vs
Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Magnera Corp (MAGN). Click either name above to swap in a different company.
Magnera Corp is the larger business by last-quarter revenue ($792.0M vs $631.2M, roughly 1.3× FORWARD AIR CORP). Magnera Corp runs the higher net margin — -4.3% vs -4.5%, a 0.2% gap on every dollar of revenue. On growth, Magnera Corp posted the faster year-over-year revenue change (12.8% vs -0.3%). Over the past eight quarters, Magnera Corp's revenue compounded faster (54.9% 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.
FWRD vs MAGN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $792.0M |
| Net Profit | $-28.3M | $-34.0M |
| Gross Margin | — | 12.2% |
| Operating Margin | -0.5% | 1.8% |
| Net Margin | -4.5% | -4.3% |
| Revenue YoY | -0.3% | 12.8% |
| Net Profit YoY | 22.2% | 43.3% |
| EPS (diluted) | $-0.90 | $-0.95 |
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 | $792.0M | ||
| Q3 25 | $631.8M | — | ||
| Q2 25 | $618.8M | $839.0M | ||
| Q1 25 | $613.3M | $824.0M | ||
| Q4 24 | $632.8M | $702.0M | ||
| Q3 24 | $655.9M | $332.1M | ||
| Q2 24 | $643.7M | $556.0M | ||
| Q1 24 | $541.8M | $558.0M |
| Q4 25 | $-28.3M | $-34.0M | ||
| Q3 25 | $-16.3M | — | ||
| Q2 25 | $-12.6M | $-18.0M | ||
| Q1 25 | $-50.6M | $-41.0M | ||
| Q4 24 | $-36.4M | $-60.0M | ||
| Q3 24 | $-73.4M | $-15.2M | ||
| Q2 24 | $-645.4M | $19.0M | ||
| Q1 24 | $-61.7M | $14.0M |
| Q4 25 | — | 12.2% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 10.7% | ||
| Q1 25 | — | 10.7% | ||
| Q4 24 | — | 10.1% | ||
| Q3 24 | — | 10.7% | ||
| Q2 24 | — | 6.6% | ||
| Q1 24 | — | 6.2% |
| Q4 25 | -0.5% | 1.8% | ||
| Q3 25 | 2.4% | — | ||
| Q2 25 | 3.2% | 1.5% | ||
| Q1 25 | 0.8% | 0.5% | ||
| Q4 24 | 12.0% | -3.1% | ||
| Q3 24 | 3.5% | 0.9% | ||
| Q2 24 | -170.2% | 3.1% | ||
| Q1 24 | -12.1% | 3.8% |
| Q4 25 | -4.5% | -4.3% | ||
| Q3 25 | -2.6% | — | ||
| Q2 25 | -2.0% | -2.1% | ||
| Q1 25 | -8.3% | -5.0% | ||
| Q4 24 | -5.8% | -8.5% | ||
| Q3 24 | -11.2% | -4.6% | ||
| Q2 24 | -100.3% | 3.4% | ||
| Q1 24 | -11.4% | 2.5% |
| Q4 25 | $-0.90 | $-0.95 | ||
| Q3 25 | $-0.52 | — | ||
| Q2 25 | $-0.41 | $-0.51 | ||
| Q1 25 | $-1.68 | $-1.15 | ||
| Q4 24 | $-1.69 | $-1.69 | ||
| Q3 24 | $-2.66 | $-0.33 | ||
| Q2 24 | $-23.47 | $0.60 | ||
| Q1 24 | $-2.81 | $0.44 |
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 | $264.0M |
| Total DebtLower is stronger | $1.7B | $1.9B |
| Stockholders' EquityBook value | $113.3M | $1.0B |
| Total Assets | $2.7B | $3.9B |
| Debt / EquityLower = less leverage | 14.89× | 1.86× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $264.0M | ||
| Q3 25 | $140.4M | — | ||
| Q2 25 | $95.1M | $276.0M | ||
| Q1 25 | $116.3M | $282.0M | ||
| Q4 24 | $104.9M | $215.0M | ||
| Q3 24 | $136.6M | $230.0M | ||
| Q2 24 | $84.9M | $33.9M | ||
| Q1 24 | $152.0M | $30.2M |
| Q4 25 | $1.7B | $1.9B | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $877.4M | ||
| Q1 24 | $1.7B | $884.7M |
| Q4 25 | $113.3M | $1.0B | ||
| Q3 25 | $139.8M | — | ||
| Q2 25 | $151.8M | $1.1B | ||
| Q1 25 | $154.6M | $1.1B | ||
| Q4 24 | $201.7M | $1.1B | ||
| Q3 24 | $226.1M | $2.1B | ||
| Q2 24 | $283.8M | $2.4B | ||
| Q1 24 | $926.1M | $2.4B |
| Q4 25 | $2.7B | $3.9B | ||
| Q3 25 | $2.8B | — | ||
| Q2 25 | $2.8B | $4.1B | ||
| Q1 25 | $2.8B | $4.1B | ||
| Q4 24 | $2.8B | $4.0B | ||
| Q3 24 | $3.1B | $2.8B | ||
| Q2 24 | $3.1B | $1.5B | ||
| Q1 24 | $4.0B | $1.5B |
| Q4 25 | 14.89× | 1.86× | ||
| Q3 25 | 12.05× | — | ||
| Q2 25 | — | 1.77× | ||
| Q1 25 | — | 1.83× | ||
| Q4 24 | — | 1.80× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | 1.81× | 0.36× |
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 | — | $2.0M |
| Free Cash FlowOCF − Capex | — | $-13.0M |
| FCF MarginFCF / Revenue | — | -1.6% |
| Capex IntensityCapex / Revenue | 1.3% | 1.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $2.0M | ||
| Q3 25 | $52.7M | — | ||
| Q2 25 | — | $0 | ||
| Q1 25 | $27.6M | $65.0M | ||
| Q4 24 | $-23.2M | $-58.0M | ||
| Q3 24 | $51.2M | $12.2M | ||
| Q2 24 | $-45.2M | $38.0M | ||
| Q1 24 | $-51.7M | $20.0M |
| Q4 25 | — | $-13.0M | ||
| Q3 25 | $48.6M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $15.7M | $42.0M | ||
| Q4 24 | $-30.5M | $-74.0M | ||
| Q3 24 | $40.7M | $3.6M | ||
| Q2 24 | $-59.6M | $23.0M | ||
| Q1 24 | $-56.7M | $12.5M |
| Q4 25 | — | -1.6% | ||
| Q3 25 | 7.7% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.6% | 5.1% | ||
| Q4 24 | -4.8% | -10.5% | ||
| Q3 24 | 6.2% | 1.1% | ||
| Q2 24 | -9.3% | 4.1% | ||
| Q1 24 | -10.5% | 2.2% |
| Q4 25 | 1.3% | 1.9% | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.8% | 1.5% | ||
| Q1 25 | 1.9% | 2.8% | ||
| Q4 24 | 1.1% | 2.3% | ||
| Q3 24 | 1.6% | 2.6% | ||
| Q2 24 | 2.2% | 2.7% | ||
| Q1 24 | 0.9% | 1.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.00× | ||
| Q1 24 | — | 1.43× |
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% |
MAGN
| Other | $451.0M | 57% |
| United States And Canada | $341.0M | 43% |
