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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and HAEMONETICS CORP (HAE). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $339.0M, roughly 1.9× HAEMONETICS CORP). HAEMONETICS CORP runs the higher net margin — 13.2% vs -4.5%, a 17.7% gap on every dollar of revenue. On growth, FORWARD AIR CORP posted the faster year-over-year revenue change (-0.3% vs -2.7%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 0.4%).
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.
Haemonetics Corporation is a global provider of blood and plasma supplies and services. The company was founded in Natick, Massachusetts by Dr. Allen (Jack) Latham in the 1970s.
FWRD vs HAE — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $339.0M |
| Net Profit | $-28.3M | $44.7M |
| Gross Margin | — | 59.7% |
| Operating Margin | -0.5% | 19.9% |
| Net Margin | -4.5% | 13.2% |
| Revenue YoY | -0.3% | -2.7% |
| Net Profit YoY | 22.2% | 19.3% |
| EPS (diluted) | $-0.90 | $0.95 |
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 | $339.0M | ||
| Q3 25 | $631.8M | $327.3M | ||
| Q2 25 | $618.8M | $321.4M | ||
| Q1 25 | $613.3M | $330.6M | ||
| Q4 24 | $632.8M | $348.5M | ||
| Q3 24 | $655.9M | $345.5M | ||
| Q2 24 | $643.7M | $336.2M | ||
| Q1 24 | $541.8M | — |
| Q4 25 | $-28.3M | $44.7M | ||
| Q3 25 | $-16.3M | $38.7M | ||
| Q2 25 | $-12.6M | $34.0M | ||
| Q1 25 | $-50.6M | $58.0M | ||
| Q4 24 | $-36.4M | $37.5M | ||
| Q3 24 | $-73.4M | $33.8M | ||
| Q2 24 | $-645.4M | $38.4M | ||
| Q1 24 | $-61.7M | — |
| Q4 25 | — | 59.7% | ||
| Q3 25 | — | 59.5% | ||
| Q2 25 | — | 59.8% | ||
| Q1 25 | — | 58.4% | ||
| Q4 24 | — | 55.5% | ||
| Q3 24 | — | 54.2% | ||
| Q2 24 | — | 52.0% | ||
| Q1 24 | — | — |
| Q4 25 | -0.5% | 19.9% | ||
| Q3 25 | 2.4% | 17.9% | ||
| Q2 25 | 3.2% | 16.8% | ||
| Q1 25 | 0.8% | 21.6% | ||
| Q4 24 | 12.0% | 16.9% | ||
| Q3 24 | 3.5% | 15.0% | ||
| Q2 24 | -170.2% | 11.8% | ||
| Q1 24 | -12.1% | — |
| Q4 25 | -4.5% | 13.2% | ||
| Q3 25 | -2.6% | 11.8% | ||
| Q2 25 | -2.0% | 10.6% | ||
| Q1 25 | -8.3% | 17.5% | ||
| Q4 24 | -5.8% | 10.8% | ||
| Q3 24 | -11.2% | 9.8% | ||
| Q2 24 | -100.3% | 11.4% | ||
| Q1 24 | -11.4% | — |
| Q4 25 | $-0.90 | $0.95 | ||
| Q3 25 | $-0.52 | $0.81 | ||
| Q2 25 | $-0.41 | $0.70 | ||
| Q1 25 | $-1.68 | $1.17 | ||
| Q4 24 | $-1.69 | $0.74 | ||
| Q3 24 | $-2.66 | $0.66 | ||
| Q2 24 | $-23.47 | $0.74 | ||
| Q1 24 | $-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 | $106.0M | $363.4M |
| Total DebtLower is stronger | $1.7B | $1.2B |
| Stockholders' EquityBook value | $113.3M | $911.5M |
| Total Assets | $2.7B | $2.5B |
