vs
Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and OLYMPIC STEEL INC (ZEUS). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $490.7M, roughly 1.3× OLYMPIC STEEL INC). OLYMPIC STEEL INC runs the higher net margin — 0.4% vs -4.5%, a 4.9% gap on every dollar of revenue. On growth, OLYMPIC STEEL INC posted the faster year-over-year revenue change (4.4% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 0.1%).
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.
Olympic Steel, Inc. is a metals service center based in Cleveland, Ohio. The company processes and distributes carbon, coated and stainless flat-rolled sheet, coil and plate steel, aluminium alloy, tin plate, and metal-intensive branded products primarily in the United States. Metals processing and value added services include tempering, stretch leveling, cutting-to-length, slitting, edging, shearing, blanking, burning, forming, shot blasting, laser punching, plate rolling, fabricating, machi...
FWRD vs ZEUS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $490.7M |
| Net Profit | $-28.3M | $2.2M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 1.5% |
| Net Margin | -4.5% | 0.4% |
| Revenue YoY | -0.3% | 4.4% |
| Net Profit YoY | 22.2% | -21.2% |
| EPS (diluted) | $-0.90 | $0.18 |
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 | — | ||
| Q3 25 | $631.8M | $490.7M | ||
| Q2 25 | $618.8M | $496.5M | ||
| Q1 25 | $613.3M | $492.9M | ||
| Q4 24 | $632.8M | $418.8M | ||
| Q3 24 | $655.9M | $470.0M | ||
| Q2 24 | $643.7M | $526.3M | ||
| Q1 24 | $541.8M | $526.6M |
| Q4 25 | $-28.3M | — | ||
| Q3 25 | $-16.3M | $2.2M | ||
| Q2 25 | $-12.6M | $5.2M | ||
| Q1 25 | $-50.6M | $2.5M | ||
| Q4 24 | $-36.4M | $3.9M | ||
| Q3 24 | $-73.4M | $2.7M | ||
| Q2 24 | $-645.4M | $7.7M | ||
| Q1 24 | $-61.7M | $8.7M |
| Q4 25 | -0.5% | — | ||
| Q3 25 | 2.4% | 1.5% | ||
| Q2 25 | 3.2% | 2.3% | ||
| Q1 25 | 0.8% | 1.6% | ||
| Q4 24 | 12.0% | 2.1% | ||
| Q3 24 | 3.5% | 1.7% | ||
| Q2 24 | -170.2% | 2.9% | ||
| Q1 24 | -12.1% | 3.0% |
| Q4 25 | -4.5% | — | ||
| Q3 25 | -2.6% | 0.4% | ||
| Q2 25 | -2.0% | 1.1% | ||
| Q1 25 | -8.3% | 0.5% | ||
| Q4 24 | -5.8% | 0.9% | ||
| Q3 24 | -11.2% | 0.6% | ||
| Q2 24 | -100.3% | 1.5% | ||
| Q1 24 | -11.4% | 1.7% |
| Q4 25 | $-0.90 | — | ||
| Q3 25 | $-0.52 | $0.18 | ||
| Q2 25 | $-0.41 | $0.45 | ||
| Q1 25 | $-1.68 | $0.21 | ||
| Q4 24 | $-1.69 | $0.33 | ||
| Q3 24 | $-2.66 | $0.23 | ||
| Q2 24 | $-23.47 | $0.66 | ||
| Q1 24 | $-2.81 | $0.75 |
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 | $7.5M |
| Total DebtLower is stronger | $1.7B | $240.9M |
| Stockholders' EquityBook value | $113.3M | $579.1M |
| Total Assets | $2.7B | $1.1B |
| Debt / EquityLower = less leverage | 14.89× | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | — | ||
