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亚什兰（ASH）与FORWARD AIR CORP（FWRD）财务数据对比。点击上方公司名可切换其他公司
FORWARD AIR CORP的季度营收约是亚什兰的1.6倍（$631.2M vs $386.0M），亚什兰净利率更高（-3.1% vs -4.5%，领先1.4%），FORWARD AIR CORP同比增速更快（-0.3% vs -4.7%），过去两年FORWARD AIR CORP的营收复合增速更高（7.9% vs -18.1%）
亚什兰是一家总部位于美国特拉华州威尔明顿的化工企业，1924年始创于肯塔基州亚什兰市，最初以炼油业务起家，1994年迁至现总部。公司拥有多个业务板块，覆盖化工中间体与溶剂、复合材料、工业特种化学品、个人及家居护理、制药、食品饮料以及农业相关领域，2017年之前曾是胜牌润滑油的主要生产商。
Forward Air Corp是北美领先的轻资产物流运输服务商，核心业务包括加急零担货运、最后一公里配送、多式联运、仓储及供应链解决方案，服务覆盖美加墨地区，主要服务电商、零售、制造、汽车等行业。
ASH vs FWRD — 直观对比
营收规模更大
FWRD
是对方的1.6倍
$386.0M
营收增速更快
FWRD
高出4.4%
-4.7%
净利率更高
ASH
高出1.4%
-4.5%
两年增速更快
FWRD
近两年复合增速
-18.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $386.0M | $631.2M |
| 净利润 | $-12.0M | $-28.3M |
| 毛利率 | 27.2% | — |
| 营业利润率 | -1.6% | -0.5% |
| 净利率 | -3.1% | -4.5% |
| 营收同比 | -4.7% | -0.3% |
| 净利润同比 | 92.7% | 22.2% |
| 每股收益（稀释后） | $-0.26 | $-0.90 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ASHFWRD
| Q4 25 | $386.0M | $631.2M | ||
| Q3 25 | $477.0M | $631.8M | ||
| Q2 25 | $463.0M | $618.8M | ||
| Q1 25 | $479.0M | $613.3M | ||
| Q4 24 | $405.0M | $632.8M | ||
| Q3 24 | $521.0M | $655.9M | ||
| Q2 24 | $544.0M | $643.7M | ||
| Q1 24 | $575.0M | $541.8M |
净利润ASHFWRD
| Q4 25 | $-12.0M | $-28.3M | ||
| Q3 25 | $31.0M | $-16.3M | ||
| Q2 25 | $-742.0M | $-12.6M | ||
| Q1 25 | $31.0M | $-50.6M | ||
| Q4 24 | $-165.0M | $-36.4M | ||
| Q3 24 | $17.0M | $-73.4M | ||
| Q2 24 | $6.0M | $-645.4M | ||
| Q1 24 | $120.0M | $-61.7M |
毛利率ASHFWRD
| Q4 25 | 27.2% | — | ||
| Q3 25 | 33.3% | — | ||
| Q2 25 | 28.5% | — | ||
| Q1 25 | 30.7% | — | ||
| Q4 24 | 27.4% | — | ||
| Q3 24 | 33.2% | — | ||
| Q2 24 | 34.2% | — | ||
| Q1 24 | 28.0% | — |
营业利润率ASHFWRD
| Q4 25 | -1.6% | -0.5% | ||
| Q3 25 | 12.8% | 2.4% | ||
| Q2 25 | -152.9% | 3.2% | ||
| Q1 25 | 10.6% | 0.8% | ||
| Q4 24 | -44.2% | 12.0% | ||
| Q3 24 | 6.1% | 3.5% | ||
| Q2 24 | -11.2% | -170.2% | ||
| Q1 24 | 3.7% | -12.1% |
净利率ASHFWRD
| Q4 25 | -3.1% | -4.5% | ||
| Q3 25 | 6.5% | -2.6% | ||
| Q2 25 | -160.3% | -2.0% | ||
| Q1 25 | 6.5% | -8.3% | ||
| Q4 24 | -40.7% | -5.8% | ||
| Q3 24 | 3.3% | -11.2% | ||
| Q2 24 | 1.1% | -100.3% | ||
| Q1 24 | 20.9% | -11.4% |
每股收益（稀释后）ASHFWRD
| Q4 25 | $-0.26 | $-0.90 | ||
| Q3 25 | $0.83 | $-0.52 | ||
| Q2 25 | $-16.21 | $-0.41 | ||
| Q1 25 | $0.65 | $-1.68 | ||
| Q4 24 | $-3.50 | $-1.69 | ||
| Q3 24 | $0.34 | $-2.66 | ||
| Q2 24 | $0.12 | $-23.47 | ||
| Q1 24 | $2.39 | $-2.81 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $304.0M | $106.0M |
| 总债务越低越好 | $1.4B | $1.7B |
| 股东权益账面价值 | $1.9B | $113.3M |
| 总资产 | $4.5B | $2.7B |
| 负债/权益比越低杠杆越低 | 0.74× | 14.89× |
8季度趋势，按日历期对齐
现金及短期投资ASHFWRD
| Q4 25 | $304.0M | $106.0M | ||
| Q3 25 | $215.0M | $140.4M | ||
| Q2 25 | $207.0M | $95.1M | ||
