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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Champion Homes, Inc. (SKY). Click either name above to swap in a different company.
Champion Homes, Inc. is the larger business by last-quarter revenue ($656.6M vs $631.2M, roughly 1.0× FORWARD AIR CORP). Champion Homes, Inc. runs the higher net margin — 8.3% vs -4.5%, a 12.8% gap on every dollar of revenue. On growth, Champion Homes, Inc. posted the faster year-over-year revenue change (1.8% vs -0.3%). Over the past eight quarters, Champion Homes, Inc.'s revenue compounded faster (10.6% 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.
Champion Homes, Inc., is a mobile and modular home manufacturing company. It is one of the largest modular homebuilders in North America. The company also provides factory-built housing to the United States and western Canada.
FWRD vs SKY — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $656.6M |
| Net Profit | $-28.3M | $54.3M |
| Gross Margin | — | 26.2% |
| Operating Margin | -0.5% | 9.5% |
| Net Margin | -4.5% | 8.3% |
| Revenue YoY | -0.3% | 1.8% |
| Net Profit YoY | 22.2% | -11.7% |
| EPS (diluted) | $-0.90 | $0.97 |
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 | $656.6M | ||
| Q3 25 | $631.8M | $684.4M | ||
| Q2 25 | $618.8M | $701.3M | ||
| Q1 25 | $613.3M | $593.9M | ||
| Q4 24 | $632.8M | $644.9M | ||
| Q3 24 | $655.9M | $616.9M | ||
| Q2 24 | $643.7M | $627.8M | ||
| Q1 24 | $541.8M | $536.4M |
| Q4 25 | $-28.3M | $54.3M | ||
| Q3 25 | $-16.3M | $58.2M | ||
| Q2 25 | $-12.6M | $64.7M | ||
| Q1 25 | $-50.6M | $36.3M | ||
| Q4 24 | $-36.4M | $61.5M | ||
| Q3 24 | $-73.4M | $54.7M | ||
| Q2 24 | $-645.4M | $45.8M | ||
| Q1 24 | $-61.7M | $2.8M |
| Q4 25 | — | 26.2% | ||
| Q3 25 | — | 27.5% | ||
| Q2 25 | — | 27.1% | ||
| Q1 25 | — | 25.7% | ||
| Q4 24 | — | 28.1% | ||
| Q3 24 | — | 27.0% | ||
| Q2 24 | — | 26.2% | ||
| Q1 24 | — | 18.3% |
| Q4 25 | -0.5% | 9.5% | ||
| Q3 25 | 2.4% | 10.9% | ||
| Q2 25 | 3.2% | 11.2% | ||
| Q1 25 | 0.8% | 7.1% | ||
| Q4 24 | 12.0% | 11.3% | ||
| Q3 24 | 3.5% | 10.8% | ||
| Q2 24 | -170.2% | 8.8% | ||
| Q1 24 | -12.1% | 1.4% |
| Q4 25 | -4.5% | 8.3% | ||
| Q3 25 | -2.6% | 8.5% | ||
| Q2 25 | -2.0% | 9.2% | ||
| Q1 25 | -8.3% | 6.1% | ||
| Q4 24 | -5.8% | 9.5% | ||
| Q3 24 | -11.2% | 8.9% | ||
| Q2 24 | -100.3% | 7.3% | ||
| Q1 24 | -11.4% | 0.5% |
| Q4 25 | $-0.90 | $0.97 | ||
| Q3 25 | $-0.52 | $1.03 | ||
| Q2 25 | $-0.41 | $1.13 | ||
| Q1 25 | $-1.68 | $0.63 | ||
| Q4 24 | $-1.69 | $1.06 | ||
| Q3 24 | $-2.66 | $0.94 | ||
| Q2 24 | $-23.47 | $0.79 | ||
| Q1 24 | $-2.81 | $0.04 |
