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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Natural Grocers by Vitamin Cottage, Inc. (NGVC). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $335.6M, roughly 1.9× Natural Grocers by Vitamin Cottage, Inc.). Natural Grocers by Vitamin Cottage, Inc. runs the higher net margin — 3.4% vs -4.5%, a 7.9% gap on every dollar of revenue. On growth, Natural Grocers by Vitamin Cottage, Inc. posted the faster year-over-year revenue change (1.6% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 4.4%).
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.
Natural Grocers by Vitamin Cottage, Inc. is a U.S.-based specialty retail chain that offers certified organic groceries, dietary supplements, natural personal care items, and eco-friendly household products. It serves health-conscious consumers across multiple U.S. states, following strict quality standards that exclude artificial preservatives, colors, flavors and harmful additives.
FWRD vs NGVC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $335.6M |
| Net Profit | $-28.3M | $11.3M |
| Gross Margin | — | 29.5% |
| Operating Margin | -0.5% | 4.4% |
| Net Margin | -4.5% | 3.4% |
| Revenue YoY | -0.3% | 1.6% |
| Net Profit YoY | 22.2% | 14.0% |
| EPS (diluted) | $-0.90 | $0.49 |
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 | $335.6M | ||
| Q3 25 | $631.8M | $336.1M | ||
| Q2 25 | $618.8M | $328.7M | ||
| Q1 25 | $613.3M | $335.8M | ||
| Q4 24 | $632.8M | $330.2M | ||
| Q3 24 | $655.9M | $322.7M | ||
| Q2 24 | $643.7M | $309.1M | ||
| Q1 24 | $541.8M | $308.1M |
| Q4 25 | $-28.3M | $11.3M | ||
| Q3 25 | $-16.3M | $11.8M | ||
| Q2 25 | $-12.6M | $11.6M | ||
| Q1 25 | $-50.6M | $13.1M | ||
| Q4 24 | $-36.4M | $9.9M | ||
| Q3 24 | $-73.4M | $9.0M | ||
| Q2 24 | $-645.4M | $9.2M | ||
| Q1 24 | $-61.7M | $8.0M |
| Q4 25 | — | 29.5% | ||
| Q3 25 | — | 29.5% | ||
| Q2 25 | — | 29.9% | ||
| Q1 25 | — | 30.3% | ||
| Q4 24 | — | 29.9% | ||
| Q3 24 | — | 29.6% | ||
| Q2 24 | — | 29.2% | ||
| Q1 24 | — | 29.3% |
| Q4 25 | -0.5% | 4.4% | ||
| Q3 25 | 2.4% | 4.6% | ||
| Q2 25 | 3.2% | 4.7% | ||
| Q1 25 | 0.8% | 5.2% | ||
| Q4 24 | 12.0% | 4.0% | ||
| Q3 24 | 3.5% | 3.7% | ||
| Q2 24 | -170.2% | 4.2% | ||
| Q1 24 | -12.1% | 3.7% |
| Q4 25 | -4.5% | 3.4% | ||
| Q3 25 | -2.6% | 3.5% | ||
| Q2 25 | -2.0% | 3.5% | ||
| Q1 25 | -8.3% | 3.9% | ||
| Q4 24 | -5.8% | 3.0% | ||
| Q3 24 | -11.2% | 2.8% | ||
| Q2 24 | -100.3% | 3.0% | ||
| Q1 24 | -11.4% | 2.6% |
| Q4 25 | $-0.90 | $0.49 | ||
| Q3 25 | $-0.52 | $0.51 | ||
| Q2 25 | $-0.41 | $0.50 | ||
| Q1 25 | $-1.68 | $0.56 | ||
| Q4 24 | $-1.69 | $0.43 | ||
| Q3 24 | $-2.66 | $0.38 | ||
| Q2 24 | $-23.47 | $0.40 | ||
| Q1 24 | $-2.81 | $0.35 |
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 | $23.2M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $220.0M |
| Total Assets | $2.7B | $668.6M |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $23.2M | ||
| Q3 25 | $140.4M | $17.1M | ||
| Q2 25 | $95.1M | $13.2M | ||
| Q1 25 | $116.3M | $21.2M | ||
| Q4 24 | $104.9M | $6.3M | ||
| Q3 24 | $136.6M | $8.9M | ||
| Q2 24 | $84.9M | $13.9M | ||
| Q1 24 | $152.0M | $11.0M |
| 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 | $220.0M | ||
| Q3 25 | $139.8M | $212.4M | ||
| Q2 25 | $151.8M | $202.5M | ||
| Q1 25 | $154.6M | $193.0M | ||
| Q4 24 | $201.7M | $181.9M | ||
| Q3 24 | $226.1M | $174.3M | ||
| Q2 24 | $283.8M | $167.8M | ||
| Q1 24 | $926.1M | $160.0M |
| Q4 25 | $2.7B | $668.6M | ||
| Q3 25 | $2.8B | $670.5M | ||
| Q2 25 | $2.8B | $659.0M | ||
| Q1 25 | $2.8B | $664.6M | ||
| Q4 24 | $2.8B | $648.9M | ||
| Q3 24 | $3.1B | $655.5M | ||
| Q2 24 | $3.1B | $654.4M | ||
| Q1 24 | $4.0B | $656.6M |
| 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 | — | $21.1M |
| Free Cash FlowOCF − Capex | — | $11.6M |
| FCF MarginFCF / Revenue | — | 3.4% |
| Capex IntensityCapex / Revenue | 1.3% | 2.9% |
| Cash ConversionOCF / Net Profit | — | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | — | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $21.1M | ||
| Q3 25 | $52.7M | $15.6M | ||
| Q2 25 | — | $2.9M | ||
| Q1 25 | $27.6M | $34.1M | ||
| Q4 24 | $-23.2M | $2.7M | ||
| Q3 24 | $51.2M | $24.5M | ||
| Q2 24 | $-45.2M | $12.4M | ||
| Q1 24 | $-51.7M | $20.2M |
| Q4 25 | — | $11.6M | ||
| Q3 25 | $48.6M | $7.5M | ||
| Q2 25 | — | $-4.2M | ||
| Q1 25 | $15.7M | $27.6M | ||
| Q4 24 | $-30.5M | $-6.9M | ||
| Q3 24 | $40.7M | $18.0M | ||
| Q2 24 | $-59.6M | $3.6M | ||
| Q1 24 | $-56.7M | $9.8M |
| Q4 25 | — | 3.4% | ||
| Q3 25 | 7.7% | 2.2% | ||
| Q2 25 | — | -1.3% | ||
| Q1 25 | 2.6% | 8.2% | ||
| Q4 24 | -4.8% | -2.1% | ||
| Q3 24 | 6.2% | 5.6% | ||
| Q2 24 | -9.3% | 1.2% | ||
| Q1 24 | -10.5% | 3.2% |
| Q4 25 | 1.3% | 2.9% | ||
| Q3 25 | 0.7% | 2.4% | ||
| Q2 25 | 0.8% | 2.2% | ||
| Q1 25 | 1.9% | 1.9% | ||
| Q4 24 | 1.1% | 2.9% | ||
| Q3 24 | 1.6% | 2.0% | ||
| Q2 24 | 2.2% | 2.9% | ||
| Q1 24 | 0.9% | 3.4% |
| Q4 25 | — | 1.86× | ||
| Q3 25 | — | 1.32× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 2.60× | ||
| Q4 24 | — | 0.27× | ||
| Q3 24 | — | 2.72× | ||
| Q2 24 | — | 1.35× | ||
| Q1 24 | — | 2.54× |
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% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
