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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and MARINEMAX INC (HZO). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $505.2M, roughly 1.2× MARINEMAX INC). MARINEMAX INC runs the higher net margin — -1.6% vs -4.5%, a 2.9% gap on every dollar of revenue. On growth, MARINEMAX INC posted the faster year-over-year revenue change (7.8% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -6.9%).
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.
MarineMax Inc. is a leading recreational boat and yacht retailer primarily operating in the United States. It offers new and pre-owned leisure vessels, alongside related services including maintenance, repair, financing, insurance coverage, yacht chartering, and boating lifestyle events, catering to private boating enthusiasts across North America.
FWRD vs HZO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $505.2M |
| Net Profit | $-28.3M | $-7.9M |
| Gross Margin | — | 31.8% |
| Operating Margin | -0.5% | 1.0% |
| Net Margin | -4.5% | -1.6% |
| Revenue YoY | -0.3% | 7.8% |
| Net Profit YoY | 22.2% | -143.9% |
| EPS (diluted) | $-0.90 | $-0.36 |
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 | $505.2M | ||
| Q3 25 | $631.8M | $552.2M | ||
| Q2 25 | $618.8M | $657.2M | ||
| Q1 25 | $613.3M | $631.5M | ||
| Q4 24 | $632.8M | $468.5M | ||
| Q3 24 | $655.9M | $563.1M | ||
| Q2 24 | $643.7M | $757.7M | ||
| Q1 24 | $541.8M | $582.9M |
| Q4 25 | $-28.3M | $-7.9M | ||
| Q3 25 | $-16.3M | $-851.0K | ||
| Q2 25 | $-12.6M | $-52.1M | ||
| Q1 25 | $-50.6M | $3.3M | ||
| Q4 24 | $-36.4M | $18.1M | ||
| Q3 24 | $-73.4M | $4.0M | ||
| Q2 24 | $-645.4M | $31.6M | ||
| Q1 24 | $-61.7M | $1.6M |
| Q4 25 | — | 31.8% | ||
| Q3 25 | — | 34.7% | ||
| Q2 25 | — | 30.4% | ||
| Q1 25 | — | 30.0% | ||
| Q4 24 | — | 36.2% | ||
| Q3 24 | — | 34.3% | ||
| Q2 24 | — | 32.0% | ||
| Q1 24 | — | 32.7% |
| Q4 25 | -0.5% | 1.0% | ||
| Q3 25 | 2.4% | 2.5% | ||
| Q2 25 | 3.2% | -6.3% | ||
| Q1 25 | 0.8% | 3.6% | ||
| Q4 24 | 12.0% | 8.3% | ||
| Q3 24 | 3.5% | 4.8% | ||
| Q2 24 | -170.2% | 8.1% | ||
| Q1 24 | -12.1% | 3.7% |
| Q4 25 | -4.5% | -1.6% | ||
| Q3 25 | -2.6% | -0.2% | ||
| Q2 25 | -2.0% | -7.9% | ||
| Q1 25 | -8.3% | 0.5% | ||
| Q4 24 | -5.8% | 3.9% | ||
| Q3 24 | -11.2% | 0.7% | ||
| Q2 24 | -100.3% | 4.2% | ||
| Q1 24 | -11.4% | 0.3% |
| Q4 25 | $-0.90 | $-0.36 | ||
| Q3 25 | $-0.52 | $0.08 | ||
| Q2 25 | $-0.41 | $-2.42 | ||
| Q1 25 | $-1.68 | $0.14 | ||
| Q4 24 | $-1.69 | $0.77 | ||
| Q3 24 | $-2.66 | $0.17 | ||
| Q2 24 | $-23.47 | $1.37 | ||
| Q1 24 | $-2.81 | $0.07 |
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 | $164.6M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $932.8M |
| Total Assets | $2.7B | $2.4B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $164.6M | ||
| Q3 25 | $140.4M | $170.4M | ||
| Q2 25 | $95.1M | $151.0M | ||
| Q1 25 | $116.3M | $203.5M | ||
| Q4 24 | $104.9M | $145.0M | ||
| Q3 24 | $136.6M | $224.3M | ||
| Q2 24 | $84.9M | $242.4M | ||
| Q1 24 | $152.0M | $216.7M |
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | $393.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $391.2M | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.7B | — |
| Q4 25 | $113.3M | $932.8M | ||
| Q3 25 | $139.8M | $937.2M | ||
| Q2 25 | $151.8M | $940.5M | ||
| Q1 25 | $154.6M | $993.4M | ||
| Q4 24 | $201.7M | $993.5M | ||
| Q3 24 | $226.1M | $975.8M | ||
| Q2 24 | $283.8M | $967.6M | ||
| Q1 24 | $926.1M | $931.3M |
| Q4 25 | $2.7B | $2.4B | ||
| Q3 25 | $2.8B | $2.5B | ||
| Q2 25 | $2.8B | $2.5B | ||
| Q1 25 | $2.8B | $2.7B | ||
| Q4 24 | $2.8B | $2.6B | ||
| Q3 24 | $3.1B | $2.6B | ||
| Q2 24 | $3.1B | $2.6B | ||
| Q1 24 | $4.0B | $2.6B |
| Q4 25 | 14.89× | — | ||
| Q3 25 | 12.05× | 0.42× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.40× | ||
| 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 | — | $16.9M |
| Free Cash FlowOCF − Capex | — | $8.3M |
| FCF MarginFCF / Revenue | — | 1.7% |
| Capex IntensityCapex / Revenue | 1.3% | 1.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $184.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $16.9M | ||
| Q3 25 | $52.7M | $61.5M | ||
| Q2 25 | — | $84.9M | ||
| Q1 25 | $27.6M | $72.5M | ||
| Q4 24 | $-23.2M | $-146.1M | ||
| Q3 24 | $51.2M | $-782.0K | ||
| Q2 24 | $-45.2M | $86.3M | ||
| Q1 24 | $-51.7M | $-22.1M |
| Q4 25 | — | $8.3M | ||
| Q3 25 | $48.6M | $48.0M | ||
| Q2 25 | — | $68.5M | ||
| Q1 25 | $15.7M | $59.8M | ||
| Q4 24 | $-30.5M | $-164.4M | ||
| Q3 24 | $40.7M | $-17.5M | ||
| Q2 24 | $-59.6M | $71.1M | ||
| Q1 24 | $-56.7M | $-37.3M |
| Q4 25 | — | 1.7% | ||
| Q3 25 | 7.7% | 8.7% | ||
| Q2 25 | — | 10.4% | ||
| Q1 25 | 2.6% | 9.5% | ||
| Q4 24 | -4.8% | -35.1% | ||
| Q3 24 | 6.2% | -3.1% | ||
| Q2 24 | -9.3% | 9.4% | ||
| Q1 24 | -10.5% | -6.4% |
| Q4 25 | 1.3% | 1.7% | ||
| Q3 25 | 0.7% | 2.4% | ||
| Q2 25 | 0.8% | 2.5% | ||
| Q1 25 | 1.9% | 2.0% | ||
| Q4 24 | 1.1% | 3.9% | ||
| Q3 24 | 1.6% | 3.0% | ||
| Q2 24 | 2.2% | 2.0% | ||
| Q1 24 | 0.9% | 2.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 21.97× | ||
| Q4 24 | — | -8.09× | ||
| Q3 24 | — | -0.20× | ||
| Q2 24 | — | 2.74× | ||
| Q1 24 | — | -13.92× |
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% |
HZO
Segment breakdown not available.
