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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and QuidelOrtho Corp (QDEL). Click either name above to swap in a different company.
QuidelOrtho Corp is the larger business by last-quarter revenue ($699.9M vs $631.2M, roughly 1.1× FORWARD AIR CORP). FORWARD AIR CORP runs the higher net margin — -4.5% vs -104.7%, a 100.2% gap on every dollar of revenue. On growth, FORWARD AIR CORP posted the faster year-over-year revenue change (-0.3% vs -3.7%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -2.9%).
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.
QuidelOrtho Corporation is an American manufacturer of diagnostic healthcare products that are sold worldwide.
FWRD vs QDEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $699.9M |
| Net Profit | $-28.3M | $-733.0M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | -100.7% |
| Net Margin | -4.5% | -104.7% |
| Revenue YoY | -0.3% | -3.7% |
| Net Profit YoY | 22.2% | -3583.4% |
| EPS (diluted) | $-0.90 | $-10.78 |
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 | — | ||
| Q3 25 | $631.8M | $699.9M | ||
| Q2 25 | $618.8M | $613.9M | ||
| Q1 25 | $613.3M | $692.8M | ||
| Q4 24 | $632.8M | $707.8M | ||
| Q3 24 | $655.9M | $727.1M | ||
| Q2 24 | $643.7M | $637.0M | ||
| Q1 24 | $541.8M | $711.0M |
| Q4 25 | $-28.3M | — | ||
| Q3 25 | $-16.3M | $-733.0M | ||
| Q2 25 | $-12.6M | $-255.4M | ||
| Q1 25 | $-50.6M | $-12.7M | ||
| Q4 24 | $-36.4M | $-178.4M | ||
| Q3 24 | $-73.4M | $-19.9M | ||
| Q2 24 | $-645.4M | $-147.7M | ||
| Q1 24 | $-61.7M | $-1.7B |
| Q4 25 | -0.5% | — | ||
| Q3 25 | 2.4% | -100.7% | ||
| Q2 25 | 3.2% | -29.4% | ||
| Q1 25 | 0.8% | 4.7% | ||
| Q4 24 | 12.0% | -14.2% | ||
| Q3 24 | 3.5% | 2.1% | ||
| Q2 24 | -170.2% | -18.4% | ||
| Q1 24 | -12.1% | -247.3% |
| Q4 25 | -4.5% | — | ||
| Q3 25 | -2.6% | -104.7% | ||
| Q2 25 | -2.0% | -41.6% | ||
| Q1 25 | -8.3% | -1.8% | ||
| Q4 24 | -5.8% | -25.2% | ||
| Q3 24 | -11.2% | -2.7% | ||
| Q2 24 | -100.3% | -23.2% | ||
| Q1 24 | -11.4% | -239.9% |
| Q4 25 | $-0.90 | — | ||
| Q3 25 | $-0.52 | $-10.78 | ||
| Q2 25 | $-0.41 | $-3.77 | ||
| Q1 25 | $-1.68 | $-0.19 | ||
| Q4 24 | $-1.69 | $-2.54 | ||
| Q3 24 | $-2.66 | $-0.30 | ||
| Q2 24 | $-23.47 | $-2.20 | ||
| Q1 24 | $-2.81 | $-25.50 |
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 | $98.1M |
| Total DebtLower is stronger | $1.7B | $2.5B |
| Stockholders' EquityBook value | $113.3M | $2.0B |
| Total Assets | $2.7B | $5.7B |
| Debt / EquityLower = less leverage | 14.89× | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | — | ||
| Q3 25 | $140.4M | $98.1M | ||
| Q2 25 | $95.1M | $151.7M | ||
| Q1 25 | $116.3M | $127.1M | ||
| Q4 24 | $104.9M | $98.3M | ||
| Q3 24 | $136.6M | $143.7M | ||
| Q2 24 | $84.9M | $107.0M | ||
| Q1 24 | $152.0M | $78.5M |
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | $2.5B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | $1.7B | $2.2B |
| Q4 25 | $113.3M | — | ||
| Q3 25 | $139.8M | $2.0B | ||
| Q2 25 | $151.8M | $2.8B | ||
| Q1 25 | $154.6M | $3.0B | ||
| Q4 24 | $201.7M | $3.0B | ||
| Q3 24 | $226.1M | $3.2B | ||
| Q2 24 | $283.8M | $3.2B | ||
| Q1 24 | $926.1M | $3.3B |
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.8B | $5.7B | ||
| Q2 25 | $2.8B | $6.4B | ||
| Q1 25 | $2.8B | $6.5B | ||
| Q4 24 | $2.8B | $6.4B | ||
| Q3 24 | $3.1B | $6.8B | ||
| Q2 24 | $3.1B | $6.7B | ||
| Q1 24 | $4.0B | $6.7B |
| Q4 25 | 14.89× | — | ||
| Q3 25 | 12.05× | 1.23× | ||
| Q2 25 | — | 0.74× | ||
| Q1 25 | — | 0.70× | ||
| Q4 24 | — | 0.72× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | 1.81× | 0.68× |
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 | — | $-45.5M |
| Free Cash FlowOCF − Capex | — | $-94.7M |
| FCF MarginFCF / Revenue | — | -13.5% |
| Capex IntensityCapex / Revenue | 1.3% | 7.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-153.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $52.7M | $-45.5M | ||
| Q2 25 | — | $-46.8M | ||
| Q1 25 | $27.6M | $65.6M | ||
| Q4 24 | $-23.2M | $63.7M | ||
| Q3 24 | $51.2M | $117.9M | ||
| Q2 24 | $-45.2M | $-97.9M | ||
| Q1 24 | $-51.7M | $-700.0K |
| Q4 25 | — | — | ||
| Q3 25 | $48.6M | $-94.7M | ||
| Q2 25 | — | $-84.3M | ||
| Q1 25 | $15.7M | $9.4M | ||
| Q4 24 | $-30.5M | $16.5M | ||
| Q3 24 | $40.7M | $71.4M | ||
| Q2 24 | $-59.6M | $-133.2M | ||
| Q1 24 | $-56.7M | $-66.8M |
| Q4 25 | — | — | ||
| Q3 25 | 7.7% | -13.5% | ||
| Q2 25 | — | -13.7% | ||
| Q1 25 | 2.6% | 1.4% | ||
| Q4 24 | -4.8% | 2.3% | ||
| Q3 24 | 6.2% | 9.8% | ||
| Q2 24 | -9.3% | -20.9% | ||
| Q1 24 | -10.5% | -9.4% |
| Q4 25 | 1.3% | — | ||
| Q3 25 | 0.7% | 7.0% | ||
| Q2 25 | 0.8% | 6.1% | ||
| Q1 25 | 1.9% | 8.1% | ||
| Q4 24 | 1.1% | 6.7% | ||
| Q3 24 | 1.6% | 6.4% | ||
| Q2 24 | 2.2% | 5.5% | ||
| Q1 24 | 0.9% | 9.3% |
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% |
QDEL
| Labs | $373.8M | 53% |
| Point Of Care | $164.6M | 24% |
| Immunohematology | $142.0M | 20% |
| Donor Screening | $14.7M | 2% |
| Molecular Diagnostics | $4.8M | 1% |
| Collaborative Arrangement Transaction With Party To Collaborative Arrangement | $2.1M | 0% |
