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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Insulet Corporation (PODD). Click either name above to swap in a different company.
Insulet Corporation is the larger business by last-quarter revenue ($783.7M vs $631.2M, roughly 1.2× FORWARD AIR CORP). Insulet Corporation runs the higher net margin — 13.0% vs -4.5%, a 17.5% gap on every dollar of revenue. On growth, Insulet Corporation posted the faster year-over-year revenue change (31.2% vs -0.3%). Over the past eight quarters, Insulet Corporation's revenue compounded faster (33.2% 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.
An insulin pump is a medical device used for the administration of insulin in the treatment of diabetes mellitus, also known as continuous subcutaneous insulin therapy . The device configuration may vary depending on design. A traditional pump includes:the pump a disposable reservoir for insulin a disposable infusion set, including a cannula for subcutaneous insertion and a tubing system to connect the insulin reservoir to the cannula.
FWRD vs PODD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $783.7M |
| Net Profit | $-28.3M | $101.6M |
| Gross Margin | — | 72.6% |
| Operating Margin | -0.5% | 18.7% |
| Net Margin | -4.5% | 13.0% |
| Revenue YoY | -0.3% | 31.2% |
| Net Profit YoY | 22.2% | 0.9% |
| EPS (diluted) | $-0.90 | $1.42 |
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 | $783.7M | ||
| Q3 25 | $631.8M | $706.3M | ||
| Q2 25 | $618.8M | $649.1M | ||
| Q1 25 | $613.3M | $569.0M | ||
| Q4 24 | $632.8M | $597.5M | ||
| Q3 24 | $655.9M | $543.9M | ||
| Q2 24 | $643.7M | $488.5M | ||
| Q1 24 | $541.8M | $441.7M |
| Q4 25 | $-28.3M | $101.6M | ||
| Q3 25 | $-16.3M | $87.6M | ||
| Q2 25 | $-12.6M | $22.5M | ||
| Q1 25 | $-50.6M | $35.4M | ||
| Q4 24 | $-36.4M | $100.7M | ||
| Q3 24 | $-73.4M | $77.5M | ||
| Q2 24 | $-645.4M | $188.6M | ||
| Q1 24 | $-61.7M | $51.5M |
| Q4 25 | — | 72.6% | ||
| Q3 25 | — | 72.2% | ||
| Q2 25 | — | 69.7% | ||
| Q1 25 | — | 71.9% | ||
| Q4 24 | — | 72.1% | ||
| Q3 24 | — | 69.3% | ||
| Q2 24 | — | 67.7% | ||
| Q1 24 | — | 69.5% |
| Q4 25 | -0.5% | 18.7% | ||
| Q3 25 | 2.4% | 16.7% | ||
| Q2 25 | 3.2% | 18.7% | ||
| Q1 25 | 0.8% | 15.6% | ||
| Q4 24 | 12.0% | 18.3% | ||
| Q3 24 | 3.5% | 16.2% | ||
| Q2 24 | -170.2% | 11.2% | ||
| Q1 24 | -12.1% | 12.9% |
| Q4 25 | -4.5% | 13.0% | ||
| Q3 25 | -2.6% | 12.4% | ||
| Q2 25 | -2.0% | 3.5% | ||
| Q1 25 | -8.3% | 6.2% | ||
| Q4 24 | -5.8% | 16.9% | ||
| Q3 24 | -11.2% | 14.2% | ||
| Q2 24 | -100.3% | 38.6% | ||
| Q1 24 | -11.4% | 11.7% |
| Q4 25 | $-0.90 | $1.42 | ||
| Q3 25 | $-0.52 | $1.24 | ||
| Q2 25 | $-0.41 | $0.32 | ||
| Q1 25 | $-1.68 | $0.50 | ||
| Q4 24 | $-1.69 | $1.38 | ||
| Q3 24 | $-2.66 | $1.08 | ||
| Q2 24 | $-23.47 | $2.59 | ||
| Q1 24 | $-2.81 | $0.73 |
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 | $930.8M |
