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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and PERRIGO Co plc (PRGO). Click either name above to swap in a different company.
PERRIGO Co plc is the larger business by last-quarter revenue ($1.1B vs $631.2M, roughly 1.8× FORWARD AIR CORP). FORWARD AIR CORP runs the higher net margin — -4.5% vs -127.8%, a 123.3% gap on every dollar of revenue. On growth, FORWARD AIR CORP posted the faster year-over-year revenue change (-0.3% vs -2.5%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 1.3%).
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.
Perrigo Company plc is an American Irish-registered manufacturer of private label over-the-counter pharmaceuticals, and while 70% of Perrigo's net sales are from the U.S. healthcare system, Perrigo is legally headquartered in Ireland for tax purposes, which accounts for 0.60% of net sales. In 2013, Perrigo completed the sixth-largest US corporate tax inversion in history when it reregistered its tax status to Ireland to avoid U.S. corporate taxes. Perrigo maintains its corporate headquarters ...
FWRD vs PRGO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $1.1B |
| Net Profit | $-28.3M | $-1.4B |
| Gross Margin | — | 32.6% |
| Operating Margin | -0.5% | -116.0% |
| Net Margin | -4.5% | -127.8% |
| Revenue YoY | -0.3% | -2.5% |
| Net Profit YoY | 22.2% | -3093.9% |
| EPS (diluted) | $-0.90 | $-10.23 |
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 | $1.1B | ||
| Q3 25 | $631.8M | $1.0B | ||
| Q2 25 | $618.8M | $1.1B | ||
| Q1 25 | $613.3M | $1.0B | ||
| Q4 24 | $632.8M | $1.1B | ||
| Q3 24 | $655.9M | $1.1B | ||
| Q2 24 | $643.7M | $1.1B | ||
| Q1 24 | $541.8M | $1.1B |
| Q4 25 | $-28.3M | $-1.4B | ||
| Q3 25 | $-16.3M | $7.5M | ||
| Q2 25 | $-12.6M | $-8.4M | ||
| Q1 25 | $-50.6M | $-6.4M | ||
| Q4 24 | $-36.4M | $-44.4M | ||
| Q3 24 | $-73.4M | $-21.0M | ||
| Q2 24 | $-645.4M | $-108.4M | ||
| Q1 24 | $-61.7M | $2.0M |
| Q4 25 | — | 32.6% | ||
| Q3 25 | — | 36.1% | ||
| Q2 25 | — | 34.4% | ||
| Q1 25 | — | 37.6% | ||
| Q4 24 | — | 33.9% | ||
| Q3 24 | — | 37.2% | ||
| Q2 24 | — | 37.0% | ||
| Q1 24 | — | 33.1% |
| Q4 25 | -0.5% | -116.0% | ||
| Q3 25 | 2.4% | 7.0% | ||
| Q2 25 | 3.2% | 4.3% | ||
| Q1 25 | 0.8% | 4.5% | ||
| Q4 24 | 12.0% | 10.0% | ||
| Q3 24 | 3.5% | 7.4% | ||
| Q2 24 | -170.2% | -2.5% | ||
| Q1 24 | -12.1% | -5.1% |
| Q4 25 | -4.5% | -127.8% | ||
| Q3 25 | -2.6% | 0.7% | ||
| Q2 25 | -2.0% | -0.8% | ||
| Q1 25 | -8.3% | -0.6% | ||
| Q4 24 | -5.8% | -3.9% | ||
| Q3 24 | -11.2% | -1.9% | ||
| Q2 24 | -100.3% | -10.2% | ||
| Q1 24 | -11.4% | 0.2% |
| Q4 25 | $-0.90 | $-10.23 | ||