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 | $659.8M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $1.6B |
| Total Assets | $2.7B | $2.1B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $659.8M | ||
| Q3 25 | $140.4M | $618.7M | ||
| Q2 25 | $95.1M | $605.3M | ||
| Q1 25 | $116.3M | $610.3M | ||
| Q4 24 | $104.9M | $581.8M | ||
| Q3 24 | $136.6M | $570.2M | ||
| Q2 24 | $84.9M | $548.9M | ||
| Q1 24 | $152.0M | $495.1M |
| 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 | $1.6B | ||
| Q3 25 | $139.8M | $1.6B | ||
| Q2 25 | $151.8M | $1.6B | ||
| Q1 25 | $154.6M | $1.5B | ||
| Q4 24 | $201.7M | $1.5B | ||
| Q3 24 | $226.1M | $1.5B | ||
| Q2 24 | $283.8M | $1.5B | ||
| Q1 24 | $926.1M | $1.4B |
| Q4 25 | $2.7B | $2.1B | ||
| Q3 25 | $2.8B | $2.1B | ||
| Q2 25 | $2.8B | $2.1B | ||
| Q1 25 | $2.8B | $2.1B | ||
| Q4 24 | $2.8B | $2.0B | ||
| Q3 24 | $3.1B | $2.0B | ||
| Q2 24 | $3.1B | $2.0B | ||
| Q1 24 | $4.0B | $1.9B |
| 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 | — | $100.0M |
| Free Cash FlowOCF − Capex | — | $92.9M |
| FCF MarginFCF / Revenue | — | 14.1% |
| Capex IntensityCapex / Revenue | 1.3% | 1.1% |
| Cash ConversionOCF / Net Profit | — | 1.84× |
| TTM Free Cash FlowTrailing 4 quarters | — | $259.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $100.0M | ||
| Q3 25 | $52.7M | $75.9M | ||
| Q2 25 | — | $75.3M | ||
| Q1 25 | $27.6M | $46.0M | ||
| Q4 24 | $-23.2M | $50.4M | ||
| Q3 24 | $51.2M | $59.8M | ||
| Q2 24 | $-45.2M | $84.6M | ||
| Q1 24 | $-51.7M | — |
| Q4 25 | — | $92.9M | ||
| Q3 25 | $48.6M | $67.0M | ||
| Q2 25 | — | $66.4M | ||
| Q1 25 | $15.7M | $33.4M | ||
| Q4 24 | $-30.5M | $37.3M | ||
| Q3 24 | $40.7M | $45.7M | ||
| Q2 24 | $-59.6M | $73.9M | ||
| Q1 24 | $-56.7M | — |
| Q4 25 | — | 14.1% | ||
| Q3 25 | 7.7% | 9.8% | ||
| Q2 25 | — | 9.5% | ||
| Q1 25 | 2.6% | 5.6% | ||
| Q4 24 | -4.8% | 5.8% | ||
| Q3 24 | 6.2% | 7.4% | ||
| Q2 24 | -9.3% | 11.8% | ||
| Q1 24 | -10.5% | — |
| Q4 25 | 1.3% | 1.1% | ||
| Q3 25 | 0.7% | 1.3% | ||
| Q2 25 | 0.8% | 1.3% | ||
| Q1 25 | 1.9% | 2.1% | ||
| Q4 24 | 1.1% | 2.0% | ||
| Q3 24 | 1.6% | 2.3% | ||
| Q2 24 | 2.2% | 1.7% | ||
| Q1 24 | 0.9% | — |
| Q4 25 | — | 1.84× | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | — | 1.16× | ||
| Q1 25 | — | 1.27× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | — | 1.09× | ||
| Q2 24 | — | 1.85× | ||
| Q1 24 | — | — |
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% |
SKY
| Manufacturing | $369.7M | 56% |
| Retail | $252.7M | 38% |
| Canadian Factory Built Housing | $25.8M | 4% |
| Transportation And Other | $8.5M | 1% |
