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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Skyward Specialty Insurance Group, Inc. (SKWD). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $385.6M, roughly 1.6× Skyward Specialty Insurance Group, Inc.). Skyward Specialty Insurance Group, Inc. runs the higher net margin — 11.2% vs -4.5%, a 15.7% gap on every dollar of revenue. On growth, Skyward Specialty Insurance Group, Inc. posted the faster year-over-year revenue change (26.7% vs -0.3%). Over the past eight quarters, Skyward Specialty Insurance Group, Inc.'s revenue compounded faster (20.6% CAGR vs 7.9%).
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.
Skyward Specialty Insurance Group, Inc. is a specialty property and casualty insurance provider offering tailored coverage solutions including commercial auto, general liability, professional indemnity, and specialty property policies. It primarily serves small-to-medium enterprises and niche industry segments across the United States, focusing on underwriting complex, hard-to-place risks for underserved client groups.
FWRD vs SKWD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $385.6M |
| Net Profit | $-28.3M | $43.2M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 14.2% |
| Net Margin | -4.5% | 11.2% |
| Revenue YoY | -0.3% | 26.7% |
| Net Profit YoY | 22.2% | 200.1% |
| EPS (diluted) | $-0.90 | $1.03 |
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 | $385.6M | ||
| Q3 25 | $631.8M | $382.5M | ||
| Q2 25 | $618.8M | $319.9M | ||
| Q1 25 | $613.3M | $328.5M | ||
| Q4 24 | $632.8M | $304.4M | ||
| Q3 24 | $655.9M | $300.9M | ||
| Q2 24 | $643.7M | $279.9M | ||
| Q1 24 | $541.8M | $265.0M |
| Q4 25 | $-28.3M | $43.2M | ||
| Q3 25 | $-16.3M | $45.9M | ||
| Q2 25 | $-12.6M | $38.8M | ||
| Q1 25 | $-50.6M | $42.1M | ||
| Q4 24 | $-36.4M | $14.4M | ||
| Q3 24 | $-73.4M | $36.7M | ||
| Q2 24 | $-645.4M | $31.0M | ||
| Q1 24 | $-61.7M | $36.8M |
| Q4 25 | -0.5% | 14.2% | ||
| Q3 25 | 2.4% | 15.8% | ||
| Q2 25 | 3.2% | 15.6% | ||
| Q1 25 | 0.8% | 15.7% | ||
| Q4 24 | 12.0% | 6.1% | ||
| Q3 24 | 3.5% | 15.6% | ||
| Q2 24 | -170.2% | 14.4% | ||
| Q1 24 | -12.1% | 17.7% |
| Q4 25 | -4.5% | 11.2% | ||
| Q3 25 | -2.6% | 12.0% | ||
| Q2 25 | -2.0% | 12.1% | ||
| Q1 25 | -8.3% | 12.8% | ||
| Q4 24 | -5.8% | 4.7% | ||
| Q3 24 | -11.2% | 12.2% | ||
| Q2 24 | -100.3% | 11.1% | ||
| Q1 24 | -11.4% | 13.9% |
| Q4 25 | $-0.90 | $1.03 | ||
| Q3 25 | $-0.52 | $1.10 | ||
| Q2 25 | $-0.41 | $0.93 | ||
| Q1 25 | $-1.68 | $1.01 | ||
| Q4 24 | $-1.69 | $0.33 | ||
| Q3 24 | $-2.66 | $0.89 | ||
| Q2 24 | $-23.47 | $0.75 | ||
| Q1 24 | $-2.81 | $0.90 |
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 | $168.5M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $1.0B |
| Total Assets | $2.7B | $4.8B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $168.5M | ||
| Q3 25 | $140.4M | $160.1M | ||
| Q2 25 | $95.1M | $136.6M | ||
| Q1 25 | $116.3M | $112.9M | ||
| Q4 24 | $104.9M | $121.6M | ||
| Q3 24 | $136.6M | $105.6M | ||
| Q2 24 | $84.9M | $73.0M | ||
| Q1 24 | $152.0M | $85.1M |
| 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 | $1.0B | ||
| Q3 25 | $139.8M | $961.4M | ||
| Q2 25 | $151.8M | $899.9M | ||
| Q1 25 | $154.6M | $850.7M | ||
| Q4 24 | $201.7M | $794.0M | ||
| Q3 24 | $226.1M | $797.5M | ||
| Q2 24 | $283.8M | $723.6M | ||
| Q1 24 | $926.1M | $692.3M |
| Q4 25 | $2.7B | $4.8B | ||
| Q3 25 | $2.8B | $4.6B | ||
| Q2 25 | $2.8B | $4.3B | ||
| Q1 25 | $2.8B | $4.0B | ||
| Q4 24 | $2.8B | $3.7B | ||
| Q3 24 | $3.1B | $3.6B | ||
| Q2 24 | $3.1B | $3.4B | ||
| Q1 24 | $4.0B | $3.2B |
| 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 | — | $408.1M |
| Free Cash FlowOCF − Capex | — | $402.6M |
| FCF MarginFCF / Revenue | — | 104.4% |
| Capex IntensityCapex / Revenue | 1.3% | 1.4% |
| Cash ConversionOCF / Net Profit | — | 9.44× |
| TTM Free Cash FlowTrailing 4 quarters | — | $755.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $408.1M | ||
| Q3 25 | $52.7M | $171.4M | ||
| Q2 25 | — | $88.2M | ||
| Q1 25 | $27.6M | $96.8M | ||
| Q4 24 | $-23.2M | $305.1M | ||
| Q3 24 | $51.2M | $168.0M | ||
| Q2 24 | $-45.2M | $21.0M | ||
| Q1 24 | $-51.7M | $94.3M |
| Q4 25 | — | $402.6M | ||
| Q3 25 | $48.6M | $168.9M | ||
| Q2 25 | — | $87.1M | ||
| Q1 25 | $15.7M | $96.6M | ||
| Q4 24 | $-30.5M | $300.9M | ||
| Q3 24 | $40.7M | $167.6M | ||
| Q2 24 | $-59.6M | $18.4M | ||
| Q1 24 | $-56.7M | $94.0M |
| Q4 25 | — | 104.4% | ||
| Q3 25 | 7.7% | 44.2% | ||
| Q2 25 | — | 27.2% | ||
| Q1 25 | 2.6% | 29.4% | ||
| Q4 24 | -4.8% | 98.8% | ||
| Q3 24 | 6.2% | 55.7% | ||
| Q2 24 | -9.3% | 6.6% | ||
| Q1 24 | -10.5% | 35.5% |
| Q4 25 | 1.3% | 1.4% | ||
| Q3 25 | 0.7% | 0.6% | ||
| Q2 25 | 0.8% | 0.3% | ||
| Q1 25 | 1.9% | 0.1% | ||
| Q4 24 | 1.1% | 1.4% | ||
| Q3 24 | 1.6% | 0.1% | ||
| Q2 24 | 2.2% | 0.9% | ||
| Q1 24 | 0.9% | 0.1% |
| Q4 25 | — | 9.44× | ||
| Q3 25 | — | 3.73× | ||
| Q2 25 | — | 2.27× | ||
| Q1 25 | — | 2.30× | ||
| Q4 24 | — | 21.18× | ||
| Q3 24 | — | 4.58× | ||
| Q2 24 | — | 0.68× | ||
| Q1 24 | — | 2.56× |
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% |
SKWD
Segment breakdown not available.