| Q3 25 | $-0.52 | $0.05 | ||
| Q2 25 | $-0.41 | $-0.06 | ||
| Q1 25 | $-1.68 | $-0.05 | ||
| Q4 24 | $-1.69 | $-0.32 | ||
| Q3 24 | $-2.66 | $-0.15 | ||
| Q2 24 | $-23.47 | $-0.79 | ||
| Q1 24 | $-2.81 | $0.01 |
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 | $2.9B |
| Total Assets | $2.7B | $8.5B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | — | ||
| Q3 25 | $140.4M | $432.1M | ||
| Q2 25 | $95.1M | $454.2M | ||
| Q1 25 | $116.3M | $409.9M | ||
| Q4 24 | $104.9M | $558.8M | ||
| Q3 24 | $136.6M | $1.5B | ||
| Q2 24 | $84.9M | $542.8M | ||
| Q1 24 | $152.0M | $658.5M |
| 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 | $2.9B | ||
| Q3 25 | $139.8M | $4.4B | ||
| Q2 25 | $151.8M | $4.5B | ||
| Q1 25 | $154.6M | $4.4B | ||
| Q4 24 | $201.7M | $4.3B | ||
| Q3 24 | $226.1M | $4.6B | ||
| Q2 24 | $283.8M | $4.5B | ||
| Q1 24 | $926.1M | $4.7B |
| Q4 25 | $2.7B | $8.5B | ||
| Q3 25 | $2.8B | $10.1B | ||
| Q2 25 | $2.8B | $10.1B | ||
| Q1 25 | $2.8B | $9.8B | ||
| Q4 24 | $2.8B | $9.6B | ||
| Q3 24 | $3.1B | $11.2B | ||
| Q2 24 | $3.1B | $10.4B | ||
| Q1 24 | $4.0B | $10.6B |
| 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 | — | $175.4M |
| Free Cash FlowOCF − Capex | — | $148.6M |
| FCF MarginFCF / Revenue | — | 13.4% |
| Capex IntensityCapex / Revenue | 1.3% | 2.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $145.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $175.4M | ||
| Q3 25 | $52.7M | $51.7M | ||
| Q2 25 | — | $75.9M | ||
| Q1 25 | $27.6M | $-64.5M | ||
| Q4 24 | $-23.2M | $312.6M | ||
| Q3 24 | $51.2M | $42.2M | ||
| Q2 24 | $-45.2M | $9.5M | ||
| Q1 24 | $-51.7M | $-1.4M |
| Q4 25 | — | $148.6M | ||
| Q3 25 | $48.6M | $29.8M | ||
| Q2 25 | — | $56.7M | ||
| Q1 25 | $15.7M | $-90.0M | ||
| Q4 24 | $-30.5M | $274.9M | ||
| Q3 24 | $40.7M | $15.1M | ||
| Q2 24 | $-59.6M | $-18.9M | ||
| Q1 24 | $-56.7M | $-26.5M |
| Q4 25 | — | 13.4% | ||
| Q3 25 | 7.7% | 2.9% | ||
| Q2 25 | — | 5.4% | ||
| Q1 25 | 2.6% | -8.6% | ||
| Q4 24 | -4.8% | 24.2% | ||
| Q3 24 | 6.2% | 1.4% | ||
| Q2 24 | -9.3% | -1.8% | ||
| Q1 24 | -10.5% | -2.4% |
| Q4 25 | 1.3% | 2.4% | ||
| Q3 25 | 0.7% | 2.1% | ||
| Q2 25 | 0.8% | 1.8% | ||
| Q1 25 | 1.9% | 2.4% | ||
| Q4 24 | 1.1% | 3.3% | ||
| Q3 24 | 1.6% | 2.5% | ||
| Q2 24 | 2.2% | 2.7% | ||
| Q1 24 | 0.9% | 2.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | 6.89× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.70× |
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% |
PRGO
| Consumer Self Care Americas | $697.0M | 63% |
| Digestive Health | $123.9M | 11% |
| Nutrition | $108.3M | 10% |
| Healthy Lifestyle | $94.8M | 9% |
| Pain And Sleep Aids | $87.1M | 8% |
