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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and NorthWestern Energy Group, Inc. (NWE). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $497.6M, roughly 1.3× NorthWestern Energy Group, Inc.). NorthWestern Energy Group, Inc. runs the higher net margin — 12.8% vs -4.5%, a 17.2% gap on every dollar of revenue. On growth, NorthWestern Energy Group, Inc. posted the faster year-over-year revenue change (6.6% vs -0.3%). Over the past eight quarters, NorthWestern Energy Group, Inc.'s revenue compounded faster (24.7% 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.
NorthWestern Energy Group, Inc. is a utility company that serves South Dakota, Nebraska, and Montana that is based in Sioux Falls. As of 2019, the company serves approximately 718,000 customers. The company's corporate headquarters are located in Sioux Falls while the headquarters for the South Dakota operations are in Huron, South Dakota.
FWRD vs NWE — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $497.6M |
| Net Profit | $-28.3M | $63.5M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 22.9% |
| Net Margin | -4.5% | 12.8% |
| Revenue YoY | -0.3% | 6.6% |
| Net Profit YoY | 22.2% | — |
| EPS (diluted) | $-0.90 | — |
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.
| Q1 26 | — | $497.6M | ||
| Q4 25 | $631.2M | $414.3M | ||
| Q3 25 | $631.8M | $387.0M | ||
| Q2 25 | $618.8M | $342.7M | ||
| Q1 25 | $613.3M | $466.6M | ||
| Q4 24 | $632.8M | $373.5M | ||
| Q3 24 | $655.9M | $345.2M | ||
| Q2 24 | $643.7M | $319.9M |
| Q1 26 | — | $63.5M | ||
| Q4 25 | $-28.3M | $44.7M | ||
| Q3 25 | $-16.3M | $38.2M | ||
| Q2 25 | $-12.6M | $21.2M | ||
| Q1 25 | $-50.6M | $76.9M | ||
| Q4 24 | $-36.4M | $80.6M | ||
| Q3 24 | $-73.4M | $46.8M | ||
| Q2 24 | $-645.4M | $31.7M |
| Q1 26 | — | 22.9% | ||
| Q4 25 | -0.5% | 14.5% | ||
| Q3 25 | 2.4% | 20.7% | ||
| Q2 25 | 3.2% | 17.7% | ||
| Q1 25 | 0.8% | 26.7% | ||
| Q4 24 | 12.0% | 24.6% | ||
| Q3 24 | 3.5% | 19.7% | ||
| Q2 24 | -170.2% | 19.3% |
| Q1 26 | — | 12.8% | ||
| Q4 25 | -4.5% | 10.8% | ||
| Q3 25 | -2.6% | 9.9% | ||
| Q2 25 | -2.0% | 6.2% | ||
| Q1 25 | -8.3% | 16.5% | ||
| Q4 24 | -5.8% | 21.6% | ||
| Q3 24 | -11.2% | 13.6% | ||
| Q2 24 | -100.3% | 9.9% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.90 | $0.72 | ||
| Q3 25 | $-0.52 | $0.62 | ||
| Q2 25 | $-0.41 | $0.35 | ||
| Q1 25 | $-1.68 | $1.25 | ||
| Q4 24 | $-1.69 | $1.31 | ||
| Q3 24 | $-2.66 | $0.76 | ||
| Q2 24 | $-23.47 | $0.52 |
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 | — |
| Total Assets | $2.7B | — |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $106.0M | $8.8M | ||
| Q3 25 | $140.4M | $6.2M | ||
| Q2 25 | $95.1M | $2.9M | ||
| Q1 25 | $116.3M | $56.0M | ||
| Q4 24 | $104.9M | $4.3M | ||
| Q3 24 | $136.6M | $2.5M | ||
| Q2 24 | $84.9M | $6.4M |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $3.3B | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $113.3M | $2.9B | ||
| Q3 25 | $139.8M | $2.9B | ||
| Q2 25 | $151.8M | $2.9B | ||
| Q1 25 | $154.6M | $2.9B | ||
| Q4 24 | $201.7M | $2.9B | ||
| Q3 24 | $226.1M | $2.8B | ||
| Q2 24 | $283.8M | $2.8B |
| Q1 26 | — | — | ||
| Q4 25 | $2.7B | $8.5B | ||
| Q3 25 | $2.8B | $8.3B | ||
| Q2 25 | $2.8B | $8.1B | ||
| Q1 25 | $2.8B | $8.1B | ||
| Q4 24 | $2.8B | $8.0B | ||
| Q3 24 | $3.1B | $7.9B | ||
| Q2 24 | $3.1B | $7.7B |
| Q1 26 | — | — | ||
| Q4 25 | 14.89× | 1.14× | ||
| Q3 25 | 12.05× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.05× | ||
| Q3 24 | — | — | ||
| Q2 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% |
NWE
| Electric | $362.1M | 73% |
| Gas | $135.5M | 27% |
