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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Koppers Holdings Inc. (KOP). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $432.7M, roughly 1.5× Koppers Holdings Inc.). Koppers Holdings Inc. runs the higher net margin — 6.9% vs -4.5%, a 11.4% gap on every dollar of revenue. On growth, FORWARD AIR CORP posted the faster year-over-year revenue change (-0.3% vs -9.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -6.7%).
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.
Koppers is a global chemical and materials company based in Pittsburgh, Pennsylvania, United States. Its headquarters is an art-deco 1920s skyscraper, the Koppers Tower.
FWRD vs KOP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $432.7M |
| Net Profit | $-28.3M | $29.7M |
| Gross Margin | — | 25.6% |
| Operating Margin | -0.5% | 11.5% |
| Net Margin | -4.5% | 6.9% |
| Revenue YoY | -0.3% | -9.3% |
| Net Profit YoY | 22.2% | 391.2% |
| EPS (diluted) | $-0.90 | $1.44 |
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 | $432.7M | ||
| Q3 25 | $631.8M | $485.3M | ||
| Q2 25 | $618.8M | $504.8M | ||
| Q1 25 | $613.3M | $456.5M | ||
| Q4 24 | $632.8M | $477.0M | ||
| Q3 24 | $655.9M | $554.3M | ||
| Q2 24 | $643.7M | $563.2M | ||
| Q1 24 | $541.8M | $497.6M |
| Q4 25 | $-28.3M | $29.7M | ||
| Q3 25 | $-16.3M | $23.8M | ||
| Q2 25 | $-12.6M | $16.4M | ||
| Q1 25 | $-50.6M | $-13.9M | ||
| Q4 24 | $-36.4M | $-10.2M | ||
| Q3 24 | $-73.4M | $22.8M | ||
| Q2 24 | $-645.4M | $26.8M | ||
| Q1 24 | $-61.7M | $13.0M |
| Q4 25 | — | 25.6% | ||
| Q3 25 | — | 24.1% | ||
| Q2 25 | — | 22.6% | ||
| Q1 25 | — | 23.2% | ||
| Q4 24 | — | 17.5% | ||
| Q3 24 | — | 21.9% | ||
| Q2 24 | — | 21.6% | ||
| Q1 24 | — | 19.3% |
| Q4 25 | -0.5% | 11.5% | ||
| Q3 25 | 2.4% | 10.7% | ||
| Q2 25 | 3.2% | 7.7% | ||
| Q1 25 | 0.8% | 5.9% | ||
| Q4 24 | 12.0% | 1.3% | ||
| Q3 24 | 3.5% | 9.0% | ||
| Q2 24 | -170.2% | 10.2% | ||
| Q1 24 | -12.1% | 7.0% |
| Q4 25 | -4.5% | 6.9% | ||
| Q3 25 | -2.6% | 4.9% | ||
| Q2 25 | -2.0% | 3.2% | ||
| Q1 25 | -8.3% | -3.0% | ||
| Q4 24 | -5.8% | -2.1% | ||
| Q3 24 | -11.2% | 4.1% | ||
| Q2 24 | -100.3% | 4.8% | ||
| Q1 24 | -11.4% | 2.6% |
| Q4 25 | $-0.90 | $1.44 | ||
| Q3 25 | $-0.52 | $1.17 | ||
| Q2 25 | $-0.41 | $0.81 | ||
| Q1 25 | $-1.68 | $-0.68 | ||
| Q4 24 | $-1.69 | $-0.47 | ||
| Q3 24 | $-2.66 | $1.09 | ||
| Q2 24 | $-23.47 | $1.25 | ||
| Q1 24 | $-2.81 | $0.59 |
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 | — |
| Total DebtLower is stronger | $1.7B | $928.3M |
| Stockholders' EquityBook value | $113.3M | $574.0M |
| Total Assets | $2.7B | $1.9B |
| Debt / EquityLower = less leverage | 14.89× | 1.62× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | — | ||
| Q3 25 | $140.4M | — | ||
| Q2 25 | $95.1M | — | ||
| Q1 25 | $116.3M | — | ||
