FWRD
Forward Air Corporation
FWRD trails on the overall score without a compensating advantage in the available component scores.
RKLB
Rocket Lab USA, Inc.
RKLB has the edge over FWRD overall, supported by stronger fundamentals.
FWRD Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Weak | |
| Stable | |
| Weak |
FWRD's revenue is currently healthy, and its cash flow is stable, but its profitability and balance sheet are weak.
RKLB Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Under pressure | |
| Weak | |
| Unavailable |
RKLB's revenue is currently strong, but its profitability and cash flow are under pressure. There isn't enough data to rate its balance sheet.
FWRD PE Valuation
FWRD has no meaningful PE right now: it lost money over the past year. If it returns to profit as analysts expect, today's price would be 60x next year's earnings.
RKLB PE Valuation
RKLB has no meaningful PE right now: it lost money over the past year.
FWRD Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect FWRD to return to profit, with revenue growing. However, they disagree widely on these estimates.
RKLB Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
RKLB has the edge over FWRD on the outlook, with more favorable profitability expectations.
FWRD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.29 | — |
| Q3 2026 | -$8.03 | -$4.18 |
| Q2 2026 | -$8.89 | -$2.90 |
| Q1 2026 | -$2.92 | +$26.13 |
| Q4 2025 | -$3.51 | +$26.67 |
| Q3 2025 | -$3.85 | +$21.16 |
| Q2 2025 | -$5.99 | +$16.00 |
| Q1 2025 | -$29.05 | -1397% |
| Q4 2024 | -$30.18 | -570% |
FWRD is still losing money, but far less than before: $8.03 per share over the past year, against $30.18 at its worst in late 2024.
RKLB Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.36 | +$0.03 |
| Q2 2026 | -$0.27 | +$0.19 |
| Q1 2026 | -$0.32 | +$0.09 |
| Q4 2025 | -$0.37 | +$0.01 |
| Q3 2025 | -$0.39 | -$0.02 |
| Q2 2025 | -$0.46 | -$0.11 |
| Q1 2025 | -$0.41 | -$0.04 |
| Q4 2024 | -$0.38 | $0.00 |
RKLB is still losing money, but less than at its worst: $0.36 per share over the past year, against $0.46 at its worst in mid-2025.
FWRD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $673.9M | +6.7% |
| Q2 2026 | $673M | +8.8% |
| Q1 2026 | $582M | -5.1% |
| Q4 2025 | $631.2M | -0.3% |
| Q3 2025 | $631.8M | -3.7% |
| Q2 2025 | $618.8M | -3.9% |
| Q1 2025 | $613.3M | +13% |
| Q4 2024 | $632.8M | +87% |
FWRD's revenue grew through 2024 and has held roughly level since: $674M last quarter, up 6.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 6.5% | +4.1 points |
| Q2 2026 | -30% | -33 points |
| Q1 2026 | 3.5% | +2.7 points |
| Q4 2025 | -0.5% | -12 points |
| Q3 2025 | 2.4% | -1.1 points |
| Q2 2025 | 3.1% | +173 points |
| Q1 2025 | 0.8% | +13 points |
| Q4 2024 | 12% | +14 points |
FWRD has the edge over RKLB on profitability, with a higher operating margin.
RKLB Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $267.8M | +73% |
| Q2 2026 | $234.1M | +62% |
| Q1 2026 | $200.3M | +63% |
| Q4 2025 | $179.7M | +36% |
| Q3 2025 | $155.1M | +48% |
| Q2 2025 | $144.5M | +36% |
| Q1 2025 | $122.6M | +32% |
| Q4 2024 | $132.4M | +121% |
RKLB has the edge over FWRD on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -30% | +8.5 points |
| Q2 2026 | -25% | +17 points |
| Q1 2026 | -28% | +20 points |
| Q4 2025 | -28% | +11 points |
| Q3 2025 | -38% | +12 points |
| Q2 2025 | -41% | -0.5 points |
| Q1 2025 | -48% | -1.9 points |
| Q4 2024 | -39% | +41 points |
RKLB's operating margin was −30% last quarter, up 8.5 points from the same quarter a year ago.
