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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and HALOZYME THERAPEUTICS, INC. (HALO). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $451.8M, roughly 1.4× HALOZYME THERAPEUTICS, INC.). FORWARD AIR CORP runs the higher net margin — -4.5% vs -31.3%, a 26.9% gap on every dollar of revenue. On growth, HALOZYME THERAPEUTICS, INC. posted the faster year-over-year revenue change (51.6% vs -0.3%). Over the past eight quarters, HALOZYME THERAPEUTICS, INC.'s revenue compounded faster (51.9% 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.
Halozyme Therapeutics, Inc. is an American biotechnology company. It develops oncology therapies designed to target the tumor microenvironment.
FWRD vs HALO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $451.8M |
| Net Profit | $-28.3M | $-141.6M |
| Gross Margin | — | 82.6% |
| Operating Margin | -0.5% | -20.6% |
| Net Margin | -4.5% | -31.3% |
| Revenue YoY | -0.3% | 51.6% |
| Net Profit YoY | 22.2% | -203.3% |
| EPS (diluted) | $-0.90 | $-1.13 |
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 | $451.8M | ||
| Q3 25 | $631.8M | $354.3M | ||
| Q2 25 | $618.8M | $325.7M | ||
| Q1 25 | $613.3M | $264.9M | ||
| Q4 24 | $632.8M | $298.0M | ||
| Q3 24 | $655.9M | $290.1M | ||
| Q2 24 | $643.7M | $231.4M | ||
| Q1 24 | $541.8M | $195.9M |
| Q4 25 | $-28.3M | $-141.6M | ||
| Q3 25 | $-16.3M | $175.2M | ||
| Q2 25 | $-12.6M | $165.2M | ||
| Q1 25 | $-50.6M | $118.1M | ||
| Q4 24 | $-36.4M | $137.0M | ||
| Q3 24 | $-73.4M | $137.0M | ||
| Q2 24 | $-645.4M | $93.2M | ||
| Q1 24 | $-61.7M | $76.8M |
| Q4 25 | — | 82.6% | ||
| Q3 25 | — | 84.4% | ||
| Q2 25 | — | 85.8% | ||
| Q1 25 | — | 81.7% | ||
| Q4 24 | — | 85.9% | ||
| Q3 24 | — | 83.0% | ||
| Q2 24 | — | 82.9% | ||
| Q1 24 | — | 85.5% |
| Q4 25 | -0.5% | -20.6% | ||
| Q3 25 | 2.4% | 61.5% | ||
| Q2 25 | 3.2% | 62.2% | ||
| Q1 25 | 0.8% | 53.4% | ||
| Q4 24 | 12.0% | 58.9% | ||
| Q3 24 | 3.5% | 56.3% | ||
| Q2 24 | -170.2% | 50.7% | ||
| Q1 24 | -12.1% | 48.8% |
| Q4 25 | -4.5% | -31.3% | ||
| Q3 25 | -2.6% | 49.5% | ||
| Q2 25 | -2.0% | 50.7% | ||
| Q1 25 | -8.3% | 44.6% | ||
| Q4 24 | -5.8% | 46.0% | ||
| Q3 24 | -11.2% | 47.2% | ||
| Q2 24 | -100.3% | 40.3% | ||
| Q1 24 | -11.4% | 39.2% |
| Q4 25 | $-0.90 | $-1.13 | ||
| Q3 25 | $-0.52 | $1.43 | ||
| Q2 25 | $-0.41 | $1.33 | ||
| Q1 25 | $-1.68 | $0.93 | ||
| Q4 24 | $-1.69 | $1.06 | ||
| Q3 24 | $-2.66 | $1.05 | ||
| Q2 24 | $-23.47 | $0.72 | ||
| Q1 24 | $-2.81 | $0.60 |
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 | $133.8M |
| Total DebtLower is stronger | $1.7B | $2.1B |
| Stockholders' EquityBook value | $113.3M | $48.8M |
| Total Assets | $2.7B | $2.5B |
