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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Royalty Pharma plc (RPRX). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $622.0M, roughly 1.0× Royalty Pharma plc). Royalty Pharma plc runs the higher net margin — 34.4% vs -4.5%, a 38.9% gap on every dollar of revenue. On growth, Royalty Pharma plc posted the faster year-over-year revenue change (4.8% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 4.6%).
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.
Acceleron Pharma, Inc. is an American clinical stage biopharmaceutical company based in Cambridge, Massachusetts with a broad focus on developing medicines that regulate the transforming growth factor beta (TGF-β) superfamily of proteins, which play fundamental roles in the growth and repair of cells and tissues such as red blood cells, muscle, bone, and blood vessels.
FWRD vs RPRX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $622.0M |
| Net Profit | $-28.3M | $214.2M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 62.4% |
| Net Margin | -4.5% | 34.4% |
| Revenue YoY | -0.3% | 4.8% |
| Net Profit YoY | 22.2% | 2.9% |
| EPS (diluted) | $-0.90 | $0.49 |
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 | $622.0M | ||
| Q3 25 | $631.8M | $609.3M | ||
| Q2 25 | $618.8M | $578.7M | ||
| Q1 25 | $613.3M | $568.2M | ||
| Q4 24 | $632.8M | $593.6M | ||
| Q3 24 | $655.9M | $564.7M | ||
| Q2 24 | $643.7M | $537.3M | ||
| Q1 24 | $541.8M | $568.0M |
| Q4 25 | $-28.3M | $214.2M | ||
| Q3 25 | $-16.3M | $288.2M | ||
| Q2 25 | $-12.6M | $30.2M | ||
| Q1 25 | $-50.6M | $238.3M | ||
| Q4 24 | $-36.4M | $208.2M | ||
| Q3 24 | $-73.4M | $544.0M | ||
| Q2 24 | $-645.4M | $102.0M | ||
| Q1 24 | $-61.7M | $4.8M |
| Q4 25 | -0.5% | 62.4% | ||
| Q3 25 | 2.4% | 70.1% | ||
| Q2 25 | 3.2% | 36.3% | ||
| Q1 25 | 0.8% | 94.0% | ||
| Q4 24 | 12.0% | 60.9% | ||
| Q3 24 | 3.5% | — | ||
| Q2 24 | -170.2% | 50.2% | ||
| Q1 24 | -12.1% | -13.0% |
| Q4 25 | -4.5% | 34.4% | ||
| Q3 25 | -2.6% | 47.3% | ||
| Q2 25 | -2.0% | 5.2% | ||
| Q1 25 | -8.3% | 41.9% | ||
| Q4 24 | -5.8% | 35.1% | ||
| Q3 24 | -11.2% | 96.3% | ||
| Q2 24 | -100.3% | 19.0% | ||
| Q1 24 | -11.4% | 0.8% |
| Q4 25 | $-0.90 | $0.49 | ||
| Q3 25 | $-0.52 | $0.67 | ||
| Q2 25 | $-0.41 | $0.07 | ||
| Q1 25 | $-1.68 | $0.55 | ||
| Q4 24 | $-1.69 | $0.46 | ||
| Q3 24 | $-2.66 | $1.21 | ||
| Q2 24 | $-23.47 | $0.23 | ||
| 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 | $618.7M |
| Total DebtLower is stronger | $1.7B | $9.0B |
| Stockholders' EquityBook value | $113.3M | $9.7B |
| Total Assets | $2.7B | $19.6B |
| Debt / EquityLower = less leverage | 14.89× | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $618.7M | ||
| Q3 25 | $140.4M | $938.9M | ||
| Q2 25 | $95.1M | $631.9M | ||
| Q1 25 | $116.3M | $1.1B | ||
| Q4 24 | $104.9M | $929.0M | ||
| Q3 24 | $136.6M | $950.1M | ||
| Q2 24 | $84.9M | $1.8B | ||
| Q1 24 | $152.0M | $843.0M |
| Q4 25 | $1.7B | $9.0B | ||
| Q3 25 | $1.7B | $8.9B | ||
| Q2 25 | — | $8.0B | ||
| Q1 25 | — | $7.6B | ||
| Q4 24 | — | $7.6B | ||
| Q3 24 | — | $7.6B | ||
| Q2 24 | — | $7.6B | ||
| Q1 24 | $1.7B | $6.1B |
| Q4 25 | $113.3M | $9.7B | ||
| Q3 25 | $139.8M | $9.6B | ||
| Q2 25 | $151.8M | $9.5B | ||
| Q1 25 | $154.6M | $9.8B | ||
| Q4 24 | $201.7M | $10.3B | ||
| Q3 24 | $226.1M | $10.3B | ||
| Q2 24 | $283.8M | $9.8B | ||
| Q1 24 | $926.1M | $9.9B |
| Q4 25 | $2.7B | $19.6B | ||
| Q3 25 | $2.8B | $19.3B | ||
| Q2 25 | $2.8B | $18.3B | ||
| Q1 25 | $2.8B | $17.6B | ||
| Q4 24 | $2.8B | $18.2B | ||
| Q3 24 | $3.1B | $18.0B | ||
| Q2 24 | $3.1B | $17.7B | ||
| Q1 24 | $4.0B | $16.1B |
| Q4 25 | 14.89× | 0.92× | ||
| Q3 25 | 12.05× | 0.93× | ||
| Q2 25 | — | 0.84× | ||
| Q1 25 | — | 0.78× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.74× | ||
| Q2 24 | — | 0.78× | ||
| Q1 24 | 1.81× | 0.62× |
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 | — | $827.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | — | 3.86× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $827.1M | ||
| Q3 25 | $52.7M | $702.6M | ||
| Q2 25 | — | $364.0M | ||
| Q1 25 | $27.6M | $596.1M | ||
| Q4 24 | $-23.2M | $742.5M | ||
| Q3 24 | $51.2M | $703.6M | ||
| Q2 24 | $-45.2M | $658.2M | ||
| Q1 24 | $-51.7M | $664.6M |
| 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 | — | 3.86× | ||
| Q3 25 | — | 2.44× | ||
| Q2 25 | — | 12.06× | ||
| Q1 25 | — | 2.50× | ||
| Q4 24 | — | 3.57× | ||
| Q3 24 | — | 1.29× | ||
| Q2 24 | — | 6.45× | ||
| Q1 24 | — | 139.10× |
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% |
RPRX
| Financial Royalty Assets | $592.4M | 95% |
| Royalty Income Other | $29.6M | 5% |
