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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Nextpower Inc. (NXT). Click either name above to swap in a different company.
Nextpower Inc. is the larger business by last-quarter revenue ($909.4M vs $631.2M, roughly 1.4× FORWARD AIR CORP). Nextpower Inc. runs the higher net margin — 14.4% vs -4.5%, a 18.9% gap on every dollar of revenue. On growth, Nextpower Inc. posted the faster year-over-year revenue change (33.9% vs -0.3%). Over the past eight quarters, Nextpower Inc.'s revenue compounded faster (11.1% 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.
Nextpower Inc. (NXT) is a global energy technology provider based in Fremont, California.
FWRD vs NXT — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $909.4M |
| Net Profit | $-28.3M | $131.2M |
| Gross Margin | — | 31.7% |
| Operating Margin | -0.5% | 19.4% |
| Net Margin | -4.5% | 14.4% |
| Revenue YoY | -0.3% | 33.9% |
| Net Profit YoY | 22.2% | 13.8% |
| EPS (diluted) | $-0.90 | $0.85 |
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 | $909.4M | ||
| Q3 25 | $631.8M | $905.3M | ||
| Q2 25 | $618.8M | $864.3M | ||
| Q1 25 | $613.3M | $924.3M | ||
| Q4 24 | $632.8M | $679.4M | ||
| Q3 24 | $655.9M | $635.6M | ||
| Q2 24 | $643.7M | $719.9M | ||
| Q1 24 | $541.8M | $736.5M |
| Q4 25 | $-28.3M | $131.2M | ||
| Q3 25 | $-16.3M | $146.9M | ||
| Q2 25 | $-12.6M | $157.2M | ||
| Q1 25 | $-50.6M | $156.8M | ||
| Q4 24 | $-36.4M | $115.3M | ||
| Q3 24 | $-73.4M | $115.4M | ||
| Q2 24 | $-645.4M | $121.7M | ||
| Q1 24 | $-61.7M | $205.2M |
| Q4 25 | — | 31.7% | ||
| Q3 25 | — | 32.4% | ||
| Q2 25 | — | 32.6% | ||
| Q1 25 | — | 33.1% | ||
| Q4 24 | — | 35.5% | ||
| Q3 24 | — | 35.4% | ||
| Q2 24 | — | 33.0% | ||
| Q1 24 | — | 46.2% |
| Q4 25 | -0.5% | 19.4% | ||
| Q3 25 | 2.4% | 20.0% | ||
| Q2 25 | 3.2% | 21.5% | ||
| Q1 25 | 0.8% | 21.1% | ||
| Q4 24 | 12.0% | 22.1% | ||
| Q3 24 | 3.5% | 21.0% | ||
| Q2 24 | -170.2% | 22.2% | ||
| Q1 24 | -12.1% | 36.8% |
| Q4 25 | -4.5% | 14.4% | ||
| Q3 25 | -2.6% | 16.2% | ||
| Q2 25 | -2.0% | 18.2% | ||
| Q1 25 | -8.3% | 17.0% | ||
| Q4 24 | -5.8% | 17.0% | ||
| Q3 24 | -11.2% | 18.2% | ||
| Q2 24 | -100.3% | 16.9% | ||
| Q1 24 | -11.4% | 27.9% |
| Q4 25 | $-0.90 | $0.85 | ||
| Q3 25 | $-0.52 | $0.97 | ||
| Q2 25 | $-0.41 | $1.04 | ||
| Q1 25 | $-1.68 | $1.05 | ||
| Q4 24 | $-1.69 | $0.79 | ||
| Q3 24 | $-2.66 | $0.79 | ||
| Q2 24 | $-23.47 | $0.84 | ||
| Q1 24 | $-2.81 | $1.52 |
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 | $952.6M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $2.2B |
| Total Assets | $2.7B | $3.8B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $952.6M | ||
| Q3 25 | $140.4M | $845.3M | ||
| Q2 25 | $95.1M | $743.4M | ||
| Q1 25 | $116.3M | $766.1M | ||
| Q4 24 | $104.9M | $693.5M | ||
| Q3 24 | $136.6M | $561.9M | ||
| Q2 24 | $84.9M | $471.9M | ||
| Q1 24 | $152.0M | $474.1M |
| 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 | $2.2B | ||
| Q3 25 | $139.8M | $2.0B | ||
| Q2 25 | $151.8M | $1.8B | ||
| Q1 25 | $154.6M | $1.6B | ||
| Q4 24 | $201.7M | $1.4B | ||
| Q3 24 | $226.1M | $1.3B | ||
| Q2 24 | $283.8M | $1.1B | ||
| Q1 24 | $926.1M | $961.0M |
| Q4 25 | $2.7B | $3.8B | ||
| Q3 25 | $2.8B | $3.7B | ||
| Q2 25 | $2.8B | $3.4B | ||
| Q1 25 | $2.8B | $3.2B | ||
| Q4 24 | $2.8B | $3.0B | ||
| Q3 24 | $3.1B | $2.8B | ||
| Q2 24 | $3.1B | $2.6B | ||
| Q1 24 | $4.0B | $2.5B |
| 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 | — | $123.3M |
| Free Cash FlowOCF − Capex | — | $118.5M |
| FCF MarginFCF / Revenue | — | 13.0% |
| Capex IntensityCapex / Revenue | 1.3% | 0.5% |
| Cash ConversionOCF / Net Profit | — | 0.94× |
| TTM Free Cash FlowTrailing 4 quarters | — | $587.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $123.3M | ||
| Q3 25 | $52.7M | $186.9M | ||
| Q2 25 | — | $81.3M | ||
| Q1 25 | $27.6M | $237.3M | ||
| Q4 24 | $-23.2M | $143.8M | ||
| Q3 24 | $51.2M | $153.8M | ||
| Q2 24 | $-45.2M | $120.8M | ||
| Q1 24 | $-51.7M | $111.5M |
| Q4 25 | — | $118.5M | ||
| Q3 25 | $48.6M | $171.4M | ||
| Q2 25 | — | $70.1M | ||
| Q1 25 | $15.7M | $227.2M | ||
| Q4 24 | $-30.5M | $134.9M | ||
| Q3 24 | $40.7M | $141.8M | ||
| Q2 24 | $-59.6M | $118.0M | ||
| Q1 24 | $-56.7M | $109.2M |
| Q4 25 | — | 13.0% | ||
| Q3 25 | 7.7% | 18.9% | ||
| Q2 25 | — | 8.1% | ||
| Q1 25 | 2.6% | 24.6% | ||
| Q4 24 | -4.8% | 19.9% | ||
| Q3 24 | 6.2% | 22.3% | ||
| Q2 24 | -9.3% | 16.4% | ||
| Q1 24 | -10.5% | 14.8% |
| Q4 25 | 1.3% | 0.5% | ||
| Q3 25 | 0.7% | 1.7% | ||
| Q2 25 | 0.8% | 1.3% | ||
| Q1 25 | 1.9% | 1.1% | ||
| Q4 24 | 1.1% | 1.3% | ||
| Q3 24 | 1.6% | 1.9% | ||
| Q2 24 | 2.2% | 0.4% | ||
| Q1 24 | 0.9% | 0.3% |
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | 1.27× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 1.51× | ||
| Q4 24 | — | 1.25× | ||
| Q3 24 | — | 1.33× | ||
| Q2 24 | — | 0.99× | ||
| Q1 24 | — | 0.54× |
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% |
NXT
| Transferred Over Time | $763.9M | 84% |
| Transferred At Point In Time | $145.4M | 16% |
