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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Primerica, Inc. (PRI). Click either name above to swap in a different company.
Primerica, Inc. is the larger business by last-quarter revenue ($853.7M vs $631.2M, roughly 1.4× FORWARD AIR CORP). Primerica, Inc. runs the higher net margin — 23.1% vs -4.5%, a 27.6% gap on every dollar of revenue. On growth, Primerica, Inc. posted the faster year-over-year revenue change (11.0% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 7.2%).
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.
Primerica, Inc. is a multi-level marketing company that provides insurance, investment and financial services to middle-income families in the United States and Canada.
FWRD vs PRI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $853.7M |
| Net Profit | $-28.3M | $197.0M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 28.9% |
| Net Margin | -4.5% | 23.1% |
| Revenue YoY | -0.3% | 11.0% |
| Net Profit YoY | 22.2% | 17.9% |
| EPS (diluted) | $-0.90 | $6.11 |
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 | $853.7M | ||
| Q3 25 | $631.8M | $839.9M | ||
| Q2 25 | $618.8M | $793.3M | ||
| Q1 25 | $613.3M | $804.8M | ||
| Q4 24 | $632.8M | $768.8M | ||
| Q3 24 | $655.9M | $774.1M | ||
| Q2 24 | $643.7M | $803.4M | ||
| Q1 24 | $541.8M | $742.8M |
| Q4 25 | $-28.3M | $197.0M | ||
| Q3 25 | $-16.3M | $206.8M | ||
| Q2 25 | $-12.6M | $178.3M | ||
| Q1 25 | $-50.6M | $169.1M | ||
| Q4 24 | $-36.4M | $167.1M | ||
| Q3 24 | $-73.4M | $164.4M | ||
| Q2 24 | $-645.4M | $1.2M | ||
| Q1 24 | $-61.7M | $137.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 98.0% | ||
| Q1 24 | — | 98.2% |
| Q4 25 | -0.5% | 28.9% | ||
| Q3 25 | 2.4% | 32.3% | ||
| Q2 25 | 3.2% | 29.6% | ||
| Q1 25 | 0.8% | 27.5% | ||
| Q4 24 | 12.0% | 64.7% | ||
| Q3 24 | 3.5% | 32.9% | ||
| Q2 24 | -170.2% | 1.0% | ||
| Q1 24 | -12.1% | 24.1% |
| Q4 25 | -4.5% | 23.1% | ||
| Q3 25 | -2.6% | 24.6% | ||
| Q2 25 | -2.0% | 22.5% | ||
| Q1 25 | -8.3% | 21.0% | ||
| Q4 24 | -5.8% | 21.7% | ||
| Q3 24 | -11.2% | 21.2% | ||
| Q2 24 | -100.3% | 0.1% | ||
| Q1 24 | -11.4% | 18.6% |
| Q4 25 | $-0.90 | $6.11 | ||
| Q3 25 | $-0.52 | $6.35 | ||
| Q2 25 | $-0.41 | $5.40 | ||
| Q1 25 | $-1.68 | $5.05 | ||
| Q4 24 | $-1.69 | $4.92 | ||
| Q3 24 | $-2.66 | $4.83 | ||
| Q2 24 | $-23.47 | $0.03 | ||
| Q1 24 | $-2.81 | $3.93 |
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 | $756.2M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $2.4B |
| Total Assets | $2.7B | $15.0B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $756.2M | ||
| Q3 25 | $140.4M | $644.9M | ||
| Q2 25 | $95.1M | $621.2M | ||
| Q1 25 | $116.3M | $625.1M | ||
| Q4 24 | $104.9M | $687.8M | ||
| Q3 24 | $136.6M | $550.1M | ||
| Q2 24 | $84.9M | $627.3M | ||
| Q1 24 | $152.0M | $593.4M |
| 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 | $2.4B | ||
| Q3 25 | $139.8M | $2.3B | ||
| Q2 25 | $151.8M | $2.3B | ||
| Q1 25 | $154.6M | $2.3B | ||
| Q4 24 | $201.7M | $2.3B | ||
| Q3 24 | $226.1M | $1.9B | ||
| Q2 24 | $283.8M | $2.1B | ||
| Q1 24 | $926.1M | $2.2B |
| Q4 25 | $2.7B | $15.0B | ||
| Q3 25 | $2.8B | $14.8B | ||
| Q2 25 | $2.8B | $14.8B | ||
| Q1 25 | $2.8B | $14.6B | ||
| Q4 24 | $2.8B | $14.6B | ||
| Q3 24 | $3.1B | $14.8B | ||
| Q2 24 | $3.1B | $14.6B | ||
| Q1 24 | $4.0B | $14.9B |
| 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 | — | $338.2M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | — | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $338.2M | ||
| Q3 25 | $52.7M | $202.9M | ||
| Q2 25 | — | $162.6M | ||
| Q1 25 | $27.6M | $197.5M | ||
| Q4 24 | $-23.2M | $270.6M | ||
| Q3 24 | $51.2M | $207.3M | ||
| Q2 24 | $-45.2M | $173.3M | ||
| Q1 24 | $-51.7M | $210.9M |
| 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% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 0.9% | — |
| Q4 25 | — | 1.72× | ||
| Q3 25 | — | 0.98× | ||
| Q2 25 | — | 0.91× | ||
| Q1 25 | — | 1.17× | ||
| Q4 24 | — | 1.62× | ||
| Q3 24 | — | 1.26× | ||
| Q2 24 | — | 147.98× | ||
| Q1 24 | — | 1.53× |
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% |
PRI
| Revenues From Sources Other Than Contracts With Customers | $445.9M | 52% |
| Investment And Savings Products Segment Revenues | $340.3M | 40% |
| Other | $56.5M | 7% |
| Segment Revenues From Contracts With Customers | $11.0M | 1% |
