vs
Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and PRA GROUP INC (PRAA). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $333.4M, roughly 1.9× PRA GROUP INC). PRA GROUP INC runs the higher net margin — 17.0% vs -4.5%, a 21.4% gap on every dollar of revenue. On growth, PRA GROUP INC posted the faster year-over-year revenue change (13.7% vs -0.3%). Over the past eight quarters, PRA GROUP INC's revenue compounded faster (14.2% 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.
PRA Group, Inc. is a publicly traded debt buyer and debt collection company based in Norfolk, Virginia. The company buys delinquent consumer debt from credit card issuers and other financial institutions at a discount and pursues collection of the full debt owed. Founded in 1996, PRA Group employs more than 3200 people in 18 countries.
FWRD vs PRAA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $333.4M |
| Net Profit | $-28.3M | $56.5M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 37.7% |
| Net Margin | -4.5% | 17.0% |
| Revenue YoY | -0.3% | 13.7% |
| Net Profit YoY | 22.2% | 206.3% |
| EPS (diluted) | $-0.90 | $1.47 |
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 | $333.4M | ||
| Q3 25 | $631.8M | $311.1M | ||
| Q2 25 | $618.8M | $287.7M | ||
| Q1 25 | $613.3M | $269.6M | ||
| Q4 24 | $632.8M | $293.2M | ||
| Q3 24 | $655.9M | $281.5M | ||
| Q2 24 | $643.7M | $284.2M | ||
| Q1 24 | $541.8M | $255.6M |
| Q4 25 | $-28.3M | $56.5M | ||
| Q3 25 | $-16.3M | $-407.7M | ||
| Q2 25 | $-12.6M | $42.4M | ||
| Q1 25 | $-50.6M | $3.7M | ||
| Q4 24 | $-36.4M | $18.5M | ||
| Q3 24 | $-73.4M | $27.2M | ||
| Q2 24 | $-645.4M | $21.5M | ||
| Q1 24 | $-61.7M | $3.5M |
| Q4 25 | -0.5% | 37.7% | ||
| Q3 25 | 2.4% | -101.4% | ||
| Q2 25 | 3.2% | 29.6% | ||
| Q1 25 | 0.8% | 27.7% | ||
| Q4 24 | 12.0% | 32.1% | ||
| Q3 24 | 3.5% | 32.0% | ||
| Q2 24 | -170.2% | 31.4% | ||
| Q1 24 | -12.1% | 26.0% |
| Q4 25 | -4.5% | 17.0% | ||
| Q3 25 | -2.6% | -131.0% | ||
| Q2 25 | -2.0% | 14.7% | ||
| Q1 25 | -8.3% | 1.4% | ||
| Q4 24 | -5.8% | 6.3% | ||
| Q3 24 | -11.2% | 9.6% | ||
| Q2 24 | -100.3% | 7.6% | ||
| Q1 24 | -11.4% | 1.4% |
| Q4 25 | $-0.90 | $1.47 | ||
| Q3 25 | $-0.52 | $-10.43 | ||
| Q2 25 | $-0.41 | $1.08 | ||
| Q1 25 | $-1.68 | $0.09 | ||
| Q4 24 | $-1.69 | $0.47 | ||
| Q3 24 | $-2.66 | $0.69 | ||
| Q2 24 | $-23.47 | $0.54 | ||
| Q1 24 | $-2.81 | $0.09 |
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 | $104.4M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $979.9M |
| Total Assets | $2.7B | $5.1B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $104.4M | ||
| Q3 25 | $140.4M | $107.5M | ||
| Q2 25 | $95.1M | $131.6M | ||
| Q1 25 | $116.3M | $128.7M | ||
| Q4 24 | $104.9M | $105.9M | ||
| Q3 24 | $136.6M | $141.1M | ||
| Q2 24 | $84.9M | $118.9M | ||
| Q1 24 | $152.0M | $108.1M |
| 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 | $979.9M | ||
| Q3 25 | $139.8M | $928.5M | ||
| Q2 25 | $151.8M | $1.3B | ||
| Q1 25 | $154.6M | $1.2B | ||
| Q4 24 | $201.7M | $1.1B | ||
| Q3 24 | $226.1M | $1.2B | ||
| Q2 24 | $283.8M | $1.1B | ||
| Q1 24 | $926.1M | $1.1B |
| Q4 25 | $2.7B | $5.1B | ||
| Q3 25 | $2.8B | $5.0B | ||
| Q2 25 | $2.8B | $5.4B | ||
| Q1 25 | $2.8B | $5.1B | ||
| Q4 24 | $2.8B | $4.9B | ||
| Q3 24 | $3.1B | $4.9B | ||
| Q2 24 | $3.1B | $4.7B | ||
| Q1 24 | $4.0B | $4.5B |
| 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 | — | $-85.5M |
| Free Cash FlowOCF − Capex | — | $-90.4M |
| FCF MarginFCF / Revenue | — | -27.1% |
| Capex IntensityCapex / Revenue | 1.3% | 1.4% |
| Cash ConversionOCF / Net Profit | — | -1.51× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-169.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-85.5M | ||
| Q3 25 | $52.7M | $-10.1M | ||
| Q2 25 | — | $-12.9M | ||
| Q1 25 | $27.6M | $-52.6M | ||
| Q4 24 | $-23.2M | $-94.6M | ||
| Q3 24 | $51.2M | $-35.0M | ||
| Q2 24 | $-45.2M | $-29.5M | ||
| Q1 24 | $-51.7M | $-73.0M |
| Q4 25 | — | $-90.4M | ||
| Q3 25 | $48.6M | $-11.3M | ||
| Q2 25 | — | $-14.2M | ||
| Q1 25 | $15.7M | $-53.5M | ||
| Q4 24 | $-30.5M | $-98.6M | ||
| Q3 24 | $40.7M | $-36.1M | ||
| Q2 24 | $-59.6M | $-30.8M | ||
| Q1 24 | $-56.7M | $-73.5M |
| Q4 25 | — | -27.1% | ||
| Q3 25 | 7.7% | -3.6% | ||
| Q2 25 | — | -4.9% | ||
| Q1 25 | 2.6% | -19.8% | ||
| Q4 24 | -4.8% | -33.6% | ||
| Q3 24 | 6.2% | -12.8% | ||
| Q2 24 | -9.3% | -10.8% | ||
| Q1 24 | -10.5% | -28.8% |
| Q4 25 | 1.3% | 1.4% | ||
| Q3 25 | 0.7% | 0.4% | ||
| Q2 25 | 0.8% | 0.4% | ||
| Q1 25 | 1.9% | 0.3% | ||
| Q4 24 | 1.1% | 1.4% | ||
| Q3 24 | 1.6% | 0.4% | ||
| Q2 24 | 2.2% | 0.5% | ||
| Q1 24 | 0.9% | 0.2% |
| Q4 25 | — | -1.51× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.30× | ||
| Q1 25 | — | -14.37× | ||
| Q4 24 | — | -5.13× | ||
| Q3 24 | — | -1.29× | ||
| Q2 24 | — | -1.37× | ||
| Q1 24 | — | -21.01× |
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% |
PRAA
| GB | $170.1M | 51% |
| Other | $163.3M | 49% |
