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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Mid-America Apartment Communities (MAA). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $553.7M, roughly 1.1× Mid-America Apartment Communities). On growth, Mid-America Apartment Communities posted the faster year-over-year revenue change (438.7% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 0.7%).
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.
Mid-America Apartment Communities, Inc. (MAA) is a publicly traded real estate investment trust based in Memphis, Tennessee that invests in apartments in the Southeastern United States and the Southwestern United States.
FWRD vs MAA — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $553.7M |
| Net Profit | $-28.3M | — |
| Gross Margin | — | — |
| Operating Margin | -0.5% | — |
| Net Margin | -4.5% | — |
| Revenue YoY | -0.3% | 438.7% |
| Net Profit YoY | 22.2% | — |
| EPS (diluted) | $-0.90 | $4.34 |
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.
| Q1 26 | — | $553.7M | ||
| Q4 25 | $631.2M | $555.6M | ||
| Q3 25 | $631.8M | $554.4M | ||
| Q2 25 | $618.8M | $549.9M | ||
| Q1 25 | $613.3M | $549.3M | ||
| Q4 24 | $632.8M | $549.8M | ||
| Q3 24 | $655.9M | $551.1M | ||
| Q2 24 | $643.7M | $546.4M |
| Q1 26 | — | — | ||
| Q4 25 | $-28.3M | $57.6M | ||
| Q3 25 | $-16.3M | $99.5M | ||
| Q2 25 | $-12.6M | $108.1M | ||
| Q1 25 | $-50.6M | $181.7M | ||
| Q4 24 | $-36.4M | $166.6M | ||
| Q3 24 | $-73.4M | $115.2M | ||
| Q2 24 | $-645.4M | $102.0M |
| Q1 26 | — | — | ||
| Q4 25 | -0.5% | 10.4% | ||
| Q3 25 | 2.4% | 18.7% | ||
| Q2 25 | 3.2% | 20.2% | ||
| Q1 25 | 0.8% | 34.0% | ||
| Q4 24 | 12.0% | 31.3% | ||
| Q3 24 | 3.5% | 21.5% | ||
| Q2 24 | -170.2% | 19.3% |
| Q1 26 | — | — | ||
| Q4 25 | -4.5% | 10.4% | ||
| Q3 25 | -2.6% | 18.0% | ||
| Q2 25 | -2.0% | 19.7% | ||
| Q1 25 | -8.3% | 33.1% | ||
| Q4 24 | -5.8% | 30.3% | ||
| Q3 24 | -11.2% | 20.9% | ||
| Q2 24 | -100.3% | 18.7% |
| Q1 26 | — | $4.34 | ||
| Q4 25 | $-0.90 | $0.48 | ||
| Q3 25 | $-0.52 | $0.84 | ||
| Q2 25 | $-0.41 | $0.92 | ||
| Q1 25 | $-1.68 | $1.54 | ||
| Q4 24 | $-1.69 | $1.43 | ||
| Q3 24 | $-2.66 | $0.98 | ||
| Q2 24 | $-23.47 | $0.86 |
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 | — |
| Stockholders' EquityBook value | $113.3M | — |
| Total Assets | $2.7B | — |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $106.0M | $60.3M | ||
| Q3 25 | $140.4M | $32.2M | ||
| Q2 25 | $95.1M | $54.5M | ||
| Q1 25 | $116.3M | $55.8M | ||
| Q4 24 | $104.9M | $43.0M | ||
| Q3 24 | $136.6M | $50.2M | ||
| Q2 24 | $84.9M | $62.8M |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $113.3M | $5.7B | ||
| Q3 25 | $139.8M | $5.8B | ||
| Q2 25 | $151.8M | $5.9B | ||
| Q1 25 | $154.6M | $5.9B | ||
| Q4 24 | $201.7M | $5.9B | ||
| Q3 24 | $226.1M | $5.9B | ||
| Q2 24 | $283.8M | $6.0B |
| Q1 26 | — | — | ||
| Q4 25 | $2.7B | $12.0B | ||
| Q3 25 | $2.8B | $11.9B | ||
| Q2 25 | $2.8B | $11.8B | ||
| Q1 25 | $2.8B | $11.8B | ||
| Q4 24 | $2.8B | $11.8B | ||
| Q3 24 | $3.1B | $11.8B | ||
| Q2 24 | $3.1B | $11.6B |
| Q1 26 | — | — | ||
| Q4 25 | 14.89× | — | ||
| Q3 25 | 12.05× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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% |
MAA
| Same Store Communities | $517.0M | 93% |
| Non-Same Store Communities | $22.1M | 4% |
| Lease-up/Development Communities | $7.7M | 1% |
| Commercial Property/Land | $7.0M | 1% |
