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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Pediatrix Medical Group, Inc. (MD). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $493.8M, roughly 1.3× Pediatrix Medical Group, Inc.). Pediatrix Medical Group, Inc. runs the higher net margin — 6.8% vs -4.5%, a 11.3% gap on every dollar of revenue. On growth, FORWARD AIR CORP posted the faster year-over-year revenue change (-0.3% vs -1.7%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -0.1%).
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.
Pediatrix Medical Group, Inc. is a leading U.S. specialized medical service provider focusing on maternal-fetal care, neonatology, pediatric cardiology and other pediatric subspecialties. It partners with U.S. healthcare facilities to deliver evidence-based care to women, newborns and children.
FWRD vs MD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $493.8M |
| Net Profit | $-28.3M | $33.7M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 9.9% |
| Net Margin | -4.5% | 6.8% |
| Revenue YoY | -0.3% | -1.7% |
| Net Profit YoY | 22.2% | 10.5% |
| EPS (diluted) | $-0.90 | $0.40 |
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 | $493.8M | ||
| Q3 25 | $631.8M | $492.9M | ||
| Q2 25 | $618.8M | $468.8M | ||
| Q1 25 | $613.3M | $458.4M | ||
| Q4 24 | $632.8M | $502.4M | ||
| Q3 24 | $655.9M | $511.2M | ||
| Q2 24 | $643.7M | $504.3M | ||
| Q1 24 | $541.8M | $495.1M |
| Q4 25 | $-28.3M | $33.7M | ||
| Q3 25 | $-16.3M | $71.7M | ||
| Q2 25 | $-12.6M | $39.3M | ||
| Q1 25 | $-50.6M | $20.7M | ||
| Q4 24 | $-36.4M | $30.5M | ||
| Q3 24 | $-73.4M | $19.4M | ||
| Q2 24 | $-645.4M | $-153.0M | ||
| Q1 24 | $-61.7M | $4.0M |
| Q4 25 | -0.5% | 9.9% | ||
| Q3 25 | 2.4% | 13.8% | ||
| Q2 25 | 3.2% | 12.8% | ||
| Q1 25 | 0.8% | 7.0% | ||
| Q4 24 | 12.0% | 7.8% | ||
| Q3 24 | 3.5% | 6.6% | ||
| Q2 24 | -170.2% | -31.3% | ||
| Q1 24 | -12.1% | 3.2% |
| Q4 25 | -4.5% | 6.8% | ||
| Q3 25 | -2.6% | 14.5% | ||
| Q2 25 | -2.0% | 8.4% | ||
| Q1 25 | -8.3% | 4.5% | ||
| Q4 24 | -5.8% | 6.1% | ||
| Q3 24 | -11.2% | 3.8% | ||
| Q2 24 | -100.3% | -30.3% | ||
| Q1 24 | -11.4% | 0.8% |
| Q4 25 | $-0.90 | $0.40 | ||
| Q3 25 | $-0.52 | $0.84 | ||
| Q2 25 | $-0.41 | $0.46 | ||
| Q1 25 | $-1.68 | $0.24 | ||
| Q4 24 | $-1.69 | $0.37 | ||
| Q3 24 | $-2.66 | $0.23 | ||
| Q2 24 | $-23.47 | $-1.84 | ||
| Q1 24 | $-2.81 | $0.05 |
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 | $375.2M |
| Total DebtLower is stronger | $1.7B | $570.5M |
| Stockholders' EquityBook value | $113.3M | $865.9M |
| Total Assets | $2.7B | $2.2B |
| Debt / EquityLower = less leverage | 14.89× | 0.66× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $375.2M | ||
| Q3 25 | $140.4M | $340.1M | ||
| Q2 25 | $95.1M | $224.7M | ||
| Q1 25 | $116.3M | $99.0M | ||
| Q4 24 | $104.9M | $229.9M | ||
| Q3 24 | $136.6M | $103.8M | ||
| Q2 24 | $84.9M | $19.4M | ||
| Q1 24 | $152.0M | $8.0M |
| Q4 25 | $1.7B | $570.5M | ||
| Q3 25 | $1.7B | $577.2M | ||
| Q2 25 | — | $583.9M | ||
| Q1 25 | — | $590.5M | ||
| Q4 24 | — | $597.1M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.7B | — |
| Q4 25 | $113.3M | $865.9M | ||
| Q3 25 | $139.8M | $890.7M | ||
| Q2 25 | $151.8M | $833.8M | ||
| Q1 25 | $154.6M | $789.2M | ||
| Q4 24 | $201.7M | $764.9M | ||
| Q3 24 | $226.1M | $732.5M | ||
| Q2 24 | $283.8M | $706.5M | ||
| Q1 24 | $926.1M | $856.2M |
| Q4 25 | $2.7B | $2.2B | ||
| Q3 25 | $2.8B | $2.2B | ||
| Q2 25 | $2.8B | $2.1B | ||
| Q1 25 | $2.8B | $2.0B | ||
| Q4 24 | $2.8B | $2.2B | ||
| Q3 24 | $3.1B | $2.1B | ||
| Q2 24 | $3.1B | $2.0B | ||
| Q1 24 | $4.0B | $2.2B |
| Q4 25 | 14.89× | 0.66× | ||
| Q3 25 | 12.05× | 0.65× | ||
| Q2 25 | — | 0.70× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | 0.78× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.81× | — |
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 | — | $114.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | — | 3.39× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $114.1M | ||
| Q3 25 | $52.7M | $137.3M | ||
| Q2 25 | — | $137.2M | ||
| Q1 25 | $27.6M | $-117.5M | ||
| Q4 24 | $-23.2M | $133.0M | ||
| Q3 24 | $51.2M | $91.8M | ||
| Q2 24 | $-45.2M | $107.0M | ||
| Q1 24 | $-51.7M | $-125.2M |
| Q4 25 | — | — | ||
| Q3 25 | $48.6M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $15.7M | — | ||
| Q4 24 | $-30.5M | — | ||
| Q3 24 | $40.7M | — | ||
| Q2 24 | $-59.6M | — | ||
| Q1 24 | $-56.7M | — |
| Q4 25 | — | — | ||
| Q3 25 | 7.7% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | -4.8% | — | ||
| Q3 24 | 6.2% | — | ||
| Q2 24 | -9.3% | — | ||
| Q1 24 | -10.5% | — |
| Q4 25 | 1.3% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 1.9% | — | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 0.9% | — |
| Q4 25 | — | 3.39× | ||
| Q3 25 | — | 1.91× | ||
| Q2 25 | — | 3.49× | ||
| Q1 25 | — | -5.66× | ||
| Q4 24 | — | 4.36× | ||
| Q3 24 | — | 4.72× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -31.03× |
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% |
MD
| Health Care Patient Service | $421.6M | 85% |
| Hospitals Contracts | $70.0M | 14% |
| Other | $2.2M | 0% |
