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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and MSCI Inc. (MSCI). Click either name above to swap in a different company.
MSCI Inc. is the larger business by last-quarter revenue ($822.5M vs $631.2M, roughly 1.3× FORWARD AIR CORP). MSCI Inc. runs the higher net margin — 34.6% vs -4.5%, a 39.1% gap on every dollar of revenue. On growth, MSCI Inc. posted the faster year-over-year revenue change (10.6% vs -0.3%). Over the past eight quarters, MSCI Inc.'s revenue compounded faster (10.0% 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.
MSCI Inc. is an American finance company headquartered in New York City. MSCI is a global provider of equity, fixed income, real estate indices, multi-asset portfolio analysis tools, ESG and climate finance products. It operates the MSCI World, MSCI Emerging Markets, and MSCI All Country World (ACWI) indices, among others.
FWRD vs MSCI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $822.5M |
| Net Profit | $-28.3M | $284.7M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 56.4% |
| Net Margin | -4.5% | 34.6% |
| Revenue YoY | -0.3% | 10.6% |
| Net Profit YoY | 22.2% | -6.8% |
| EPS (diluted) | $-0.90 | $3.81 |
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 | $822.5M | ||
| Q3 25 | $631.8M | $793.4M | ||
| Q2 25 | $618.8M | $772.7M | ||
| Q1 25 | $613.3M | $745.8M | ||
| Q4 24 | $632.8M | $743.5M | ||
| Q3 24 | $655.9M | $724.7M | ||
| Q2 24 | $643.7M | $707.9M | ||
| Q1 24 | $541.8M | $680.0M |
| Q4 25 | $-28.3M | $284.7M | ||
| Q3 25 | $-16.3M | $325.4M | ||
| Q2 25 | $-12.6M | $303.6M | ||
| Q1 25 | $-50.6M | $288.6M | ||
| Q4 24 | $-36.4M | $305.5M | ||
| Q3 24 | $-73.4M | $280.9M | ||
| Q2 24 | $-645.4M | $266.8M | ||
| Q1 24 | $-61.7M | $256.0M |
| Q4 25 | -0.5% | 56.4% | ||
| Q3 25 | 2.4% | 56.4% | ||
| Q2 25 | 3.2% | 55.0% | ||
| Q1 25 | 0.8% | 50.6% | ||
| Q4 24 | 12.0% | 54.5% | ||
| Q3 24 | 3.5% | 55.4% | ||
| Q2 24 | -170.2% | 54.0% | ||
| Q1 24 | -12.1% | 49.9% |
| Q4 25 | -4.5% | 34.6% | ||
| Q3 25 | -2.6% | 41.0% | ||
| Q2 25 | -2.0% | 39.3% | ||
| Q1 25 | -8.3% | 38.7% | ||
| Q4 24 | -5.8% | 41.1% | ||
| Q3 24 | -11.2% | 38.8% | ||
| Q2 24 | -100.3% | 37.7% | ||
| Q1 24 | -11.4% | 37.6% |
| Q4 25 | $-0.90 | $3.81 | ||
| Q3 25 | $-0.52 | $4.25 | ||
| Q2 25 | $-0.41 | $3.92 | ||
| Q1 25 | $-1.68 | $3.71 | ||
| Q4 24 | $-1.69 | $3.89 | ||
| Q3 24 | $-2.66 | $3.57 | ||
| Q2 24 | $-23.47 | $3.37 | ||
| Q1 24 | $-2.81 | $3.22 |
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 | $515.3M |
| Total DebtLower is stronger | $1.7B | $6.2B |
| Stockholders' EquityBook value | $113.3M | $-2.7B |
| Total Assets | $2.7B | $5.7B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $515.3M | ||
| Q3 25 | $140.4M | $400.1M | ||
| Q2 25 | $95.1M | $347.3M | ||
| Q1 25 | $116.3M | $360.7M | ||
| Q4 24 | $104.9M | $409.4M | ||
| Q3 24 | $136.6M | $501.0M | ||
| Q2 24 | $84.9M | $451.4M | ||
| Q1 24 | $152.0M | $519.3M |
| Q4 25 | $1.7B | $6.2B | ||
| Q3 25 | $1.7B | $5.5B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B | ||
| Q1 24 | $1.7B | $4.5B |
| Q4 25 | $113.3M | $-2.7B | ||
| Q3 25 | $139.8M | $-1.9B | ||
| Q2 25 | $151.8M | $-886.2M | ||
| Q1 25 | $154.6M | $-958.6M | ||
| Q4 24 | $201.7M | $-940.0M | ||
| Q3 24 | $226.1M | $-751.0M | ||
| Q2 24 | $283.8M | $-734.5M | ||
| Q1 24 | $926.1M | $-650.5M |
| Q4 25 | $2.7B | $5.7B | ||
| Q3 25 | $2.8B | $5.4B | ||
| Q2 25 | $2.8B | $5.4B | ||
| Q1 25 | $2.8B | $5.3B | ||
| Q4 24 | $2.8B | $5.4B | ||
| Q3 24 | $3.1B | $5.4B | ||
| Q2 24 | $3.1B | $5.5B | ||
| Q1 24 | $4.0B | $5.5B |
| Q4 25 | 14.89× | — | ||
| Q3 25 | 12.05× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | — | $501.1M |
| Free Cash FlowOCF − Capex | — | $488.7M |
| FCF MarginFCF / Revenue | — | 59.4% |
| Capex IntensityCapex / Revenue | 1.3% | 1.5% |
| Cash ConversionOCF / Net Profit | — | 1.76× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $501.1M | ||
| Q3 25 | $52.7M | $449.4M | ||
| Q2 25 | — | $336.1M | ||
| Q1 25 | $27.6M | $301.7M | ||
| Q4 24 | $-23.2M | $430.6M | ||
| Q3 24 | $51.2M | $421.6M | ||
| Q2 24 | $-45.2M | $349.2M | ||
| Q1 24 | $-51.7M | $300.1M |
| Q4 25 | — | $488.7M | ||
| Q3 25 | $48.6M | $445.5M | ||
| Q2 25 | — | $324.7M | ||
| Q1 25 | $15.7M | $290.2M | ||
| Q4 24 | $-30.5M | $416.4M | ||
| Q3 24 | $40.7M | $415.0M | ||
| Q2 24 | $-59.6M | $340.6M | ||
| Q1 24 | $-56.7M | $295.9M |
| Q4 25 | — | 59.4% | ||
| Q3 25 | 7.7% | 56.2% | ||
| Q2 25 | — | 42.0% | ||
| Q1 25 | 2.6% | 38.9% | ||
| Q4 24 | -4.8% | 56.0% | ||
| Q3 24 | 6.2% | 57.3% | ||
| Q2 24 | -9.3% | 48.1% | ||
| Q1 24 | -10.5% | 43.5% |
| Q4 25 | 1.3% | 1.5% | ||
| Q3 25 | 0.7% | 0.5% | ||
| Q2 25 | 0.8% | 1.5% | ||
| Q1 25 | 1.9% | 1.5% | ||
| Q4 24 | 1.1% | 1.9% | ||
| Q3 24 | 1.6% | 0.9% | ||
| Q2 24 | 2.2% | 1.2% | ||
| Q1 24 | 0.9% | 0.6% |
| Q4 25 | — | 1.76× | ||
| Q3 25 | — | 1.38× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | — | 1.50× | ||
| Q2 24 | — | 1.31× | ||
| Q1 24 | — | 1.17× |
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% |
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
