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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and LifeStance Health Group, Inc. (LFST). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $382.2M, roughly 1.7× LifeStance Health Group, Inc.). LifeStance Health Group, Inc. runs the higher net margin — 3.1% vs -4.5%, a 7.5% gap on every dollar of revenue. On growth, LifeStance Health Group, Inc. posted the faster year-over-year revenue change (17.4% vs -0.3%). Over the past eight quarters, LifeStance Health Group, Inc.'s revenue compounded faster (12.8% 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.
Lifestance Health (Lifestance) is an American outpatient behavioral health services provider. They provide their services in person and via tele-health. Their services include therapy, psychiatry, TMS, and ketamine therapies. They have landed in lawsuits multiple times over labor violations, leaking of customer information, and misleading investors.
FWRD vs LFST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $382.2M |
| Net Profit | $-28.3M | $11.7M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 4.7% |
| Net Margin | -4.5% | 3.1% |
| Revenue YoY | -0.3% | 17.4% |
| Net Profit YoY | 22.2% | 264.1% |
| EPS (diluted) | $-0.90 | — |
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 | $382.2M | ||
| Q3 25 | $631.8M | $363.8M | ||
| Q2 25 | $618.8M | $345.3M | ||
| Q1 25 | $613.3M | $333.0M | ||
| Q4 24 | $632.8M | $325.5M | ||
| Q3 24 | $655.9M | $312.7M | ||
| Q2 24 | $643.7M | $312.3M | ||
| Q1 24 | $541.8M | $300.4M |
| Q4 25 | $-28.3M | $11.7M | ||
| Q3 25 | $-16.3M | $1.1M | ||
| Q2 25 | $-12.6M | $-3.8M | ||
| Q1 25 | $-50.6M | $709.0K | ||
| Q4 24 | $-36.4M | $-7.1M | ||
| Q3 24 | $-73.4M | $-6.0M | ||
| Q2 24 | $-645.4M | $-23.3M | ||
| Q1 24 | $-61.7M | $-21.1M |
| Q4 25 | -0.5% | 4.7% | ||
| Q3 25 | 2.4% | 2.0% | ||
| Q2 25 | 3.2% | -0.9% | ||
| Q1 25 | 0.8% | 0.5% | ||
| Q4 24 | 12.0% | 0.3% | ||
| Q3 24 | 3.5% | 0.0% | ||
| Q2 24 | -170.2% | -5.1% | ||
| Q1 24 | -12.1% | -5.6% |
| Q4 25 | -4.5% | 3.1% | ||
| Q3 25 | -2.6% | 0.3% | ||
| Q2 25 | -2.0% | -1.1% | ||
| Q1 25 | -8.3% | 0.2% | ||
| Q4 24 | -5.8% | -2.2% | ||
| Q3 24 | -11.2% | -1.9% | ||
| Q2 24 | -100.3% | -7.5% | ||
| Q1 24 | -11.4% | -7.0% |
| Q4 25 | $-0.90 | — | ||
| Q3 25 | $-0.52 | — | ||
| Q2 25 | $-0.41 | — | ||
| Q1 25 | $-1.68 | — | ||
| Q4 24 | $-1.69 | — | ||
| Q3 24 | $-2.66 | — | ||
| Q2 24 | $-23.47 | — | ||
| Q1 24 | $-2.81 | — |
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 | $248.6M |
| Total DebtLower is stronger | $1.7B | $282.8M |
| Stockholders' EquityBook value | $113.3M | $1.5B |
| Total Assets | $2.7B | $2.2B |
