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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and MASIMO CORP (MASI). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $371.5M, roughly 1.7× MASIMO CORP). FORWARD AIR CORP runs the higher net margin — -4.5% vs -27.0%, a 22.5% gap on every dollar of revenue. On growth, FORWARD AIR CORP posted the faster year-over-year revenue change (-0.3% vs -26.4%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -17.7%).
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.
Masimo Corporation is an American health technology and consumer electronics company headquartered in Irvine, California. The company develops patient monitoring devices, non-invasive sensors, and related software platforms used in hospital and home settings. Masimo has also operated in the consumer audio and wearable device markets.
FWRD vs MASI — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $371.5M |
| Net Profit | $-28.3M | $-100.4M |
| Gross Margin | — | 62.1% |
| Operating Margin | -0.5% | 22.5% |
| Net Margin | -4.5% | -27.0% |
| Revenue YoY | -0.3% | -26.4% |
| Net Profit YoY | 22.2% | -1124.5% |
| EPS (diluted) | $-0.90 | $-1.84 |
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 | — | ||
| Q3 25 | $631.8M | $371.5M | ||
| Q2 25 | $618.8M | $370.9M | ||
| Q1 25 | $613.3M | $372.0M | ||
| Q4 24 | $632.8M | $600.7M | ||
| Q3 24 | $655.9M | $504.6M | ||
| Q2 24 | $643.7M | $496.3M | ||
| Q1 24 | $541.8M | $492.8M |
| Q4 25 | $-28.3M | — | ||
| Q3 25 | $-16.3M | $-100.4M | ||
| Q2 25 | $-12.6M | $51.3M | ||
| Q1 25 | $-50.6M | $-170.7M | ||
| Q4 24 | $-36.4M | $-349.6M | ||
| Q3 24 | $-73.4M | $9.8M | ||
| Q2 24 | $-645.4M | $16.0M | ||
| Q1 24 | $-61.7M | $18.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | 62.1% | ||
| Q2 25 | — | 62.9% | ||
| Q1 25 | — | 62.9% | ||
| Q4 24 | — | 40.7% | ||
| Q3 24 | — | 52.2% | ||
| Q2 24 | — | 51.3% | ||
| Q1 24 | — | 49.0% |
| Q4 25 | -0.5% | — | ||
| Q3 25 | 2.4% | 22.5% | ||
| Q2 25 | 3.2% | 17.4% | ||
| Q1 25 | 0.8% | 21.0% | ||
| Q4 24 | 12.0% | -59.8% | ||
| Q3 24 | 3.5% | 6.0% | ||
| Q2 24 | -170.2% | 5.7% | ||
| Q1 24 | -12.1% | 6.9% |
| Q4 25 | -4.5% | — | ||
| Q3 25 | -2.6% | -27.0% | ||
| Q2 25 | -2.0% | 13.8% | ||
| Q1 25 | -8.3% | -45.9% | ||
| Q4 24 | -5.8% | -58.2% | ||
| Q3 24 | -11.2% | 1.9% | ||
| Q2 24 | -100.3% | 3.2% | ||
| Q1 24 | -11.4% | 3.8% |
| Q4 25 | $-0.90 | — | ||
| Q3 25 | $-0.52 | $-1.84 | ||
| Q2 25 | $-0.41 | $0.94 | ||
| Q1 25 | $-1.68 | $-3.12 | ||
| Q4 24 | $-1.69 | $-6.54 | ||
| Q3 24 | $-2.66 | $0.18 | ||
| Q2 24 | $-23.47 | $0.29 | ||
| Q1 24 | $-2.81 | $0.35 |
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 | $312.3M |
| Total DebtLower is stronger | $1.7B | $559.1M |
