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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
NATIONAL FUEL GAS CO is the larger business by last-quarter revenue ($637.9M vs $631.2M, roughly 1.0× FORWARD AIR CORP). NATIONAL FUEL GAS CO runs the higher net margin — 28.5% vs -4.5%, a 33.0% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (24.1% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 6.9%).
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.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
FWRD vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $637.9M |
| Net Profit | $-28.3M | $181.6M |
| Gross Margin | — | 86.6% |
| Operating Margin | -0.5% | 43.3% |
| Net Margin | -4.5% | 28.5% |
| Revenue YoY | -0.3% | 24.1% |
| Net Profit YoY | 22.2% | 303.8% |
| EPS (diluted) | $-0.90 | $1.98 |
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 | $637.9M | ||
| Q3 25 | $631.8M | $443.1M | ||
| Q2 25 | $618.8M | $527.4M | ||
| Q1 25 | $613.3M | $734.8M | ||
| Q4 24 | $632.8M | $513.8M | ||
| Q3 24 | $655.9M | $310.0M | ||
| Q2 24 | $643.7M | $338.6M | ||
| Q1 24 | $541.8M | $558.7M |
| Q4 25 | $-28.3M | $181.6M | ||
| Q3 25 | $-16.3M | $107.3M | ||
| Q2 25 | $-12.6M | $149.8M | ||
| Q1 25 | $-50.6M | $216.4M | ||
| Q4 24 | $-36.4M | $45.0M | ||
| Q3 24 | $-73.4M | $-167.6M | ||
| Q2 24 | $-645.4M | $-54.2M | ||
| Q1 24 | $-61.7M | $166.3M |
| Q4 25 | — | 86.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 94.7% | ||
| Q1 25 | — | 81.6% | ||
| Q4 24 | — | 87.3% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 98.5% | ||
| Q1 24 | — | 81.0% |
| Q4 25 | -0.5% | 43.3% | ||
| Q3 25 | 2.4% | 40.6% | ||
| Q2 25 | 3.2% | 43.7% | ||
| Q1 25 | 0.8% | 43.2% | ||
| Q4 24 | 12.0% | 16.8% | ||
| Q3 24 | 3.5% | -63.4% | ||
| Q2 24 | -170.2% | -15.2% | ||
| Q1 24 | -12.1% | 44.9% |
| Q4 25 | -4.5% | 28.5% | ||
| Q3 25 | -2.6% | 24.2% | ||
| Q2 25 | -2.0% | 28.4% | ||
| Q1 25 | -8.3% | 29.4% | ||
| Q4 24 | -5.8% | 8.8% | ||
| Q3 24 | -11.2% | -54.1% | ||
| Q2 24 | -100.3% | -16.0% | ||
| Q1 24 | -11.4% | 29.8% |
| Q4 25 | $-0.90 | $1.98 | ||
| Q3 25 | $-0.52 | $1.18 | ||
| Q2 25 | $-0.41 | $1.64 | ||
| Q1 25 | $-1.68 | $2.37 | ||
| Q4 24 | $-1.69 | $0.49 | ||
| Q3 24 | $-2.66 | $-1.81 | ||
| Q2 24 | $-23.47 | $-0.59 | ||
| Q1 24 | $-2.81 | $1.80 |
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 | $271.4M |
| Total DebtLower is stronger | $1.7B | $2.7B |
| Stockholders' EquityBook value | $113.3M | $3.6B |
| Total Assets | $2.7B | $9.2B |
| Debt / EquityLower = less leverage | 14.89× | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $271.4M | ||
| Q3 25 | $140.4M | $43.2M | ||
| Q2 25 | $95.1M | $39.3M | ||
