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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Teradyne (TER). Click either name above to swap in a different company.
Teradyne is the larger business by last-quarter revenue ($1.3B vs $631.2M, roughly 2.0× FORWARD AIR CORP). Teradyne runs the higher net margin — 31.1% vs -4.5%, a 35.6% gap on every dollar of revenue. On growth, Teradyne posted the faster year-over-year revenue change (86.9% vs -0.3%). Over the past eight quarters, Teradyne's revenue compounded faster (32.6% 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.
Teradyne, Inc. is an American automatic test equipment (ATE) designer and manufacturer based in North Reading, Massachusetts. Its high-profile customers include Samsung, Qualcomm, Intel, Analog Devices, Texas Instruments and IBM.
FWRD vs TER — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $1.3B |
| Net Profit | $-28.3M | $398.9M |
| Gross Margin | — | 60.9% |
| Operating Margin | -0.5% | 36.9% |
| Net Margin | -4.5% | 31.1% |
| Revenue YoY | -0.3% | 86.9% |
| Net Profit YoY | 22.2% | 55.1% |
| EPS (diluted) | $-0.90 | $2.53 |
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.
| Q1 26 | — | $1.3B | ||
| Q4 25 | $631.2M | $1.1B | ||
| Q3 25 | $631.8M | $769.2M | ||
| Q2 25 | $618.8M | $651.8M | ||
| Q1 25 | $613.3M | $685.7M | ||
| Q4 24 | $632.8M | $752.9M | ||
| Q3 24 | $655.9M | $737.3M | ||
| Q2 24 | $643.7M | $729.9M |
| Q1 26 | — | $398.9M | ||
| Q4 25 | $-28.3M | $257.2M | ||
| Q3 25 | $-16.3M | $119.6M | ||
| Q2 25 | $-12.6M | $78.4M | ||
| Q1 25 | $-50.6M | $98.9M | ||
| Q4 24 | $-36.4M | $146.3M | ||
| Q3 24 | $-73.4M | $145.6M | ||
| Q2 24 | $-645.4M | $186.3M |
| Q1 26 | — | 60.9% | ||
| Q4 25 | — | 57.2% | ||
| Q3 25 | — | 58.4% | ||
| Q2 25 | — | 57.2% | ||
| Q1 25 | — | 60.6% | ||
| Q4 24 | — | 59.4% | ||
| Q3 24 | — | 59.2% | ||
| Q2 24 | — | 58.3% |
| Q1 26 | — | 36.9% | ||
| Q4 25 | -0.5% | 27.1% | ||
| Q3 25 | 2.4% | 18.9% | ||
| Q2 25 | 3.2% | 13.9% | ||
| Q1 25 | 0.8% | 17.6% | ||
| Q4 24 | 12.0% | 20.4% | ||
| Q3 24 | 3.5% | 20.6% | ||
| Q2 24 | -170.2% | 28.8% |
| Q1 26 | — | 31.1% | ||
| Q4 25 | -4.5% | 23.7% | ||
| Q3 25 | -2.6% | 15.5% | ||
| Q2 25 | -2.0% | 12.0% | ||
| Q1 25 | -8.3% | 14.4% | ||
| Q4 24 | -5.8% | 19.4% | ||
| Q3 24 | -11.2% | 19.8% | ||
| Q2 24 | -100.3% | 25.5% |
| Q1 26 | — | $2.53 | ||
| Q4 25 | $-0.90 | $1.62 | ||
| Q3 25 | $-0.52 | $0.75 | ||
| Q2 25 | $-0.41 | $0.49 | ||
| Q1 25 | $-1.68 | $0.61 | ||
| Q4 24 | $-1.69 | $0.89 | ||
| Q3 24 | $-2.66 | $0.89 | ||
| Q2 24 | $-23.47 | $1.14 |
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 | $241.9M |
| Total DebtLower is stronger | $1.7B | $0 |
| Stockholders' EquityBook value | $113.3M | — |
| Total Assets | $2.7B | $4.4B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $241.9M | ||
| Q4 25 | $106.0M | $293.8M | ||
| Q3 25 | $140.4M | $272.7M | ||
| Q2 25 | $95.1M | $339.3M | ||
| Q1 25 | $116.3M | $475.6M | ||
| Q4 24 | $104.9M | $553.4M | ||
| Q3 24 | $136.6M | $510.0M | ||
| Q2 24 | $84.9M | $421.9M |
| Q1 26 | — | $0 | ||
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $113.3M | $2.8B | ||
| Q3 25 | $139.8M | $2.7B | ||
| Q2 25 | $151.8M | $2.8B | ||
| Q1 25 | $154.6M | $2.8B | ||
| Q4 24 | $201.7M | $2.8B | ||
| Q3 24 | $226.1M | $2.9B | ||
| Q2 24 | $283.8M | $2.7B |
| Q1 26 | — | $4.4B | ||
| Q4 25 | $2.7B | $4.2B | ||
| Q3 25 | $2.8B | $4.0B | ||
| Q2 25 | $2.8B | $3.8B | ||
| Q1 25 | $2.8B | $3.7B | ||
| Q4 24 | $2.8B | $3.7B | ||
| Q3 24 | $3.1B | $3.8B | ||
| Q2 24 | $3.1B | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | 14.89× | — | ||
| Q3 25 | 12.05× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $265.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | — | 0.66× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $265.1M | ||
| Q4 25 | — | $281.6M | ||
| Q3 25 | $52.7M | $49.0M | ||
| Q2 25 | — | $182.1M | ||
| Q1 25 | $27.6M | $161.6M | ||
| Q4 24 | $-23.2M | $282.6M | ||
| Q3 24 | $51.2M | $166.3M | ||
| Q2 24 | $-45.2M | $216.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $218.8M | ||
| Q3 25 | $48.6M | $2.4M | ||
| Q2 25 | — | $131.7M | ||
| Q1 25 | $15.7M | $97.6M | ||
| Q4 24 | $-30.5M | $225.2M | ||
| Q3 24 | $40.7M | $114.4M | ||
| Q2 24 | $-59.6M | $171.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 20.2% | ||
| Q3 25 | 7.7% | 0.3% | ||
| Q2 25 | — | 20.2% | ||
| Q1 25 | 2.6% | 14.2% | ||
| Q4 24 | -4.8% | 29.9% | ||
| Q3 24 | 6.2% | 15.5% | ||
| Q2 24 | -9.3% | 23.5% |
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 5.8% | ||
| Q3 25 | 0.7% | 6.1% | ||
| Q2 25 | 0.8% | 7.7% | ||
| Q1 25 | 1.9% | 9.3% | ||
| Q4 24 | 1.1% | 7.6% | ||
| Q3 24 | 1.6% | 7.0% | ||
| Q2 24 | 2.2% | 6.1% |
| Q1 26 | — | 0.66× | ||
| Q4 25 | — | 1.09× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | — | 2.32× | ||
| Q1 25 | — | 1.63× | ||
| Q4 24 | — | 1.93× | ||
| Q3 24 | — | 1.14× | ||
| Q2 24 | — | 1.16× |
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% |
TER
Segment breakdown not available.
