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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Howard Hughes Holdings Inc. (HHH). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $624.4M, roughly 1.0× Howard Hughes Holdings Inc.). Howard Hughes Holdings Inc. runs the higher net margin — 1.0% vs -4.5%, a 5.4% gap on every dollar of revenue. On growth, FORWARD AIR CORP posted the faster year-over-year revenue change (-0.3% vs -33.2%). Over the past eight quarters, Howard Hughes Holdings Inc.'s revenue compounded faster (91.0% 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.
Howard Hughes Holdings Inc., formerly the Howard Hughes Corporation, is a real estate development and management company based in The Woodlands, Texas. It was formed in 2010 as a spin-off from General Growth Properties (GGP). Most of its holdings are focused on several master-planned communities. It took its name from the original Howard Hughes Corporation, which had developed the planned community of Summerlin, Nevada, and later became a subsidiary of GGP.
FWRD vs HHH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $624.4M |
| Net Profit | $-28.3M | $6.0M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 4.2% |
| Net Margin | -4.5% | 1.0% |
| Revenue YoY | -0.3% | -33.2% |
| Net Profit YoY | 22.2% | -96.2% |
| EPS (diluted) | $-0.90 | $0.20 |
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 | $624.4M | ||
| Q3 25 | $631.8M | $390.2M | ||
| Q2 25 | $618.8M | $260.9M | ||
| Q1 25 | $613.3M | $199.3M | ||
| Q4 24 | $632.8M | $935.0M | ||
| Q3 24 | $655.9M | $327.1M | ||
| Q2 24 | $643.7M | $317.4M | ||
| Q1 24 | $541.8M | $171.1M |
| Q4 25 | $-28.3M | $6.0M | ||
| Q3 25 | $-16.3M | $119.5M | ||
| Q2 25 | $-12.6M | $-12.1M | ||
| Q1 25 | $-50.6M | $10.5M | ||
| Q4 24 | $-36.4M | $156.3M | ||
| Q3 24 | $-73.4M | $72.8M | ||
| Q2 24 | $-645.4M | $21.1M | ||
| Q1 24 | $-61.7M | $-52.5M |
| Q4 25 | -0.5% | 4.2% | ||
| Q3 25 | 2.4% | 48.6% | ||
| Q2 25 | 3.2% | 26.0% | ||
| Q1 25 | 0.8% | 24.0% | ||
| Q4 24 | 12.0% | 33.5% | ||
| Q3 24 | 3.5% | 60.6% | ||
| Q2 24 | -170.2% | 20.4% | ||
| Q1 24 | -12.1% | -9.8% |
| Q4 25 | -4.5% | 1.0% | ||
| Q3 25 | -2.6% | 30.6% | ||
| Q2 25 | -2.0% | -4.7% | ||
| Q1 25 | -8.3% | 5.3% | ||
| Q4 24 | -5.8% | 16.7% | ||
| Q3 24 | -11.2% | 22.2% | ||
| Q2 24 | -100.3% | 6.6% | ||
| Q1 24 | -11.4% | -30.7% |
| Q4 25 | $-0.90 | $0.20 | ||
| Q3 25 | $-0.52 | $2.02 | ||
| Q2 25 | $-0.41 | $-0.22 | ||
| Q1 25 | $-1.68 | $0.21 | ||
| Q4 24 | $-1.69 | $3.14 | ||
| Q3 24 | $-2.66 | $1.46 | ||
| Q2 24 | $-23.47 | $0.42 | ||
| Q1 24 | $-2.81 | $-1.06 |
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 | $1.5B |
| Total DebtLower is stronger | $1.7B | $5.1B |