| Q1 25 | $116.3M | $40.0M | ||
| Q4 24 | $104.9M | $48.7M | ||
| Q3 24 | $136.6M | $38.2M | ||
| Q2 24 | $84.9M | $81.4M | ||
| Q1 24 | $152.0M | $50.8M |
| Q4 25 | $1.7B | $2.7B | ||
| Q3 25 | $1.7B | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | $1.7B | $2.4B |
| Q4 25 | $113.3M | $3.6B | ||
| Q3 25 | $139.8M | $3.1B | ||
| Q2 25 | $151.8M | $3.0B | ||
| Q1 25 | $154.6M | $2.8B | ||
| Q4 24 | $201.7M | $-76.2M | ||
| Q3 24 | $226.1M | $-15.5M | ||
| Q2 24 | $283.8M | $5.0M | ||
| Q1 24 | $926.1M | $75.3M |
| Q4 25 | $2.7B | $9.2B | ||
| Q3 25 | $2.8B | $8.7B | ||
| Q2 25 | $2.8B | $8.4B | ||
| Q1 25 | $2.8B | $8.5B | ||
| Q4 24 | $2.8B | $8.3B | ||
| Q3 24 | $3.1B | $8.3B | ||
| Q2 24 | $3.1B | $8.5B | ||
| Q1 24 | $4.0B | $8.7B |
| Q4 25 | 14.89× | 0.75× | ||
| Q3 25 | 12.05× | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× | ||
| Q1 24 | 1.81× | 31.68× |
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 | — | $274.9M |
| Free Cash FlowOCF − Capex | — | $-2.7M |
| FCF MarginFCF / Revenue | — | -0.4% |
| Capex IntensityCapex / Revenue | 1.3% | 43.5% |
| Cash ConversionOCF / Net Profit | — | 1.51× |
| TTM Free Cash FlowTrailing 4 quarters | — | $204.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $274.9M | ||
| Q3 25 | $52.7M | $237.8M | ||
| Q2 25 | — | $388.4M | ||
| Q1 25 | $27.6M | $253.8M | ||
| Q4 24 | $-23.2M | $220.1M | ||
| Q3 24 | $51.2M | $197.9M | ||
| Q2 24 | $-45.2M | $281.8M | ||
| Q1 24 | $-51.7M | $315.3M |
| Q4 25 | — | $-2.7M | ||
| Q3 25 | $48.6M | $-47.8M | ||
| Q2 25 | — | $195.3M | ||
| Q1 25 | $15.7M | $59.9M | ||
| Q4 24 | $-30.5M | $-20.3M | ||
| Q3 24 | $40.7M | $-49.1M | ||
| Q2 24 | $-59.6M | $79.5M | ||
| Q1 24 | $-56.7M | $80.3M |
| Q4 25 | — | -0.4% | ||
| Q3 25 | 7.7% | -10.8% | ||
| Q2 25 | — | 37.0% | ||
| Q1 25 | 2.6% | 8.2% | ||
| Q4 24 | -4.8% | -4.0% | ||
| Q3 24 | 6.2% | -15.8% | ||
| Q2 24 | -9.3% | 23.5% | ||
| Q1 24 | -10.5% | 14.4% |
| Q4 25 | 1.3% | 43.5% | ||
| Q3 25 | 0.7% | 64.4% | ||
| Q2 25 | 0.8% | 36.6% | ||
| Q1 25 | 1.9% | 26.4% | ||
| Q4 24 | 1.1% | 46.8% | ||
| Q3 24 | 1.6% | 79.7% | ||
| Q2 24 | 2.2% | 59.7% | ||
| Q1 24 | 0.9% | 42.1% |
| Q4 25 | — | 1.51× | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | — | 2.59× | ||
| Q1 25 | — | 1.17× | ||
| Q4 24 | — | 4.89× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.90× |
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% |
NFG
| Natural Gas Production | $302.5M | 47% |
| Natural Gas Residential Sales | $198.0M | 31% |
| Pipeline And Storage | $69.2M | 11% |
| Natural Gas Commercial Sales | $27.9M | 4% |
| Natural Gas Storage | $25.1M | 4% |
| Other | $4.1M | 1% |
| Natural Gas Midstream | $2.8M | 0% |
