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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Verisign (VRSN). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $425.3M, roughly 1.5× Verisign). Verisign runs the higher net margin — 48.5% vs -4.5%, a 53.0% gap on every dollar of revenue. On growth, Verisign posted the faster year-over-year revenue change (7.6% vs -0.3%). 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.
Verisign, Inc. is an American company based in Reston, Virginia, that operates a diverse array of network infrastructure, including two of the Internet's thirteen root nameservers, the authoritative registry for the .com, .net, and .name generic top-level domains and the .cc country-code top-level domains, and the back-end systems for the .jobs and .edu sponsored top-level domains.
FWRD vs VRSN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $425.3M |
| Net Profit | $-28.3M | $206.2M |
| Gross Margin | — | 88.5% |
| Operating Margin | -0.5% | 67.0% |
| Net Margin | -4.5% | 48.5% |
| Revenue YoY | -0.3% | 7.6% |
| Net Profit YoY | 22.2% | 7.7% |
| 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.
| Q4 25 | $631.2M | $425.3M | ||
| Q3 25 | $631.8M | $419.1M | ||
| Q2 25 | $618.8M | $409.9M | ||
| Q1 25 | $613.3M | $402.3M | ||
| Q4 24 | $632.8M | $395.4M | ||
| Q3 24 | $655.9M | $390.6M | ||
| Q2 24 | $643.7M | $387.1M | ||
| Q1 24 | $541.8M | $384.3M |
| Q4 25 | $-28.3M | $206.2M | ||
| Q3 25 | $-16.3M | $212.8M | ||
| Q2 25 | $-12.6M | $207.4M | ||
| Q1 25 | $-50.6M | $199.3M | ||
| Q4 24 | $-36.4M | $191.5M | ||
| Q3 24 | $-73.4M | $201.3M | ||
| Q2 24 | $-645.4M | $198.8M | ||
| Q1 24 | $-61.7M | $194.1M |
| Q4 25 | — | 88.5% | ||
| Q3 25 | — | 88.4% | ||
| Q2 25 | — | 88.0% | ||
| Q1 25 | — | 87.7% | ||
| Q4 24 | — | 87.8% | ||
| Q3 24 | — | 88.0% | ||
| Q2 24 | — | 87.8% | ||
| Q1 24 | — | 87.2% |
| Q4 25 | -0.5% | 67.0% | ||
| Q3 25 | 2.4% | 67.8% | ||
| Q2 25 | 3.2% | 68.5% | ||
| Q1 25 | 0.8% | 67.4% | ||
| Q4 24 | 12.0% | 66.7% | ||
| Q3 24 | 3.5% | 68.9% | ||
| Q2 24 | -170.2% | 68.8% | ||
| Q1 24 | -12.1% | 67.4% |
| Q4 25 | -4.5% | 48.5% | ||
| Q3 25 | -2.6% | 50.8% | ||
| Q2 25 | -2.0% | 50.6% | ||
| Q1 25 | -8.3% | 49.5% | ||
| Q4 24 | -5.8% | 48.4% | ||
| Q3 24 | -11.2% | 51.5% | ||
| Q2 24 | -100.3% | 51.4% | ||
| Q1 24 | -11.4% | 50.5% |
| Q4 25 | $-0.90 | — | ||
| Q3 25 | $-0.52 | — | ||
| Q2 25 | $-0.41 | — | ||
| Q1 25 | $-1.68 | — | ||
| Q4 24 | $-1.69 | — | ||
| Q3 24 | $-2.66 | — | ||
| Q2 24 | $-23.47 | — | ||
| Q1 24 | $-2.81 | — |
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 | $580.5M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $-2.2B |
| Total Assets | $2.7B | $1.3B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $580.5M | ||
| Q3 25 | $140.4M | $617.7M | ||
| Q2 25 | $95.1M | $593.8M | ||
| Q1 25 | $116.3M | $648.5M | ||
| Q4 24 | $104.9M | $599.9M | ||
| Q3 24 | $136.6M | $644.9M | ||
| Q2 24 | $84.9M | $689.9M | ||
| Q1 24 | $152.0M | $924.7M |
| 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 | $-2.2B | ||
| Q3 25 | $139.8M | $-2.1B | ||
| Q2 25 | $151.8M | $-2.0B | ||
| Q1 25 | $154.6M | $-2.0B | ||
| Q4 24 | $201.7M | $-2.0B | ||
| Q3 24 | $226.1M | $-1.9B | ||
| Q2 24 | $283.8M | $-1.8B | ||
| Q1 24 | $926.1M | $-1.6B |
| Q4 25 | $2.7B | $1.3B | ||
| Q3 25 | $2.8B | $1.4B | ||
| Q2 25 | $2.8B | $1.4B | ||
| Q1 25 | $2.8B | $1.4B | ||
| Q4 24 | $2.8B | $1.4B | ||
| Q3 24 | $3.1B | $1.5B | ||
| Q2 24 | $3.1B | $1.5B | ||
| Q1 24 | $4.0B | $1.7B |
| 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 | — | $289.6M |
| Free Cash FlowOCF − Capex | — | $285.1M |
| FCF MarginFCF / Revenue | — | 67.0% |
| Capex IntensityCapex / Revenue | 1.3% | 1.1% |
| Cash ConversionOCF / Net Profit | — | 1.40× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $289.6M | ||
| Q3 25 | $52.7M | $307.7M | ||
| Q2 25 | — | $202.5M | ||
| Q1 25 | $27.6M | $291.3M | ||
| Q4 24 | $-23.2M | $231.5M | ||
| Q3 24 | $51.2M | $253.4M | ||
| Q2 24 | $-45.2M | $160.4M | ||
| Q1 24 | $-51.7M | $257.3M |
| Q4 25 | — | $285.1M | ||
| Q3 25 | $48.6M | $303.0M | ||
| Q2 25 | — | $194.7M | ||
| Q1 25 | $15.7M | $285.5M | ||
| Q4 24 | $-30.5M | $222.0M | ||
| Q3 24 | $40.7M | $247.8M | ||
| Q2 24 | $-59.6M | $151.2M | ||
| Q1 24 | $-56.7M | $253.5M |
| Q4 25 | — | 67.0% | ||
| Q3 25 | 7.7% | 72.3% | ||
| Q2 25 | — | 47.5% | ||
| Q1 25 | 2.6% | 71.0% | ||
| Q4 24 | -4.8% | 56.1% | ||
| Q3 24 | 6.2% | 63.4% | ||
| Q2 24 | -9.3% | 39.1% | ||
| Q1 24 | -10.5% | 66.0% |
| Q4 25 | 1.3% | 1.1% | ||
| Q3 25 | 0.7% | 1.1% | ||
| Q2 25 | 0.8% | 1.9% | ||
| Q1 25 | 1.9% | 1.4% | ||
| Q4 24 | 1.1% | 2.4% | ||
| Q3 24 | 1.6% | 1.4% | ||
| Q2 24 | 2.2% | 2.4% | ||
| Q1 24 | 0.9% | 1.0% |
| Q4 25 | — | 1.40× | ||
| Q3 25 | — | 1.45× | ||
| Q2 25 | — | 0.98× | ||
| Q1 25 | — | 1.46× | ||
| Q4 24 | — | 1.21× | ||
| Q3 24 | — | 1.26× | ||
| Q2 24 | — | 0.81× | ||
| Q1 24 | — | 1.33× |
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% |
VRSN
Segment breakdown not available.
