vs
B&G Foods, Inc.（BGS）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B&G Foods, Inc.的1.4倍（$631.2M vs $439.3M），B&G Foods, Inc.净利率更高（-4.4% vs -4.5%，领先0.1%），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 -12.8%）
B&G Foods是总部位于美国新泽西州帕西帕尼的品牌食品控股企业，创立于1996年，成立初衷是收购1889年诞生于曼哈顿的酸黄瓜、调味酱及调味品生产商Bloch & Guggenheimer，如今在北美食品领域拥有众多知名品牌。
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。
BGS vs FWRD — 直观对比
营收规模更大
FWRD
是对方的1.4倍
$439.3M
营收增速更快
FWRD
高出4.5%
-4.7%
净利率更高
BGS
高出0.1%
-4.5%
两年增速更快
FWRD
近两年复合增速
-12.8%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $439.3M | $631.2M |
| 净利润 | $-19.1M | $-28.3M |
| 毛利率 | 22.5% | — |
| 营业利润率 | 2.5% | -0.5% |
| 净利率 | -4.4% | -4.5% |
| 营收同比 | -4.7% | -0.3% |
| 净利润同比 | -356.5% | 22.2% |
| 每股收益（稀释后） | $-0.24 | $-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BGSFWRD
| Q4 25 | — | $631.2M | ||
| Q3 25 | $439.3M | $631.8M | ||
| Q2 25 | $424.4M | $618.8M | ||
| Q1 25 | $425.4M | $613.3M | ||
| Q4 24 | $551.6M | $632.8M | ||
| Q3 24 | $461.1M | $655.9M | ||
| Q2 24 | $444.6M | $643.7M | ||
| Q1 24 | $475.2M | $541.8M |
净利润BGSFWRD
| Q4 25 | — | $-28.3M | ||
| Q3 25 | $-19.1M | $-16.3M | ||
| Q2 25 | $-9.8M | $-12.6M | ||
| Q1 25 | $835.0K | $-50.6M | ||
| Q4 24 | $-222.4M | $-36.4M | ||
| Q3 24 | $7.5M | $-73.4M | ||
| Q2 24 | $3.9M | $-645.4M | ||
| Q1 24 | $-40.2M | $-61.7M |
毛利率BGSFWRD
| Q4 25 | — | — | ||
| Q3 25 | 22.5% | — | ||
| Q2 25 | 20.5% | — | ||
| Q1 25 | 21.2% | — | ||
| Q4 24 | 21.5% | — | ||
| Q3 24 | 22.2% | — | ||
| Q2 24 | 20.7% | — | ||
| Q1 24 | 22.9% | — |
营业利润率BGSFWRD
| Q4 25 | — | -0.5% | ||
| Q3 25 | 2.5% | 2.4% | ||
| Q2 25 | 5.2% | 3.2% | ||
| Q1 25 | 8.4% | 0.8% | ||
| Q4 24 | -46.6% | 12.0% | ||
| Q3 24 | 11.1% | 3.5% | ||
| Q2 24 | 9.9% | -170.2% | ||
| Q1 24 | -3.3% | -12.1% |
净利率BGSFWRD
| Q4 25 | — | -4.5% | ||
| Q3 25 | -4.4% | -2.6% | ||
| Q2 25 | -2.3% | -2.0% | ||
| Q1 25 | 0.2% | -8.3% | ||
| Q4 24 | -40.3% | -5.8% | ||
| Q3 24 | 1.6% | -11.2% | ||
| Q2 24 | 0.9% | -100.3% | ||
| Q1 24 | -8.5% | -11.4% |
每股收益（稀释后）BGSFWRD
| Q4 25 | — | $-0.90 | ||
| Q3 25 | $-0.24 | $-0.52 | ||
| Q2 25 | $-0.12 | $-0.41 | ||
| Q1 25 | $0.01 | $-1.68 | ||
| Q4 24 | $-2.81 | $-1.69 | ||
| Q3 24 | $0.09 | $-2.66 | ||
| Q2 24 | $0.05 | $-23.47 | ||
| Q1 24 | $-0.51 | $-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 | $60.9M | $106.0M |
| 总债务越低越好 | $2.0B | $1.7B |
| 股东权益账面价值 | $470.7M | $113.3M |
| 总资产 | $2.9B | $2.7B |
| 负债/权益比越低杠杆越低 | 4.30× | 14.89× |
8季度趋势，按日历期对齐
现金及短期投资BGSFWRD
| Q4 25 | — | $106.0M | ||
| Q3 25 | $60.9M | $140.4M | ||
| Q2 25 | $54.1M | $95.1M | ||
| Q1 25 | $61.2M | $116.3M | ||
| Q4 24 | $50.6M | $104.9M | ||
