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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and WARRIOR MET COAL, INC. (HCC). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $384.0M, roughly 1.6× WARRIOR MET COAL, INC.). WARRIOR MET COAL, INC. runs the higher net margin — 6.0% vs -4.5%, a 10.5% gap on every dollar of revenue. On growth, WARRIOR MET COAL, INC. posted the faster year-over-year revenue change (29.1% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -12.7%).
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.
Warrior Met Coal, Inc. (ticker HCC) is a U.S.-headquartered mining enterprise that produces and distributes high-grade metallurgical coal, a key raw material for steel production. It serves steel manufacturers and industrial clients across core markets including North America, Europe, and Asia.
FWRD vs HCC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $384.0M |
| Net Profit | $-28.3M | $23.0M |
| Gross Margin | — | 29.5% |
| Operating Margin | -0.5% | 9.0% |
| Net Margin | -4.5% | 6.0% |
| Revenue YoY | -0.3% | 29.1% |
| Net Profit YoY | 22.2% | 1919.5% |
| EPS (diluted) | $-0.90 | $0.43 |
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 | $384.0M | ||
| Q3 25 | $631.8M | $328.6M | ||
| Q2 25 | $618.8M | $297.5M | ||
| Q1 25 | $613.3M | $299.9M | ||
| Q4 24 | $632.8M | $297.5M | ||
| Q3 24 | $655.9M | $327.7M | ||
| Q2 24 | $643.7M | $396.5M | ||
| Q1 24 | $541.8M | $503.5M |
| Q4 25 | $-28.3M | $23.0M | ||
| Q3 25 | $-16.3M | $36.6M | ||
| Q2 25 | $-12.6M | $5.6M | ||
| Q1 25 | $-50.6M | $-8.2M | ||
| Q4 24 | $-36.4M | $1.1M | ||
| Q3 24 | $-73.4M | $41.8M | ||
| Q2 24 | $-645.4M | $70.7M | ||
| Q1 24 | $-61.7M | $137.0M |
| Q4 25 | — | 29.5% | ||
| Q3 25 | — | 27.1% | ||
| Q2 25 | — | 23.9% | ||
| Q1 25 | — | 18.1% | ||
| Q4 24 | — | 23.1% | ||
| Q3 24 | — | 29.3% | ||
| Q2 24 | — | 34.1% | ||
| Q1 24 | — | 43.3% |
| Q4 25 | -0.5% | 9.0% | ||
| Q3 25 | 2.4% | 6.3% | ||
| Q2 25 | 3.2% | 2.6% | ||
| Q1 25 | 0.8% | -5.8% | ||
| Q4 24 | 12.0% | -1.4% | ||
| Q3 24 | 3.5% | 11.9% | ||
| Q2 24 | -170.2% | 17.9% | ||
| Q1 24 | -12.1% | 29.6% |
| Q4 25 | -4.5% | 6.0% | ||
| Q3 25 | -2.6% | 11.1% | ||
| Q2 25 | -2.0% | 1.9% | ||
| Q1 25 | -8.3% | -2.7% | ||
| Q4 24 | -5.8% | 0.4% | ||
| Q3 24 | -11.2% | 12.7% | ||
| Q2 24 | -100.3% | 17.8% | ||
| Q1 24 | -11.4% | 27.2% |
| Q4 25 | $-0.90 | $0.43 | ||
| Q3 25 | $-0.52 | $0.70 | ||
| Q2 25 | $-0.41 | $0.11 | ||
| Q1 25 | $-1.68 | $-0.16 | ||
| Q4 24 | $-1.69 | $0.02 | ||
| Q3 24 | $-2.66 | $0.80 | ||
| Q2 24 | $-23.47 | $1.35 | ||
| Q1 24 | $-2.81 | $2.62 |
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 | $300.0M |
| Total DebtLower is stronger | $1.7B | $154.3M |
| Stockholders' EquityBook value | $113.3M | $2.1B |
| Total Assets | $2.7B | $2.8B |
| Debt / EquityLower = less leverage | 14.89× | 0.07× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $300.0M | ||
| Q3 25 | $140.4M | $336.3M | ||
| Q2 25 | $95.1M | $383.3M | ||
| Q1 25 | $116.3M | $454.9M | ||
| Q4 24 | $104.9M | $491.5M | ||
| Q3 24 | $136.6M | $583.2M | ||
| Q2 24 | $84.9M | $709.0M | ||
| Q1 24 | $152.0M | $693.9M |
| Q4 25 | $1.7B | $154.3M | ||
| Q3 25 | $1.7B | $154.1M | ||
| Q2 25 | — | $153.9M | ||
| Q1 25 | — | $153.8M | ||
| Q4 24 | — | $153.6M | ||
| Q3 24 | — | $153.5M | ||
| Q2 24 | — | $153.3M | ||
| Q1 24 | $1.7B | $153.2M |
| Q4 25 | $113.3M | $2.1B | ||
| Q3 25 | $139.8M | $2.1B | ||
| Q2 25 | $151.8M | $2.1B | ||
| Q1 25 | $154.6M | $2.1B | ||
| Q4 24 | $201.7M | $2.1B | ||
| Q3 24 | $226.1M | $2.1B | ||
| Q2 24 | $283.8M | $2.0B | ||
| Q1 24 | $926.1M | $2.0B |
| Q4 25 | $2.7B | $2.8B | ||
| Q3 25 | $2.8B | $2.7B | ||
| Q2 25 | $2.8B | $2.6B | ||
| Q1 25 | $2.8B | $2.6B | ||
| Q4 24 | $2.8B | $2.6B | ||
| Q3 24 | $3.1B | $2.6B | ||
| Q2 24 | $3.1B | $2.6B | ||
| Q1 24 | $4.0B | $2.5B |
| Q4 25 | 14.89× | 0.07× | ||
| Q3 25 | 12.05× | 0.07× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.07× | ||
| Q4 24 | — | 0.07× | ||
| Q3 24 | — | 0.07× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | 1.81× | 0.08× |
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 | — | $76.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | — | 3.31× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $76.1M | ||
| Q3 25 | $52.7M | $104.7M | ||
| Q2 25 | — | $37.5M | ||
| Q1 25 | $27.6M | $10.9M | ||
| Q4 24 | $-23.2M | $54.2M | ||
| Q3 24 | $51.2M | $62.2M | ||
| Q2 24 | $-45.2M | $147.0M | ||
| Q1 24 | $-51.7M | $104.1M |
| 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 | — | 3.31× | ||
| Q3 25 | — | 2.86× | ||
| Q2 25 | — | 6.70× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 47.68× | ||
| Q3 24 | — | 1.49× | ||
| Q2 24 | — | 2.08× | ||
| Q1 24 | — | 0.76× |
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% |
HCC
| Mining Segment | $373.6M | 97% |
| Other | $10.4M | 3% |
