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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $384.8M, roughly 1.6× P3 Health Partners Inc.). FORWARD AIR CORP runs the higher net margin — -4.5% vs -19.6%, a 15.1% gap on every dollar of revenue. On growth, P3 Health Partners Inc. posted the faster year-over-year revenue change (3.8% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -0.5%).
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.
P3 Health Partners Inc. is a population health management and value-based care services firm operating primarily in the United States. It partners with primary care providers and health systems to deliver coordinated, high-quality care for patient populations, especially Medicare Advantage beneficiaries, focusing on improving health outcomes and lowering unnecessary healthcare costs.
FWRD vs PIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $384.8M |
| Net Profit | $-28.3M | $-75.5M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | -40.0% |
| Net Margin | -4.5% | -19.6% |
| Revenue YoY | -0.3% | 3.8% |
| Net Profit YoY | 22.2% | -28.8% |
| EPS (diluted) | $-0.90 | $-23.08 |
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 | $384.8M | ||
| Q3 25 | $631.8M | $345.3M | ||
| Q2 25 | $618.8M | $355.8M | ||
| Q1 25 | $613.3M | $373.2M | ||
| Q4 24 | $632.8M | $370.7M | ||
| Q3 24 | $655.9M | $362.1M | ||
| Q2 24 | $643.7M | $379.2M | ||
| Q1 24 | $541.8M | $388.5M |
| Q4 25 | $-28.3M | $-75.5M | ||
| Q3 25 | $-16.3M | $-31.6M | ||
| Q2 25 | $-12.6M | $-20.4M | ||
| Q1 25 | $-50.6M | $-20.5M | ||
| Q4 24 | $-36.4M | $-58.6M | ||
| Q3 24 | $-73.4M | $-46.5M | ||
| Q2 24 | $-645.4M | $-12.0M | ||
| Q1 24 | $-61.7M | $-18.7M |
| Q4 25 | -0.5% | -40.0% | ||
| Q3 25 | 2.4% | -12.8% | ||
| Q2 25 | 3.2% | -9.6% | ||
| Q1 25 | 0.8% | -10.2% | ||
| Q4 24 | 12.0% | -37.4% | ||
| Q3 24 | 3.5% | -29.5% | ||
| Q2 24 | -170.2% | -8.3% | ||
| Q1 24 | -12.1% | -11.3% |
| Q4 25 | -4.5% | -19.6% | ||
| Q3 25 | -2.6% | -9.1% | ||
| Q2 25 | -2.0% | -5.7% | ||
| Q1 25 | -8.3% | -5.5% | ||
| Q4 24 | -5.8% | -15.8% | ||
| Q3 24 | -11.2% | -12.8% | ||
| Q2 24 | -100.3% | -3.2% | ||
| Q1 24 | -11.4% | -4.8% |
| Q4 25 | $-0.90 | $-23.08 | ||
| Q3 25 | $-0.52 | $-9.67 | ||
| Q2 25 | $-0.41 | $-6.23 | ||
| Q1 25 | $-1.68 | $-6.28 | ||
| Q4 24 | $-1.69 | $-23.13 | ||
| Q3 24 | $-2.66 | $-15.70 | ||
| Q2 24 | $-23.47 | $-7.37 | ||
| Q1 24 | $-2.81 | $-7.86 |
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 | $25.0M |
| Total DebtLower is stronger | $1.7B | $228.4M |
| Stockholders' EquityBook value | $113.3M | $-155.2M |
| Total Assets | $2.7B | $656.6M |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $25.0M | ||
| Q3 25 | $140.4M | $37.7M | ||
| Q2 25 | $95.1M | $38.6M | ||
| Q1 25 | $116.3M | $40.1M | ||
| Q4 24 | $104.9M | $38.8M | ||
| Q3 24 | $136.6M | $63.0M | ||
| Q2 24 | $84.9M | $73.1M | ||
| Q1 24 | $152.0M | $27.3M |
| Q4 25 | $1.7B | $228.4M | ||
| Q3 25 | $1.7B | $252.8M | ||
| Q2 25 | — | $182.0M | ||
| Q1 25 | — | $171.1M | ||
| Q4 24 | — | $108.9M | ||
| Q3 24 | — | $133.2M | ||
| Q2 24 | — | $133.1M | ||
| Q1 24 | $1.7B | $118.1M |
| Q4 25 | $113.3M | $-155.2M | ||
| Q3 25 | $139.8M | $-18.7M | ||
| Q2 25 | $151.8M | $44.5M | ||
| Q1 25 | $154.6M | $63.3M | ||
| Q4 24 | $201.7M | $75.9M | ||
| Q3 24 | $226.1M | $120.5M | ||
| Q2 24 | $283.8M | $166.8M | ||
| Q1 24 | $926.1M | $146.6M |
| Q4 25 | $2.7B | $656.6M | ||
| Q3 25 | $2.8B | $683.6M | ||
| Q2 25 | $2.8B | $731.6M | ||
| Q1 25 | $2.8B | $783.9M | ||
| Q4 24 | $2.8B | $783.4M | ||
| Q3 24 | $3.1B | $833.3M | ||
| Q2 24 | $3.1B | $892.8M | ||
| Q1 24 | $4.0B | $855.9M |
| Q4 25 | 14.89× | — | ||
| Q3 25 | 12.05× | — | ||
| Q2 25 | — | 4.09× | ||
| Q1 25 | — | 2.71× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.11× | ||
| Q2 24 | — | 0.80× | ||
| Q1 24 | 1.81× | 0.81× |
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 | — | $-25.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-25.7M | ||
| Q3 25 | $52.7M | $-15.4M | ||
| Q2 25 | — | $-16.6M | ||
| Q1 25 | $27.6M | $-33.5M | ||
| Q4 24 | $-23.2M | $-57.2M | ||
| Q3 24 | $51.2M | $-22.6M | ||
| Q2 24 | $-45.2M | $-10.2M | ||
| Q1 24 | $-51.7M | $-20.0M |
| 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% | 0.0% | ||
| Q3 24 | 1.6% | 0.0% | ||
| Q2 24 | 2.2% | 0.0% | ||
| Q1 24 | 0.9% | 0.0% |
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% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