| Debt / EquityLower = less leverage | 14.89× | 0.19× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $248.6M | ||
| Q3 25 | $140.4M | $203.9M | ||
| Q2 25 | $95.1M | $188.9M | ||
| Q1 25 | $116.3M | $134.3M | ||
| Q4 24 | $104.9M | $154.6M | ||
| Q3 24 | $136.6M | $102.6M | ||
| Q2 24 | $84.9M | $87.0M | ||
| Q1 24 | $152.0M | $49.5M |
| Q4 25 | $1.7B | $282.8M | ||
| Q3 25 | $1.7B | $284.6M | ||
| Q2 25 | — | $286.4M | ||
| Q1 25 | — | $288.2M | ||
| Q4 24 | — | $290.0M | ||
| Q3 24 | — | $287.3M | ||
| Q2 24 | — | $288.0M | ||
| Q1 24 | $1.7B | $288.8M |
| Q4 25 | $113.3M | $1.5B | ||
| Q3 25 | $139.8M | $1.5B | ||
| Q2 25 | $151.8M | $1.5B | ||
| Q1 25 | $154.6M | $1.5B | ||
| Q4 24 | $201.7M | $1.4B | ||
| Q3 24 | $226.1M | $1.4B | ||
| Q2 24 | $283.8M | $1.4B | ||
| Q1 24 | $926.1M | $1.4B |
| Q4 25 | $2.7B | $2.2B | ||
| Q3 25 | $2.8B | $2.1B | ||
| Q2 25 | $2.8B | $2.1B | ||
| Q1 25 | $2.8B | $2.1B | ||
| Q4 24 | $2.8B | $2.1B | ||
| Q3 24 | $3.1B | $2.1B | ||
| Q2 24 | $3.1B | $2.1B | ||
| Q1 24 | $4.0B | $2.1B |
| Q4 25 | 14.89× | 0.19× | ||
| Q3 25 | 12.05× | 0.19× | ||
| Q2 25 | — | 0.19× | ||
| Q1 25 | — | 0.20× | ||
| Q4 24 | — | 0.20× | ||
| Q3 24 | — | 0.20× | ||
| Q2 24 | — | 0.20× | ||
| Q1 24 | 1.81× | 0.20× |
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 | — | $57.6M |
| Free Cash FlowOCF − Capex | — | $46.6M |
| FCF MarginFCF / Revenue | — | 12.2% |
| Capex IntensityCapex / Revenue | 1.3% | 2.9% |
| Cash ConversionOCF / Net Profit | — | 4.93× |
| TTM Free Cash FlowTrailing 4 quarters | — | $110.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $57.6M | ||
| Q3 25 | $52.7M | $27.3M | ||
| Q2 25 | — | $64.4M | ||
| Q1 25 | $27.6M | $-3.1M | ||
| Q4 24 | $-23.2M | $62.3M | ||
| Q3 24 | $51.2M | $22.7M | ||
| Q2 24 | $-45.2M | $44.1M | ||
| Q1 24 | $-51.7M | $-21.8M |
| Q4 25 | — | $46.6M | ||
| Q3 25 | $48.6M | $17.0M | ||
| Q2 25 | — | $56.6M | ||
| Q1 25 | $15.7M | $-10.3M | ||
| Q4 24 | $-30.5M | $56.0M | ||
| Q3 24 | $40.7M | $17.7M | ||
| Q2 24 | $-59.6M | $39.0M | ||
| Q1 24 | $-56.7M | $-26.9M |
| Q4 25 | — | 12.2% | ||
| Q3 25 | 7.7% | 4.7% | ||
| Q2 25 | — | 16.4% | ||
| Q1 25 | 2.6% | -3.1% | ||
| Q4 24 | -4.8% | 17.2% | ||
| Q3 24 | 6.2% | 5.7% | ||
| Q2 24 | -9.3% | 12.5% | ||
| Q1 24 | -10.5% | -9.0% |
| Q4 25 | 1.3% | 2.9% | ||
| Q3 25 | 0.7% | 2.8% | ||
| Q2 25 | 0.8% | 2.2% | ||
| Q1 25 | 1.9% | 2.2% | ||
| Q4 24 | 1.1% | 1.9% | ||
| Q3 24 | 1.6% | 1.6% | ||
| Q2 24 | 2.2% | 1.6% | ||
| Q1 24 | 0.9% | 1.7% |
| Q4 25 | — | 4.93× | ||
| Q3 25 | — | 25.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -4.36× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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% |
LFST
Segment breakdown not available.