| Q1 25 | $168.0M | $116.3M | ||
| Q4 24 | $219.0M | $104.9M | ||
| Q3 24 | $300.0M | $136.6M | ||
| Q2 24 | $399.0M | $84.9M | ||
| Q1 24 | $439.0M | $152.0M |
总债务ASHFWRD
| Q4 25 | $1.4B | $1.7B | ||
| Q3 25 | $1.4B | $1.7B | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $1.3B | $1.7B |
股东权益ASHFWRD
| Q4 25 | $1.9B | $113.3M | ||
| Q3 25 | $1.9B | $139.8M | ||
| Q2 25 | $1.9B | $151.8M | ||
| Q1 25 | $2.6B | $154.6M | ||
| Q4 24 | $2.6B | $201.7M | ||
| Q3 24 | $2.9B | $226.1M | ||
| Q2 24 | $3.0B | $283.8M | ||
| Q1 24 | $3.1B | $926.1M |
总资产ASHFWRD
| Q4 25 | $4.5B | $2.7B | ||
| Q3 25 | $4.6B | $2.8B | ||
| Q2 25 | $4.6B | $2.8B | ||
| Q1 25 | $5.2B | $2.8B | ||
| Q4 24 | $5.2B | $2.8B | ||
| Q3 24 | $5.6B | $3.1B | ||
| Q2 24 | $5.7B | $3.1B | ||
| Q1 24 | $5.9B | $4.0B |
负债/权益比ASHFWRD
| Q4 25 | 0.74× | 14.89× | ||
| Q3 25 | 0.73× | 12.05× | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.52× | — | ||
| Q4 24 | 0.51× | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.45× | — | ||
| Q1 24 | 0.42× | 1.81× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $125.0M | — |
| 自由现金流经营现金流 - 资本支出 | $111.0M | — |
| 自由现金流率自由现金流/营收 | 28.8% | — |
| 资本支出强度资本支出/营收 | 3.6% | 1.3% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $200.0M | — |
8季度趋势，按日历期对齐
经营现金流ASHFWRD
| Q4 25 | $125.0M | — | ||
| Q3 25 | $40.0M | $52.7M | ||
| Q2 25 | $115.0M | — | ||
| Q1 25 | $9.0M | $27.6M | ||
| Q4 24 | $-30.0M | $-23.2M | ||
| Q3 24 | $80.0M | $51.2M | ||
| Q2 24 | $127.0M | $-45.2M | ||
| Q1 24 | $54.0M | $-51.7M |
自由现金流ASHFWRD
| Q4 25 | $111.0M | — | ||
| Q3 25 | $6.0M | $48.6M | ||
| Q2 25 | $95.0M | — | ||
| Q1 25 | $-12.0M | $15.7M | ||
| Q4 24 | $-53.0M | $-30.5M | ||
| Q3 24 | $42.0M | $40.7M | ||
| Q2 24 | $98.0M | $-59.6M | ||
| Q1 24 | $20.0M | $-56.7M |
自由现金流率ASHFWRD
| Q4 25 | 28.8% | — | ||
| Q3 25 | 1.3% | 7.7% | ||
| Q2 25 | 20.5% | — | ||
| Q1 25 | -2.5% | 2.6% | ||
| Q4 24 | -13.1% | -4.8% | ||
| Q3 24 | 8.1% | 6.2% | ||
| Q2 24 | 18.0% | -9.3% | ||
| Q1 24 | 3.5% | -10.5% |
资本支出强度ASHFWRD
| Q4 25 | 3.6% | 1.3% | ||
| Q3 25 | 7.1% | 0.7% | ||
| Q2 25 | 4.3% | 0.8% | ||
| Q1 25 | 4.4% | 1.9% | ||
| Q4 24 | 5.7% | 1.1% | ||
| Q3 24 | 7.3% | 1.6% | ||
| Q2 24 | 5.3% | 2.2% | ||
| Q1 24 | 5.9% | 0.9% |
现金转化率ASHFWRD
| Q4 25 | — | — | ||
| Q3 25 | 1.29× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 4.71× | — | ||
| Q2 24 | 21.17× | — | ||
| Q1 24 | 0.45× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ASH
| Personal Care And Household | $123.0M | 32% |
| Other | $120.0M | 31% |
| Specialty Additives | $36.0M | 9% |
| Intermediates And Solvents | $31.0M | 8% |
| Personal Care | $30.0M | 8% |
| Life Sciences | $27.0M | 7% |
| Intermediates | $19.0M | 5% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