| Stockholders' EquityBook value | $113.3M | $1.5B |
| Total Assets | $2.7B | $3.2B |
| Debt / EquityLower = less leverage | 14.89× | 0.61× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | — | ||
| Q3 25 | $140.4M | — | ||
| Q2 25 | $95.1M | — | ||
| Q1 25 | $116.3M | — | ||
| Q4 24 | $104.9M | — | ||
| Q3 24 | $136.6M | — | ||
| Q2 24 | $84.9M | — | ||
| Q1 24 | $152.0M | — |
| Q4 25 | $1.7B | $930.8M | ||
| Q3 25 | $1.7B | $934.9M | ||
| Q2 25 | — | $939.0M | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | $1.7B | $1.4B |
| Q4 25 | $113.3M | $1.5B | ||
| Q3 25 | $139.8M | $1.4B | ||
| Q2 25 | $151.8M | $1.5B | ||
| Q1 25 | $154.6M | $1.3B | ||
| Q4 24 | $201.7M | $1.2B | ||
| Q3 24 | $226.1M | $1.1B | ||
| Q2 24 | $283.8M | $998.4M | ||
| Q1 24 | $926.1M | $790.7M |
| Q4 25 | $2.7B | $3.2B | ||
| Q3 25 | $2.8B | $3.0B | ||
| Q2 25 | $2.8B | $3.5B | ||
| Q1 25 | $2.8B | $3.5B | ||
| Q4 24 | $2.8B | $3.1B | ||
| Q3 24 | $3.1B | $3.0B | ||
| Q2 24 | $3.1B | $2.9B | ||
| Q1 24 | $4.0B | $2.6B |
| Q4 25 | 14.89× | 0.61× | ||
| Q3 25 | 12.05× | 0.68× | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 1.21× | ||
| Q4 24 | — | 1.07× | ||
| Q3 24 | — | 1.21× | ||
| Q2 24 | — | 1.36× | ||
| Q1 24 | 1.81× | 1.72× |
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 | — | $183.3M |
| Free Cash FlowOCF − Capex | — | $48.2M |
| FCF MarginFCF / Revenue | — | 6.2% |
| Capex IntensityCapex / Revenue | 1.3% | 17.2% |
| Cash ConversionOCF / Net Profit | — | 1.80× |
| TTM Free Cash FlowTrailing 4 quarters | — | $377.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $183.3M | ||
| Q3 25 | $52.7M | $125.7M | ||
| Q2 25 | — | $196.5M | ||
| Q1 25 | $27.6M | $63.8M | ||
| Q4 24 | $-23.2M | $147.7M | ||
| Q3 24 | $51.2M | $98.5M | ||
| Q2 24 | $-45.2M | $96.5M | ||
| Q1 24 | $-51.7M | $87.6M |
| Q4 25 | — | $48.2M | ||
| Q3 25 | $48.6M | $100.1M | ||
| Q2 25 | — | $177.9M | ||
| Q1 25 | $15.7M | $51.5M | ||
| Q4 24 | $-30.5M | $94.1M | ||
| Q3 24 | $40.7M | $71.8M | ||
| Q2 24 | $-59.6M | $74.0M | ||
| Q1 24 | $-56.7M | $65.5M |
| Q4 25 | — | 6.2% | ||
| Q3 25 | 7.7% | 14.2% | ||
| Q2 25 | — | 27.4% | ||
| Q1 25 | 2.6% | 9.1% | ||
| Q4 24 | -4.8% | 15.7% | ||
| Q3 24 | 6.2% | 13.2% | ||
| Q2 24 | -9.3% | 15.1% | ||
| Q1 24 | -10.5% | 14.8% |
| Q4 25 | 1.3% | 17.2% | ||
| Q3 25 | 0.7% | 3.6% | ||
| Q2 25 | 0.8% | 2.9% | ||
| Q1 25 | 1.9% | 2.2% | ||
| Q4 24 | 1.1% | 9.0% | ||
| Q3 24 | 1.6% | 4.9% | ||
| Q2 24 | 2.2% | 4.6% | ||
| Q1 24 | 0.9% | 5.0% |
| Q4 25 | — | 1.80× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | 8.73× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 1.47× | ||
| Q3 24 | — | 1.27× | ||
| Q2 24 | — | 0.51× | ||
| Q1 24 | — | 1.70× |
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% |
PODD
| U.S.Omnipod | $567.8M | 72% |
| International Omnipod | $214.0M | 27% |
| Drug Delivery | $1.9M | 0% |