FWRD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $32.2M | -34% |
| Q2 2026 | -$8.1M | +$9.9M |
| Q1 2026 | $38.8M | +147% |
| Q4 2025 | -$31.1M | -$584K |
| Q3 2025 | $48.6M | +19% |
| Q2 2025 | -$18M | +$41.7M |
| Q1 2025 | $15.7M | +$72.4M |
| Q4 2024 | -$30.5M | -194% |
FWRD has the edge over RKLB on cash generation, producing positive trailing cash flow while its opponent burns cash.
RKLB Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$23.9M | +$45.5M |
| Q2 2026 | -$110.1M | -$54.8M |
| Q1 2026 | -$77.4M | +$5.5M |
| Q4 2025 | -$114.2M | -$90.2M |
| Q3 2025 | -$69.4M | -$27.5M |
| Q2 2025 | -$55.3M | -$26.9M |
| Q1 2025 | -$82.9M | -$61.1M |
| Q4 2024 | -$23.9M | +$28.7M |
RKLB has burned cash in almost every quarter: −$326M over the past year, against −$232M the year before.
FWRD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +44K shares |
| 1 year | +5% | +1.6M shares |
| 3 years | +26% | +6.8M shares |
| 5 years | +20% | +5.4M shares |
| Available history | +15% | +4.2M shares |
FWRD has the edge over RKLB on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | $14M |
| Q2 2023 | $29.3M |
| Q1 2023 | $50.5M |
RKLB Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +3.6% | +22.6M shares |
| 1 year | +23% | +124M shares |
| 3 years | +35% | +168M shares |
| 5 years | +46% | +204M shares |
RKLB has 652M diluted shares, up 23% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
FWRD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 99.4x | High |
| Q1 2026 | 7.5x | High |
| Q4 2025 | 8.4x | High |
| Q3 2025 | 5.9x | High |
| Q2 2025 | 6.2x | High |
| Q1 2024 | 32.1x | High |
| Q4 2023 | -0.8x | Net Cash |
| Q3 2023 | 0.5x | Very low |
FWRD's net debt is more than 20 years of its operating earnings (EBITDA), up from 6.2 years a year ago.
RKLB Net Leverage
RKLB's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
FWRD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.9 | Neutral |
| Stochastic | 47.8 | Neutral |
FWRD's weekly RSI is 52 (neutral) and its Stochastic is 48 (neutral).
RKLB Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 46.8 | Neutral |
| Stochastic | 27.6 | Neutral |
RKLB's weekly RSI is 47 (neutral) and its Stochastic is 28 (neutral).
FWRD PE vs Industrials Sector
| Metric | FWRD | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 24x | — |
FWRD has no meaningful PE right now: it lost money over the past year.
RKLB PE vs Industrials Sector
RKLB has no meaningful PE right now: it lost money over the past year.
FWRD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $16.0 | 7.3% above |
| 20 week MA | $16.0 | 7% above |
| 50 week MA | $18.6 | 7.9% below |
| 100 week MA | $21.5 | 20% below |
| 200 week MA | $41.0 | 58% below |
FWRD has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 58% below its 200-week average.
RKLB Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $61.4 | 4.3% above |
| 20 week MA | $68.1 | 5.9% below |
| 50 week MA | $77.6 | 17% below |
| 100 week MA | $56.5 | 13% above |
| 200 week MA | $31.4 | 104% above |
RKLB has the edge over FWRD on trend strength, trading above more of its moving averages.
FWRD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $69.3 | $76.1 | +9.8% |
| 2021 | $76.1 | $116.6 | +53% |
| 2022 | $116.6 | $105.4 | -9.6% |
| 2023 | $105.4 | $62.9 | -40% |
| 2024 | $62.9 | $30.1 | -52% |
| 2025 | $30.1 | $25.5 | -15% |
| 2026 YTD | $25.5 | $17.2 | -33% |
FWRD has finished four years in a row lower, and it's down 33% so far in 2026.
RKLB Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $9.82 | $10.3 | +4.9% |
| 2021 | $10.3 | $12.0 | +17% |
| 2022 | $12.0 | $3.77 | -69% |
| 2023 | $3.77 | $5.53 | +47% |
| 2024 | $5.53 | $27.2 | +392% |
| 2025 | $27.2 | $70.7 | +160% |
| 2026 YTD | $70.7 | $64.1 | -9.3% |
RKLB has the edge over FWRD on returns for 2026, with the stronger performance.