vs
Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Sally Beauty Holdings, Inc. (SBH). Click either name above to swap in a different company.
Sally Beauty Holdings, Inc. is the larger business by last-quarter revenue ($943.2M vs $631.2M, roughly 1.5× FORWARD AIR CORP). Sally Beauty Holdings, Inc. runs the higher net margin — 4.8% vs -4.5%, a 9.3% gap on every dollar of revenue. On growth, Sally Beauty Holdings, Inc. posted the faster year-over-year revenue change (0.6% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 1.9%).
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.
Sally Beauty Holdings, Inc. is an American international specialty retailer and distributor of professional beauty supplies with revenues of more than $3.9 billion annually.
FWRD vs SBH — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $943.2M |
| Net Profit | $-28.3M | $45.6M |
| Gross Margin | — | 51.2% |
| Operating Margin | -0.5% | 8.1% |
| Net Margin | -4.5% | 4.8% |
| Revenue YoY | -0.3% | 0.6% |
| Net Profit YoY | 22.2% | -25.3% |
| EPS (diluted) | $-0.90 | $0.45 |
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 | $943.2M | ||
| Q3 25 | $631.8M | $947.1M | ||
| Q2 25 | $618.8M | $933.3M | ||
| Q1 25 | $613.3M | $883.1M | ||
| Q4 24 | $632.8M | $937.9M | ||
| Q3 24 | $655.9M | $935.0M | ||
| Q2 24 | $643.7M | $942.3M | ||
| Q1 24 | $541.8M | $908.4M |
| Q4 25 | $-28.3M | $45.6M | ||
| Q3 25 | $-16.3M | $49.9M | ||
| Q2 25 | $-12.6M | $45.7M | ||
| Q1 25 | $-50.6M | $39.2M | ||
| Q4 24 | $-36.4M | $61.0M | ||
| Q3 24 | $-73.4M | $48.1M | ||
| Q2 24 | $-645.4M | $37.7M | ||
| Q1 24 | $-61.7M | $29.2M |
| Q4 25 | — | 51.2% | ||
| Q3 25 | — | 52.2% | ||
| Q2 25 | — | 51.5% | ||
| Q1 25 | — | 52.0% | ||
| Q4 24 | — | 50.8% | ||
| Q3 24 | — | 51.2% | ||
| Q2 24 | — | 51.0% | ||
| Q1 24 | — | 51.0% |
| Q4 25 | -0.5% | 8.1% | ||
| Q3 25 | 2.4% | 8.4% | ||
| Q2 25 | 3.2% | 8.4% | ||
| Q1 25 | 0.8% | 7.9% | ||
| Q4 24 | 12.0% | 10.7% | ||
| Q3 24 | 3.5% | 8.8% | ||
| Q2 24 | -170.2% | 7.6% | ||
| Q1 24 | -12.1% | 6.6% |
| Q4 25 | -4.5% | 4.8% | ||
| Q3 25 | -2.6% | 5.3% | ||
| Q2 25 | -2.0% | 4.9% | ||
| Q1 25 | -8.3% | 4.4% | ||
| Q4 24 | -5.8% | 6.5% | ||
| Q3 24 | -11.2% | 5.1% | ||
| Q2 24 | -100.3% | 4.0% | ||
| Q1 24 | -11.4% | 3.2% |
| Q4 25 | $-0.90 | $0.45 | ||
| Q3 25 | $-0.52 | $0.49 | ||
| Q2 25 | $-0.41 | $0.44 | ||
| Q1 25 | $-1.68 | $0.38 | ||
| Q4 24 | $-1.69 | $0.58 | ||
| Q3 24 | $-2.66 | $0.45 | ||
| Q2 24 | $-23.47 | $0.36 | ||
| Q1 24 | $-2.81 | $0.27 |
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 | $157.2M |
| Total DebtLower is stronger | $1.7B | $842.5M |
| Stockholders' EquityBook value | $113.3M | $823.6M |
| Total Assets | $2.7B | $2.9B |
| Debt / EquityLower = less leverage | 14.89× | 1.02× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $157.2M | ||
