A comparison of degenerate four-wave mixing (DFWM) and cavity ring-down (CRD) spectroscopy is made on jet-cooled formaldehyde under identical expansion conditions. We show that both methods are applicable to the low-density environment of a molecular beam. However, a slightly superior signalto-noise ratio for the background-free DFWM method is observed for our experimental configurations. Absorption spectra simulated by applying an asymmetric rotor model are used to deduce Boltzmann temperatures of the rotational population distribution by a nonlinear least-squares fit to the experimental data. In addition, partial interconversion of the nuclear spin upon supersonic expansion is observed. Consequently, a second fit parameter, describing the para/ortho concentration ratio in the molecular beam, is introduced. The resulting simulated spectra are in favorable agreement with the relative CRD intensities. A simple model for the reduction of the DFWM signal intensities to population is applied yielding absorption-like spectra in accordance with both the simulations and the CRD measurements. We conclude that DFWM spectroscopy is applicable to deduce population distributions of an asymmetric rotor molecule under free-jet conditions.