vs
Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and StepStone Group Inc. (STEP). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $586.5M, roughly 1.1× StepStone Group Inc.). FORWARD AIR CORP runs the higher net margin — -4.5% vs -21.0%, a 16.6% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs -0.3%). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% 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.
Rosetta Stone Inc. is an American education technology software company that develops language, literacy and brain-fitness software. Best known for its language-learning products, in 2013, the company expanded beyond language into education-technology with its acquisitions of Livemocha, Lexia Learning, Fit Brains, and Tell Me More. In 2021, it became a subsidiary of IXL Learning.
FWRD vs STEP — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $586.5M |
| Net Profit | $-28.3M | $-123.5M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | -33.2% |
| Net Margin | -4.5% | -21.0% |
| Revenue YoY | -0.3% | 73.0% |
| Net Profit YoY | 22.2% | 35.7% |
| EPS (diluted) | $-0.90 | $-1.55 |
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 | $586.5M | ||
| Q3 25 | $631.8M | $454.2M | ||
| Q2 25 | $618.8M | $364.3M | ||
| Q1 25 | $613.3M | $377.7M | ||
| Q4 24 | $632.8M | $339.0M | ||
| Q3 24 | $655.9M | $271.7M | ||
| Q2 24 | $643.7M | $186.4M | ||
| Q1 24 | $541.8M | $356.8M |
| Q4 25 | $-28.3M | $-123.5M | ||
| Q3 25 | $-16.3M | $-366.1M | ||
| Q2 25 | $-12.6M | $-38.4M | ||
| Q1 25 | $-50.6M | $-18.5M | ||
| Q4 24 | $-36.4M | $-192.0M | ||
| Q3 24 | $-73.4M | $17.6M | ||
| Q2 24 | $-645.4M | $13.3M | ||
| Q1 24 | $-61.7M | $30.8M |
| Q4 25 | -0.5% | -33.2% | ||
| Q3 25 | 2.4% | -148.8% | ||
| Q2 25 | 3.2% | -5.6% | ||
| Q1 25 | 0.8% | 2.6% | ||
| Q4 24 | 12.0% | -101.7% | ||
| Q3 24 | 3.5% | 21.3% | ||
| Q2 24 | -170.2% | 29.4% | ||
| Q1 24 | -12.1% | 26.5% |
| Q4 25 | -4.5% | -21.0% | ||
| Q3 25 | -2.6% | -80.6% | ||
| Q2 25 | -2.0% | -10.5% | ||
| Q1 25 | -8.3% | -4.9% | ||
| Q4 24 | -5.8% | -56.6% | ||
| Q3 24 | -11.2% | 6.5% | ||
| Q2 24 | -100.3% | 7.2% | ||
| Q1 24 | -11.4% | 8.6% |
| Q4 25 | $-0.90 | $-1.55 | ||
| Q3 25 | $-0.52 | $-4.66 | ||
| Q2 25 | $-0.41 | $-0.49 | ||
| Q1 25 | $-1.68 | $-0.37 | ||
| Q4 24 | $-1.69 | $-2.61 | ||
| Q3 24 | $-2.66 | $0.26 | ||
| Q2 24 | $-23.47 | $0.20 | ||
| Q1 24 | $-2.81 | $0.47 |
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 | — |
| Total DebtLower is stronger | $1.7B | $270.2M |
| Stockholders' EquityBook value | $113.3M | $-378.8M |
| Total Assets | $2.7B | $5.2B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | — | ||
| Q3 25 | $140.4M | — | ||
| Q2 25 | $95.1M | — | ||
| Q1 25 | $116.3M | — | ||
| Q4 24 | $104.9M | — | ||
| Q3 24 | $136.6M | — | ||
| Q2 24 | $84.9M | — | ||
| Q1 24 | $152.0M | — |
| Q4 25 | $1.7B | $270.2M | ||
| Q3 25 | $1.7B | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | — | $168.9M | ||
| Q3 24 | — | $172.3M | ||
| Q2 24 | — | $172.1M | ||
| Q1 24 | $1.7B | $148.8M |
| Q4 25 | $113.3M | $-378.8M | ||
| Q3 25 | $139.8M | $-233.5M | ||
| Q2 25 | $151.8M | $153.9M | ||
| Q1 25 | $154.6M | $179.4M | ||
| Q4 24 | $201.7M | $209.8M | ||
| Q3 24 | $226.1M | $397.5M | ||
| Q2 24 | $283.8M | $366.9M | ||
| Q1 24 | $926.1M | $324.5M |
| Q4 25 | $2.7B | $5.2B | ||
| Q3 25 | $2.8B | $5.3B | ||
| Q2 25 | $2.8B | $4.8B | ||
| Q1 25 | $2.8B | $4.6B | ||
| Q4 24 | $2.8B | $4.3B | ||
| Q3 24 | $3.1B | $4.0B | ||
| Q2 24 | $3.1B | $3.8B | ||
| Q1 24 | $4.0B | $3.8B |
| Q4 25 | 14.89× | — | ||
| Q3 25 | 12.05× | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | 1.81× | 0.46× |
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 | — | $27.2M |
| Free Cash FlowOCF − Capex | — | $26.7M |
| FCF MarginFCF / Revenue | — | 4.6% |
| Capex IntensityCapex / Revenue | 1.3% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $27.2M | ||
| Q3 25 | $52.7M | $16.2M | ||
| Q2 25 | — | $46.3M | ||
| Q1 25 | $27.6M | $-66.5M | ||
| Q4 24 | $-23.2M | $27.6M | ||
| Q3 24 | $51.2M | $53.7M | ||
| Q2 24 | $-45.2M | $50.2M | ||
| Q1 24 | $-51.7M | $7.6M |
| Q4 25 | — | $26.7M | ||
| Q3 25 | $48.6M | $15.9M | ||
| Q2 25 | — | $45.2M | ||
| Q1 25 | $15.7M | $-69.2M | ||
| Q4 24 | $-30.5M | $27.0M | ||
| Q3 24 | $40.7M | $52.4M | ||
| Q2 24 | $-59.6M | $49.6M | ||
| Q1 24 | $-56.7M | $6.7M |
| Q4 25 | — | 4.6% | ||
| Q3 25 | 7.7% | 3.5% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | 2.6% | -18.3% | ||
| Q4 24 | -4.8% | 8.0% | ||
| Q3 24 | 6.2% | 19.3% | ||
| Q2 24 | -9.3% | 26.6% | ||
| Q1 24 | -10.5% | 1.9% |
| Q4 25 | 1.3% | 0.1% | ||
| Q3 25 | 0.7% | 0.1% | ||
| Q2 25 | 0.8% | 0.3% | ||
| Q1 25 | 1.9% | 0.7% | ||
| Q4 24 | 1.1% | 0.2% | ||
| Q3 24 | 1.6% | 0.5% | ||
| Q2 24 | 2.2% | 0.3% | ||
| Q1 24 | 0.9% | 0.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.05× | ||
| Q2 24 | — | 3.76× | ||
| Q1 24 | — | 0.25× |
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% |
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
