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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and G III APPAREL GROUP LTD (GIII). Click either name above to swap in a different company.
G III APPAREL GROUP LTD is the larger business by last-quarter revenue ($988.6M vs $631.2M, roughly 1.6× FORWARD AIR CORP). G III APPAREL GROUP LTD runs the higher net margin — 8.2% vs -4.5%, a 12.6% gap on every dollar of revenue. On growth, FORWARD AIR CORP posted the faster year-over-year revenue change (-0.3% vs -9.0%). Over the past eight quarters, G III APPAREL GROUP LTD's revenue compounded faster (13.7% CAGR vs 7.9%).
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.
G III Apparel Group is a global fashion company that designs, sources, manufactures, markets and distributes apparel, footwear, and accessories under a range of owned and licensed well-known brands. It serves department stores, specialty retailers, and e-commerce platforms across North America, Europe, and other key global markets, catering to casual, sportswear, and premium fashion consumer segments.
FWRD vs GIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $988.6M |
| Net Profit | $-28.3M | $80.6M |
| Gross Margin | — | 38.6% |
| Operating Margin | -0.5% | 11.4% |
| Net Margin | -4.5% | 8.2% |
| Revenue YoY | -0.3% | -9.0% |
| Net Profit YoY | 22.2% | -29.8% |
| EPS (diluted) | $-0.90 | $1.84 |
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 | $988.6M | ||
| Q3 25 | $631.8M | $613.3M | ||
| Q2 25 | $618.8M | $583.6M | ||
| Q1 25 | $613.3M | $839.5M | ||
| Q4 24 | $632.8M | $1.1B | ||
| Q3 24 | $655.9M | $644.8M | ||
| Q2 24 | $643.7M | $609.7M | ||
| Q1 24 | $541.8M | $764.8M |
| Q4 25 | $-28.3M | $80.6M | ||
| Q3 25 | $-16.3M | $10.9M | ||
| Q2 25 | $-12.6M | $7.8M | ||
| Q1 25 | $-50.6M | $48.8M | ||
| Q4 24 | $-36.4M | $114.8M | ||
| Q3 24 | $-73.4M | $24.2M | ||
| Q2 24 | $-645.4M | $5.8M | ||
| Q1 24 | $-61.7M | $28.9M |
| Q4 25 | — | 38.6% | ||
| Q3 25 | — | 40.8% | ||
| Q2 25 | — | 42.2% | ||
| Q1 25 | — | 39.5% | ||
| Q4 24 | — | 39.8% | ||
| Q3 24 | — | 42.8% | ||
| Q2 24 | — | 42.5% | ||
| Q1 24 | — | 36.9% |
| Q4 25 | -0.5% | 11.4% | ||
| Q3 25 | 2.4% | 2.7% | ||
| Q2 25 | 3.2% | 1.5% | ||
| Q1 25 | 0.8% | 8.5% | ||
| Q4 24 | 12.0% | 15.3% | ||
| Q3 24 | 3.5% | 6.4% | ||
| Q2 24 | -170.2% | 2.2% | ||
| Q1 24 | -12.1% | 6.1% |
| Q4 25 | -4.5% | 8.2% | ||
| Q3 25 | -2.6% | 1.8% | ||
| Q2 25 | -2.0% | 1.3% | ||
| Q1 25 | -8.3% | 5.8% | ||
| Q4 24 | -5.8% | 10.6% | ||
| Q3 24 | -11.2% | 3.8% | ||
| Q2 24 | -100.3% | 1.0% | ||
| Q1 24 | -11.4% | 3.8% |
| Q4 25 | $-0.90 | $1.84 | ||
| Q3 25 | $-0.52 | $0.25 | ||
| Q2 25 | $-0.41 | $0.17 | ||
| Q1 25 | $-1.68 | $1.00 | ||
| Q4 24 | $-1.69 | $2.55 | ||
| Q3 24 | $-2.66 | $0.53 | ||
| Q2 24 | $-23.47 | $0.12 | ||
| Q1 24 | $-2.81 | $0.59 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $106.0M | $184.1M |
