vs
Side-by-side financial comparison of Elanco Animal Health Inc (ELAN) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
Elanco Animal Health Inc is the larger business by last-quarter revenue ($1.1B vs $631.2M, roughly 1.8× FORWARD AIR CORP). FORWARD AIR CORP runs the higher net margin — -4.5% vs -24.1%, a 19.6% gap on every dollar of revenue. On growth, Elanco Animal Health Inc posted the faster year-over-year revenue change (12.2% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -2.6%).
Elanco Animal Health Incorporated is an American pharmaceutical company which produces medicines and vaccinations for pets and livestock. Until 2019, the company was a subsidiary of Eli Lilly and Company, before being divested. It is the third-largest animal health company in the world.
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.
ELAN vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $631.2M |
| Net Profit | $-276.0M | $-28.3M |
| Gross Margin | 51.5% | — |
| Operating Margin | -22.6% | -0.5% |
| Net Margin | -24.1% | -4.5% |
| Revenue YoY | 12.2% | -0.3% |
| Net Profit YoY | -3350.0% | 22.2% |
| EPS (diluted) | $-0.55 | $-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 | $1.1B | $631.2M | ||
| Q3 25 | $1.1B | $631.8M | ||
| Q2 25 | $1.2B | $618.8M | ||
| Q1 25 | $1.2B | $613.3M | ||
| Q4 24 | $1.0B | $632.8M | ||
| Q3 24 | $1.0B | $655.9M | ||
| Q2 24 | $1.2B | $643.7M | ||
| Q1 24 | $1.2B | $541.8M |
| Q4 25 | $-276.0M | $-28.3M | ||
| Q3 25 | $-34.0M | $-16.3M | ||
| Q2 25 | $11.0M | $-12.6M | ||
| Q1 25 | $67.0M | $-50.6M | ||
| Q4 24 | $-8.0M | $-36.4M | ||
| Q3 24 | $364.0M | $-73.4M | ||
| Q2 24 | $-50.0M | $-645.4M | ||
| Q1 24 | $32.0M | $-61.7M |
| Q4 25 | 51.5% | — | ||
| Q3 25 | 53.4% | — | ||
| Q2 25 | 57.5% | — | ||
| Q1 25 | 57.3% | — | ||
| Q4 24 | 50.9% | — | ||
| Q3 24 | 52.2% | — | ||
| Q2 24 | 58.2% | — | ||
| Q1 24 | 57.3% | — |
| Q4 25 | -22.6% | -0.5% | ||
| Q3 25 | -4.4% | 2.4% | ||
| Q2 25 | 2.0% | 3.2% | ||
| Q1 25 | 5.0% | 0.8% | ||
| Q4 24 | -5.0% | 12.0% | ||
| Q3 24 | 54.3% | 3.5% | ||
| Q2 24 | -2.7% | -170.2% | ||
| Q1 24 | 1.0% | -12.1% |
| Q4 25 | -24.1% | -4.5% | ||
| Q3 25 | -3.0% | -2.6% | ||
| Q2 25 | 0.9% | -2.0% | ||
| Q1 25 | 5.6% | -8.3% | ||
| Q4 24 | -0.8% | -5.8% | ||
| Q3 24 | 35.3% | -11.2% | ||
| Q2 24 | -4.2% | -100.3% | ||
| Q1 24 | 2.7% | -11.4% |
| Q4 25 | $-0.55 | $-0.90 | ||
| Q3 25 | $-0.07 | $-0.52 | ||
| Q2 25 | $0.02 | $-0.41 | ||
| Q1 25 | $0.13 | $-1.68 | ||
| Q4 24 | $-0.01 | $-1.69 | ||
| Q3 24 | $0.73 | $-2.66 | ||
| Q2 24 | $-0.10 | $-23.47 | ||
| Q1 24 | $0.06 | $-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 | $545.0M | $106.0M |
| Total DebtLower is stronger | $3.9B | $1.7B |
| Stockholders' EquityBook value | $6.5B | $113.3M |
| Total Assets | $13.4B | $2.7B |
