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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and YELP INC (YELP). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $360.0M, roughly 1.8× YELP INC). YELP INC runs the higher net margin — 10.5% vs -4.5%, a 15.0% gap on every dollar of revenue. On growth, FORWARD AIR CORP posted the faster year-over-year revenue change (-0.3% vs -0.5%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 4.0%).
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.
Yelp Inc. is an American company that develops the Yelp.com website and the Yelp mobile app, which publishes crowd-sourced reviews about businesses. It also operates Yelp Guest Manager, a table reservation service. It is headquartered in San Francisco.
FWRD vs YELP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $360.0M |
| Net Profit | $-28.3M | $37.8M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 13.6% |
| Net Margin | -4.5% | 10.5% |
| Revenue YoY | -0.3% | -0.5% |
| Net Profit YoY | 22.2% | -10.5% |
| EPS (diluted) | $-0.90 | $0.60 |
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 | $360.0M | ||
| Q3 25 | $631.8M | $376.0M | ||
| Q2 25 | $618.8M | $370.4M | ||
| Q1 25 | $613.3M | $358.5M | ||
| Q4 24 | $632.8M | $362.0M | ||
| Q3 24 | $655.9M | $360.3M | ||
| Q2 24 | $643.7M | $357.0M | ||
| Q1 24 | $541.8M | $332.8M |
| Q4 25 | $-28.3M | $37.8M | ||
| Q3 25 | $-16.3M | $39.3M | ||
| Q2 25 | $-12.6M | $44.1M | ||
| Q1 25 | $-50.6M | $24.4M | ||
| Q4 24 | $-36.4M | $42.2M | ||
| Q3 24 | $-73.4M | $38.4M | ||
| Q2 24 | $-645.4M | $38.0M | ||
| Q1 24 | $-61.7M | $14.2M |
| Q4 25 | -0.5% | 13.6% | ||
| Q3 25 | 2.4% | 14.1% | ||
| Q2 25 | 3.2% | 14.4% | ||
| Q1 25 | 0.8% | 8.2% | ||
| Q4 24 | 12.0% | 14.8% | ||
| Q3 24 | 3.5% | 12.9% | ||
| Q2 24 | -170.2% | 11.1% | ||
| Q1 24 | -12.1% | 3.4% |
| Q4 25 | -4.5% | 10.5% | ||
| Q3 25 | -2.6% | 10.5% | ||
| Q2 25 | -2.0% | 11.9% | ||
| Q1 25 | -8.3% | 6.8% | ||
| Q4 24 | -5.8% | 11.7% | ||
| Q3 24 | -11.2% | 10.7% | ||
| Q2 24 | -100.3% | 10.7% | ||
| Q1 24 | -11.4% | 4.3% |
| Q4 25 | $-0.90 | $0.60 | ||
| Q3 25 | $-0.52 | $0.61 | ||
| Q2 25 | $-0.41 | $0.67 | ||
| Q1 25 | $-1.68 | $0.36 | ||
| Q4 24 | $-1.69 | $0.58 | ||
| Q3 24 | $-2.66 | $0.56 | ||
| Q2 24 | $-23.47 | $0.54 | ||
| Q1 24 | $-2.81 | $0.20 |
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 | $319.4M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $710.9M |
| Total Assets | $2.7B | $958.5M |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $319.4M | ||
| Q3 25 | $140.4M | $333.6M | ||
| Q2 25 | $95.1M | $301.1M | ||
| Q1 25 | $116.3M | $324.4M | ||
| Q4 24 | $104.9M | $317.9M | ||
| Q3 24 | $136.6M | $397.0M | ||
| Q2 24 | $84.9M | $384.8M | ||
| Q1 24 | $152.0M | $420.8M |
| 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 | $710.9M | ||
| Q3 25 | $139.8M | $733.2M | ||
| Q2 25 | $151.8M | $746.4M | ||
| Q1 25 | $154.6M | $728.0M | ||
| Q4 24 | $201.7M | $744.0M | ||
| Q3 24 | $226.1M | $739.5M | ||
| Q2 24 | $283.8M | $735.3M | ||
| Q1 24 | $926.1M | $722.0M |
| Q4 25 | $2.7B | $958.5M | ||
| Q3 25 | $2.8B | $989.9M | ||
| Q2 25 | $2.8B | $980.2M | ||
| Q1 25 | $2.8B | $985.2M | ||
| Q4 24 | $2.8B | $983.6M | ||
| Q3 24 | $3.1B | $980.2M | ||
| Q2 24 | $3.1B | $965.0M | ||
| Q1 24 | $4.0B | $993.5M |
| 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 | — | $84.5M |
| Free Cash FlowOCF − Capex | — | $72.3M |
| FCF MarginFCF / Revenue | — | 20.1% |
| Capex IntensityCapex / Revenue | 1.3% | 3.4% |
| Cash ConversionOCF / Net Profit | — | 2.24× |
| TTM Free Cash FlowTrailing 4 quarters | — | $323.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $84.5M | ||
| Q3 25 | $52.7M | $131.5M | ||
| Q2 25 | — | $58.0M | ||
| Q1 25 | $27.6M | $98.0M | ||
| Q4 24 | $-23.2M | $71.0M | ||
| Q3 24 | $51.2M | $102.3M | ||
| Q2 24 | $-45.2M | $39.7M | ||
| Q1 24 | $-51.7M | $72.9M |
| Q4 25 | — | $72.3M | ||
| Q3 25 | $48.6M | $118.9M | ||
| Q2 25 | — | $45.0M | ||
| Q1 25 | $15.7M | $87.5M | ||
| Q4 24 | $-30.5M | $60.0M | ||
| Q3 24 | $40.7M | $92.5M | ||
| Q2 24 | $-59.6M | $30.1M | ||
| Q1 24 | $-56.7M | $65.9M |
| Q4 25 | — | 20.1% | ||
| Q3 25 | 7.7% | 31.6% | ||
| Q2 25 | — | 12.2% | ||
| Q1 25 | 2.6% | 24.4% | ||
| Q4 24 | -4.8% | 16.6% | ||
| Q3 24 | 6.2% | 25.7% | ||
| Q2 24 | -9.3% | 8.4% | ||
| Q1 24 | -10.5% | 19.8% |
| Q4 25 | 1.3% | 3.4% | ||
| Q3 25 | 0.7% | 3.3% | ||
| Q2 25 | 0.8% | 3.5% | ||
| Q1 25 | 1.9% | 2.9% | ||
| Q4 24 | 1.1% | 3.0% | ||
| Q3 24 | 1.6% | 2.7% | ||
| Q2 24 | 2.2% | 2.7% | ||
| Q1 24 | 0.9% | 2.1% |
| Q4 25 | — | 2.24× | ||
| Q3 25 | — | 3.34× | ||
| Q2 25 | — | 1.32× | ||
| Q1 25 | — | 4.02× | ||
| Q4 24 | — | 1.68× | ||
| Q3 24 | — | 2.66× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | — | 5.15× |
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% |
YELP
| Advertising Services | $231.4M | 64% |
| Advertising Restaurants And Other | $106.8M | 30% |
| Other Revenue | $21.8M | 6% |
