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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and NEW JERSEY RESOURCES CORP (NJR). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $440.9M, roughly 1.4× NEW JERSEY RESOURCES CORP). NEW JERSEY RESOURCES CORP runs the higher net margin — 27.8% vs -4.5%, a 32.3% gap on every dollar of revenue. On growth, NEW JERSEY RESOURCES CORP posted the faster year-over-year revenue change (22.8% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 0.9%).
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.
New Jersey Resources is an energy services holding company based in Wall Township, New Jersey. It is a Fortune 1000 company, and a member of the Forbes Platinum 400. New Jersey Natural Gas is its principal subsidiary.
FWRD vs NJR — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $440.9M |
| Net Profit | $-28.3M | $122.5M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 40.6% |
| Net Margin | -4.5% | 27.8% |
| Revenue YoY | -0.3% | 22.8% |
| Net Profit YoY | 22.2% | -6.7% |
| EPS (diluted) | $-0.90 | $1.21 |
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 | $440.9M | ||
| Q3 25 | $631.8M | $188.3M | ||
| Q2 25 | $618.8M | $234.8M | ||
| Q1 25 | $613.3M | $569.2M | ||
| Q4 24 | $632.8M | $359.0M | ||
| Q3 24 | $655.9M | $265.7M | ||
| Q2 24 | $643.7M | $209.9M | ||
| Q1 24 | $541.8M | $433.2M |
| Q4 25 | $-28.3M | $122.5M | ||
| Q3 25 | $-16.3M | $15.1M | ||
| Q2 25 | $-12.6M | $-15.1M | ||
| Q1 25 | $-50.6M | $204.3M | ||
| Q4 24 | $-36.4M | $131.3M | ||
| Q3 24 | $-73.4M | $91.1M | ||
| Q2 24 | $-645.4M | $-11.6M | ||
| Q1 24 | $-61.7M | $120.8M |
| Q4 25 | -0.5% | 40.6% | ||
| Q3 25 | 2.4% | 21.5% | ||
| Q2 25 | 3.2% | -0.5% | ||
| Q1 25 | 0.8% | 49.2% | ||
| Q4 24 | 12.0% | 52.8% | ||
| Q3 24 | 3.5% | 55.0% | ||
| Q2 24 | -170.2% | 2.8% | ||
| Q1 24 | -12.1% | 39.3% |
| Q4 25 | -4.5% | 27.8% | ||
| Q3 25 | -2.6% | 8.0% | ||
| Q2 25 | -2.0% | -6.4% | ||
| Q1 25 | -8.3% | 35.9% | ||
| Q4 24 | -5.8% | 36.6% | ||
| Q3 24 | -11.2% | 34.3% | ||
| Q2 24 | -100.3% | -5.5% | ||
| Q1 24 | -11.4% | 27.9% |
| Q4 25 | $-0.90 | $1.21 | ||
| Q3 25 | $-0.52 | $0.15 | ||
| Q2 25 | $-0.41 | $-0.15 | ||
| Q1 25 | $-1.68 | $2.02 | ||
| Q4 24 | $-1.69 | $1.31 | ||
| Q3 24 | $-2.66 | $0.91 | ||
| Q2 24 | $-23.47 | $-0.12 | ||
| Q1 24 | $-2.81 | $1.22 |
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 | $2.4M |
| Total DebtLower is stronger | $1.7B | $3.3B |
| Stockholders' EquityBook value | $113.3M | $2.5B |
| Total Assets | $2.7B | $7.9B |
| Debt / EquityLower = less leverage | 14.89× | 1.32× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $2.4M | ||
| Q3 25 | $140.4M | $591.0K | ||
| Q2 25 | $95.1M | $931.0K | ||
| Q1 25 | $116.3M | $83.7M | ||
| Q4 24 | $104.9M | $1.9M | ||
| Q3 24 | $136.6M | $1.0M | ||
| Q2 24 | $84.9M | $22.4M | ||
| Q1 24 | $152.0M | $5.0M |
| Q4 25 | $1.7B | $3.3B | ||
| Q3 25 | $1.7B | $3.3B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | — | $2.9B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | $1.7B | $2.7B |
| Q4 25 | $113.3M | $2.5B | ||
| Q3 25 | $139.8M | $2.4B | ||
| Q2 25 | $151.8M | $2.4B | ||
| Q1 25 | $154.6M | $2.5B | ||
| Q4 24 | $201.7M | $2.3B | ||
| Q3 24 | $226.1M | $2.2B | ||
| Q2 24 | $283.8M | $2.1B | ||
| Q1 24 | $926.1M | $2.2B |
| Q4 25 | $2.7B | $7.9B | ||
| Q3 25 | $2.8B | $7.6B | ||
| Q2 25 | $2.8B | $7.3B | ||
| Q1 25 | $2.8B | $7.3B | ||
| Q4 24 | $2.8B | $7.2B | ||
| Q3 24 | $3.1B | $7.0B | ||
| Q2 24 | $3.1B | $6.8B | ||
| Q1 24 | $4.0B | $6.6B |
| Q4 25 | 14.89× | 1.32× | ||
| Q3 25 | 12.05× | 1.36× | ||
| Q2 25 | — | 1.25× | ||
| Q1 25 | — | 1.20× | ||
| Q4 24 | — | 1.29× | ||
| Q3 24 | — | 1.31× | ||
| Q2 24 | — | 1.30× | ||
| Q1 24 | 1.81× | 1.25× |
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 | — | $26.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | — | 0.22× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $26.7M | ||
| Q3 25 | $52.7M | $81.2M | ||
| Q2 25 | — | $-28.9M | ||
| Q1 25 | $27.6M | $423.0M | ||
| Q4 24 | $-23.2M | $-9.0M | ||
| Q3 24 | $51.2M | $64.5M | ||
| Q2 24 | $-45.2M | $24.3M | ||
| Q1 24 | $-51.7M | $292.2M |
| Q4 25 | — | — | ||
| Q3 25 | $48.6M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $15.7M | — | ||
| Q4 24 | $-30.5M | — | ||
| Q3 24 | $40.7M | — | ||
| Q2 24 | $-59.6M | — | ||
| Q1 24 | $-56.7M | — |
| Q4 25 | — | — | ||
| Q3 25 | 7.7% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | -4.8% | — | ||
| Q3 24 | 6.2% | — | ||
| Q2 24 | -9.3% | — | ||
| Q1 24 | -10.5% | — |
| Q4 25 | 1.3% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 1.9% | — | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 0.9% | — |
| Q4 25 | — | 0.22× | ||
| Q3 25 | — | 5.39× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 2.07× | ||
| Q4 24 | — | -0.07× | ||
| Q3 24 | — | 0.71× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 2.42× |
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% |
NJR
| Residential | $284.1M | 64% |
| Commercialand Industrial | $53.4M | 12% |
| Firm Transportation | $34.7M | 8% |
| Storage And Transportation ST Segment | $28.1M | 6% |
| Home Services And Other HSO | $16.0M | 4% |
| Energy Services ES Segment | $12.8M | 3% |
| Installationand Maintenance | $6.6M | 1% |
| Electricity | $5.6M | 1% |
| Renewable Energy Certificates | $3.7M | 1% |
| Interruptibleand Offtariff | $2.4M | 1% |
