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Side-by-side financial comparison of Fabrinet (FN) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
Fabrinet is the larger business by last-quarter revenue ($1.1B vs $631.2M, roughly 1.8× FORWARD AIR CORP). Fabrinet runs the higher net margin — 9.9% vs -4.5%, a 14.4% gap on every dollar of revenue. On growth, Fabrinet posted the faster year-over-year revenue change (35.9% vs -0.3%). Over the past eight quarters, Fabrinet's revenue compounded faster (24.4% CAGR vs 7.9%).
FabrinetFNEarnings & Financial Report
Below is a list of companies having stocks that are included in the S&P MidCap 400 stock market index. The index, maintained by S&P Dow Jones Indices, comprises the common stocks of 400 mid-cap, mostly American, companies. Although called the S&P 400, the index sometimes contains more than 400 stocks when it includes two or more share classes of stock from one of its component companies.
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.
FN vs FWRD — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $631.2M |
| Net Profit | $112.6M | $-28.3M |
| Gross Margin | 12.2% | — |
| Operating Margin | 10.1% | -0.5% |
| Net Margin | 9.9% | -4.5% |
| Revenue YoY | 35.9% | -0.3% |
| Net Profit YoY | 30.0% | 22.2% |
| EPS (diluted) | $3.11 | $-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 | $978.1M | $631.8M | ||
| Q2 25 | $909.7M | $618.8M | ||
| Q1 25 | $871.8M | $613.3M | ||
| Q4 24 | $833.6M | $632.8M | ||
| Q3 24 | $804.2M | $655.9M | ||
| Q2 24 | $753.3M | $643.7M | ||
| Q1 24 | $731.5M | $541.8M |
| Q4 25 | $112.6M | $-28.3M | ||
| Q3 25 | $95.9M | $-16.3M | ||
| Q2 25 | $87.2M | $-12.6M | ||
| Q1 25 | $81.3M | $-50.6M | ||
| Q4 24 | $86.6M | $-36.4M | ||
| Q3 24 | $77.4M | $-73.4M | ||
| Q2 24 | $81.1M | $-645.4M | ||
| Q1 24 | $80.9M | $-61.7M |
| Q4 25 | 12.2% | — | ||
| Q3 25 | 11.9% | — | ||
| Q2 25 | 12.2% | — | ||
| Q1 25 | 11.7% | — | ||
| Q4 24 | 12.1% | — | ||
| Q3 24 | 12.3% | — | ||
| Q2 24 | 12.3% | — | ||
| Q1 24 | 12.4% | — |
| Q4 25 | 10.1% | -0.5% | ||
| Q3 25 | 9.6% | 2.4% | ||
| Q2 25 | 9.8% | 3.2% | ||
| Q1 25 | 9.0% | 0.8% | ||
| Q4 24 | 9.5% | 12.0% | ||
| Q3 24 | 9.6% | 3.5% | ||
| Q2 24 | 9.7% | -170.2% | ||
| Q1 24 | 9.7% | -12.1% |
| Q4 25 | 9.9% | -4.5% | ||
| Q3 25 | 9.8% | -2.6% | ||
| Q2 25 | 9.6% | -2.0% | ||
| Q1 25 | 9.3% | -8.3% | ||
| Q4 24 | 10.4% | -5.8% | ||
| Q3 24 | 9.6% | -11.2% | ||
| Q2 24 | 10.8% | -100.3% | ||
| Q1 24 | 11.1% | -11.4% |
| Q4 25 | $3.11 | $-0.90 | ||
| Q3 25 | $2.66 | $-0.52 | ||
| Q2 25 | $2.41 | $-0.41 | ||
| Q1 25 | $2.25 | $-1.68 | ||
| Q4 24 | $2.38 | $-1.69 | ||
| Q3 24 | $2.13 | $-2.66 | ||
