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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Public Storage (PSA). Click either name above to swap in a different company.
Public Storage is the larger business by last-quarter revenue ($1.2B vs $631.2M, roughly 1.9× FORWARD AIR CORP). Public Storage runs the higher net margin — 41.7% vs -4.5%, a 46.2% gap on every dollar of revenue. On growth, Public Storage posted the faster year-over-year revenue change (3.3% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 2.5%).
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.
Public Storage, headquartered in Glendale, California, is a real estate investment trust that invests in self storage. It is the largest brand of self-storage services in the US and owns approximately 9% of the self storage square footage in the U.S. As of December 31, 2024, the company operated 3,073 self-storage facilities containing an aggregate of 221 million net rentable square feet of space.
FWRD vs PSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $1.2B |
| Net Profit | $-28.3M | $507.1M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 40.7% |
| Net Margin | -4.5% | 41.7% |
| Revenue YoY | -0.3% | 3.3% |
| Net Profit YoY | 22.2% | -17.5% |
| EPS (diluted) | $-0.90 | $2.59 |
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 | $1.2B | ||
| Q3 25 | $631.8M | $1.2B | ||
| Q2 25 | $618.8M | $1.2B | ||
| Q1 25 | $613.3M | $1.2B | ||
| Q4 24 | $632.8M | $1.2B | ||
| Q3 24 | $655.9M | $1.2B | ||
| Q2 24 | $643.7M | $1.2B | ||
| Q1 24 | $541.8M | $1.2B |
| Q4 25 | $-28.3M | $507.1M | ||
| Q3 25 | $-16.3M | $511.1M | ||
| Q2 25 | $-12.6M | $358.4M | ||
| Q1 25 | $-50.6M | $407.8M | ||
| Q4 24 | $-36.4M | $614.6M | ||
| Q3 24 | $-73.4M | $430.3M | ||
| Q2 24 | $-645.4M | $518.1M | ||
| Q1 24 | $-61.7M | $508.9M |
| Q4 25 | -0.5% | 40.7% | ||
| Q3 25 | 2.4% | 42.3% | ||
| Q2 25 | 3.2% | 30.4% | ||
| Q1 25 | 0.8% | 34.8% | ||
| Q4 24 | 12.0% | 52.4% | ||
| Q3 24 | 3.5% | 36.7% | ||
| Q2 24 | -170.2% | 44.6% | ||
| Q1 24 | -12.1% | 44.3% |
| Q4 25 | -4.5% | 41.7% | ||
| Q3 25 | -2.6% | 41.8% | ||
| Q2 25 | -2.0% | 29.8% | ||
| Q1 25 | -8.3% | 34.5% | ||
| Q4 24 | -5.8% | 52.2% | ||
| Q3 24 | -11.2% | 36.2% | ||
| Q2 24 | -100.3% | 44.2% | ||
| Q1 24 | -11.4% | 44.0% |
| Q4 25 | $-0.90 | $2.59 | ||
| Q3 25 | $-0.52 | $2.62 | ||
| Q2 25 | $-0.41 | $1.76 | ||
| Q1 25 | $-1.68 | $2.04 | ||
| Q4 24 | $-1.69 | $3.22 | ||
| Q3 24 | $-2.66 | $2.16 | ||
| Q2 24 | $-23.47 | $2.66 | ||
| Q1 24 | $-2.81 | $2.60 |
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 | $318.1M |
| Total DebtLower is stronger | $1.7B | $10.3B |
| Stockholders' EquityBook value | $113.3M | $9.2B |
| Total Assets | $2.7B | $20.2B |
| Debt / EquityLower = less leverage | 14.89× | 1.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $318.1M | ||
| Q3 25 | $140.4M | $296.5M | ||
| Q2 25 | $95.1M | $1.1B | ||
| Q1 25 | $116.3M | $287.2M | ||
| Q4 24 | $104.9M | $447.4M | ||
| Q3 24 | $136.6M | $599.0M | ||
| Q2 24 | $84.9M | $542.3M | ||
| Q1 24 | $152.0M | $271.6M |
| Q4 25 | $1.7B | $10.3B | ||
| Q3 25 | $1.7B | $10.0B | ||
| Q2 25 | — | $10.4B | ||
| Q1 25 | — | $9.4B | ||
| Q4 24 | — | $9.4B | ||
| Q3 24 | — | $9.5B | ||
| Q2 24 | — | $9.4B | ||
| Q1 24 | $1.7B | $9.1B |
| Q4 25 | $113.3M | $9.2B | ||
| Q3 25 | $139.8M | $9.3B | ||
| Q2 25 | $151.8M | $9.4B | ||
| Q1 25 | $154.6M | $9.6B | ||
| Q4 24 | $201.7M | $9.7B | ||
| Q3 24 | $226.1M | $9.6B | ||
| Q2 24 | $283.8M | $9.7B | ||
| Q1 24 | $926.1M | $9.9B |
| Q4 25 | $2.7B | $20.2B | ||
| Q3 25 | $2.8B | $20.1B | ||
| Q2 25 | $2.8B | $20.5B | ||
| Q1 25 | $2.8B | $19.6B | ||
| Q4 24 | $2.8B | $19.8B | ||
| Q3 24 | $3.1B | $19.8B | ||
| Q2 24 | $3.1B | $19.8B | ||
| Q1 24 | $4.0B | $19.6B |
| Q4 25 | 14.89× | 1.11× | ||
| Q3 25 | 12.05× | 1.08× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | 0.96× | ||
| Q3 24 | — | 0.99× | ||
| Q2 24 | — | 0.97× | ||
| Q1 24 | 1.81× | 0.91× |
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 | — | $733.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | — | 1.45× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $733.6M | ||
| Q3 25 | $52.7M | $875.1M | ||
| Q2 25 | — | $872.7M | ||
| Q1 25 | $27.6M | $705.1M | ||
| Q4 24 | $-23.2M | $768.6M | ||
| Q3 24 | $51.2M | $798.8M | ||
| Q2 24 | $-45.2M | $895.3M | ||
| Q1 24 | $-51.7M | $665.6M |
| 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 | — | 1.45× | ||
| Q3 25 | — | 1.71× | ||
| Q2 25 | — | 2.43× | ||
| Q1 25 | — | 1.73× | ||
| Q4 24 | — | 1.25× | ||
| Q3 24 | — | 1.86× | ||
| Q2 24 | — | 1.73× | ||
| Q1 24 | — | 1.31× |
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% |
PSA
| Self Storage Operations | $1.1B | 93% |
| Ancillary Operations | $86.9M | 7% |
