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Side-by-side financial comparison of National Vision Holdings, Inc. (EYE) 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 $487.3M, roughly 1.3× National Vision Holdings, Inc.). National Vision Holdings, Inc. runs the higher net margin — 0.7% vs -4.5%, a 5.2% gap on every dollar of revenue. On growth, National Vision Holdings, Inc. posted the faster year-over-year revenue change (7.9% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 7.6%).
Vision Research is an international company that manufactures high-speed digital cameras based in Wayne, New Jersey. Their cameras are marketed under the Phantom brand, and are used in a broad variety of industries including: defense, industrial product development, manufacturing, automotive, scientific research, and entertainment. Vision Research is a business unit of the Materials Analysis Division of Ametek Inc., a global manufacturer of electronic instruments and electromechanical devices.
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.
EYE vs FWRD — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $487.3M | $631.2M |
| Net Profit | $3.4M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | 2.0% | -0.5% |
| Net Margin | 0.7% | -4.5% |
| Revenue YoY | 7.9% | -0.3% |
| Net Profit YoY | 139.8% | 22.2% |
| EPS (diluted) | $0.04 | $-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 | $487.3M | $631.8M | ||
| Q2 25 | $486.4M | $618.8M | ||
| Q1 25 | $510.3M | $613.3M | ||
| Q4 24 | $437.3M | $632.8M | ||
| Q3 24 | $451.5M | $655.9M | ||
| Q2 24 | $451.7M | $643.7M | ||
| Q1 24 | $482.8M | $541.8M |
| Q4 25 | — | $-28.3M | ||
| Q3 25 | $3.4M | $-16.3M | ||
| Q2 25 | $8.7M | $-12.6M | ||
| Q1 25 | $14.2M | $-50.6M | ||
| Q4 24 | $-28.6M | $-36.4M | ||
| Q3 24 | $-8.5M | $-73.4M | ||
| Q2 24 | $-3.1M | $-645.4M | ||
| Q1 24 | $11.7M | $-61.7M |
| Q4 25 | — | -0.5% | ||
| Q3 25 | 2.0% | 2.4% | ||
| Q2 25 | 3.4% | 3.2% | ||
| Q1 25 | 5.1% | 0.8% | ||
| Q4 24 | -5.8% | 12.0% | ||
| Q3 24 | -2.0% | 3.5% | ||
| Q2 24 | 0.1% | -170.2% | ||
| Q1 24 | 4.9% | -12.1% |
| Q4 25 | — | -4.5% | ||
| Q3 25 | 0.7% | -2.6% | ||
| Q2 25 | 1.8% | -2.0% | ||
| Q1 25 | 2.8% | -8.3% | ||
| Q4 24 | -6.5% | -5.8% | ||
| Q3 24 | -1.9% | -11.2% | ||
| Q2 24 | -0.7% | -100.3% | ||
| Q1 24 | 2.4% | -11.4% |
| Q4 25 | — | $-0.90 | ||
| Q3 25 | $0.04 | $-0.52 | ||
| Q2 25 | $0.11 | $-0.41 | ||
| Q1 25 | $0.18 | $-1.68 | ||
| Q4 24 | $-0.36 | $-1.69 | ||
| Q3 24 | $-0.11 | $-2.66 | ||
| Q2 24 | $-0.04 | $-23.47 | ||
| Q1 24 | $0.15 | $-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 | $56.0M | $106.0M |
| Total DebtLower is stronger | $236.5M | $1.7B |
| Stockholders' EquityBook value | $858.8M | $113.3M |
| Total Assets | $2.0B | $2.7B |
| Debt / EquityLower = less leverage | 0.28× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $106.0M | ||
| Q3 25 | $56.0M | $140.4M | ||
| Q2 25 | $48.5M | $95.1M | ||
| Q1 25 | $80.0M | $116.3M | ||
| Q4 24 | $73.9M | $104.9M | ||
| Q3 24 | $81.2M | $136.6M | ||
| Q2 24 | $179.5M | $84.9M | ||
| Q1 24 | $150.1M | $152.0M |
| Q4 25 | — | $1.7B | ||
| Q3 25 | $236.5M | $1.7B | ||
| Q2 25 | $255.6M | — | ||
| Q1 25 | $244.7M | — | ||
| Q4 24 | $248.6M | — | ||
| Q3 24 | $252.8M | — | ||
| Q2 24 | $143.9M | — | ||
| Q1 24 | $448.6M | $1.7B |
| Q4 25 | — | $113.3M | ||
| Q3 25 | $858.8M | $139.8M | ||
| Q2 25 | $850.6M | $151.8M | ||
| Q1 25 | $836.2M | $154.6M | ||
| Q4 24 | $816.3M | $201.7M | ||
| Q3 24 | $840.0M | $226.1M | ||
| Q2 24 | $843.4M | $283.8M | ||
| Q1 24 | $841.3M | $926.1M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | $2.0B | $2.8B | ||
| Q2 25 | $2.0B | $2.8B | ||
| Q1 25 | $2.0B | $2.8B | ||
| Q4 24 | $2.0B | $2.8B | ||
| Q3 24 | $2.0B | $3.1B | ||
| Q2 24 | $2.1B | $3.1B | ||
| Q1 24 | $2.2B | $4.0B |
| Q4 25 | — | 14.89× | ||
| Q3 25 | 0.28× | 12.05× | ||
| Q2 25 | 0.30× | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 0.30× | — | ||
| Q3 24 | 0.30× | — | ||
| Q2 24 | 0.17× | — | ||
| Q1 24 | 0.53× | 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 | $46.6M | — |
| Free Cash FlowOCF − Capex | $30.3M | — |
| FCF MarginFCF / Revenue | 6.2% | — |
| Capex IntensityCapex / Revenue | 3.4% | 1.3% |
| Cash ConversionOCF / Net Profit | 13.83× | — |
| TTM Free Cash FlowTrailing 4 quarters | $83.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $46.6M | $52.7M | ||
| Q2 25 | $54.3M | — | ||
| Q1 25 | $32.2M | $27.6M | ||
| Q4 24 | $30.3M | $-23.2M | ||
| Q3 24 | $27.9M | $51.2M | ||
| Q2 24 | $51.5M | $-45.2M | ||
| Q1 24 | $24.0M | $-51.7M |
| Q4 25 | — | — | ||
| Q3 25 | $30.3M | $48.6M | ||
| Q2 25 | $42.4M | — | ||
| Q1 25 | $12.0M | $15.7M | ||
| Q4 24 | $-1.7M | $-30.5M | ||
| Q3 24 | $4.1M | $40.7M | ||
| Q2 24 | $31.9M | $-59.6M | ||
| Q1 24 | $4.0M | $-56.7M |
| Q4 25 | — | — | ||
| Q3 25 | 6.2% | 7.7% | ||
| Q2 25 | 8.7% | — | ||
| Q1 25 | 2.4% | 2.6% | ||
| Q4 24 | -0.4% | -4.8% | ||
| Q3 24 | 0.9% | 6.2% | ||
| Q2 24 | 7.1% | -9.3% | ||
| Q1 24 | 0.8% | -10.5% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | 3.4% | 0.7% | ||
| Q2 25 | 2.4% | 0.8% | ||
| Q1 25 | 4.0% | 1.9% | ||
| Q4 24 | 7.3% | 1.1% | ||
| Q3 24 | 5.3% | 1.6% | ||
| Q2 24 | 4.3% | 2.2% | ||
| Q1 24 | 4.1% | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | 13.83× | — | ||
| Q2 25 | 6.22× | — | ||
| Q1 25 | 2.27× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 2.05× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EYE
Segment breakdown not available.
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
