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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and SM Energy Co (SM). Click either name above to swap in a different company.
SM Energy Co is the larger business by last-quarter revenue ($704.9M vs $631.2M, roughly 1.1× FORWARD AIR CORP). On growth, FORWARD AIR CORP posted the faster year-over-year revenue change (-0.3% vs -17.3%). Over the past eight quarters, SM Energy Co's revenue compounded faster (12.2% 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.
SM Energy Company is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado.
FWRD vs SM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $704.9M |
| Net Profit | $-28.3M | — |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 25.9% |
| Net Margin | -4.5% | — |
| Revenue YoY | -0.3% | -17.3% |
| Net Profit YoY | 22.2% | — |
| EPS (diluted) | $-0.90 | $0.94 |
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 | $704.9M | ||
| Q3 25 | $631.8M | $811.6M | ||
| Q2 25 | $618.8M | $792.9M | ||
| Q1 25 | $613.3M | $844.5M | ||
| Q4 24 | $632.8M | $852.0M | ||
| Q3 24 | $655.9M | $643.6M | ||
| Q2 24 | $643.7M | $634.6M | ||
| Q1 24 | $541.8M | $559.9M |
| Q4 25 | $-28.3M | — | ||
| Q3 25 | $-16.3M | $155.1M | ||
| Q2 25 | $-12.6M | $201.7M | ||
| Q1 25 | $-50.6M | $182.3M | ||
| Q4 24 | $-36.4M | — | ||
| Q3 24 | $-73.4M | $240.5M | ||
| Q2 24 | $-645.4M | $210.3M | ||
| Q1 24 | $-61.7M | $131.2M |
| Q4 25 | -0.5% | 25.9% | ||
| Q3 25 | 2.4% | 30.4% | ||
| Q2 25 | 3.2% | 37.2% | ||
| Q1 25 | 0.8% | 32.7% | ||
| Q4 24 | 12.0% | 33.7% | ||
| Q3 24 | 3.5% | 51.4% | ||
| Q2 24 | -170.2% | 44.0% | ||
| Q1 24 | -12.1% | 31.9% |
| Q4 25 | -4.5% | — | ||
| Q3 25 | -2.6% | 19.1% | ||
| Q2 25 | -2.0% | 25.4% | ||
| Q1 25 | -8.3% | 21.6% | ||
| Q4 24 | -5.8% | — | ||
| Q3 24 | -11.2% | 37.4% | ||
| Q2 24 | -100.3% | 33.1% | ||
| Q1 24 | -11.4% | 23.4% |
| Q4 25 | $-0.90 | $0.94 | ||
| Q3 25 | $-0.52 | $1.35 | ||
| Q2 25 | $-0.41 | $1.76 | ||
| Q1 25 | $-1.68 | $1.59 | ||
| Q4 24 | $-1.69 | $1.63 | ||
| Q3 24 | $-2.66 | $2.09 | ||
| Q2 24 | $-23.47 | $1.82 | ||
| Q1 24 | $-2.81 | $1.13 |
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 | $368.0M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $4.8B |
| Total Assets | $2.7B | $9.3B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $368.0M | ||
| Q3 25 | $140.4M | $162.3M | ||
| Q2 25 | $95.1M | $101.9M | ||
| Q1 25 | $116.3M | $54.0K | ||
| Q4 24 | $104.9M | — | ||
| Q3 24 | $136.6M | $1.7B | ||
| Q2 24 | $84.9M | $487.9M | ||
| Q1 24 | $152.0M | $506.3M |
| 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 | $4.8B | ||
| Q3 25 | $139.8M | $4.7B | ||
| Q2 25 | $151.8M | $4.6B | ||
| Q1 25 | $154.6M | $4.4B | ||
| Q4 24 | $201.7M | $4.2B | ||
| Q3 24 | $226.1M | $4.1B | ||
| Q2 24 | $283.8M | $3.8B | ||
| Q1 24 | $926.1M | $3.7B |
| Q4 25 | $2.7B | $9.3B | ||
| Q3 25 | $2.8B | $9.1B | ||
| Q2 25 | $2.8B | $9.0B | ||
| Q1 25 | $2.8B | $8.8B | ||
| Q4 24 | $2.8B | $8.6B | ||
| Q3 24 | $3.1B | $8.0B | ||
| Q2 24 | $3.1B | $6.7B | ||
| Q1 24 | $4.0B | $6.4B |
| 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 | — | $451.9M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $451.9M | ||
| Q3 25 | $52.7M | $505.0M | ||
| Q2 25 | — | $571.1M | ||
| Q1 25 | $27.6M | $483.0M | ||
| Q4 24 | $-23.2M | $578.4M | ||
| Q3 24 | $51.2M | $452.3M | ||
| Q2 24 | $-45.2M | $476.4M | ||
| Q1 24 | $-51.7M | $276.0M |
| 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 | — | — | ||
| Q3 25 | — | 3.26× | ||
| Q2 25 | — | 2.83× | ||
| Q1 25 | — | 2.65× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.88× | ||
| Q2 24 | — | 2.27× | ||
| Q1 24 | — | 2.10× |
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% |
SM
Segment breakdown not available.
