vs
Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Westrock Coffee Co (WEST). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $339.5M, roughly 1.9× Westrock Coffee Co). FORWARD AIR CORP runs the higher net margin — -4.5% vs -6.6%, a 2.2% gap on every dollar of revenue. On growth, Westrock Coffee Co posted the faster year-over-year revenue change (48.3% vs -0.3%). Over the past eight quarters, Westrock Coffee Co's revenue compounded faster (32.8% 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.
Westrock Coffee Co is a global integrated coffee, tea and functional beverage solutions provider. It sources, roasts, manufactures and distributes coffee products, ready-to-drink beverages and custom formulations for retail, foodservice and commercial clients across North America and other key markets.
FWRD vs WEST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $339.5M |
| Net Profit | $-28.3M | $-22.6M |
| Gross Margin | — | 11.5% |
| Operating Margin | -0.5% | -2.6% |
| Net Margin | -4.5% | -6.6% |
| Revenue YoY | -0.3% | 48.3% |
| Net Profit YoY | 22.2% | 8.3% |
| EPS (diluted) | $-0.90 | $-0.22 |
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 | $339.5M | ||
| Q3 25 | $631.8M | $354.8M | ||
| Q2 25 | $618.8M | $280.9M | ||
| Q1 25 | $613.3M | $213.8M | ||
| Q4 24 | $632.8M | $229.0M | ||
| Q3 24 | $655.9M | $220.9M | ||
| Q2 24 | $643.7M | $208.4M | ||
| Q1 24 | $541.8M | $192.5M |
| Q4 25 | $-28.3M | $-22.6M | ||
| Q3 25 | $-16.3M | $-19.1M | ||
| Q2 25 | $-12.6M | $-21.6M | ||
| Q1 25 | $-50.6M | $-27.2M | ||
| Q4 24 | $-36.4M | $-24.6M | ||
| Q3 24 | $-73.4M | $-14.3M | ||
| Q2 24 | $-645.4M | $-17.8M | ||
| Q1 24 | $-61.7M | $-23.7M |
| Q4 25 | — | 11.5% | ||
| Q3 25 | — | 11.7% | ||
| Q2 25 | — | 14.7% | ||
| Q1 25 | — | 13.6% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | — | 16.8% | ||
| Q2 24 | — | 19.9% | ||
| Q1 24 | — | 19.4% |
| Q4 25 | -0.5% | -2.6% | ||
| Q3 25 | 2.4% | -2.4% | ||
| Q2 25 | 3.2% | -5.3% | ||
| Q1 25 | 0.8% | -6.1% | ||
| Q4 24 | 12.0% | -4.3% | ||
| Q3 24 | 3.5% | -5.8% | ||
| Q2 24 | -170.2% | -7.9% | ||
| Q1 24 | -12.1% | -5.3% |
| Q4 25 | -4.5% | -6.6% | ||
| Q3 25 | -2.6% | -5.4% | ||
| Q2 25 | -2.0% | -7.7% | ||
| Q1 25 | -8.3% | -12.7% | ||
| Q4 24 | -5.8% | -10.7% | ||
| Q3 24 | -11.2% | -6.5% | ||
| Q2 24 | -100.3% | -8.5% | ||
| Q1 24 | -11.4% | -12.3% |
| Q4 25 | $-0.90 | $-0.22 | ||
| Q3 25 | $-0.52 | $-0.20 | ||
| Q2 25 | $-0.41 | $-0.23 | ||
| Q1 25 | $-1.68 | $-0.29 | ||
| Q4 24 | $-1.69 | $-0.26 | ||
| Q3 24 | $-2.66 | $-0.16 | ||
| Q2 24 | $-23.47 | $-0.20 | ||
| Q1 24 | $-2.81 | $-0.27 |
