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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and WOLVERINE WORLD WIDE INC (WWW). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $517.5M, roughly 1.2× WOLVERINE WORLD WIDE INC). WOLVERINE WORLD WIDE INC runs the higher net margin — 6.1% vs -4.5%, a 10.6% gap on every dollar of revenue. On growth, WOLVERINE WORLD WIDE INC posted the faster year-over-year revenue change (25.5% vs -0.3%). Over the past eight quarters, WOLVERINE WORLD WIDE INC's revenue compounded faster (14.5% 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.
Wolverine World Wide is a global designer, manufacturer and marketer of branded footwear, apparel and accessories. It owns popular brands including Merrell, Sperry, Saucony and Hush Puppies, serving outdoor, casual, workwear and athletic segments via e-commerce, retail stores and global wholesale networks.
FWRD vs WWW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $517.5M |
| Net Profit | $-28.3M | $31.8M |
| Gross Margin | — | 47.3% |
| Operating Margin | -0.5% | 9.7% |
| Net Margin | -4.5% | 6.1% |
| Revenue YoY | -0.3% | 25.5% |
| Net Profit YoY | 22.2% | 162.8% |
| EPS (diluted) | $-0.90 | $0.37 |
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 | — | $517.5M | ||
| Q4 25 | $631.2M | — | ||
| Q3 25 | $631.8M | $470.3M | ||
| Q2 25 | $618.8M | $474.2M | ||
| Q1 25 | $613.3M | $412.3M | ||
| Q4 24 | $632.8M | $494.7M | ||
| Q3 24 | $655.9M | $440.2M | ||
| Q2 24 | $643.7M | $425.2M |
| Q1 26 | — | $31.8M | ||
| Q4 25 | $-28.3M | — | ||
| Q3 25 | $-16.3M | $25.1M | ||
| Q2 25 | $-12.6M | $26.8M | ||
| Q1 25 | $-50.6M | $12.1M | ||
| Q4 24 | $-36.4M | $23.1M | ||
| Q3 24 | $-73.4M | $23.2M | ||
| Q2 24 | $-645.4M | $13.8M |
| Q1 26 | — | 47.3% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 47.5% | ||
| Q2 25 | — | 47.2% | ||
| Q1 25 | — | 47.2% | ||
| Q4 24 | — | 43.4% | ||
| Q3 24 | — | 45.1% | ||
| Q2 24 | — | 43.1% |
| Q1 26 | — | 9.7% | ||
| Q4 25 | -0.5% | — | ||
| Q3 25 | 2.4% | 8.4% | ||
| Q2 25 | 3.2% | 8.6% | ||
| Q1 25 | 0.8% | 4.8% | ||
| Q4 24 | 12.0% | 7.4% | ||
| Q3 24 | 3.5% | 7.9% | ||
| Q2 24 | -170.2% | 6.8% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | -4.5% | — | ||
| Q3 25 | -2.6% | 5.3% | ||
| Q2 25 | -2.0% | 5.7% | ||
| Q1 25 | -8.3% | 2.9% | ||
| Q4 24 | -5.8% | 4.7% | ||
| Q3 24 | -11.2% | 5.3% | ||
| Q2 24 | -100.3% | 3.2% |
| Q1 26 | — | $0.37 | ||
| Q4 25 | $-0.90 | — | ||
| Q3 25 | $-0.52 | $0.30 | ||
| Q2 25 | $-0.41 | $0.32 | ||
| Q1 25 | $-1.68 | $0.15 | ||
| Q4 24 | $-1.69 | $0.29 | ||
| Q3 24 | $-2.66 | $0.28 | ||
| Q2 24 | $-23.47 | $0.17 |
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 | — |
| Total DebtLower is stronger | $1.7B | $621.7M |
| Stockholders' EquityBook value | $113.3M | $408.0M |
| Total Assets | $2.7B | $1.7B |