| Q3 24 | $54.7M | $136.6M | ||
| Q2 24 | $40.3M | $84.9M | ||
| Q1 24 | $42.5M | $152.0M |
总债务BGSFWRD
| Q4 25 | — | $1.7B | ||
| Q3 25 | $2.0B | $1.7B | ||
| Q2 25 | $2.0B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.1B | — | ||
| Q2 24 | $2.0B | — | ||
| Q1 24 | $2.0B | $1.7B |
股东权益BGSFWRD
| Q4 25 | — | $113.3M | ||
| Q3 25 | $470.7M | $139.8M | ||
| Q2 25 | $501.4M | $151.8M | ||
| Q1 25 | $513.1M | $154.6M | ||
| Q4 24 | $524.8M | $201.7M | ||
| Q3 24 | $755.3M | $226.1M | ||
| Q2 24 | $765.0M | $283.8M | ||
| Q1 24 | $781.2M | $926.1M |
总资产BGSFWRD
| Q4 25 | — | $2.7B | ||
| Q3 25 | $2.9B | $2.8B | ||
| Q2 25 | $2.9B | $2.8B | ||
| Q1 25 | $3.0B | $2.8B | ||
| Q4 24 | $3.0B | $2.8B | ||
| Q3 24 | $3.4B | $3.1B | ||
| Q2 24 | $3.4B | $3.1B | ||
| Q1 24 | $3.4B | $4.0B |
负债/权益比BGSFWRD
| Q4 25 | — | 14.89× | ||
| Q3 25 | 4.30× | 12.05× | ||
| Q2 25 | 3.97× | — | ||
| Q1 25 | 3.91× | — | ||
| Q4 24 | 3.85× | — | ||
| Q3 24 | 2.75× | — | ||
| Q2 24 | 2.67× | — | ||
| Q1 24 | 2.61× | 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 | $-64.6M | — |
| 自由现金流经营现金流 - 资本支出 | $-70.7M | — |
| 自由现金流率自由现金流/营收 | -16.1% | — |
| 资本支出强度资本支出/营收 | 1.4% | 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 | $54.8M | — |
8季度趋势，按日历期对齐
经营现金流BGSFWRD
| Q4 25 | — | — | ||
| Q3 25 | $-64.6M | $52.7M | ||
| Q2 25 | $17.8M | — | ||
| Q1 25 | $52.7M | $27.6M | ||
| Q4 24 | $80.3M | $-23.2M | ||
| Q3 24 | $4.2M | $51.2M | ||
| Q2 24 | $11.3M | $-45.2M | ||
| Q1 24 | $35.1M | $-51.7M |
自由现金流BGSFWRD
| Q4 25 | — | — | ||
| Q3 25 | $-70.7M | $48.6M | ||
| Q2 25 | $11.5M | — | ||
| Q1 25 | $42.4M | $15.7M | ||
| Q4 24 | $71.7M | $-30.5M | ||
| Q3 24 | $-679.0K | $40.7M | ||
| Q2 24 | $5.2M | $-59.6M | ||
| Q1 24 | $27.5M | $-56.7M |
自由现金流率BGSFWRD
| Q4 25 | — | — | ||
| Q3 25 | -16.1% | 7.7% | ||
| Q2 25 | 2.7% | — | ||
| Q1 25 | 10.0% | 2.6% | ||
| Q4 24 | 13.0% | -4.8% | ||
| Q3 24 | -0.1% | 6.2% | ||
| Q2 24 | 1.2% | -9.3% | ||
| Q1 24 | 5.8% | -10.5% |
资本支出强度BGSFWRD
| Q4 25 | — | 1.3% | ||
| Q3 25 | 1.4% | 0.7% | ||
| Q2 25 | 1.5% | 0.8% | ||
| Q1 25 | 2.4% | 1.9% | ||
| Q4 24 | 1.6% | 1.1% | ||
| Q3 24 | 1.0% | 1.6% | ||
| Q2 24 | 1.4% | 2.2% | ||
| Q1 24 | 1.6% | 0.9% |
现金转化率BGSFWRD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 63.17× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.56× | — | ||
| Q2 24 | 2.87× | — | ||
| Q1 24 | — | — |
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
BGS
| Specialty Segment | $150.5M | 34% |
| Meals Segment | $110.0M | 25% |
| Spices And Flavor Solutions Segment | $101.4M | 23% |
| Frozen And Vegetables Segment | $77.4M | 18% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