| Debt / EquityLower = less leverage | 0.60× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $545.0M | $106.0M | ||
| Q3 25 | $505.0M | $140.4M | ||
| Q2 25 | $539.0M | $95.1M | ||
| Q1 25 | $487.0M | $116.3M | ||
| Q4 24 | $468.0M | $104.9M | ||
| Q3 24 | $490.0M | $136.6M | ||
| Q2 24 | $416.0M | $84.9M | ||
| Q1 24 | $345.0M | $152.0M |
| Q4 25 | $3.9B | $1.7B | ||
| Q3 25 | $4.0B | $1.7B | ||
| Q2 25 | $4.1B | — | ||
| Q1 25 | $4.4B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.4B | — | ||
| Q2 24 | $5.7B | — | ||
| Q1 24 | $5.8B | $1.7B |
| Q4 25 | $6.5B | $113.3M | ||
| Q3 25 | $6.7B | $139.8M | ||
| Q2 25 | $6.8B | $151.8M | ||
| Q1 25 | $6.4B | $154.6M | ||
| Q4 24 | $6.1B | $201.7M | ||
| Q3 24 | $6.5B | $226.1M | ||
| Q2 24 | $5.9B | $283.8M | ||
| Q1 24 | $6.1B | $926.1M |
| Q4 25 | $13.4B | $2.7B | ||
| Q3 25 | $13.6B | $2.8B | ||
| Q2 25 | $13.7B | $2.8B | ||
| Q1 25 | $12.9B | $2.8B | ||
| Q4 24 | $12.6B | $2.8B | ||
| Q3 24 | $13.3B | $3.1B | ||
| Q2 24 | $13.8B | $3.1B | ||
| Q1 24 | $14.0B | $4.0B |
| Q4 25 | 0.60× | 14.89× | ||
| Q3 25 | 0.59× | 12.05× | ||
| Q2 25 | 0.61× | — | ||
| Q1 25 | 0.69× | — | ||
| Q4 24 | 0.70× | — | ||
| Q3 24 | 0.67× | — | ||
| Q2 24 | 0.96× | — | ||
| Q1 24 | 0.95× | 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 | $108.0M | — |
| Free Cash FlowOCF − Capex | $46.0M | — |
| FCF MarginFCF / Revenue | 4.0% | — |
| Capex IntensityCapex / Revenue | 5.4% | 1.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $284.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $108.0M | — | ||
| Q3 25 | $219.0M | $52.7M | ||
| Q2 25 | $237.0M | — | ||
| Q1 25 | $-4.0M | $27.6M | ||
| Q4 24 | $177.0M | $-23.2M | ||
| Q3 24 | $162.0M | $51.2M | ||
| Q2 24 | $200.0M | $-45.2M | ||
| Q1 24 | $2.0M | $-51.7M |
| Q4 25 | $46.0M | — | ||
| Q3 25 | $127.0M | $48.6M | ||
| Q2 25 | $180.0M | — | ||
| Q1 25 | $-69.0M | $15.7M | ||
| Q4 24 | $130.0M | $-30.5M | ||
| Q3 24 | $120.0M | $40.7M | ||
| Q2 24 | $166.0M | $-59.6M | ||
| Q1 24 | $-22.0M | $-56.7M |
| Q4 25 | 4.0% | — | ||
| Q3 25 | 11.2% | 7.7% | ||
| Q2 25 | 14.5% | — | ||
| Q1 25 | -5.8% | 2.6% | ||
| Q4 24 | 12.7% | -4.8% | ||
| Q3 24 | 11.7% | 6.2% | ||
| Q2 24 | 14.0% | -9.3% | ||
| Q1 24 | -1.8% | -10.5% |
| Q4 25 | 5.4% | 1.3% | ||
| Q3 25 | 8.1% | 0.7% | ||
| Q2 25 | 4.6% | 0.8% | ||
| Q1 25 | 5.4% | 1.9% | ||
| Q4 24 | 4.6% | 1.1% | ||
| Q3 24 | 4.1% | 1.6% | ||
| Q2 24 | 2.9% | 2.2% | ||
| Q1 24 | 2.0% | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 21.55× | — | ||
| Q1 25 | -0.06× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.45× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.06× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ELAN
| Pet Health | $489.0M | 43% |
| Cattle | $296.0M | 26% |
| Poultry | $237.0M | 21% |
| Swine | $107.0M | 9% |
| Contract Manufacturing | $15.0M | 1% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
