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杜比实验室（DLB）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的季度营收约是杜比实验室的1.8倍（$631.2M vs $346.7M），杜比实验室净利率更高（15.4% vs -4.5%，领先19.9%），FORWARD AIR CORP同比增速更快（-0.3% vs -2.9%），过去两年FORWARD AIR CORP的营收复合增速更高（7.9% vs -2.5%）
杜比实验室是一家美国科技企业，专注于音频降噪、音频编码压缩、空间音频及高动态范围（HDR）影像等技术的研发，旗下技术广泛授权给全球各地的消费电子制造商使用，助力终端产品为用户带来更出色的视听体验。
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。
DLB vs FWRD — 直观对比
营收规模更大
FWRD
是对方的1.8倍
$346.7M
营收增速更快
FWRD
高出2.6%
-2.9%
净利率更高
DLB
高出19.9%
-4.5%
两年增速更快
FWRD
近两年复合增速
-2.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $346.7M | $631.2M |
| 净利润 | $53.3M | $-28.3M |
| 毛利率 | 87.5% | — |
| 营业利润率 | 17.9% | -0.5% |
| 净利率 | 15.4% | -4.5% |
| 营收同比 | -2.9% | -0.3% |
| 净利润同比 | -21.4% | 22.2% |
| 每股收益（稀释后） | $0.55 | $-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DLBFWRD
| Q4 25 | $346.7M | $631.2M | ||
| Q3 25 | $307.0M | $631.8M | ||
| Q2 25 | $315.5M | $618.8M | ||
| Q1 25 | $369.6M | $613.3M | ||
| Q4 24 | $357.0M | $632.8M | ||
| Q3 24 | $304.8M | $655.9M | ||
| Q2 24 | $288.8M | $643.7M | ||
| Q1 24 | $364.5M | $541.8M |
净利润DLBFWRD
| Q4 25 | $53.3M | $-28.3M | ||
| Q3 25 | $49.3M | $-16.3M | ||
| Q2 25 | $46.1M | $-12.6M | ||
| Q1 25 | $91.8M | $-50.6M | ||
| Q4 24 | $67.8M | $-36.4M | ||
| Q3 24 | $58.6M | $-73.4M | ||
| Q2 24 | $38.4M | $-645.4M | ||
| Q1 24 | $97.8M | $-61.7M |
毛利率DLBFWRD
| Q4 25 | 87.5% | — | ||
| Q3 25 | 87.1% | — | ||
| Q2 25 | 86.1% | — | ||
| Q1 25 | 90.3% | — | ||
| Q4 24 | 88.6% | — | ||
| Q3 24 | 88.8% | — | ||
| Q2 24 | 87.7% | — | ||
| Q1 24 | 89.4% | — |
营业利润率DLBFWRD
| Q4 25 | 17.9% | -0.5% | ||
| Q3 25 | 9.7% | 2.4% | ||
| Q2 25 | 15.1% | 3.2% | ||
| Q1 25 | 29.2% | 0.8% | ||
| Q4 24 | 22.4% | 12.0% | ||
| Q3 24 | 15.2% | 3.5% | ||
| Q2 24 | 12.7% | -170.2% | ||
| Q1 24 | 29.9% | -12.1% |
净利率DLBFWRD
| Q4 25 | 15.4% | -4.5% | ||
| Q3 25 | 16.1% | -2.6% | ||
| Q2 25 | 14.6% | -2.0% | ||
| Q1 25 | 24.8% | -8.3% | ||
| Q4 24 | 19.0% | -5.8% | ||
| Q3 24 | 19.2% | -11.2% | ||
| Q2 24 | 13.3% | -100.3% | ||
| Q1 24 | 26.8% | -11.4% |
每股收益（稀释后）DLBFWRD
| Q4 25 | $0.55 | $-0.90 | ||
| Q3 25 | $0.50 | $-0.52 | ||
| Q2 25 | $0.48 | $-0.41 | ||
| Q1 25 | $0.94 | $-1.68 | ||
| Q4 24 | $0.70 | $-1.69 | ||
| Q3 24 | $0.59 | $-2.66 | ||
| Q2 24 | $0.40 | $-23.47 | ||
| Q1 24 | $1.01 | $-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 | $644.6M | $106.0M |
| 总债务越低越好 | — | $1.7B |
| 股东权益账面价值 | $2.6B | $113.3M |
| 总资产 | $3.2B | $2.7B |
| 负债/权益比越低杠杆越低 | — | 14.89× |
8季度趋势，按日历期对齐
现金及短期投资DLBFWRD
| Q4 25 | $644.6M | $106.0M | ||
| Q3 25 | $702.6M | $140.4M | ||
| Q2 25 | $699.3M | $95.1M | ||