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 | $49.9M |
| Total DebtLower is stronger | $1.7B | $444.1M |
| Stockholders' EquityBook value | $113.3M | $-1.9M |
| Total Assets | $2.7B | $1.2B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $49.9M | ||
| Q3 25 | $140.4M | $34.0M | ||
| Q2 25 | $95.1M | $44.0M | ||
| Q1 25 | $116.3M | $33.1M | ||
| Q4 24 | $104.9M | $26.2M | ||
| Q3 24 | $136.6M | $22.4M | ||
| Q2 24 | $84.9M | $24.3M | ||
| Q1 24 | $152.0M | $12.6M |
| Q4 25 | $1.7B | $444.1M | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $393.1M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.7B | — |
| Q4 25 | $113.3M | $-1.9M | ||
| Q3 25 | $139.8M | $11.4M | ||
| Q2 25 | $151.8M | $18.2M | ||
| Q1 25 | $154.6M | $71.4M | ||
| Q4 24 | $201.7M | $97.5M | ||
| Q3 24 | $226.1M | $110.3M | ||
| Q2 24 | $283.8M | $81.5M | ||
| Q1 24 | $926.1M | $91.7M |
| Q4 25 | $2.7B | $1.2B | ||
| Q3 25 | $2.8B | $1.2B | ||
| Q2 25 | $2.8B | $1.2B | ||
| Q1 25 | $2.8B | $1.1B | ||
| Q4 24 | $2.8B | $1.1B | ||
| Q3 24 | $3.1B | $1.1B | ||
| Q2 24 | $3.1B | $1.1B | ||
| Q1 24 | $4.0B | $983.3M |
| Q4 25 | 14.89× | — | ||
| Q3 25 | 12.05× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.03× | ||
| 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 | — | $36.7M |
| Free Cash FlowOCF − Capex | — | $27.8M |
| FCF MarginFCF / Revenue | — | 8.2% |
| Capex IntensityCapex / Revenue | 1.3% | 2.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-107.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $36.7M | ||
| Q3 25 | $52.7M | $-26.6M | ||
| Q2 25 | — | $-7.0M | ||
| Q1 25 | $27.6M | $-22.1M | ||
| Q4 24 | $-23.2M | $2.8M | ||
| Q3 24 | $51.2M | $-332.0K | ||
| Q2 24 | $-45.2M | $-23.7M | ||
| Q1 24 | $-51.7M | $8.0M |
| Q4 25 | — | $27.8M | ||
| Q3 25 | $48.6M | $-44.7M | ||
| Q2 25 | — | $-27.5M | ||
| Q1 25 | $15.7M | $-63.4M | ||
| Q4 24 | $-30.5M | $-15.4M | ||
| Q3 24 | $40.7M | $-36.7M | ||
| Q2 24 | $-59.6M | $-59.9M | ||
| Q1 24 | $-56.7M | $-60.9M |
| Q4 25 | — | 8.2% | ||
| Q3 25 | 7.7% | -12.6% | ||
| Q2 25 | — | -9.8% | ||
| Q1 25 | 2.6% | -29.7% | ||
| Q4 24 | -4.8% | -6.7% | ||
| Q3 24 | 6.2% | -16.6% | ||
| Q2 24 | -9.3% | -28.7% | ||
| Q1 24 | -10.5% | -31.7% |
| Q4 25 | 1.3% | 2.6% | ||
| Q3 25 | 0.7% | 5.1% | ||
| Q2 25 | 0.8% | 7.3% | ||
| Q1 25 | 1.9% | 19.3% | ||
| Q4 24 | 1.1% | 7.9% | ||
| Q3 24 | 1.6% | 16.5% | ||
| Q2 24 | 2.2% | 17.4% | ||
| Q1 24 | 0.9% | 35.8% |
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% |
WEST
| Coffee And Tea | $202.6M | 60% |
| Flavors Extracts And Ingredients | $69.6M | 21% |
| Sustainable Sourcing And Traceability Segments | $66.9M | 20% |