| Q4 24 | $104.9M | — | ||
| Q3 24 | $136.6M | — | ||
| Q2 24 | $84.9M | — | ||
| Q1 24 | $152.0M | — |
| Q4 25 | $1.7B | $928.3M | ||
| Q3 25 | $1.7B | $932.9M | ||
| Q2 25 | — | $977.5M | ||
| Q1 25 | — | $989.0M | ||
| Q4 24 | — | $939.5M | ||
| Q3 24 | — | $989.4M | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | $1.7B | $877.6M |
| Q4 25 | $113.3M | $574.0M | ||
| Q3 25 | $139.8M | $545.6M | ||
| Q2 25 | $151.8M | $526.8M | ||
| Q1 25 | $154.6M | $498.0M | ||
| Q4 24 | $201.7M | $488.7M | ||
| Q3 24 | $226.1M | $532.3M | ||
| Q2 24 | $283.8M | $509.2M | ||
| Q1 24 | $926.1M | $505.8M |
| Q4 25 | $2.7B | $1.9B | ||
| Q3 25 | $2.8B | $1.9B | ||
| Q2 25 | $2.8B | $1.9B | ||
| Q1 25 | $2.8B | $1.9B | ||
| Q4 24 | $2.8B | $1.9B | ||
| Q3 24 | $3.1B | $2.0B | ||
| Q2 24 | $3.1B | $1.9B | ||
| Q1 24 | $4.0B | $1.8B |
| Q4 25 | 14.89× | 1.62× | ||
| Q3 25 | 12.05× | 1.71× | ||
| Q2 25 | — | 1.86× | ||
| Q1 25 | — | 1.99× | ||
| Q4 24 | — | 1.92× | ||
| Q3 24 | — | 1.86× | ||
| Q2 24 | — | 1.97× | ||
| Q1 24 | 1.81× | 1.74× |
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 | — | $45.1M |
| Free Cash FlowOCF − Capex | — | $28.5M |
| FCF MarginFCF / Revenue | — | 6.6% |
| Capex IntensityCapex / Revenue | 1.3% | 3.8% |
| Cash ConversionOCF / Net Profit | — | 1.52× |
| TTM Free Cash FlowTrailing 4 quarters | — | $67.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $45.1M | ||
| Q3 25 | $52.7M | $49.6M | ||
| Q2 25 | — | $50.5M | ||
| Q1 25 | $27.6M | $-22.7M | ||
| Q4 24 | $-23.2M | $74.7M | ||
| Q3 24 | $51.2M | $29.8M | ||
| Q2 24 | $-45.2M | $27.2M | ||
| Q1 24 | $-51.7M | $-12.3M |
| Q4 25 | — | $28.5M | ||
| Q3 25 | $48.6M | $37.6M | ||
| Q2 25 | — | $38.4M | ||
| Q1 25 | $15.7M | $-37.0M | ||
| Q4 24 | $-30.5M | $56.1M | ||
| Q3 24 | $40.7M | $14.4M | ||
| Q2 24 | $-59.6M | $10.1M | ||
| Q1 24 | $-56.7M | $-38.6M |
| Q4 25 | — | 6.6% | ||
| Q3 25 | 7.7% | 7.7% | ||
| Q2 25 | — | 7.6% | ||
| Q1 25 | 2.6% | -8.1% | ||
| Q4 24 | -4.8% | 11.8% | ||
| Q3 24 | 6.2% | 2.6% | ||
| Q2 24 | -9.3% | 1.8% | ||
| Q1 24 | -10.5% | -7.8% |
| Q4 25 | 1.3% | 3.8% | ||
| Q3 25 | 0.7% | 2.5% | ||
| Q2 25 | 0.8% | 2.4% | ||
| Q1 25 | 1.9% | 3.1% | ||
| Q4 24 | 1.1% | 3.9% | ||
| Q3 24 | 1.6% | 2.8% | ||
| Q2 24 | 2.2% | 3.0% | ||
| Q1 24 | 0.9% | 5.3% |
| Q4 25 | — | 1.52× | ||
| Q3 25 | — | 2.08× | ||
| Q2 25 | — | 3.08× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.31× | ||
| Q2 24 | — | 1.01× | ||
| Q1 24 | — | -0.95× |
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% |
KOP
| Other | $127.8M | 30% |
| Railroad Treated Products | $119.0M | 28% |
| Utility Poles | $79.8M | 18% |
| Pitch And Related Products | $74.1M | 17% |
| Carbon Black Feedstock And Distillates | $14.4M | 3% |
| Railroad Infrastructure Products And Services | $9.9M | 2% |
| Phthalic Anhydride Naphthalene And Other Chemicals | $7.7M | 2% |
