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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Natera, Inc. (NTRA). Click either name above to swap in a different company.
Natera, Inc. is the larger business by last-quarter revenue ($665.5M vs $631.2M, roughly 1.1× FORWARD AIR CORP). Natera, Inc. runs the higher net margin — 7.1% vs -4.5%, a 11.6% gap on every dollar of revenue. On growth, Natera, Inc. posted the faster year-over-year revenue change (39.8% vs -0.3%). Over the past eight quarters, Natera, Inc.'s revenue compounded faster (34.5% 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.
Natera, Inc. is a clinical genetic testing company based in Austin, Texas that specializes in non-invasive, cell-free DNA (cfDNA) testing technology, with a focus on women’s health, cancer, and organ health. Natera’s proprietary technology combines novel molecular biology techniques with a suite of bioinformatics software that allows detection down to a single molecule in a tube of blood. Natera operates CAP-accredited laboratories certified under the Clinical Laboratory Improvement Amendment...
FWRD vs NTRA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $665.5M |
| Net Profit | $-28.3M | $47.3M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | -3.4% |
| Net Margin | -4.5% | 7.1% |
| Revenue YoY | -0.3% | 39.8% |
| Net Profit YoY | 22.2% | 187.9% |
| EPS (diluted) | $-0.90 | $0.36 |
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 | $665.5M | ||
| Q3 25 | $631.8M | $592.2M | ||
| Q2 25 | $618.8M | $546.6M | ||
| Q1 25 | $613.3M | $501.8M | ||
| Q4 24 | $632.8M | $476.1M | ||
| Q3 24 | $655.9M | $439.8M | ||
| Q2 24 | $643.7M | $413.4M | ||
| Q1 24 | $541.8M | $367.7M |
| Q4 25 | $-28.3M | $47.3M | ||
| Q3 25 | $-16.3M | $-87.5M | ||
| Q2 25 | $-12.6M | $-100.9M | ||
| Q1 25 | $-50.6M | $-66.9M | ||
| Q4 24 | $-36.4M | $-53.8M | ||
| Q3 24 | $-73.4M | $-31.6M | ||
| Q2 24 | $-645.4M | $-37.5M | ||
| Q1 24 | $-61.7M | $-67.6M |
| Q4 25 | -0.5% | -3.4% | ||
| Q3 25 | 2.4% | -16.5% | ||
| Q2 25 | 3.2% | -20.2% | ||
| Q1 25 | 0.8% | -15.8% | ||
| Q4 24 | 12.0% | -13.6% | ||
| Q3 24 | 3.5% | -8.9% | ||
| Q2 24 | -170.2% | -10.6% | ||
| Q1 24 | -12.1% | -20.2% |
| Q4 25 | -4.5% | 7.1% | ||
| Q3 25 | -2.6% | -14.8% | ||
| Q2 25 | -2.0% | -18.5% | ||
| Q1 25 | -8.3% | -13.3% | ||
| Q4 24 | -5.8% | -11.3% | ||
| Q3 24 | -11.2% | -7.2% | ||
| Q2 24 | -100.3% | -9.1% | ||
| Q1 24 | -11.4% | -18.4% |
| Q4 25 | $-0.90 | $0.36 | ||
| Q3 25 | $-0.52 | $-0.64 | ||
| Q2 25 | $-0.41 | $-0.74 | ||
| Q1 25 | $-1.68 | $-0.50 | ||
| Q4 24 | $-1.69 | $-0.41 | ||
| Q3 24 | $-2.66 | $-0.26 | ||
| Q2 24 | $-23.47 | $-0.30 | ||
| Q1 24 | $-2.81 | $-0.56 |
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 | — |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $1.7B |
| Total Assets | $2.7B | $2.4B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | — | ||
| Q3 25 | $140.4M | $1.0M | ||
| Q2 25 | $95.1M | $16.0M | ||
| Q1 25 | $116.3M | $17.8M | ||
| Q4 24 | $104.9M | $22.7M | ||
| Q3 24 | $136.6M | $29.5M | ||
| Q2 24 | $84.9M | $90.3M | ||
| Q1 24 | $152.0M | $69.1M |
| 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 | $1.7B | ||
| Q3 25 | $139.8M | $1.3B | ||
| Q2 25 | $151.8M | $1.2B | ||
| Q1 25 | $154.6M | $1.2B | ||
| Q4 24 | $201.7M | $1.2B | ||
| Q3 24 | $226.1M | $878.5M | ||
| Q2 24 | $283.8M | $836.5M | ||
| Q1 24 | $926.1M | $794.1M |
| Q4 25 | $2.7B | $2.4B | ||
| Q3 25 | $2.8B | $1.8B | ||
| Q2 25 | $2.8B | $1.8B | ||
| Q1 25 | $2.8B | $1.7B | ||
| Q4 24 | $2.8B | $1.7B | ||
| Q3 24 | $3.1B | $1.6B | ||
| Q2 24 | $3.1B | $1.5B | ||
| Q1 24 | $4.0B | $1.5B |
| 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 | — | $73.9M |
| Free Cash FlowOCF − Capex | — | $37.8M |
| FCF MarginFCF / Revenue | — | 5.7% |
| Capex IntensityCapex / Revenue | 1.3% | 5.4% |
| Cash ConversionOCF / Net Profit | — | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | — | $109.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $73.9M | ||
| Q3 25 | $52.7M | $59.4M | ||
| Q2 25 | — | $37.6M | ||
| Q1 25 | $27.6M | $44.5M | ||
| Q4 24 | $-23.2M | $52.9M | ||
| Q3 24 | $51.2M | $51.8M | ||
| Q2 24 | $-45.2M | $4.0M | ||
| Q1 24 | $-51.7M | $27.0M |
| Q4 25 | — | $37.8M | ||
| Q3 25 | $48.6M | $37.0M | ||
| Q2 25 | — | $11.7M | ||
| Q1 25 | $15.7M | $22.6M | ||
| Q4 24 | $-30.5M | $34.8M | ||
| Q3 24 | $40.7M | $35.5M | ||
| Q2 24 | $-59.6M | $-7.7M | ||
| Q1 24 | $-56.7M | $6.7M |
| Q4 25 | — | 5.7% | ||
| Q3 25 | 7.7% | 6.2% | ||
| Q2 25 | — | 2.1% | ||
| Q1 25 | 2.6% | 4.5% | ||
| Q4 24 | -4.8% | 7.3% | ||
| Q3 24 | 6.2% | 8.1% | ||
| Q2 24 | -9.3% | -1.9% | ||
| Q1 24 | -10.5% | 1.8% |
| Q4 25 | 1.3% | 5.4% | ||
| Q3 25 | 0.7% | 3.8% | ||
| Q2 25 | 0.8% | 4.7% | ||
| Q1 25 | 1.9% | 4.3% | ||
| Q4 24 | 1.1% | 3.8% | ||
| Q3 24 | 1.6% | 3.7% | ||
| Q2 24 | 2.2% | 2.8% | ||
| Q1 24 | 0.9% | 5.5% |
| Q4 25 | — | 1.56× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
NTRA
Segment breakdown not available.