| Q2 24 | $2.22 | $-23.47 | ||
| Q1 24 | $2.21 | $-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 | $960.8M | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $2.2B | $113.3M |
| Total Assets | $3.3B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $960.8M | $106.0M | ||
| Q3 25 | $968.8M | $140.4M | ||
| Q2 25 | $934.2M | $95.1M | ||
| Q1 25 | $950.7M | $116.3M | ||
| Q4 24 | $934.6M | $104.9M | ||
| Q3 24 | $908.9M | $136.6M | ||
| Q2 24 | $858.6M | $84.9M | ||
| Q1 24 | $794.0M | $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 | $2.2B | $113.3M | ||
| Q3 25 | $2.1B | $139.8M | ||
| Q2 25 | $2.0B | $151.8M | ||
| Q1 25 | $1.9B | $154.6M | ||
| Q4 24 | $1.8B | $201.7M | ||
| Q3 24 | $1.8B | $226.1M | ||
| Q2 24 | $1.7B | $283.8M | ||
| Q1 24 | $1.7B | $926.1M |
| Q4 25 | $3.3B | $2.7B | ||
| Q3 25 | $3.0B | $2.8B | ||
| Q2 25 | $2.8B | $2.8B | ||
| Q1 25 | $2.6B | $2.8B | ||
| Q4 24 | $2.5B | $2.8B | ||
| Q3 24 | $2.4B | $3.1B | ||
| Q2 24 | $2.3B | $3.1B | ||
| Q1 24 | $2.2B | $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 | $46.3M | — |
| Free Cash FlowOCF − Capex | $-5.3M | — |
| FCF MarginFCF / Revenue | -0.5% | — |
| Capex IntensityCapex / Revenue | 4.6% | 1.3% |
| Cash ConversionOCF / Net Profit | 0.41× | — |
| TTM Free Cash FlowTrailing 4 quarters | $102.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $46.3M | — | ||
| Q3 25 | $102.6M | $52.7M | ||
| Q2 25 | $55.1M | — | ||
| Q1 25 | $74.2M | $27.6M | ||
| Q4 24 | $115.9M | $-23.2M | ||
| Q3 24 | $83.2M | $51.2M | ||
| Q2 24 | $83.1M | $-45.2M | ||
| Q1 24 | $100.9M | $-51.7M |
| Q4 25 | $-5.3M | — | ||
| Q3 25 | $57.3M | $48.6M | ||
| Q2 25 | $4.7M | — | ||
| Q1 25 | $45.7M | $15.7M | ||
| Q4 24 | $94.0M | $-30.5M | ||
| Q3 24 | $62.9M | $40.7M | ||
| Q2 24 | $70.4M | $-59.6M | ||
| Q1 24 | $87.3M | $-56.7M |
| Q4 25 | -0.5% | — | ||
| Q3 25 | 5.9% | 7.7% | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 5.2% | 2.6% | ||
| Q4 24 | 11.3% | -4.8% | ||
| Q3 24 | 7.8% | 6.2% | ||
| Q2 24 | 9.3% | -9.3% | ||
| Q1 24 | 11.9% | -10.5% |
| Q4 25 | 4.6% | 1.3% | ||
| Q3 25 | 4.6% | 0.7% | ||
| Q2 25 | 5.5% | 0.8% | ||
| Q1 25 | 3.3% | 1.9% | ||
| Q4 24 | 2.6% | 1.1% | ||
| Q3 24 | 2.5% | 1.6% | ||
| Q2 24 | 1.7% | 2.2% | ||
| Q1 24 | 1.9% | 0.9% |
| Q4 25 | 0.41× | — | ||
| Q3 25 | 1.07× | — | ||
| Q2 25 | 0.63× | — | ||
| Q1 25 | 0.91× | — | ||
| Q4 24 | 1.34× | — | ||
| Q3 24 | 1.07× | — | ||
| Q2 24 | 1.02× | — | ||
| Q1 24 | 1.25× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FN
| Optical Communications | $832.6M | 73% |
| Non Optical Communications | $300.3M | 27% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