| Q1 25 | $626.6M | $116.3M | ||
| Q4 24 | $520.8M | $104.9M | ||
| Q3 24 | $482.0M | $136.6M | ||
| Q2 24 | $869.0M | $84.9M | ||
| Q1 24 | $825.4M | $152.0M |
总债务DLBFWRD
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.7B |
股东权益DLBFWRD
| Q4 25 | $2.6B | $113.3M | ||
| Q3 25 | $2.6B | $139.8M | ||
| Q2 25 | $2.6B | $151.8M | ||
| Q1 25 | $2.6B | $154.6M | ||
| Q4 24 | $2.5B | $201.7M | ||
| Q3 24 | $2.5B | $226.1M | ||
| Q2 24 | $2.4B | $283.8M | ||
| Q1 24 | $2.4B | $926.1M |
总资产DLBFWRD
| Q4 25 | $3.2B | $2.7B | ||
| Q3 25 | $3.2B | $2.8B | ||
| Q2 25 | $3.2B | $2.8B | ||
| Q1 25 | $3.2B | $2.8B | ||
| Q4 24 | $3.2B | $2.8B | ||
| Q3 24 | $3.1B | $3.1B | ||
| Q2 24 | $3.0B | $3.1B | ||
| Q1 24 | $3.0B | $4.0B |
负债/权益比DLBFWRD
| Q4 25 | — | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 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 | $54.8M | — |
| 自由现金流经营现金流 - 资本支出 | $50.2M | — |
| 自由现金流率自由现金流/营收 | 14.5% | — |
| 资本支出强度资本支出/营收 | 1.3% | 1.3% |
| 现金转化率经营现金流/净利润 | 1.03× | — |
| 过去12个月自由现金流最近4个季度 | $715.3M | — |
8季度趋势，按日历期对齐
经营现金流DLBFWRD
| Q4 25 | $54.8M | — | ||
| Q3 25 | $472.2M | $52.7M | ||
| Q2 25 | $67.7M | — | ||
| Q1 25 | $174.9M | $27.6M | ||
| Q4 24 | $106.8M | $-23.2M | ||
| Q3 24 | $327.3M | $51.2M | ||
| Q2 24 | $21.3M | $-45.2M | ||
| Q1 24 | $181.4M | $-51.7M |
自由现金流DLBFWRD
| Q4 25 | $50.2M | — | ||
| Q3 25 | $435.9M | $48.6M | ||
| Q2 25 | $61.3M | — | ||
| Q1 25 | $168.0M | $15.7M | ||
| Q4 24 | $100.0M | $-30.5M | ||
| Q3 24 | $297.2M | $40.7M | ||
| Q2 24 | $13.7M | $-59.6M | ||
| Q1 24 | $172.5M | $-56.7M |
自由现金流率DLBFWRD
| Q4 25 | 14.5% | — | ||
| Q3 25 | 142.0% | 7.7% | ||
| Q2 25 | 19.4% | — | ||
| Q1 25 | 45.5% | 2.6% | ||
| Q4 24 | 28.0% | -4.8% | ||
| Q3 24 | 97.5% | 6.2% | ||
| Q2 24 | 4.7% | -9.3% | ||
| Q1 24 | 47.3% | -10.5% |
资本支出强度DLBFWRD
| Q4 25 | 1.3% | 1.3% | ||
| Q3 25 | 11.8% | 0.7% | ||
| Q2 25 | 2.0% | 0.8% | ||
| Q1 25 | 1.9% | 1.9% | ||
| Q4 24 | 1.9% | 1.1% | ||
| Q3 24 | 9.8% | 1.6% | ||
| Q2 24 | 2.6% | 2.2% | ||
| Q1 24 | 2.4% | 0.9% |
现金转化率DLBFWRD
| Q4 25 | 1.03× | — | ||
| Q3 25 | 9.57× | — | ||
| Q2 25 | 1.47× | — | ||
| Q1 25 | 1.91× | — | ||
| Q4 24 | 1.57× | — | ||
| Q3 24 | 5.59× | — | ||
| Q2 24 | 0.55× | — | ||
| Q1 24 | 1.85× | — |
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
DLB
| Licensing Brodcast Revenue | $100.3M | 29% |
| Licensing Mobile Revenue | $74.9M | 22% |
| Licensing Other Revenue | $70.2M | 20% |
| Licensing CE Revenue | $45.6M | 13% |
| Licensing PC Revenue | $28.7M | 8% |
| Products And Services | $26.9M | 8% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
