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Forward Air vs Smart Logistics Global: revenue, profit, margins and growth compared

Forward Air brought in $2.5B of revenue in fiscal 2025, Smart Logistics Global $89.9M in fiscal 2025. Forward Air kept -4.3% of its revenue as net profit, Smart Logistics Global -2.9%. Free cash flow was $15.3M at Forward Air and -$5.9M at Smart Logistics Global.

Side by side, latest fiscal year

FWRDSLGB
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$2.5B$89.9M
Revenue growth+0.8%n/a
Net income-$107.8M-$2.6M
Net margin-4.3%-2.9%
Free cash flow$15.3M-$5.9M
Free cash flow margin0.6%-6.5%
Earnings per share (diluted)-$3.51-$0.06
Cash$106M$449.8K
Debt$1.7Bn/a
Price to earningsn/an/a
Market value$496.2M$12.9M
Dividend yieldn/an/a
Rank by revenue in sector#202 of 518 · Industrials#392 of 518 · Industrials

Over the years

Revenue
FWRD FY2018: $1.1BFWRD FY2019: $1.2BFWRD FY2020: $1.3BFWRD FY2021: $1.4BFWRD FY2022: $1.7BFWRD FY2023: $1.4BFWRD FY2024: $2.5BFWRD FY2025: $2.5BSLGB FY2025: $89.9MFY18FY19FY20FY21FY22FY23FY24FY25
FWRD $2.5BSLGB $89.9M
Net income
FWRD FY2018: $92.1MFWRD FY2019: $87.1MFWRD FY2020: $23.7MFWRD FY2021: $105.9MFWRD FY2022: $193.2MFWRD FY2023: $167.4MFWRD FY2024: -$817MFWRD FY2025: -$107.8MSLGB FY2025: -$2.6MFY18FY19FY20FY21FY22FY23FY24FY25
FWRD -$107.8MSLGB -$2.6M
Net margin
FWRD FY2018: 8.1%FWRD FY2019: 7.2%FWRD FY2020: 1.9%FWRD FY2021: 7.6%FWRD FY2022: 11.5%FWRD FY2023: 12.2%FWRD FY2024: -33.0%FWRD FY2025: -4.3%SLGB FY2025: -2.9%FY18FY19FY20FY21FY22FY23FY24FY25
FWRD -4.3%SLGB -2.9%
Revenue growth
FWRD FY2019: +6.8%FWRD FY2020: +4.5%FWRD FY2021: +9.3%FWRD FY2022: +21.1%FWRD FY2023: -18.4%FWRD FY2024: +80.5%FWRD FY2025: +0.8%FY19FY20FY21FY22FY23FY24FY25
FWRD +0.8%SLGB
Free cash flow
FWRD FY2018: $113MFWRD FY2019: $137MFWRD FY2020: $75.8MFWRD FY2021: $82.2MFWRD FY2022: $210.9MFWRD FY2023: $168.5MFWRD FY2024: -$106.1MFWRD FY2025: $15.3MSLGB FY2025: -$5.9MFY18FY19FY20FY21FY22FY23FY24FY25
FWRD $15.3MSLGB -$5.9M

Fiscal years as each company reports them; the two may end in different months.

Questions about Forward Air and Smart Logistics Global

Which is bigger by revenue, Forward Air or Smart Logistics Global?

Forward Air is bigger by revenue: $2.5B in fiscal 2025, against $89.9M for Smart Logistics Global in fiscal 2025.

Which keeps more of its revenue as profit, Forward Air or Smart Logistics Global?

Forward Air had a net margin of -4.3% in fiscal 2025; Smart Logistics Global had -2.9% in fiscal 2025.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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