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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and WATTS WATER TECHNOLOGIES INC (WTS). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $625.1M, roughly 1.0× WATTS WATER TECHNOLOGIES INC). WATTS WATER TECHNOLOGIES INC runs the higher net margin — 13.4% vs -4.5%, a 17.9% gap on every dollar of revenue. On growth, WATTS WATER TECHNOLOGIES INC posted the faster year-over-year revenue change (15.7% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 4.6%).
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.
AERCO International, Inc. is a manufacturer and supplier of commercial condensing boilers, high efficiency water heating equipment and energy recovery systems in the HVAC/plumbing industry across a variety of markets including education, lodging, government, office buildings, healthcare, industrial and multifamily housing. In 1949, AERCO introduced the industry's first semi-instantaneous, tankless steam-to-water water heater. In 1988, AERCO introduced the first condensing and fully modulating...
FWRD vs WTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $625.1M |
| Net Profit | $-28.3M | $83.7M |
| Gross Margin | — | 49.5% |
| Operating Margin | -0.5% | 18.2% |
| Net Margin | -4.5% | 13.4% |
| Revenue YoY | -0.3% | 15.7% |
| Net Profit YoY | 22.2% | 24.0% |
| EPS (diluted) | $-0.90 | $2.50 |
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 | $625.1M | ||
| Q3 25 | $631.8M | $611.7M | ||
| Q2 25 | $618.8M | $643.7M | ||
| Q1 25 | $613.3M | $558.0M | ||
| Q4 24 | $632.8M | $540.4M | ||
| Q3 24 | $655.9M | $543.6M | ||
| Q2 24 | $643.7M | $597.3M | ||
| Q1 24 | $541.8M | $570.9M |
| Q4 25 | $-28.3M | $83.7M | ||
| Q3 25 | $-16.3M | $82.2M | ||
| Q2 25 | $-12.6M | $100.9M | ||
| Q1 25 | $-50.6M | $74.0M | ||
| Q4 24 | $-36.4M | $67.5M | ||
| Q3 24 | $-73.4M | $69.1M | ||
| Q2 24 | $-645.4M | $82.0M | ||
| Q1 24 | $-61.7M | $72.6M |
| Q4 25 | — | 49.5% | ||
| Q3 25 | — | 48.8% | ||
| Q2 25 | — | 50.6% | ||
| Q1 25 | — | 48.8% | ||
| Q4 24 | — | 46.7% | ||
| Q3 24 | — | 47.3% | ||
| Q2 24 | — | 47.7% | ||
| Q1 24 | — | 46.9% |
| Q4 25 | -0.5% | 18.2% | ||
| Q3 25 | 2.4% | 18.2% | ||
| Q2 25 | 3.2% | 21.0% | ||
| Q1 25 | 0.8% | 15.7% | ||
| Q4 24 | 12.0% | 16.5% | ||
| Q3 24 | 3.5% | 17.1% | ||
| Q2 24 | -170.2% | 18.7% | ||
| Q1 24 | -12.1% | 16.9% |
| Q4 25 | -4.5% | 13.4% | ||
| Q3 25 | -2.6% | 13.4% | ||
| Q2 25 | -2.0% | 15.7% | ||
| Q1 25 | -8.3% | 13.3% | ||
| Q4 24 | -5.8% | 12.5% | ||
| Q3 24 | -11.2% | 12.7% | ||
| Q2 24 | -100.3% | 13.7% | ||
| Q1 24 | -11.4% | 12.7% |
| Q4 25 | $-0.90 | $2.50 | ||
| Q3 25 | $-0.52 | $2.45 | ||
| Q2 25 | $-0.41 | $3.01 | ||
| Q1 25 | $-1.68 | $2.21 | ||
| Q4 24 | $-1.69 | $2.02 | ||
| Q3 24 | $-2.66 | $2.06 | ||
| Q2 24 | $-23.47 | $2.44 | ||
| Q1 24 | $-2.81 | $2.17 |
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 | $405.5M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $2.0B |
| Total Assets | $2.7B | $2.9B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $405.5M | ||
| Q3 25 | $140.4M | $457.7M | ||
| Q2 25 | $95.1M | $369.3M | ||
| Q1 25 | $116.3M | $336.8M | ||
| Q4 24 | $104.9M | $386.9M | ||
| Q3 24 | $136.6M | $303.9M | ||
| Q2 24 | $84.9M | $279.4M | ||
| Q1 24 | $152.0M | $237.1M |
| 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 | $2.0B | ||
| Q2 25 | $151.8M | $1.9B | ||
| Q1 25 | $154.6M | $1.8B | ||
| Q4 24 | $201.7M | $1.7B | ||
| Q3 24 | $226.1M | $1.7B | ||
| Q2 24 | $283.8M | $1.6B | ||
| Q1 24 | $926.1M | $1.6B |
| Q4 25 | $2.7B | $2.9B | ||
| Q3 25 | $2.8B | $2.7B | ||
| Q2 25 | $2.8B | $2.6B | ||
| Q1 25 | $2.8B | $2.5B | ||
| Q4 24 | $2.8B | $2.4B | ||
| Q3 24 | $3.1B | $2.4B | ||
| Q2 24 | $3.1B | $2.4B | ||
| Q1 24 | $4.0B | $2.3B |
| 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 | — | $154.7M |
| Free Cash FlowOCF − Capex | — | $140.3M |
| FCF MarginFCF / Revenue | — | 22.4% |
| Capex IntensityCapex / Revenue | 1.3% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 1.85× |
| TTM Free Cash FlowTrailing 4 quarters | — | $356.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $154.7M | ||
| Q3 25 | $52.7M | $122.4M | ||
| Q2 25 | — | $69.7M | ||
| Q1 25 | $27.6M | $55.2M | ||
| Q4 24 | $-23.2M | $139.5M | ||
| Q3 24 | $51.2M | $90.7M | ||
| Q2 24 | $-45.2M | $85.3M | ||
| Q1 24 | $-51.7M | $45.6M |
| Q4 25 | — | $140.3M | ||
| Q3 25 | $48.6M | $110.9M | ||
| Q2 25 | — | $59.5M | ||
| Q1 25 | $15.7M | $45.6M | ||
| Q4 24 | $-30.5M | $127.5M | ||
| Q3 24 | $40.7M | $84.3M | ||
| Q2 24 | $-59.6M | $78.5M | ||
| Q1 24 | $-56.7M | $35.5M |
| Q4 25 | — | 22.4% | ||
| Q3 25 | 7.7% | 18.1% | ||
| Q2 25 | — | 9.2% | ||
| Q1 25 | 2.6% | 8.2% | ||
| Q4 24 | -4.8% | 23.6% | ||
| Q3 24 | 6.2% | 15.5% | ||
| Q2 24 | -9.3% | 13.1% | ||
| Q1 24 | -10.5% | 6.2% |
| Q4 25 | 1.3% | 2.3% | ||
| Q3 25 | 0.7% | 1.9% | ||
| Q2 25 | 0.8% | 1.6% | ||
| Q1 25 | 1.9% | 1.7% | ||
| Q4 24 | 1.1% | 2.2% | ||
| Q3 24 | 1.6% | 1.2% | ||
| Q2 24 | 2.2% | 1.1% | ||
| Q1 24 | 0.9% | 1.8% |
| Q4 25 | — | 1.85× | ||
| Q3 25 | — | 1.49× | ||
| Q2 25 | — | 0.69× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | 2.07× | ||
| Q3 24 | — | 1.31× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | — | 0.63× |
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% |
WTS
Segment breakdown not available.