| Debt / EquityLower = less leverage | 14.89× | 1.34× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $363.4M | ||
| Q3 25 | $140.4M | $296.4M | ||
| Q2 25 | $95.1M | $292.9M | ||
| Q1 25 | $116.3M | $306.8M | ||
| Q4 24 | $104.9M | $320.8M | ||
| Q3 24 | $136.6M | $299.3M | ||
| Q2 24 | $84.9M | $344.4M | ||
| Q1 24 | $152.0M | — |
| Q4 25 | $1.7B | $1.2B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.7B | — |
| Q4 25 | $113.3M | $911.5M | ||
| Q3 25 | $139.8M | $849.2M | ||
| Q2 25 | $151.8M | $882.3M | ||
| Q1 25 | $154.6M | $820.8M | ||
| Q4 24 | $201.7M | $906.9M | ||
| Q3 24 | $226.1M | $878.9M | ||
| Q2 24 | $283.8M | $905.4M | ||
| Q1 24 | $926.1M | — |
| Q4 25 | $2.7B | $2.5B | ||
| Q3 25 | $2.8B | $2.4B | ||
| Q2 25 | $2.8B | $2.5B | ||
| Q1 25 | $2.8B | $2.5B | ||
| Q4 24 | $2.8B | $2.5B | ||
| Q3 24 | $3.1B | $2.5B | ||
| Q2 24 | $3.1B | $2.5B | ||
| Q1 24 | $4.0B | — |
| Q4 25 | 14.89× | 1.34× | ||
| Q3 25 | 12.05× | 1.44× | ||
| Q2 25 | — | 1.39× | ||
| Q1 25 | — | 1.49× | ||
| 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 | — | $93.6M |
| Free Cash FlowOCF − Capex | — | $87.2M |
| FCF MarginFCF / Revenue | — | 25.7% |
| Capex IntensityCapex / Revenue | 1.3% | 1.9% |
| Cash ConversionOCF / Net Profit | — | 2.09× |
| TTM Free Cash FlowTrailing 4 quarters | — | $308.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $93.6M | ||
| Q3 25 | $52.7M | $111.3M | ||
| Q2 25 | — | $17.4M | ||
| Q1 25 | $27.6M | $116.6M | ||
| Q4 24 | $-23.2M | $43.8M | ||
| Q3 24 | $51.2M | $48.8M | ||
| Q2 24 | $-45.2M | $-27.4M | ||
| Q1 24 | $-51.7M | — |
| Q4 25 | — | $87.2M | ||
| Q3 25 | $48.6M | $106.3M | ||
| Q2 25 | — | $13.6M | ||
| Q1 25 | $15.7M | $100.9M | ||
| Q4 24 | $-30.5M | $35.2M | ||
| Q3 24 | $40.7M | $39.4M | ||
| Q2 24 | $-59.6M | $-33.1M | ||
| Q1 24 | $-56.7M | — |
| Q4 25 | — | 25.7% | ||
| Q3 25 | 7.7% | 32.5% | ||
| Q2 25 | — | 4.2% | ||
| Q1 25 | 2.6% | 30.5% | ||
| Q4 24 | -4.8% | 10.1% | ||
| Q3 24 | 6.2% | 11.4% | ||
| Q2 24 | -9.3% | -9.8% | ||
| Q1 24 | -10.5% | — |
| Q4 25 | 1.3% | 1.9% | ||
| Q3 25 | 0.7% | 1.5% | ||
| Q2 25 | 0.8% | 1.2% | ||
| Q1 25 | 1.9% | 4.7% | ||
| Q4 24 | 1.1% | 2.5% | ||
| Q3 24 | 1.6% | 2.7% | ||
| Q2 24 | 2.2% | 1.7% | ||
| Q1 24 | 0.9% | — |
| Q4 25 | — | 2.09× | ||
| Q3 25 | — | 2.88× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | — | 2.01× | ||
| Q4 24 | — | 1.17× | ||
| Q3 24 | — | 1.44× | ||
| Q2 24 | — | -0.71× | ||
| Q1 24 | — | — |
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% |
HAE
| Hospital | $143.5M | 42% |
| Plasma Productsand Services | $138.9M | 41% |
| Blood Center Productsand Services | $56.6M | 17% |
