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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and TTM TECHNOLOGIES INC (TTMI). Click either name above to swap in a different company.
TTM TECHNOLOGIES INC is the larger business by last-quarter revenue ($846.0M vs $631.2M, roughly 1.3× FORWARD AIR CORP). TTM TECHNOLOGIES INC runs the higher net margin — 5.9% vs -4.5%, a 10.4% gap on every dollar of revenue. On growth, TTM TECHNOLOGIES INC posted the faster year-over-year revenue change (30.4% vs -0.3%). Over the past eight quarters, TTM TECHNOLOGIES INC's revenue compounded faster (21.8% 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.
TTM Technologies, Inc. is an American printed circuit board (PCB) manufacturer headquartered in Santa Ana, California. Founded in 1998, the company is one of the top five PCB manufacturers in the world and the largest in North America, and the largest supplier of PCBs to the U.S. military. TTM serves customers in industries including aerospace and defense, medical, industrial, automotive, computing, and networking.
FWRD vs TTMI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $846.0M |
| Net Profit | $-28.3M | $50.0M |
| Gross Margin | — | 21.4% |
| Operating Margin | -0.5% | 8.6% |
| Net Margin | -4.5% | 5.9% |
| Revenue YoY | -0.3% | 30.4% |
| Net Profit YoY | 22.2% | 55.3% |
| EPS (diluted) | $-0.90 | — |
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 | — | $846.0M | ||
| Q4 25 | $631.2M | $774.3M | ||
| Q3 25 | $631.8M | $752.7M | ||
| Q2 25 | $618.8M | $730.6M | ||
| Q1 25 | $613.3M | $648.7M | ||
| Q4 24 | $632.8M | $651.0M | ||
| Q3 24 | $655.9M | $616.5M | ||
| Q2 24 | $643.7M | $570.1M |
| Q1 26 | — | $50.0M | ||
| Q4 25 | $-28.3M | $50.7M | ||
| Q3 25 | $-16.3M | $53.1M | ||
| Q2 25 | $-12.6M | $41.5M | ||
| Q1 25 | $-50.6M | $32.2M | ||
| Q4 24 | $-36.4M | $5.2M | ||
| Q3 24 | $-73.4M | $14.3M | ||
| Q2 24 | $-645.4M | $10.5M |
| Q1 26 | — | 21.4% | ||
| Q4 25 | — | 21.4% | ||
| Q3 25 | — | 20.8% | ||
| Q2 25 | — | 20.3% | ||
| Q1 25 | — | 20.2% | ||
| Q4 24 | — | 19.4% | ||
| Q3 24 | — | 21.1% | ||
| Q2 24 | — | 18.2% |
| Q1 26 | — | 8.6% | ||
| Q4 25 | -0.5% | 10.4% | ||
| Q3 25 | 2.4% | 9.6% | ||
| Q2 25 | 3.2% | 8.5% | ||
| Q1 25 | 0.8% | 7.7% | ||
| Q4 24 | 12.0% | 1.4% | ||
| Q3 24 | 3.5% | 8.3% | ||
| Q2 24 | -170.2% | 3.0% |
| Q1 26 | — | 5.9% | ||
| Q4 25 | -4.5% | 6.5% | ||
| Q3 25 | -2.6% | 7.0% | ||
| Q2 25 | -2.0% | 5.7% | ||
| Q1 25 | -8.3% | 5.0% | ||
| Q4 24 | -5.8% | 0.8% | ||
| Q3 24 | -11.2% | 2.3% | ||
| Q2 24 | -100.3% | 1.8% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.90 | $0.47 | ||
| Q3 25 | $-0.52 | $0.50 | ||
| Q2 25 | $-0.41 | $0.40 | ||
| Q1 25 | $-1.68 | $0.31 | ||
| Q4 24 | $-1.69 | $0.05 | ||
| Q3 24 | $-2.66 | $0.14 | ||
| Q2 24 | $-23.47 | $0.10 |
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 | $410.0M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $1.8B |
| Total Assets | $2.7B | $4.0B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $410.0M | ||
| Q4 25 | $106.0M | $501.2M | ||
| Q3 25 | $140.4M | $491.1M | ||
| Q2 25 | $95.1M | $448.0M | ||
| Q1 25 | $116.3M | $411.3M | ||
| Q4 24 | $104.9M | $503.9M | ||
| Q3 24 | $136.6M | $469.5M | ||
| Q2 24 | $84.9M | $440.4M |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $916.2M | ||
| Q3 25 | $1.7B | $916.6M | ||
| Q2 25 | — | $917.1M | ||
| Q1 25 | — | $917.6M | ||
| Q4 24 | — | $914.4M | ||
| Q3 24 | — | $912.8M | ||
| Q2 24 | — | $913.9M |
| Q1 26 | — | $1.8B | ||
| Q4 25 | $113.3M | $1.8B | ||
| Q3 25 | $139.8M | $1.7B | ||
| Q2 25 | $151.8M | $1.6B | ||
| Q1 25 | $154.6M | $1.6B | ||
| Q4 24 | $201.7M | $1.6B | ||
| Q3 24 | $226.1M | $1.5B | ||
| Q2 24 | $283.8M | $1.5B |
| Q1 26 | — | $4.0B | ||
| Q4 25 | $2.7B | $3.8B | ||
| Q3 25 | $2.8B | $3.7B | ||
| Q2 25 | $2.8B | $3.6B | ||
| Q1 25 | $2.8B | $3.5B | ||
| Q4 24 | $2.8B | $3.5B | ||
| Q3 24 | $3.1B | $3.4B | ||
| Q2 24 | $3.1B | $3.3B |
| Q1 26 | — | — | ||
| Q4 25 | 14.89× | 0.52× | ||
| Q3 25 | 12.05× | 0.54× | ||
| Q2 25 | — | 0.56× | ||
| Q1 25 | — | 0.58× | ||
| Q4 24 | — | 0.58× | ||
| Q3 24 | — | 0.59× | ||
| Q2 24 | — | 0.60× |
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% |
TTMI
| Commercial | $495.0M | 59% |
| Aerospace & Defense | $351.7M | 42% |
| Medical, Industrial, and Instrumentation | $16.0K | 0% |