| Debt / EquityLower = less leverage | 14.89× | 43.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $133.8M | ||
| Q3 25 | $140.4M | $419.7M | ||
| Q2 25 | $95.1M | $61.9M | ||
| Q1 25 | $116.3M | $176.3M | ||
| Q4 24 | $104.9M | $115.8M | ||
| Q3 24 | $136.6M | $154.3M | ||
| Q2 24 | $84.9M | $187.9M | ||
| Q1 24 | $152.0M | $164.6M |
| Q4 25 | $1.7B | $2.1B | ||
| Q3 25 | $1.7B | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | $1.7B | $1.5B |
| Q4 25 | $113.3M | $48.8M | ||
| Q3 25 | $139.8M | $503.9M | ||
| Q2 25 | $151.8M | $332.7M | ||
| Q1 25 | $154.6M | $482.3M | ||
| Q4 24 | $201.7M | $363.8M | ||
| Q3 24 | $226.1M | $452.7M | ||
| Q2 24 | $283.8M | $289.4M | ||
| Q1 24 | $926.1M | $177.8M |
| Q4 25 | $2.7B | $2.5B | ||
| Q3 25 | $2.8B | $2.2B | ||
| Q2 25 | $2.8B | $2.1B | ||
| Q1 25 | $2.8B | $2.2B | ||
| Q4 24 | $2.8B | $2.1B | ||
| Q3 24 | $3.1B | $2.1B | ||
| Q2 24 | $3.1B | $2.0B | ||
| Q1 24 | $4.0B | $1.8B |
| Q4 25 | 14.89× | 43.89× | ||
| Q3 25 | 12.05× | 3.00× | ||
| Q2 25 | — | 4.54× | ||
| Q1 25 | — | 3.13× | ||
| Q4 24 | — | 4.14× | ||
| Q3 24 | — | 3.32× | ||
| Q2 24 | — | 5.19× | ||
| Q1 24 | 1.81× | 8.44× |
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 | — | $219.0M |
| Free Cash FlowOCF − Capex | — | $217.6M |
| FCF MarginFCF / Revenue | — | 48.2% |
| Capex IntensityCapex / Revenue | 1.3% | 0.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $644.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $219.0M | ||
| Q3 25 | $52.7M | $178.6M | ||
| Q2 25 | — | $99.7M | ||
| Q1 25 | $27.6M | $154.2M | ||
| Q4 24 | $-23.2M | $178.5M | ||
| Q3 24 | $51.2M | $115.4M | ||
| Q2 24 | $-45.2M | $55.8M | ||
| Q1 24 | $-51.7M | $129.4M |
| Q4 25 | — | $217.6M | ||
| Q3 25 | $48.6M | $175.6M | ||
| Q2 25 | — | $98.1M | ||
| Q1 25 | $15.7M | $153.3M | ||
| Q4 24 | $-30.5M | $175.4M | ||
| Q3 24 | $40.7M | $113.9M | ||
| Q2 24 | $-59.6M | $53.2M | ||
| Q1 24 | $-56.7M | $125.9M |
| Q4 25 | — | 48.2% | ||
| Q3 25 | 7.7% | 49.6% | ||
| Q2 25 | — | 30.1% | ||
| Q1 25 | 2.6% | 57.9% | ||
| Q4 24 | -4.8% | 58.9% | ||
| Q3 24 | 6.2% | 39.3% | ||
| Q2 24 | -9.3% | 23.0% | ||
| Q1 24 | -10.5% | 64.3% |
| Q4 25 | 1.3% | 0.3% | ||
| Q3 25 | 0.7% | 0.9% | ||
| Q2 25 | 0.8% | 0.5% | ||
| Q1 25 | 1.9% | 0.4% | ||
| Q4 24 | 1.1% | 1.0% | ||
| Q3 24 | 1.6% | 0.5% | ||
| Q2 24 | 2.2% | 1.1% | ||
| Q1 24 | 0.9% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.02× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | — | 1.30× | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.60× | ||
| Q1 24 | — | 1.68× |
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% |
HALO
| Royalty | $258.0M | 57% |
| Products | $122.7M | 27% |
| Proprietary Products Sales | $59.6M | 13% |
| Device Partnered Products | $12.9M | 3% |
