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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and JANUS HENDERSON GROUP PLC (JHG). Click either name above to swap in a different company.
JANUS HENDERSON GROUP PLC is the larger business by last-quarter revenue ($1.1B vs $631.2M, roughly 1.8× FORWARD AIR CORP). JANUS HENDERSON GROUP PLC runs the higher net margin — 35.3% vs -4.5%, a 39.8% gap on every dollar of revenue. On growth, JANUS HENDERSON GROUP PLC posted the faster year-over-year revenue change (61.3% vs -0.3%). Over the past eight quarters, JANUS HENDERSON GROUP PLC's revenue compounded faster (43.9% 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.
Janus Henderson is a British-American global asset management group headquartered in the City of London, United Kingdom. It offers a range of financial products to individuals, intermediary advisors, and institutional investors globally under the trade name Janus Henderson Investors.
FWRD vs JHG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $1.1B |
| Net Profit | $-28.3M | $403.2M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 42.7% |
| Net Margin | -4.5% | 35.3% |
| Revenue YoY | -0.3% | 61.3% |
| Net Profit YoY | 22.2% | 231.0% |
| EPS (diluted) | $-0.90 | $2.59 |
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 | $1.1B | ||
| Q3 25 | $631.8M | $700.4M | ||
| Q2 25 | $618.8M | $633.2M | ||
| Q1 25 | $613.3M | $621.4M | ||
| Q4 24 | $632.8M | $708.3M | ||
| Q3 24 | $655.9M | $624.8M | ||
| Q2 24 | $643.7M | $588.4M | ||
| Q1 24 | $541.8M | $551.7M |
| Q4 25 | $-28.3M | $403.2M | ||
| Q3 25 | $-16.3M | $142.1M | ||
| Q2 25 | $-12.6M | $149.9M | ||
| Q1 25 | $-50.6M | $120.7M | ||
| Q4 24 | $-36.4M | $121.8M | ||
| Q3 24 | $-73.4M | $27.3M | ||
| Q2 24 | $-645.4M | $129.7M | ||
| Q1 24 | $-61.7M | $130.1M |
| Q4 25 | -0.5% | 42.7% | ||
| Q3 25 | 2.4% | 24.6% | ||
| Q2 25 | 3.2% | 25.9% | ||
| Q1 25 | 0.8% | 24.7% | ||
| Q4 24 | 12.0% | 27.9% | ||
| Q3 24 | 3.5% | 26.4% | ||
| Q2 24 | -170.2% | 27.9% | ||
| Q1 24 | -12.1% | 21.6% |
| Q4 25 | -4.5% | 35.3% | ||
| Q3 25 | -2.6% | 20.3% | ||
| Q2 25 | -2.0% | 23.7% | ||
| Q1 25 | -8.3% | 19.4% | ||
| Q4 24 | -5.8% | 17.2% | ||
| Q3 24 | -11.2% | 4.4% | ||
| Q2 24 | -100.3% | 22.0% | ||
| Q1 24 | -11.4% | 23.6% |
| Q4 25 | $-0.90 | $2.59 | ||
| Q3 25 | $-0.52 | $0.92 | ||
| Q2 25 | $-0.41 | $0.95 | ||
| Q1 25 | $-1.68 | $0.77 | ||
| Q4 24 | $-1.69 | $0.77 | ||
| Q3 24 | $-2.66 | $0.17 | ||
| Q2 24 | $-23.47 | $0.81 | ||
| Q1 24 | $-2.81 | $0.81 |
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 | $1.6B |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $5.1B |
| Total Assets | $2.7B | $8.3B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $1.6B | ||
| Q3 25 | $140.4M | $1.4B | ||
| Q2 25 | $95.1M | $1.3B | ||
| Q1 25 | $116.3M | $1.4B | ||
| Q4 24 | $104.9M | $1.6B | ||
| Q3 24 | $136.6M | $1.8B | ||
| Q2 24 | $84.9M | $1.3B | ||
| Q1 24 | $152.0M | $1.1B |
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.7B | — |
| Q4 25 | $113.3M | $5.1B | ||
| Q3 25 | $139.8M | $4.8B | ||
| Q2 25 | $151.8M | $4.8B | ||
| Q1 25 | $154.6M | $4.7B | ||
| Q4 24 | $201.7M | $4.6B | ||
| Q3 24 | $226.1M | $4.6B | ||
| Q2 24 | $283.8M | $4.5B | ||
| Q1 24 | $926.1M | $4.4B |
| Q4 25 | $2.7B | $8.3B | ||
| Q3 25 | $2.8B | $7.6B | ||
| Q2 25 | $2.8B | $7.5B | ||
| Q1 25 | $2.8B | $7.1B | ||
| Q4 24 | $2.8B | $7.0B | ||
| Q3 24 | $3.1B | $7.3B | ||
| Q2 24 | $3.1B | $6.4B | ||
| Q1 24 | $4.0B | $6.3B |
| Q4 25 | 14.89× | — | ||
| Q3 25 | 12.05× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| 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 | — | $322.7M |
| Free Cash FlowOCF − Capex | — | $320.4M |
| FCF MarginFCF / Revenue | — | 28.0% |
| Capex IntensityCapex / Revenue | 1.3% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 0.80× |
| TTM Free Cash FlowTrailing 4 quarters | — | $710.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $322.7M | ||
| Q3 25 | $52.7M | $258.8M | ||
| Q2 25 | — | $135.2M | ||
| Q1 25 | $27.6M | $2.8M | ||
| Q4 24 | $-23.2M | $247.3M | ||
| Q3 24 | $51.2M | $228.5M | ||
| Q2 24 | $-45.2M | $223.8M | ||
| Q1 24 | $-51.7M | $-5.0M |
| Q4 25 | — | $320.4M | ||
| Q3 25 | $48.6M | $256.4M | ||
| Q2 25 | — | $133.2M | ||
| Q1 25 | $15.7M | $900.0K | ||
| Q4 24 | $-30.5M | $243.5M | ||
| Q3 24 | $40.7M | $225.9M | ||
| Q2 24 | $-59.6M | $221.9M | ||
| Q1 24 | $-56.7M | $-6.8M |
| Q4 25 | — | 28.0% | ||
| Q3 25 | 7.7% | 36.6% | ||
| Q2 25 | — | 21.0% | ||
| Q1 25 | 2.6% | 0.1% | ||
| Q4 24 | -4.8% | 34.4% | ||
| Q3 24 | 6.2% | 36.2% | ||
| Q2 24 | -9.3% | 37.7% | ||
| Q1 24 | -10.5% | -1.2% |
| Q4 25 | 1.3% | 0.2% | ||
| Q3 25 | 0.7% | 0.3% | ||
| Q2 25 | 0.8% | 0.3% | ||
| Q1 25 | 1.9% | 0.3% | ||
| Q4 24 | 1.1% | 0.5% | ||
| Q3 24 | 1.6% | 0.4% | ||
| Q2 24 | 2.2% | 0.3% | ||
| Q1 24 | 0.9% | 0.3% |
| Q4 25 | — | 0.80× | ||
| Q3 25 | — | 1.82× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.02× | ||
| Q4 24 | — | 2.03× | ||
| Q3 24 | — | 8.37× | ||
| Q2 24 | — | 1.73× | ||
| Q1 24 | — | -0.04× |
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% |
JHG
| Investment Advice | $585.2M | 51% |
| Investment Performance | $425.8M | 37% |
| Other | $76.4M | 7% |