| Q3 25 | $140.4M | $7.5M | ||
| Q2 25 | $95.1M | $14.8M | ||
| Q1 25 | $116.3M | $13.3M | ||
| Q4 24 | $104.9M | $11.9M | ||
| Q3 24 | $136.6M | $11.1M | ||
| Q2 24 | $84.9M | $9.4M | ||
| Q1 24 | $152.0M | $10.3M |
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | $240.9M | ||
| Q2 25 | — | $233.2M | ||
| Q1 25 | — | $235.4M | ||
| Q4 24 | — | $272.5M | ||
| Q3 24 | — | $197.3M | ||
| Q2 24 | — | $209.2M | ||
| Q1 24 | $1.7B | $196.8M |
| Q4 25 | $113.3M | — | ||
| Q3 25 | $139.8M | $579.1M | ||
| Q2 25 | $151.8M | $578.2M | ||
| Q1 25 | $154.6M | $574.2M | ||
| Q4 24 | $201.7M | $573.9M | ||
| Q3 24 | $226.1M | $570.6M | ||
| Q2 24 | $283.8M | $569.5M | ||
| Q1 24 | $926.1M | $563.0M |
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.8B | $1.1B | ||
| Q2 25 | $2.8B | $1.1B | ||
| Q1 25 | $2.8B | $1.1B | ||
| Q4 24 | $2.8B | $1.0B | ||
| Q3 24 | $3.1B | $1.0B | ||
| Q2 24 | $3.1B | $1.0B | ||
| Q1 24 | $4.0B | $1.0B |
| Q4 25 | 14.89× | — | ||
| Q3 25 | 12.05× | 0.42× | ||
| Q2 25 | — | 0.40× | ||
| Q1 25 | — | 0.41× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.35× | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | 1.81× | 0.35× |
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 | — | $-5.4M |
| Free Cash FlowOCF − Capex | — | $-12.9M |
| FCF MarginFCF / Revenue | — | -2.6% |
| Capex IntensityCapex / Revenue | 1.3% | 1.5% |
| Cash ConversionOCF / Net Profit | — | -2.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $52.7M | $-5.4M | ||
| Q2 25 | — | $15.5M | ||
| Q1 25 | $27.6M | $49.4M | ||
| Q4 24 | $-23.2M | $14.6M | ||
| Q3 24 | $51.2M | $24.6M | ||
| Q2 24 | $-45.2M | $-2.9M | ||
| Q1 24 | $-51.7M | $-2.6M |
| Q4 25 | — | — | ||
| Q3 25 | $48.6M | $-12.9M | ||
| Q2 25 | — | $6.8M | ||
| Q1 25 | $15.7M | $40.6M | ||
| Q4 24 | $-30.5M | $7.4M | ||
| Q3 24 | $40.7M | $15.6M | ||
| Q2 24 | $-59.6M | $-11.3M | ||
| Q1 24 | $-56.7M | $-7.4M |
| Q4 25 | — | — | ||
| Q3 25 | 7.7% | -2.6% | ||
| Q2 25 | — | 1.4% | ||
| Q1 25 | 2.6% | 8.2% | ||
| Q4 24 | -4.8% | 1.8% | ||
| Q3 24 | 6.2% | 3.3% | ||
| Q2 24 | -9.3% | -2.2% | ||
| Q1 24 | -10.5% | -1.4% |
| Q4 25 | 1.3% | — | ||
| Q3 25 | 0.7% | 1.5% | ||
| Q2 25 | 0.8% | 1.7% | ||
| Q1 25 | 1.9% | 1.8% | ||
| Q4 24 | 1.1% | 1.7% | ||
| Q3 24 | 1.6% | 1.9% | ||
| Q2 24 | 2.2% | 1.6% | ||
| Q1 24 | 0.9% | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | -2.50× | ||
| Q2 25 | — | 2.96× | ||
| Q1 25 | — | 19.70× | ||
| Q4 24 | — | 3.75× | ||
| Q3 24 | — | 9.01× | ||
| Q2 24 | — | -0.38× | ||
| Q1 24 | — | -0.30× |
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% |
ZEUS
| Carbon Flat Products | $268.2M | 55% |
| Specialty Metals Flat Products | $140.9M | 29% |
| Tubular And Pipe Products | $81.6M | 17% |
