vs
Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and New Fortress Energy Inc. (NFE). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $326.2M, roughly 1.9× New Fortress Energy Inc.). FORWARD AIR CORP runs the higher net margin — -4.5% vs -259.7%, a 255.2% gap on every dollar of revenue. On growth, FORWARD AIR CORP posted the faster year-over-year revenue change (-0.3% vs -7.0%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -26.8%).
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.
New Fortress Energy Inc. is a global energy infrastructure firm developing, owning and operating LNG import/export terminals, natural gas supply networks and low-carbon projects. It serves utility, industrial and public sector clients across the Americas and Caribbean, delivering affordable, lower-emission energy resources.
FWRD vs NFE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $326.2M |
| Net Profit | $-28.3M | $-847.1M |
| Gross Margin | — | 35.5% |
| Operating Margin | -0.5% | -193.0% |
| Net Margin | -4.5% | -259.7% |
| Revenue YoY | -0.3% | -7.0% |
| Net Profit YoY | 22.2% | -277.4% |
| EPS (diluted) | $-0.90 | $-3.03 |
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 | $326.2M | ||
| Q3 25 | $631.8M | $240.3M | ||
| Q2 25 | $618.8M | $228.1M | ||
| Q1 25 | $613.3M | $384.9M | ||
| Q4 24 | $632.8M | $350.7M | ||
| Q3 24 | $655.9M | $446.0M | ||
| Q2 24 | $643.7M | $291.2M | ||
| Q1 24 | $541.8M | $609.5M |
| Q4 25 | $-28.3M | $-847.1M | ||
| Q3 25 | $-16.3M | $-263.0M | ||
| Q2 25 | $-12.6M | $-546.5M | ||
| Q1 25 | $-50.6M | $-175.4M | ||
| Q4 24 | $-36.4M | $-224.4M | ||
| Q3 24 | $-73.4M | $9.3M | ||
| Q2 24 | $-645.4M | $-88.9M | ||
| Q1 24 | $-61.7M | $54.1M |
| Q4 25 | — | 35.5% | ||
| Q3 25 | — | 18.1% | ||
| Q2 25 | — | 8.4% | ||
| Q1 25 | — | 21.4% | ||
| Q4 24 | — | 17.6% | ||
| Q3 24 | — | 27.1% | ||
| Q2 24 | — | 23.8% | ||
| Q1 24 | — | 62.4% |
| Q4 25 | -0.5% | -193.0% | ||
| Q3 25 | 2.4% | -37.4% | ||
| Q2 25 | 3.2% | -170.3% | ||
| Q1 25 | 0.8% | -3.3% | ||
| Q4 24 | 12.0% | 65.0% | ||
| Q3 24 | 3.5% | 17.8% | ||
| Q2 24 | -170.2% | 12.3% | ||
| Q1 24 | -12.1% | 30.4% |
| Q4 25 | -4.5% | -259.7% | ||
| Q3 25 | -2.6% | -109.4% | ||
| Q2 25 | -2.0% | -239.6% | ||
| Q1 25 | -8.3% | -45.6% | ||
| Q4 24 | -5.8% | -64.0% | ||
| Q3 24 | -11.2% | 2.1% | ||
| Q2 24 | -100.3% | -30.5% | ||
| Q1 24 | -11.4% | 8.9% |
| Q4 25 | $-0.90 | $-3.03 | ||
| Q3 25 | $-0.52 | $-0.96 | ||
| Q2 25 | $-0.41 | $-1.99 | ||
| Q1 25 | $-1.68 | $-0.65 | ||
| Q4 24 | $-1.69 | $-1.10 | ||
| Q3 24 | $-2.66 | $0.03 | ||
| Q2 24 | $-23.47 | $-0.42 | ||
| Q1 24 | $-2.81 | $0.23 |
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 | $226.5M |
| Total DebtLower is stronger | $1.7B | $8.2B |
| Stockholders' EquityBook value | $113.3M | $182.6M |
| Total Assets | $2.7B | $10.6B |
| Debt / EquityLower = less leverage | 14.89× | 44.78× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $226.5M | ||
| Q3 25 | $140.4M | $145.2M | ||
| Q2 25 | $95.1M | $551.1M | ||
| Q1 25 | $116.3M | $447.9M | ||
| Q4 24 | $104.9M | $492.9M | ||
| Q3 24 | $136.6M | $90.8M | ||
| Q2 24 | $84.9M | $133.0M | ||
| Q1 24 | $152.0M | $143.5M |
| Q4 25 | $1.7B | $8.2B | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $8.9B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.7B | — |
| Q4 25 | $113.3M | $182.6M | ||
| Q3 25 | $139.8M | $1.1B | ||
| Q2 25 | $151.8M | $1.3B | ||
| Q1 25 | $154.6M | $1.8B | ||
| Q4 24 | $201.7M | $1.9B | ||
| Q3 24 | $226.1M | $1.6B | ||
| Q2 24 | $283.8M | $1.6B | ||
| Q1 24 | $926.1M | $1.7B |
| Q4 25 | $2.7B | $10.6B | ||
| Q3 25 | $2.8B | $12.0B | ||
| Q2 25 | $2.8B | $12.0B | ||
| Q1 25 | $2.8B | $13.1B | ||
| Q4 24 | $2.8B | $12.9B | ||
| Q3 24 | $3.1B | $12.0B | ||
| Q2 24 | $3.1B | $11.4B | ||
| Q1 24 | $4.0B | $10.9B |
| Q4 25 | 14.89× | 44.78× | ||
| Q3 25 | 12.05× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.74× | ||
| 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 | — | $-76.2M |
| Free Cash FlowOCF − Capex | — | $-134.8M |
| FCF MarginFCF / Revenue | — | -41.3% |
| Capex IntensityCapex / Revenue | 1.3% | 18.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-76.2M | ||
| Q3 25 | $52.7M | $-171.0M | ||
| Q2 25 | — | $-329.0M | ||
| Q1 25 | $27.6M | $-7.2M | ||
| Q4 24 | $-23.2M | $445.3M | ||
| Q3 24 | $51.2M | $-20.0M | ||
| Q2 24 | $-45.2M | $113.9M | ||
| Q1 24 | $-51.7M | $63.0M |
| Q4 25 | — | $-134.8M | ||
| Q3 25 | $48.6M | $-231.6M | ||
| Q2 25 | — | $-726.7M | ||
| Q1 25 | $15.7M | $-262.3M | ||
| Q4 24 | $-30.5M | $-210.3M | ||
| Q3 24 | $40.7M | $-367.0M | ||
| Q2 24 | $-59.6M | $-493.2M | ||
| Q1 24 | $-56.7M | $-457.9M |
| Q4 25 | — | -41.3% | ||
| Q3 25 | 7.7% | -96.4% | ||
| Q2 25 | — | -318.6% | ||
| Q1 25 | 2.6% | -68.2% | ||
| Q4 24 | -4.8% | -60.0% | ||
| Q3 24 | 6.2% | -82.3% | ||
| Q2 24 | -9.3% | -169.3% | ||
| Q1 24 | -10.5% | -75.1% |
| Q4 25 | 1.3% | 18.0% | ||
| Q3 25 | 0.7% | 25.2% | ||
| Q2 25 | 0.8% | 174.4% | ||
| Q1 25 | 1.9% | 66.3% | ||
| Q4 24 | 1.1% | 187.0% | ||
| Q3 24 | 1.6% | 77.8% | ||
| Q2 24 | 2.2% | 208.4% | ||
| Q1 24 | 0.9% | 85.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -2.15× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.16× |
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% |
NFE
Segment breakdown not available.