| Stockholders' EquityBook value | $113.3M | $3.8B |
| Total Assets | $2.7B | $10.6B |
| Debt / EquityLower = less leverage | 14.89× | 1.35× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $1.5B | ||
| Q3 25 | $140.4M | $1.5B | ||
| Q2 25 | $95.1M | $1.4B | ||
| Q1 25 | $116.3M | $493.7M | ||
| Q4 24 | $104.9M | $596.1M | ||
| Q3 24 | $136.6M | $400.7M | ||
| Q2 24 | $84.9M | $436.8M | ||
| Q1 24 | $152.0M | $462.7M |
| Q4 25 | $1.7B | $5.1B | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.7B | — |
| Q4 25 | $113.3M | $3.8B | ||
| Q3 25 | $139.8M | $3.8B | ||
| Q2 25 | $151.8M | $3.6B | ||
| Q1 25 | $154.6M | $2.8B | ||
| Q4 24 | $201.7M | $2.8B | ||
| Q3 24 | $226.1M | $2.6B | ||
| Q2 24 | $283.8M | $3.0B | ||
| Q1 24 | $926.1M | $2.9B |
| Q4 25 | $2.7B | $10.6B | ||
| Q3 25 | $2.8B | $10.7B | ||
| Q2 25 | $2.8B | $10.3B | ||
| Q1 25 | $2.8B | $9.3B | ||
| Q4 24 | $2.8B | $9.2B | ||
| Q3 24 | $3.1B | $9.4B | ||
| Q2 24 | $3.1B | $9.9B | ||
| Q1 24 | $4.0B | $9.6B |
| Q4 25 | 14.89× | 1.35× | ||
| Q3 25 | 12.05× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.85× | ||
| 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 | — | $360.3M |
| Free Cash FlowOCF − Capex | — | $348.6M |
| FCF MarginFCF / Revenue | — | 55.8% |
| Capex IntensityCapex / Revenue | 1.3% | 1.9% |
| Cash ConversionOCF / Net Profit | — | 60.04× |
| TTM Free Cash FlowTrailing 4 quarters | — | $417.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $360.3M | ||
| Q3 25 | $52.7M | $149.8M | ||
| Q2 25 | — | $177.3M | ||
| Q1 25 | $27.6M | $-224.9M | ||
| Q4 24 | $-23.2M | $337.1M | ||
| Q3 24 | $51.2M | $248.3M | ||
| Q2 24 | $-45.2M | $-17.5M | ||
| Q1 24 | $-51.7M | $-171.2M |
| Q4 25 | — | $348.6M | ||
| Q3 25 | $48.6M | $137.7M | ||
| Q2 25 | — | $169.7M | ||
| Q1 25 | $15.7M | $-238.4M | ||
| Q4 24 | $-30.5M | $317.1M | ||
| Q3 24 | $40.7M | $238.7M | ||
| Q2 24 | $-59.6M | $-25.1M | ||
| Q1 24 | $-56.7M | $-182.0M |
| Q4 25 | — | 55.8% | ||
| Q3 25 | 7.7% | 35.3% | ||
| Q2 25 | — | 65.1% | ||
| Q1 25 | 2.6% | -119.6% | ||
| Q4 24 | -4.8% | 33.9% | ||
| Q3 24 | 6.2% | 73.0% | ||
| Q2 24 | -9.3% | -7.9% | ||
| Q1 24 | -10.5% | -106.4% |
| Q4 25 | 1.3% | 1.9% | ||
| Q3 25 | 0.7% | 3.1% | ||
| Q2 25 | 0.8% | 2.9% | ||
| Q1 25 | 1.9% | 6.8% | ||
| Q4 24 | 1.1% | 2.1% | ||
| Q3 24 | 1.6% | 2.9% | ||
| Q2 24 | 2.2% | 2.4% | ||
| Q1 24 | 0.9% | 6.3% |
| Q4 25 | — | 60.04× | ||
| Q3 25 | — | 1.25× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.35× | ||
| Q4 24 | — | 2.16× | ||
| Q3 24 | — | 3.41× | ||
| Q2 24 | — | -0.83× | ||
| 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% |
HHH
| Transferred At Point In Time | $499.8M | 80% |
| Operating Assets Segment | $117.9M | 19% |
| Builder Price Participation | $12.9M | 2% |
