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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and MARRIOTT VACATIONS WORLDWIDE Corp (VAC). Click either name above to swap in a different company.
MARRIOTT VACATIONS WORLDWIDE Corp is the larger business by last-quarter revenue ($1.2B vs $631.2M, roughly 2.0× FORWARD AIR CORP). FORWARD AIR CORP runs the higher net margin — -4.5% vs -35.0%, a 30.5% gap on every dollar of revenue. On growth, FORWARD AIR CORP posted the faster year-over-year revenue change (-0.3% vs -0.7%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 5.2%).
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.
Marriott Vacations Worldwide Corporation is a pure-play public timeshare company. Formerly a division of Marriott International, Marriott Vacations Worldwide was established as a separate, publicly traded entity focusing primarily on vacation ownership in November 2011. Marriott Vacations Worldwide runs more than 120 resorts with over 700,000 Owners and members in a diverse portfolio of brands under The Marriott Vacation Clubs name. Its brands include Marriott Vacation Club, The Marriott Vaca...
FWRD vs VAC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $1.2B |
| Net Profit | $-28.3M | $-431.0M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | — |
| Net Margin | -4.5% | -35.0% |
| Revenue YoY | -0.3% | -0.7% |
| Net Profit YoY | 22.2% | -962.0% |
| EPS (diluted) | $-0.90 | $-12.00 |
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 | $1.2B | ||
| Q3 25 | $631.8M | $1.2B | ||
| Q2 25 | $618.8M | $1.2B | ||
| Q1 25 | $613.3M | $1.1B | ||
| Q4 24 | $632.8M | $1.2B | ||
| Q3 24 | $655.9M | $1.2B | ||
| Q2 24 | $643.7M | $1.1B | ||
| Q1 24 | $541.8M | $1.1B |
| Q4 25 | $-28.3M | $-431.0M | ||
| Q3 25 | $-16.3M | $-2.0M | ||
| Q2 25 | $-12.6M | $69.0M | ||
| Q1 25 | $-50.6M | $56.0M | ||
| Q4 24 | $-36.4M | $50.0M | ||
| Q3 24 | $-73.4M | $84.0M | ||
| Q2 24 | $-645.4M | $37.0M | ||
| Q1 24 | $-61.7M | $47.0M |
| Q4 25 | -0.5% | — | ||
| Q3 25 | 2.4% | — | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | 0.8% | — | ||
| Q4 24 | 12.0% | — | ||
| Q3 24 | 3.5% | — | ||
| Q2 24 | -170.2% | — | ||
| Q1 24 | -12.1% | — |
| Q4 25 | -4.5% | -35.0% | ||
| Q3 25 | -2.6% | -0.2% | ||
| Q2 25 | -2.0% | 6.0% | ||
| Q1 25 | -8.3% | 5.0% | ||
| Q4 24 | -5.8% | 4.0% | ||
| Q3 24 | -11.2% | 6.9% | ||
| Q2 24 | -100.3% | 3.5% | ||
| Q1 24 | -11.4% | 4.2% |
| Q4 25 | $-0.90 | $-12.00 | ||
| Q3 25 | $-0.52 | $-0.07 | ||
| Q2 25 | $-0.41 | $1.77 | ||
| Q1 25 | $-1.68 | $1.46 | ||
| Q4 24 | $-1.69 | $1.29 | ||
| Q3 24 | $-2.66 | $2.12 | ||
| Q2 24 | $-23.47 | $0.98 | ||
| Q1 24 | $-2.81 | $1.22 |
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 | $406.0M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $2.0B |
| Total Assets | $2.7B | $9.8B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $406.0M | ||
| Q3 25 | $140.4M | $474.0M | ||
| Q2 25 | $95.1M | $205.0M | ||
| Q1 25 | $116.3M | $196.0M | ||
| Q4 24 | $104.9M | $197.0M | ||
| Q3 24 | $136.6M | $197.0M | ||
| Q2 24 | $84.9M | $206.0M | ||
| Q1 24 | $152.0M | $237.0M |
| 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 | $2.0B | ||
| Q3 25 | $139.8M | $2.5B | ||
| Q2 25 | $151.8M | $2.5B | ||
| Q1 25 | $154.6M | $2.4B | ||
| Q4 24 | $201.7M | $2.4B | ||
| Q3 24 | $226.1M | $2.4B | ||
| Q2 24 | $283.8M | $2.4B | ||
| Q1 24 | $926.1M | $2.4B |
| Q4 25 | $2.7B | $9.8B | ||
| Q3 25 | $2.8B | $10.1B | ||
| Q2 25 | $2.8B | $9.9B | ||
| Q1 25 | $2.8B | $9.9B | ||
| Q4 24 | $2.8B | $9.8B | ||
| Q3 24 | $3.1B | $9.7B | ||
| Q2 24 | $3.1B | $9.6B | ||
| Q1 24 | $4.0B | $9.9B |
| 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 | — | $6.0M |
| Free Cash FlowOCF − Capex | — | $-6.0M |
| FCF MarginFCF / Revenue | — | -0.5% |
| Capex IntensityCapex / Revenue | 1.3% | 1.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-29.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $6.0M | ||
| Q3 25 | $52.7M | $62.0M | ||
| Q2 25 | — | $-48.0M | ||
| Q1 25 | $27.6M | $8.0M | ||
| Q4 24 | $-23.2M | $100.0M | ||
| Q3 24 | $51.2M | $72.0M | ||
| Q2 24 | $-45.2M | $30.0M | ||
| Q1 24 | $-51.7M | $3.0M |
| Q4 25 | — | $-6.0M | ||
| Q3 25 | $48.6M | $51.0M | ||
| Q2 25 | — | $-68.0M | ||
| Q1 25 | $15.7M | $-6.0M | ||
| Q4 24 | $-30.5M | $86.0M | ||
| Q3 24 | $40.7M | $58.0M | ||
| Q2 24 | $-59.6M | $17.0M | ||
| Q1 24 | $-56.7M | $-13.0M |
| Q4 25 | — | -0.5% | ||
| Q3 25 | 7.7% | 4.3% | ||
| Q2 25 | — | -5.9% | ||
| Q1 25 | 2.6% | -0.5% | ||
| Q4 24 | -4.8% | 6.9% | ||
| Q3 24 | 6.2% | 4.8% | ||
| Q2 24 | -9.3% | 1.6% | ||
| Q1 24 | -10.5% | -1.2% |
| Q4 25 | 1.3% | 1.0% | ||
| Q3 25 | 0.7% | 0.9% | ||
| Q2 25 | 0.8% | 1.7% | ||
| Q1 25 | 1.9% | 1.3% | ||
| Q4 24 | 1.1% | 1.1% | ||
| Q3 24 | 1.6% | 1.1% | ||
| Q2 24 | 2.2% | 1.2% | ||
| Q1 24 | 0.9% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.70× | ||
| Q1 25 | — | 0.14× | ||
| Q4 24 | — | 2.00× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | 0.81× | ||
| Q1 24 | — | 0.06× |
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% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