| Total DebtLower is stronger | $1.7B | $6.5M |
| Stockholders' EquityBook value | $113.3M | $1.8B |
| Total Assets | $2.7B | $2.8B |
| Debt / EquityLower = less leverage | 14.89× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $184.1M | ||
| Q3 25 | $140.4M | $301.8M | ||
| Q2 25 | $95.1M | $257.8M | ||
| Q1 25 | $116.3M | $181.4M | ||
| Q4 24 | $104.9M | $104.7M | ||
| Q3 24 | $136.6M | $414.8M | ||
| Q2 24 | $84.9M | $508.4M | ||
| Q1 24 | $152.0M | $507.8M |
| Q4 25 | $1.7B | $6.5M | ||
| Q3 25 | $1.7B | $6.9M | ||
| Q2 25 | — | $6.8M | ||
| Q1 25 | — | $3.0M | ||
| Q4 24 | — | $213.9M | ||
| Q3 24 | — | $402.5M | ||
| Q2 24 | — | $402.7M | ||
| Q1 24 | $1.7B | $402.8M |
| Q4 25 | $113.3M | $1.8B | ||
| Q3 25 | $139.8M | $1.7B | ||
| Q2 25 | $151.8M | $1.7B | ||
| Q1 25 | $154.6M | $1.7B | ||
| Q4 24 | $201.7M | $1.6B | ||
| Q3 24 | $226.1M | $1.5B | ||
| Q2 24 | $283.8M | $1.5B | ||
| Q1 24 | $926.1M | $1.6B |
| Q4 25 | $2.7B | $2.8B | ||
| Q3 25 | $2.8B | $2.7B | ||
| Q2 25 | $2.8B | $2.4B | ||
| Q1 25 | $2.8B | $2.5B | ||
| Q4 24 | $2.8B | $2.8B | ||
| Q3 24 | $3.1B | $2.7B | ||
| Q2 24 | $3.1B | $2.6B | ||
| Q1 24 | $4.0B | $2.7B |
| Q4 25 | 14.89× | 0.00× | ||
| Q3 25 | 12.05× | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.26× | ||
| Q1 24 | 1.81× | 0.26× |
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 | — | $-97.3M |
| Free Cash FlowOCF − Capex | — | $-106.4M |
| FCF MarginFCF / Revenue | — | -10.8% |
| Capex IntensityCapex / Revenue | 1.3% | 0.9% |
| Cash ConversionOCF / Net Profit | — | -1.21× |
| TTM Free Cash FlowTrailing 4 quarters | — | $367.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-97.3M | ||
| Q3 25 | $52.7M | $75.1M | ||
| Q2 25 | — | $93.8M | ||
| Q1 25 | $27.6M | $333.4M | ||
| Q4 24 | $-23.2M | $-111.8M | ||
| Q3 24 | $51.2M | $49.3M | ||
| Q2 24 | $-45.2M | $45.5M | ||
| Q1 24 | $-51.7M | $361.3M |
| Q4 25 | — | $-106.4M | ||
| Q3 25 | $48.6M | $64.7M | ||
| Q2 25 | — | $85.7M | ||
| Q1 25 | $15.7M | $323.7M | ||
| Q4 24 | $-30.5M | $-120.3M | ||
| Q3 24 | $40.7M | $38.8M | ||
| Q2 24 | $-59.6M | $32.8M | ||
| Q1 24 | $-56.7M | $352.3M |
| Q4 25 | — | -10.8% | ||
| Q3 25 | 7.7% | 10.6% | ||
| Q2 25 | — | 14.7% | ||
| Q1 25 | 2.6% | 38.6% | ||
| Q4 24 | -4.8% | -11.1% | ||
| Q3 24 | 6.2% | 6.0% | ||
| Q2 24 | -9.3% | 5.4% | ||
| Q1 24 | -10.5% | 46.1% |
| Q4 25 | 1.3% | 0.9% | ||
| Q3 25 | 0.7% | 1.7% | ||
| Q2 25 | 0.8% | 1.4% | ||
| Q1 25 | 1.9% | 1.2% | ||
| Q4 24 | 1.1% | 0.8% | ||
| Q3 24 | 1.6% | 1.6% | ||
| Q2 24 | 2.2% | 2.1% | ||
| Q1 24 | 0.9% | 1.2% |
| Q4 25 | — | -1.21× | ||
| Q3 25 | — | 6.86× | ||
| Q2 25 | — | 12.09× | ||
| Q1 25 | — | 6.83× | ||
| Q4 24 | — | -0.97× | ||
| Q3 24 | — | 2.04× | ||
| Q2 24 | — | 7.84× | ||
| Q1 24 | — | 12.52× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
GIII
| Proprietary Brands | $498.1M | 50% |
| Licensed Brands | $479.2M | 48% |
| Retail Segment | $45.7M | 5% |
