCF / Net Profit | 0.84× | — |
| TTM Free Cash FlowTrailing 4 quarters | $465.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $33.8M | — | ||
| Q3 25 | $32.0M | $52.7M | ||
| Q2 25 | $269.7M | — | ||
| Q1 25 | $162.8M | $27.6M | ||
| Q4 24 | $42.2M | $-23.2M | ||
| Q3 24 | $23.6M | $51.2M | ||
| Q2 24 | $230.7M | $-45.2M | ||
| Q1 24 | $131.7M | $-51.7M |
| Q4 25 | $27.2M | — | ||
| Q3 25 | $27.8M | $48.6M | ||
| Q2 25 | $262.2M | — | ||
| Q1 25 | $148.2M | $15.7M | ||
| Q4 24 | $37.6M | $-30.5M | ||
| Q3 24 | $20.1M | $40.7M | ||
| Q2 24 | $227.4M | $-59.6M | ||
| Q1 24 | $121.9M | $-56.7M |
| Q4 25 | 5.3% | — | ||
| Q3 25 | 5.6% | 7.7% | ||
| Q2 25 | 54.9% | — | ||
| Q1 25 | 33.3% | 2.6% | ||
| Q4 24 | 8.6% | -4.8% | ||
| Q3 24 | 4.8% | 6.2% | ||
| Q2 24 | 57.0% | -9.3% | ||
| Q1 24 | 32.0% | -10.5% |
| Q4 25 | 1.3% | 1.3% | ||
| Q3 25 | 0.8% | 0.7% | ||
| Q2 25 | 1.6% | 0.8% | ||
| Q1 25 | 3.3% | 1.9% | ||
| Q4 24 | 1.1% | 1.1% | ||
| Q3 24 | 0.8% | 1.6% | ||
| Q2 24 | 0.8% | 2.2% | ||
| Q1 24 | 2.6% | 0.9% |
| Q4 25 | 0.84× | — | ||
| Q3 25 | 0.56× | — | ||
| Q2 25 | 5.62× | — | ||
| Q1 25 | 4.14× | — | ||
| Q4 24 | 0.12× | — | ||
| Q3 24 | 0.54× | — | ||
| Q2 24 | 5.97× | — | ||
| Q1 24 | 3.47× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DT
| Subscription And Circulation | $493.4M | 96% |
| Services | $22.1M | 4% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