| Stockholders' EquityBook value | $113.3M | $810.0M |
| Total Assets | $2.7B | $1.8B |
| Debt / EquityLower = less leverage | 14.89× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | — | ||
| Q3 25 | $140.4M | $312.3M | ||
| Q2 25 | $95.1M | $149.6M | ||
| Q1 25 | $116.3M | $130.8M | ||
| Q4 24 | $104.9M | $177.6M | ||
| Q3 24 | $136.6M | $158.5M | ||
| Q2 24 | $84.9M | $129.6M | ||
| Q1 24 | $152.0M | $157.6M |
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | $559.1M | ||
| Q2 25 | — | $613.7M | ||
| Q1 25 | — | $651.0M | ||
| Q4 24 | — | $765.2M | ||
| Q3 24 | — | $772.6M | ||
| Q2 24 | — | $781.6M | ||
| Q1 24 | $1.7B | $876.0M |
| Q4 25 | $113.3M | — | ||
| Q3 25 | $139.8M | $810.0M | ||
| Q2 25 | $151.8M | $1.0B | ||
| Q1 25 | $154.6M | $946.4M | ||
| Q4 24 | $201.7M | $1.1B | ||
| Q3 24 | $226.1M | $1.5B | ||
| Q2 24 | $283.8M | $1.4B | ||
| Q1 24 | $926.1M | $1.4B |
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.8B | $1.8B | ||
| Q2 25 | $2.8B | $2.4B | ||
| Q1 25 | $2.8B | $2.3B | ||
| Q4 24 | $2.8B | $2.6B | ||
| Q3 24 | $3.1B | $3.1B | ||
| Q2 24 | $3.1B | $2.9B | ||
| Q1 24 | $4.0B | $3.0B |
| Q4 25 | 14.89× | — | ||
| Q3 25 | 12.05× | 0.69× | ||
| Q2 25 | — | 0.59× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.53× | ||
| Q2 24 | — | 0.57× | ||
| Q1 24 | 1.81× | 0.64× |
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 | — | $56.8M |
| Free Cash FlowOCF − Capex | — | $50.9M |
| FCF MarginFCF / Revenue | — | 13.7% |
| Capex IntensityCapex / Revenue | 1.3% | 1.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $191.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $52.7M | $56.8M | ||
| Q2 25 | — | $69.4M | ||
| Q1 25 | $27.6M | $31.1M | ||
| Q4 24 | $-23.2M | $50.5M | ||
| Q3 24 | $51.2M | $25.6M | ||
| Q2 24 | $-45.2M | $74.5M | ||
| Q1 24 | $-51.7M | $45.8M |
| Q4 25 | — | — | ||
| Q3 25 | $48.6M | $50.9M | ||
| Q2 25 | — | $65.6M | ||
| Q1 25 | $15.7M | $28.5M | ||
| Q4 24 | $-30.5M | $46.0M | ||
| Q3 24 | $40.7M | $16.9M | ||
| Q2 24 | $-59.6M | $66.9M | ||
| Q1 24 | $-56.7M | $37.6M |
| Q4 25 | — | — | ||
| Q3 25 | 7.7% | 13.7% | ||
| Q2 25 | — | 17.7% | ||
| Q1 25 | 2.6% | 7.7% | ||
| Q4 24 | -4.8% | 7.7% | ||
| Q3 24 | 6.2% | 3.3% | ||
| Q2 24 | -9.3% | 13.5% | ||
| Q1 24 | -10.5% | 7.6% |
| Q4 25 | 1.3% | — | ||
| Q3 25 | 0.7% | 1.6% | ||
| Q2 25 | 0.8% | 1.0% | ||
| Q1 25 | 1.9% | 0.7% | ||
| Q4 24 | 1.1% | 0.7% | ||
| Q3 24 | 1.6% | 1.7% | ||
| Q2 24 | 2.2% | 1.5% | ||
| Q1 24 | 0.9% | 1.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.35× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.61× | ||
| Q2 24 | — | 4.66× | ||
| Q1 24 | — | 2.42× |
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% |
MASI
Segment breakdown not available.