| Debt / EquityLower = less leverage | 14.89× | 1.52× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $106.0M | — | ||
| Q3 25 | $140.4M | — | ||
| Q2 25 | $95.1M | — | ||
| Q1 25 | $116.3M | — | ||
| Q4 24 | $104.9M | — | ||
| Q3 24 | $136.6M | — | ||
| Q2 24 | $84.9M | — |
| Q1 26 | — | $621.7M | ||
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | $676.4M | ||
| Q2 25 | — | $708.5M | ||
| Q1 25 | — | $710.8M | ||
| Q4 24 | — | $648.0M | ||
| Q3 24 | — | $702.8M | ||
| Q2 24 | — | $814.7M |
| Q1 26 | — | $408.0M | ||
| Q4 25 | $113.3M | — | ||
| Q3 25 | $139.8M | $376.7M | ||
| Q2 25 | $151.8M | $344.0M | ||
| Q1 25 | $154.6M | $310.6M | ||
| Q4 24 | $201.7M | $312.9M | ||
| Q3 24 | $226.1M | $295.2M | ||
| Q2 24 | $283.8M | $262.1M |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.8B | $1.7B | ||
| Q2 25 | $2.8B | $1.8B | ||
| Q1 25 | $2.8B | $1.7B | ||
| Q4 24 | $2.8B | $1.7B | ||
| Q3 24 | $3.1B | $1.8B | ||
| Q2 24 | $3.1B | $1.8B |
| Q1 26 | — | 1.52× | ||
| Q4 25 | 14.89× | — | ||
| Q3 25 | 12.05× | 1.80× | ||
| Q2 25 | — | 2.06× | ||
| Q1 25 | — | 2.29× | ||
| Q4 24 | — | 2.07× | ||
| Q3 24 | — | 2.38× | ||
| Q2 24 | — | 3.11× |
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 | — | $146.2M |
| Free Cash FlowOCF − Capex | — | $145.6M |
| FCF MarginFCF / Revenue | — | 28.1% |
| Capex IntensityCapex / Revenue | 1.3% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 4.60× |
| TTM Free Cash FlowTrailing 4 quarters | — | $125.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $146.2M | ||
| Q4 25 | — | — | ||
| Q3 25 | $52.7M | $33.0M | ||
| Q2 25 | — | $44.6M | ||
| Q1 25 | $27.6M | $-83.8M | ||
| Q4 24 | $-23.2M | $82.4M | ||
| Q3 24 | $51.2M | $108.2M | ||
| Q2 24 | $-45.2M | $26.7M |
| Q1 26 | — | $145.6M | ||
| Q4 25 | — | — | ||
| Q3 25 | $48.6M | $30.1M | ||
| Q2 25 | — | $41.2M | ||
| Q1 25 | $15.7M | $-91.4M | ||
| Q4 24 | $-30.5M | $74.4M | ||
| Q3 24 | $40.7M | $104.1M | ||
| Q2 24 | $-59.6M | $23.7M |
| Q1 26 | — | 28.1% | ||
| Q4 25 | — | — | ||
| Q3 25 | 7.7% | 6.4% | ||
| Q2 25 | — | 8.7% | ||
| Q1 25 | 2.6% | -22.2% | ||
| Q4 24 | -4.8% | 15.0% | ||
| Q3 24 | 6.2% | 23.6% | ||
| Q2 24 | -9.3% | 5.6% |
| Q1 26 | — | 0.1% | ||
| Q4 25 | 1.3% | — | ||
| Q3 25 | 0.7% | 0.6% | ||
| Q2 25 | 0.8% | 0.7% | ||
| Q1 25 | 1.9% | 1.8% | ||
| Q4 24 | 1.1% | 1.6% | ||
| Q3 24 | 1.6% | 0.9% | ||
| Q2 24 | 2.2% | 0.7% |
| Q1 26 | — | 4.60× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 1.31× | ||
| Q2 25 | — | 1.66× | ||
| Q1 25 | — | -6.93× | ||
| Q4 24 | — | 3.57× | ||
| Q3 24 | — | 4.66× | ||
| Q2 24 | — | 1.93× |
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% |
WWW
| Sales Channel Through Intermediary | $230.2M | 44% |
| Sales Channel Directly To Consumer | $142.6M | 28% |
| Work Group | $134.0M | 26% |
| Other | $10.7M | 2% |
