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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Microchip Technology (MCHP). Click either name above to swap in a different company.
Microchip Technology is the larger business by last-quarter revenue ($1.2B vs $631.2M, roughly 1.9× FORWARD AIR CORP). Microchip Technology runs the higher net margin — 5.3% vs -4.5%, a 9.8% gap on every dollar of revenue. On growth, Microchip Technology posted the faster year-over-year revenue change (15.6% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -5.4%).
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.
Microchip Technology Incorporated is an American publicly traded semiconductor corporation that manufactures microcontroller, mixed-signal, analog, and Flash-IP integrated circuits.
FWRD vs MCHP — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $1.2B |
| Net Profit | $-28.3M | $62.7M |
| Gross Margin | — | 59.6% |
| Operating Margin | -0.5% | 12.8% |
| Net Margin | -4.5% | 5.3% |
| Revenue YoY | -0.3% | 15.6% |
| Net Profit YoY | 22.2% | 217.0% |
| EPS (diluted) | $-0.90 | $0.06 |
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 | $1.2B | ||
| Q3 25 | $631.8M | $1.1B | ||
| Q2 25 | $618.8M | $1.1B | ||
| Q1 25 | $613.3M | $970.5M | ||
| Q4 24 | $632.8M | $1.0B | ||
| Q3 24 | $655.9M | $1.2B | ||
| Q2 24 | $643.7M | $1.2B | ||
| Q1 24 | $541.8M | $1.3B |
| Q4 25 | $-28.3M | $62.7M | ||
| Q3 25 | $-16.3M | $41.7M | ||
| Q2 25 | $-12.6M | $-18.6M | ||
| Q1 25 | $-50.6M | $-154.6M | ||
| Q4 24 | $-36.4M | $-53.6M | ||
| Q3 24 | $-73.4M | $78.4M | ||
| Q2 24 | $-645.4M | $129.3M | ||
| Q1 24 | $-61.7M | $154.7M |
| Q4 25 | — | 59.6% | ||
| Q3 25 | — | 55.9% | ||
| Q2 25 | — | 53.6% | ||
| Q1 25 | — | 51.6% | ||
| Q4 24 | — | 54.7% | ||
| Q3 24 | — | 57.4% | ||
| Q2 24 | — | 59.4% | ||
| Q1 24 | — | 59.6% |
| Q4 25 | -0.5% | 12.8% | ||
| Q3 25 | 2.4% | 7.8% | ||
| Q2 25 | 3.2% | 3.0% | ||
| Q1 25 | 0.8% | -10.3% | ||
| Q4 24 | 12.0% | 3.0% | ||
| Q3 24 | 3.5% | 12.6% | ||
| Q2 24 | -170.2% | 17.7% | ||
| Q1 24 | -12.1% | 19.1% |
| Q4 25 | -4.5% | 5.3% | ||
| Q3 25 | -2.6% | 3.7% | ||
| Q2 25 | -2.0% | -1.7% | ||
| Q1 25 | -8.3% | -15.9% | ||
| Q4 24 | -5.8% | -5.2% | ||
| Q3 24 | -11.2% | 6.7% | ||
| Q2 24 | -100.3% | 10.4% | ||
| Q1 24 | -11.4% | 11.7% |
| Q4 25 | $-0.90 | $0.06 | ||
| Q3 25 | $-0.52 | $0.03 | ||
| Q2 25 | $-0.41 | $-0.09 | ||
| Q1 25 | $-1.68 | $-0.29 | ||
| Q4 24 | $-1.69 | $-0.10 | ||
| Q3 24 | $-2.66 | $0.14 | ||
| Q2 24 | $-23.47 | $0.24 | ||
| Q1 24 | $-2.81 | $0.29 |
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 | $250.7M |
| Total DebtLower is stronger | $1.7B | $5.4B |
| Stockholders' EquityBook value | $113.3M | $6.6B |
| Total Assets | $2.7B | $14.3B |