| Q3 25 | $140.4M | $149.2M | ||
| Q2 25 | $95.1M | $112.8M | ||
| Q1 25 | $116.3M | $92.2M | ||
| Q4 24 | $104.9M | $105.5M | ||
| Q3 24 | $136.6M | $108.0M | ||
| Q2 24 | $84.9M | $97.4M | ||
| Q1 24 | $152.0M | $97.2M |
| Q4 25 | $1.7B | $842.5M | ||
| Q3 25 | $1.7B | $862.0M | ||
| Q2 25 | — | $882.4M | ||
| Q1 25 | — | $902.8M | ||
| Q4 24 | — | $938.1M | ||
| Q3 24 | — | $978.3M | ||
| Q2 24 | — | $978.9M | ||
| Q1 24 | $1.7B | $978.4M |
| Q4 25 | $113.3M | $823.6M | ||
| Q3 25 | $139.8M | $794.2M | ||
| Q2 25 | $151.8M | $762.9M | ||
| Q1 25 | $154.6M | $699.8M | ||
| Q4 24 | $201.7M | $656.5M | ||
| Q3 24 | $226.1M | $628.5M | ||
| Q2 24 | $283.8M | $577.7M | ||
| Q1 24 | $926.1M | $550.9M |
| Q4 25 | $2.7B | $2.9B | ||
| Q3 25 | $2.8B | $2.9B | ||
| Q2 25 | $2.8B | $2.7B | ||
| Q1 25 | $2.8B | $2.7B | ||
| Q4 24 | $2.8B | $2.7B | ||
| Q3 24 | $3.1B | $2.8B | ||
| Q2 24 | $3.1B | $2.7B | ||
| Q1 24 | $4.0B | $2.7B |
| Q4 25 | 14.89× | 1.02× | ||
| Q3 25 | 12.05× | 1.09× | ||
| Q2 25 | — | 1.16× | ||
| Q1 25 | — | 1.29× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.56× | ||
| Q2 24 | — | 1.69× | ||
| Q1 24 | 1.81× | 1.78× |
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 | — | $93.2M |
| Free Cash FlowOCF − Capex | — | $57.5M |
| FCF MarginFCF / Revenue | — | 6.1% |
| Capex IntensityCapex / Revenue | 1.3% | 3.8% |
| Cash ConversionOCF / Net Profit | — | 2.05× |
| TTM Free Cash FlowTrailing 4 quarters | — | $216.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $93.2M | ||
| Q3 25 | $52.7M | $120.9M | ||
| Q2 25 | — | $69.4M | ||
| Q1 25 | $27.6M | $51.1M | ||
| Q4 24 | $-23.2M | $33.5M | ||
| Q3 24 | $51.2M | $110.7M | ||
| Q2 24 | $-45.2M | $47.9M | ||
| Q1 24 | $-51.7M | $36.9M |
| Q4 25 | — | $57.5M | ||
| Q3 25 | $48.6M | $78.0M | ||
| Q2 25 | — | $49.1M | ||
| Q1 25 | $15.7M | $32.2M | ||
| Q4 24 | $-30.5M | $13.4M | ||
| Q3 24 | $40.7M | $73.3M | ||
| Q2 24 | $-59.6M | $28.7M | ||
| Q1 24 | $-56.7M | $22.8M |
| Q4 25 | — | 6.1% | ||
| Q3 25 | 7.7% | 8.2% | ||
| Q2 25 | — | 5.3% | ||
| Q1 25 | 2.6% | 3.6% | ||
| Q4 24 | -4.8% | 1.4% | ||
| Q3 24 | 6.2% | 7.8% | ||
| Q2 24 | -9.3% | 3.1% | ||
| Q1 24 | -10.5% | 2.5% |
| Q4 25 | 1.3% | 3.8% | ||
| Q3 25 | 0.7% | 4.5% | ||
| Q2 25 | 0.8% | 2.2% | ||
| Q1 25 | 1.9% | 2.1% | ||
| Q4 24 | 1.1% | 2.1% | ||
| Q3 24 | 1.6% | 4.0% | ||
| Q2 24 | 2.2% | 2.0% | ||
| Q1 24 | 0.9% | 1.6% |
| Q4 25 | — | 2.05× | ||
| Q3 25 | — | 2.42× | ||
| Q2 25 | — | 1.52× | ||
| Q1 25 | — | 1.30× | ||
| Q4 24 | — | 0.55× | ||
| Q3 24 | — | 2.30× | ||
| Q2 24 | — | 1.27× | ||
| Q1 24 | — | 1.26× |
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% |
SBH
| Sally Beauty Supply | $531.6M | 56% |
| Beauty Systems Group | $411.6M | 44% |
