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Side-by-side financial comparison of FirstCash Holdings, Inc. (FCFS) 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 $501.3M, roughly 1.3× FirstCash Holdings, Inc.). FirstCash Holdings, Inc. runs the higher net margin — 20.8% vs -4.5%, a 25.3% gap on every dollar of revenue. On growth, FirstCash Holdings, Inc. posted the faster year-over-year revenue change (21.2% vs -0.3%). Over the past eight quarters, FirstCash Holdings, Inc.'s revenue compounded faster (16.9% CAGR vs 7.9%).
FirstCash Holdings, Inc. is an American pawnshop company headquartered in Fort Worth, Texas which operates retail pawn stores in the U.S. and Latin America. It is a publicly traded company listed on the Nasdaq stock exchange.
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.
FCFS vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $501.3M | $631.2M |
| Net Profit | $104.2M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | 28.5% | -0.5% |
| Net Margin | 20.8% | -4.5% |
| Revenue YoY | 21.2% | -0.3% |
| Net Profit YoY | 24.7% | 22.2% |
| EPS (diluted) | $2.35 | $-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 | $501.3M | $631.2M | ||
| Q3 25 | $411.0M | $631.8M | ||
| Q2 25 | $385.1M | $618.8M | ||
| Q1 25 | $371.1M | $613.3M | ||
| Q4 24 | $413.7M | $632.8M | ||
| Q3 24 | $363.1M | $655.9M | ||
| Q2 24 | $363.5M | $643.7M | ||
| Q1 24 | $366.8M | $541.8M |
| Q4 25 | $104.2M | $-28.3M | ||
| Q3 25 | $82.8M | $-16.3M | ||
| Q2 25 | $59.8M | $-12.6M | ||
| Q1 25 | $83.6M | $-50.6M | ||
| Q4 24 | $83.5M | $-36.4M | ||
| Q3 24 | $64.8M | $-73.4M | ||
| Q2 24 | $49.1M | $-645.4M | ||
| Q1 24 | $61.4M | $-61.7M |
| Q4 25 | 28.5% | -0.5% | ||
| Q3 25 | 27.4% | 2.4% | ||
| Q2 25 | 21.1% | 3.2% | ||
| Q1 25 | 30.0% | 0.8% | ||
| Q4 24 | 26.5% | 12.0% | ||
| Q3 24 | 23.5% | 3.5% | ||
| Q2 24 | 18.2% | -170.2% | ||
| Q1 24 | 22.3% | -12.1% |
| Q4 25 | 20.8% | -4.5% | ||
| Q3 25 | 20.1% | -2.6% | ||
| Q2 25 | 15.5% | -2.0% | ||
| Q1 25 | 22.5% | -8.3% | ||
| Q4 24 | 20.2% | -5.8% | ||
| Q3 24 | 17.9% | -11.2% | ||
| Q2 24 | 13.5% | -100.3% | ||
| Q1 24 | 16.7% | -11.4% |
| Q4 25 | $2.35 | $-0.90 | ||
| Q3 25 | $1.86 | $-0.52 | ||
| Q2 25 | $1.34 | $-0.41 | ||
| Q1 25 | $1.87 | $-1.68 | ||
| Q4 24 | $1.86 | $-1.69 | ||
| Q3 24 | $1.44 | $-2.66 | ||
| Q2 24 | $1.08 | $-23.47 | ||
| Q1 24 | $1.35 | $-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 | $125.2M | $106.0M |
| Total DebtLower is stronger | $2.2B | $1.7B |
| Stockholders' EquityBook value | $2.3B | $113.3M |
| Total Assets | $5.3B | $2.7B |
| Debt / EquityLower = less leverage | 0.98× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.2M | $106.0M | ||
| Q3 25 | $130.2M | $140.4M | ||
| Q2 25 | $101.5M | $95.1M | ||
| Q1 25 | $146.0M | $116.3M | ||
| Q4 24 | $175.1M | $104.9M | ||
| Q3 24 | $106.3M | $136.6M | ||
| Q2 24 | $113.7M | $84.9M | ||
| Q1 24 | $135.1M | $152.0M |
| Q4 25 | $2.2B | $1.7B | ||
| Q3 25 | $2.2B | $1.7B | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.5B | $1.7B |
| Q4 25 | $2.3B | $113.3M | ||
| Q3 25 | $2.2B | $139.8M | ||
| Q2 25 | $2.1B | $151.8M | ||
| Q1 25 | $2.1B | $154.6M | ||
| Q4 24 | $2.1B | $201.7M | ||
| Q3 24 | $2.0B | $226.1M | ||
| Q2 24 | $2.0B | $283.8M | ||
| Q1 24 | $2.0B | $926.1M |
| Q4 25 | $5.3B | $2.7B | ||
| Q3 25 | $5.2B | $2.8B | ||
| Q2 25 | $4.5B | $2.8B | ||
| Q1 25 | $4.4B | $2.8B | ||
| Q4 24 | $4.5B | $2.8B | ||
| Q3 24 | $4.4B | $3.1B | ||
| Q2 24 | $4.3B | $3.1B | ||
| Q1 24 | $4.2B | $4.0B |
| Q4 25 | 0.98× | 14.89× | ||
| Q3 25 | 1.01× | 12.05× | ||
| Q2 25 | 0.79× | — | ||
| Q1 25 | 0.83× | — | ||
| Q4 24 | 0.85× | — | ||
| Q3 24 | 0.87× | — | ||
| Q2 24 | 0.85× | — | ||
| Q1 24 | 0.75× | 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 | $206.6M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | 1.98× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $206.6M | — | ||
| Q3 25 | $135.8M | $52.7M | ||
| Q2 25 | $116.9M | — | ||
| Q1 25 | $126.6M | $27.6M | ||
| Q4 24 | $198.1M | $-23.2M | ||
| Q3 24 | $113.1M | $51.2M | ||
| Q2 24 | $106.2M | $-45.2M | ||
| Q1 24 | $122.5M | $-51.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | $48.6M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $15.7M | ||
| Q4 24 | — | $-30.5M | ||
| Q3 24 | — | $40.7M | ||
| Q2 24 | — | $-59.6M | ||
| Q1 24 | — | $-56.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | -4.8% | ||
| Q3 24 | — | 6.2% | ||
| Q2 24 | — | -9.3% | ||
| Q1 24 | — | -10.5% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | 1.98× | — | ||
| Q3 25 | 1.64× | — | ||
| Q2 25 | 1.95× | — | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | 2.37× | — | ||
| Q3 24 | 1.74× | — | ||
| Q2 24 | 2.16× | — | ||
| Q1 24 | 2.00× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FCFS
| US Pawn Segment | $292.2M | 58% |
| Retail POS Payment Solutions | $209.8M | 42% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