| Debt / EquityLower = less leverage | 14.89× | 0.82× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $250.7M | ||
| Q3 25 | $140.4M | $236.8M | ||
| Q2 25 | $95.1M | $566.5M | ||
| Q1 25 | $116.3M | $771.7M | ||
| Q4 24 | $104.9M | $586.0M | ||
| Q3 24 | $136.6M | $286.1M | ||
| Q2 24 | $84.9M | $315.1M | ||
| Q1 24 | $152.0M | $319.7M |
| Q4 25 | $1.7B | $5.4B | ||
| Q3 25 | $1.7B | $5.4B | ||
| Q2 25 | — | $5.5B | ||
| Q1 25 | — | $5.6B | ||
| Q4 24 | — | $6.7B | ||
| Q3 24 | — | $6.4B | ||
| Q2 24 | — | $6.2B | ||
| Q1 24 | $1.7B | $6.0B |
| Q4 25 | $113.3M | $6.6B | ||
| Q3 25 | $139.8M | $6.7B | ||
| Q2 25 | $151.8M | $6.9B | ||
| Q1 25 | $154.6M | $7.1B | ||
| Q4 24 | $201.7M | $6.0B | ||
| Q3 24 | $226.1M | $6.3B | ||
| Q2 24 | $283.8M | $6.4B | ||
| Q1 24 | $926.1M | $6.7B |
| Q4 25 | $2.7B | $14.3B | ||
| Q3 25 | $2.8B | $14.5B | ||
| Q2 25 | $2.8B | $15.0B | ||
| Q1 25 | $2.8B | $15.4B | ||
| Q4 24 | $2.8B | $15.6B | ||
| Q3 24 | $3.1B | $15.6B | ||
| Q2 24 | $3.1B | $15.8B | ||
| Q1 24 | $4.0B | $15.9B |
| Q4 25 | 14.89× | 0.82× | ||
| Q3 25 | 12.05× | 0.80× | ||
| Q2 25 | — | 0.80× | ||
| Q1 25 | — | 0.80× | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | 1.02× | ||
| Q2 24 | — | 0.96× | ||
| Q1 24 | 1.81× | 0.90× |
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 | — | $341.4M |
| Free Cash FlowOCF − Capex | — | $318.9M |
| FCF MarginFCF / Revenue | — | 26.9% |
| Capex IntensityCapex / Revenue | 1.3% | 1.9% |
| Cash ConversionOCF / Net Profit | — | 5.44× |
| TTM Free Cash FlowTrailing 4 quarters | — | $819.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $341.4M | ||
| Q3 25 | $52.7M | $88.1M | ||
| Q2 25 | — | $275.6M | ||
| Q1 25 | $27.6M | $205.9M | ||
| Q4 24 | $-23.2M | $271.5M | ||
| Q3 24 | $51.2M | $43.6M | ||
| Q2 24 | $-45.2M | $377.1M | ||
| Q1 24 | $-51.7M | $430.0M |
| Q4 25 | — | $318.9M | ||
| Q3 25 | $48.6M | $51.6M | ||
| Q2 25 | — | $257.7M | ||
| Q1 25 | $15.7M | $191.7M | ||
| Q4 24 | $-30.5M | $253.4M | ||
| Q3 24 | $40.7M | $22.8M | ||
| Q2 24 | $-59.6M | $304.2M | ||
| Q1 24 | $-56.7M | $389.9M |
| Q4 25 | — | 26.9% | ||
| Q3 25 | 7.7% | 4.5% | ||
| Q2 25 | — | 24.0% | ||
| Q1 25 | 2.6% | 19.8% | ||
| Q4 24 | -4.8% | 24.7% | ||
| Q3 24 | 6.2% | 2.0% | ||
| Q2 24 | -9.3% | 24.5% | ||
| Q1 24 | -10.5% | 29.4% |
| Q4 25 | 1.3% | 1.9% | ||
| Q3 25 | 0.7% | 3.2% | ||
| Q2 25 | 0.8% | 1.7% | ||
| Q1 25 | 1.9% | 1.5% | ||
| Q4 24 | 1.1% | 1.8% | ||
| Q3 24 | 1.6% | 1.8% | ||
| Q2 24 | 2.2% | 5.9% | ||
| Q1 24 | 0.9% | 3.0% |
| Q4 25 | — | 5.44× | ||
| Q3 25 | — | 2.11× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.56× | ||
| Q2 24 | — | 2.92× | ||
| Q1 24 | — | 2.78× |
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% |
MCHP
| Mixed Signal Microcontrollers | $586.5M | 49% |
| Analog | $322.9M | 27% |
| Other Product Line | $276.6M | 23% |
