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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Noble Corp plc (NE). Click either name above to swap in a different company.
Noble Corp plc is the larger business by last-quarter revenue ($764.4M vs $631.2M, roughly 1.2× FORWARD AIR CORP). Noble Corp plc runs the higher net margin — 11.3% vs -4.5%, a 15.8% gap on every dollar of revenue. On growth, FORWARD AIR CORP posted the faster year-over-year revenue change (-0.3% vs -17.6%). Over the past eight quarters, Noble Corp plc's revenue compounded faster (9.5% 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.
Barnes & Noble Booksellers is an American bookseller with the largest number of retail outlets in the United States. The company operates approximately 700+ retail stores across the United States.
FWRD vs NE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $764.4M |
| Net Profit | $-28.3M | $86.6M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 5.6% |
| Net Margin | -4.5% | 11.3% |
| Revenue YoY | -0.3% | -17.6% |
| Net Profit YoY | 22.2% | -10.4% |
| EPS (diluted) | $-0.90 | $0.54 |
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 | $764.4M | ||
| Q3 25 | $631.8M | $798.0M | ||
| Q2 25 | $618.8M | $848.7M | ||
| Q1 25 | $613.3M | $874.5M | ||
| Q4 24 | $632.8M | $927.3M | ||
| Q3 24 | $655.9M | $800.5M | ||
| Q2 24 | $643.7M | $692.8M | ||
| Q1 24 | $541.8M | $637.1M |
| Q4 25 | $-28.3M | $86.6M | ||
| Q3 25 | $-16.3M | $-21.1M | ||
| Q2 25 | $-12.6M | $42.9M | ||
| Q1 25 | $-50.6M | $108.3M | ||
| Q4 24 | $-36.4M | $96.6M | ||
| Q3 24 | $-73.4M | $61.2M | ||
| Q2 24 | $-645.4M | $195.0M | ||
| Q1 24 | $-61.7M | $95.5M |
| Q4 25 | -0.5% | 5.6% | ||
| Q3 25 | 2.4% | 6.3% | ||
| Q2 25 | 3.2% | 15.9% | ||
| Q1 25 | 0.8% | 21.4% | ||
| Q4 24 | 12.0% | 18.4% | ||
| Q3 24 | 3.5% | 14.4% | ||
| Q2 24 | -170.2% | 30.3% | ||
| Q1 24 | -12.1% | 16.9% |
| Q4 25 | -4.5% | 11.3% | ||
| Q3 25 | -2.6% | -2.6% | ||
| Q2 25 | -2.0% | 5.1% | ||
| Q1 25 | -8.3% | 12.4% | ||
| Q4 24 | -5.8% | 10.4% | ||
| Q3 24 | -11.2% | 7.6% | ||
| Q2 24 | -100.3% | 28.1% | ||
| Q1 24 | -11.4% | 15.0% |
| Q4 25 | $-0.90 | $0.54 | ||
| Q3 25 | $-0.52 | $-0.13 | ||
| Q2 25 | $-0.41 | $0.27 | ||
| Q1 25 | $-1.68 | $0.67 | ||
| Q4 24 | $-1.69 | $0.56 | ||
| Q3 24 | $-2.66 | $0.40 | ||
| Q2 24 | $-23.47 | $1.34 | ||
| Q1 24 | $-2.81 | $0.66 |
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 | $471.4M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $4.5B |
| Total Assets | $2.7B | $7.5B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $471.4M | ||
| Q3 25 | $140.4M | $477.9M | ||
| Q2 25 | $95.1M | $338.2M | ||
| Q1 25 | $116.3M | $303.8M | ||
| Q4 24 | $104.9M | $247.3M | ||
| Q3 24 | $136.6M | $391.9M | ||
| Q2 24 | $84.9M | $162.9M | ||
| Q1 24 | $152.0M | $212.5M |
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.7B | — |
| Q4 25 | $113.3M | $4.5B | ||
| Q3 25 | $139.8M | $4.5B | ||
| Q2 25 | $151.8M | $4.6B | ||
| Q1 25 | $154.6M | $4.7B | ||
| Q4 24 | $201.7M | $4.7B | ||
| Q3 24 | $226.1M | $4.7B | ||
| Q2 24 | $283.8M | $4.0B | ||
| Q1 24 | $926.1M | $3.9B |
| Q4 25 | $2.7B | $7.5B | ||
| Q3 25 | $2.8B | $7.6B | ||
| Q2 25 | $2.8B | $7.7B | ||
| Q1 25 | $2.8B | $7.9B | ||
| Q4 24 | $2.8B | $8.0B | ||
| Q3 24 | $3.1B | $8.0B | ||
| Q2 24 | $3.1B | $5.6B | ||
| Q1 24 | $4.0B | $5.4B |
| 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 | — | $187.1M |
| Free Cash FlowOCF − Capex | — | $35.4M |
| FCF MarginFCF / Revenue | — | 4.6% |
| Capex IntensityCapex / Revenue | 1.3% | 19.9% |
| Cash ConversionOCF / Net Profit | — | 2.16× |
| TTM Free Cash FlowTrailing 4 quarters | — | $432.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $187.1M | ||
| Q3 25 | $52.7M | $277.1M | ||
| Q2 25 | — | $216.4M | ||
| Q1 25 | $27.6M | $271.1M | ||
| Q4 24 | $-23.2M | $136.2M | ||
| Q3 24 | $51.2M | $283.8M | ||
| Q2 24 | $-45.2M | $106.8M | ||
| Q1 24 | $-51.7M | $128.7M |
| Q4 25 | — | $35.4M | ||
| Q3 25 | $48.6M | $139.5M | ||
| Q2 25 | — | $99.8M | ||
| Q1 25 | $15.7M | $157.5M | ||
| Q4 24 | $-30.5M | $-4.4M | ||
| Q3 24 | $40.7M | $156.8M | ||
| Q2 24 | $-59.6M | $-34.3M | ||
| Q1 24 | $-56.7M | $-37.9M |
| Q4 25 | — | 4.6% | ||
| Q3 25 | 7.7% | 17.5% | ||
| Q2 25 | — | 11.8% | ||
| Q1 25 | 2.6% | 18.0% | ||
| Q4 24 | -4.8% | -0.5% | ||
| Q3 24 | 6.2% | 19.6% | ||
| Q2 24 | -9.3% | -4.9% | ||
| Q1 24 | -10.5% | -6.0% |
| Q4 25 | 1.3% | 19.9% | ||
| Q3 25 | 0.7% | 17.3% | ||
| Q2 25 | 0.8% | 13.7% | ||
| Q1 25 | 1.9% | 13.0% | ||
| Q4 24 | 1.1% | 15.2% | ||
| Q3 24 | 1.6% | 15.9% | ||
| Q2 24 | 2.2% | 20.4% | ||
| Q1 24 | 0.9% | 26.2% |
| Q4 25 | — | 2.16× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 5.05× | ||
| Q1 25 | — | 2.50× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | — | 4.64× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 1.35× |
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% |
NE
| Floaters | $559.8M | 73% |
| Jackups | $145.5M | 19% |
| Service Other | $59.1M | 8% |
