Forward AIR vs RXO
RXO is the larger business, with $5.74bn of revenue in fiscal 2025 against $2.50bn for Forward AIR (2.3 times as much). RXO grew faster (26.2% against 0.8%). RXO kept more of each dollar of sales as profit: a net margin of -1.7% against -4.3%.
| Latest fiscal year | Forward AIRFWRD, 2025 | RXORXO, 2025 |
|---|---|---|
| Revenue | $2.50bn | $5.74bn |
| Revenue growth | 0.8% | 26.2% |
| Net income | −$108m | −$100m |
| Operating margin | — | -1.4% |
| Net margin | -4.3% | -1.7% |
| Return on equity | -68.4% | -6.3% |
| Free cash flow | $15.3m | −$8.0m |
| Cash | $106m | $17.0m |
| Total debt | $1.69bn | $404m |
| Debt to equity | — | 26.2% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $0 | $0 |
| Employees | 6,062 | — |
| Market value | $618m | $4.67bn |
| Price vs our value range | Within our value range | — |
| Moat score | 40 (Weak) | 18 (Weak) |
| Insider trades, 12 months | 0 buys, 6 sales | 7 buys, 1 sales |